Stock markets surge over 2 pc in early trade amid Iran war de-escalation hopes

MUMBAI: Domestic stock markets on Wednesday opened sharply higher with a gap-up start, tracking positive global cues from the US and Asian markets amid hopes of de-escalation in the West Asia conflict -- now in the 33rd day of the conflict.

The 50-scrip Nifty opened at 22,899, rising 567 points or 2.54 per cent, while Sensex began the session up 1,814 points, or 2.52 per cent, at 73,762.43.

Sector-wise, all indices traded in green, led by gains in banking, auto and IT stocks. On the broader indices front too, markets showed strong momentum, with midcap and smallcap indices advancing over 2-3 per cent.

US President Donald Trump has indicated that the American military could halt attacks on Iran within the next three weeks. He also said that Tehran may not need to strike a deal as a precondition for the conflict to wind down. On the other side, Iran has issued a warning that prominent American corporations could face retaliation if Iranian figures continue to be killed.