May 29: Indian benchmark indices Sensex and Nifty traded higher on Friday as investors kept a close watch on developments surrounding the reported ceasefire discussions between the United States and Iran.
The positive momentum in the markets was driven by improving global sentiment and hopes that easing tensions in the Middle East could help stabilize crude oil prices and reduce uncertainty across international markets.
The BSE Sensex climbed over 200 points in early trade, while the NSE Nifty edged closer to the 24,000 mark, supported by strong buying in IT and financial stocks. Analysts believe that a potential de-escalation in geopolitical tensions could improve investor confidence and support market stability in the near term.
Global cues also remained supportive after Wall Street ended higher overnight, with investors reacting positively to reports of progress in ceasefire negotiations. Softer crude oil prices further lifted sentiment, particularly for import-dependent economies like India.
Despite the upbeat mood, market participants remain cautious as they await official confirmation and further updates on the ongoing US-Iran developments.