Stock market rallied sharply on Monday, with the Sensex soaring more than 1,000 points and the Nifty reclaiming the 24,000 mark, as easing geopolitical tensions in West Asia and falling crude oil prices boosted investor sentiment globally.The 30-share BSE Sensex jumped 1,073.61 points, or 1.42 per cent, to close at 76,488.96, while the NSE Nifty 50 surged 312.40 points, or 1.32 per cent, to settle at 24,031.70.The rally came after optimism grew around a possible agreement between the United States and Iran, following remarks by US President Donald Trump over the weekend that a deal was “largely negotiated”.

Nifty50 top gainers

Sensex top gainers

Nifty50 top losers

Sensex top losers

Oil prices tumble as Iran deal hopes rise

Investor confidence improved as markets increasingly priced in the possibility of a diplomatic breakthrough between Washington and Tehran, which could lead to the reopening of the Strait of Hormuz and ease global energy supply concerns.According to news agency ANI, market expert Ponmudi R said optimism surrounding a potential US-Iran agreement revived risk appetite across global markets.“Investor sentiment improved significantly after Donald Trump stated over the weekend that a deal was ‘largely negotiated’, encouraging markets to increasingly price in the possibility of a near-term diplomatic resolution,” he said.He added that markets would look for the “successful implementation of a lasting peace agreement and the credible reopening of the Strait of Hormuz”.Brent crude prices dropped sharply below the $100 per barrel mark and were trading around $98 per barrel, down more than 5 per cent during the session.The Indian rupee also recovered strongly, gaining 48 paise to trade at Rs 95.21 against the US dollar after recent weakness.

Banking stocks lead market rally

Financial stocks led the gains on Dalal Street. Bajaj Finance, Larsen & Toubro, HDFC Bank, Eternal, Bajaj Finserv and Kotak Mahindra Bank emerged among the top Sensex gainers.Sectorally, Nifty PSU Bank rose 2.73 per cent, while Nifty Private Bank advanced 2.02 per cent, as per ANI. Nifty Auto climbed 1.66 per cent and Realty gained 1.54 per cent.However, FMCG stocks remained under pressure. Infosys, Tata Consultancy Services, Sun Pharma and Hindustan Unilever were among the laggards.

Global markets gain amid improving sentiment

Asian markets also ended higher on Monday amid improving global risk appetite. Japan’s Nikkei 225 surged 2.76 per cent, while Taiwan’s weighted index jumped 3.15 per cent.European markets were trading in positive territory, while US markets had settled higher on Friday.Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,440.47 crore on Friday, according to exchange data.

The Pakistan Stock Exchange (PSX) extended strong bullish momentum on Monday as the benchmark KSE-100 Index hovered around 170,423.30 points at 1:24pm, up 2,579.06 points or 1.54% in intraday trade.

During the session, the benchmark index touched an intraday high of 171,519.26 points, while the day’s low was recorded at 170,161.66 points. Market participation remained strong, with traded volume reaching 125.96 million shares and total traded value standing at Rs11.75 billion.

Read: PSX gains 2,248 points in mixed week

Investor sentiment remained upbeat amid reports of a likely peace agreement between the United States and Iran, which boosted confidence across regional markets and improved risk appetite among investors. 

Analysts said the rally was driven by aggressive institutional buying and renewed optimism over easing geopolitical tensions following progress in US-Iran negotiations.

The previous close of the KSE-100 index was 167,844.24 points.