Sensex, Nifty Snap Five-day Losing Streak

Indian shares rose notably on Monday as concerns over Middle East tensions eased and private sector lender ICICI Bank posted robust Q2 numbers.

Oil prices plummeted nearly 6 percent to hit four-week lows in European trade after Israel’s attack on Iran at the weekend avoided oil and nuclear facilities, and Tehran signaled a measured response.

There was no immediate indication that oil or nuclear sites were hit, and Iranian state media said the country’s oil industry activities were working normally.

The benchmark S&P/BSE Sensex rose 602.75 points, or 0.76 percent, to 80,005.04, snapping a week-long losing streak on the back of gains across the board.

The broader NSE Nifty index closed up 158.35 points, or 0.65 percent, at 24,339.15, even as a firmer dollar and higher U.S. Treasury yields triggered some profit taking at higher levels.

Among the prominent gainers, Shriram Finance, Adani Enterprises, ICICI Bank, JSW Steel, Adani Ports, Mahindra & Mahindra, Wipro, Tata Steel and Sun Pharma surged 2-5 percent.

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