Stock markets rally as oil prices decline amid progress in US-Iran talks

Benchmark Sensex rallied by 940 points on Wednesday following a sharp decline in crude oil prices after US President Donald Trump claimed progress in negotiations with Iran towards an agreement to end the war.

Helped by fag-end heavy buying, the 30-share BSE Sensex jumped 940.73 points, or 1.22 per cent, to settle at 77,958.52. During the day, it surged 1,004.99 points, or 1.30 per cent, to a day's high of 78,022.78.

The 50-share NSE Nifty rallied 298.15 points, or 1.24 per cent, to end at 24,330.95.

A positive trend in global markets aided the rally in domestic stocks.

From the 30-Sensex firms, InterGlobe Aviation, Trent, Asian Paints, State Bank of India, HDFC Bank and Eternal were among the major winners.

Reliance Industries, Larsen & Toubro, Power Grid and NTPC were among the laggards. -- PTI