Sensex, Nifty 50 | Stock Market LIVE: Indian stock market traded in the green on Thursday but came off highs.
While investors cheered the sharp crash in crude oil prices amid hopes that the US may be nearing a deal with Iran to end the Middle East conflict, the possibility of higher inflation and a possible rate hike by the US Federal Reserve in the second half of the year tempered optimism.
The benchmark Nifty 50 rose 0.72% to 23,830.05, and the BSE Sensex gained 0.55% to 75,732.42. However, they erased most gains and were trading just 0.20% higher in the early afternoon session.
The broader small-caps and mid-caps rose 0.7% each, outperforming the benchmark indices.
Asian stocks trade higher
Other Asian markets also remained upbeat, rising up to 3%. US President Donald Trump said on Wednesday that negotiations with Iran were in their final stages, supporting expectations of a peace deal to end the Middle East conflict.
Meanwhile, two Chinese oil tankers exited the Strait of Hormuz on Wednesday, shipping data showed, a tentative sign of easing pressure in the Gulf.
Brent crude fell 5.6% on Wednesday and was up 0.8% in Thursday trade, hovering near $106 a barrel.
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