Indian markets cheered the Iran, US and European Union pact by rallying about 2 per cent at the closing session on Monday.

The joint plan of action between Iran, US and the EU aims to lift the economic sanctions on Iranian exports (especially oil and gas) by the United Nations, US and the EU as a long-term comprehensive solution once Iran pursues a peaceful nuclear programme.

Domestic sentiment was buoyed as the deal would ease India’s energy concerns.

Besides, expectations of a drop in import bill after crude oil prices fell in the overseas markets, following a key deal between world powers and Iran on its controversial nuclear programme, also triggered the buying activity.

The 30-share BSE index Sensex was up 387.69 points (1.92 per cent) at 20,605.08 and the 50-share NSE index Nifty was up 119.90 points (2.00 per cent) at 6,115.35.

Barring IT, all other BSE sectoral indices ended in the green. Among them, capital goods, banking, realty and PSU indices led the Sensex rally and were up 3.82 per cent, 3.63 per cent, 2.28 per cent and 2.26 per cent, respectively. Only IT index was down 0.05 per cent.

The top five Sensex stocks were: BHEL surged 5.22 per cent at Rs 144.15, ICICI Bank jumped 5.07 per cent at Rs 1,073.30, L&T gained 3.97 per cent at Rs 1,002.25, ONGC gained 3.7 per cent at Rs 288.95 and SBI was up 3.69 per cent at Rs 1,804.55.

The only three Sensex stocks that ended in the red were Infosys down 0.65 per cent at Rs 3,327.60, NTPC lost 0.56 per cent at Rs 149.75 and Dr Reddy's was down 0.07 per cent at Rs 2,434.

European shares were up, after posting their first weekly loss in seven weeks, as Iran agreed to curb its nuclear programme and as investors awaited a report on US pending home sales. Asian shares were also up.

(This article was published on November 25, 2013)
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