Indian Markets Closed For Ram Navami

(RTTNews) - Indian stock markets remain closed today on the eve of Ram Navami festival.

Benchmark indexes Sensex and Nifty surged 1.6 percent and 1.7 percent, respectively on Wednesday to extend gains from the previous session on expectations of a de-escalation in the U.S.-Iran conflict.

The rupee neared 94 against the dollar before closing at 93.97 on likely central bank intervention.

Foreign investors net sold shares worth Rs 1,805 crore on Wednesday while domestic institutional investors (DIIs) net bought shares to the extent of Rs 5,430 crore, according to provisional exchange data.

Asian markets were mixed this morning while U.S. equity futures fell as investor react to conflicting reports regarding U.S.-Iran ceasefire talks.

While the U.S. insists negotiations are ongoing, the Islamic Republic dismissed President Trump's plan for a truce and launched more attacks on Israel and Gulf Arab countries.

According to media reports, Iran laid down its own conditions for any ceasefire after rejecting the U.S. proposal as "excessive."

The five conditions outlined by Tehran include the cessation of U.S. and Israeli military actions against Iran, guarantees against future aggression, reparations for war-related damages, an end to hostilities on all fronts—including conflicts involving Iran-aligned groups in the region—and recognition of Iranian sovereignty over the Strait of Hormuz, a vital international shipping route.

The U.S. has ordered thousands of troops to the region despite growing opposition among Republicans, as well as Democrats, about the dangers involved.

The dollar index wavered and bond yields ticked higher amid the uncertainty on the truce terms, while benchmark Brent crude prices rose over 1 percent after a 2 percent drop in the previous session.

Gold traded half a percent higher at $4,527 an ounce after gaining more than 2 percent over the previous two sessions.

U.S. stocks closed higher overnight as oil prices fell and bond yields eased amid expectations that a ceasefire might be reached in the Middle East.

Diplomacy signals lifted sentiment after reports suggested that the U.S. has sent Iran a 15-point plan to end the war in the Middle East.

Tehran also put forward a five-point counterproposal and said the war will end when it decides and on its terms.

White House Spokesperson Karoline Leavitt stated that peace talks were ongoing, adding that the President's preference has always been peace but if Iran fails to accept the reality, President Trump will ensure they are hit harder than they have ever been hit before.

The tech-heavy Nasdaq Composite advanced 0.8 percent, the Dow gained 0.7 percent and the S&P 500 rose half a percent.

European stocks closed on an upbeat note on Wednesday following reports that the United States is seeking a month-long ceasefire with Iran.

The pan European Stoxx 600 rallied 1.4 percent. The German DAX and the U.K.'s FTSE 100 both surged by 1.4 percent while France's CAC 40 added 1.3 percent.