Sensex Jumps 500 pts, Nifty Up 155 pts as Trump Says Talks with Iran Due on Monday; Oil Prices Cool

Mumbai, Aug 3: Indian equity benchmarks opened firmly higher on Monday, extending Friday’s gains, as easing crude oil prices and prospects of renewed Iran-US
talks aided sentiment. The BSE Sensex was trading at 78,585.77, up 491.13 points or 0.63 per cent, while the NSE Nifty 50 climbed 156.55 points or 0.64 per cent to 24,540.15 as of 9:27 am, building on a third straight session of gains logged before the weekend. The upbeat start came amid an improving geopolitical backdrop. US President Donald Trump said talks with Iran would take place on Monday, though he declined to set a deadline for an agreement, after earlier saying he had called off an imminent attack on hopes of quickly reaching a deal to reopen the Strait of Hormuz and resolve the impasse over Tehran’s nuclear capabilities. Trump had said on Saturday that Iran and other Middle Eastern countries had sought time to complete a deal that would lead to a full reopening of the strait and an end to Iran’s nuclear threat, while insisting Tehran must move quickly.

Gainers & Losers 

Among the top Nifty gainers, IndiGo (INDIGO) rose 2.87 per cent to an LTP of Rs 5,319.50 from a previous close of Rs 5,171, Bajaj Finance (BAJFINANCE) climbed 2.61 per cent to Rs 1,171 from Rs 1,141.20, Tata Motors Passenger Vehicles (TMPV) advanced 2.43 per cent to Rs 348 from Rs 339.75, Bajaj Finserv (BAJAJFINSV) gained 2.32 per cent to Rs 2,076.20 from Rs 2,029.10 and ITC (ITC) added 2.15 per cent to Rs 287.05 from Rs 281.  

On the losing side, Sun Pharmaceutical Industries (SUNPHARMA) fell 2.17 per cent to Rs 1,947.40 from Rs 1,990.50, Maruti Suzuki (MARUTI) declined 1.15 per cent to Rs 14,070 from Rs 14,234, ONGC (ONGC) slipped 0.51 per cent to Rs 241.30 from Rs 242.53, Cipla (CIPLA) eased 0.33 per cent to Rs 1,468.40 from Rs 1,473.20 and Apollo Hospitals (APOLLOHOSP) shed 0.31 per cent to Rs 8,929 from Rs 8,957. 

Broad Market & Sectoral Indices 

Among broad market gauges, gains were led by the Nifty Smallcap 100, up 0.86 per cent, the Nifty Next 50, up 0.61 per cent, and the Nifty 100, up 0.57 per cent, with breadth uniformly positive across the broader market on Monday morning and no broad index in the red.  

Among sectoral indices, the Nifty Cement rose 1.06 per cent, the Nifty FMCG gained 1.03 per cent and the Nifty Metal added 0.97 per cent, while the Nifty Media fell 1.63 per cent, the Nifty Pharma slipped 0.13 per cent and the Nifty Healthcare index eased 0.12 per cent. 

Middle East Conflict 

US President Donald Trump said talks with Iran would begin on Monday afternoon as part of efforts to reopen the Strait of Hormuz, though he set no deadline for a deal. Iran’s Foreign Minister Abbas Araqchi held calls with his Saudi and Pakistani counterparts, while Tehran’s talks with Oman over a new route through the strait were said to be in their final stages. Israel’s energy minister Eli Cohen warned that Israel and the US would act with force if Iran sought to revive its nuclear or missile programmes. Attacks in the conflict, which Trump launched alongside Israel in late February, have spread across the Gulf to the Red Sea and even to a Mediterranean facility in Egypt. 

Asian Markets 

Asian markets were mixed on Monday morning, with Japan’s Nikkei 225 tumbling 1.74 per cent to 63,240.51 and China’s Shanghai Composite slipping 0.61 per cent to 3,808.82. Hong Kong’s Hang Seng eased 0.01 per cent to 25,883.07, while bourses in Malaysia, Indonesia and Pakistan bucked the trend to trade higher. Thailand’s SET index was little changed at 1,623.64. 

US Markets 

Wall Street ended firmly higher on Friday, with the Nasdaq Composite up 1 per cent at 25,373.85 and the S&P 500 gaining 0.70 per cent to 7,489.72. The Dow Jones Industrial Average rose 0.53 per cent to 52,485.03, even as the broader NYSE Composite slipped 0.13 per cent to 24,107.54. The gains came even as investors continued to digest the Federal Reserve’s recent decision to hold interest rates steady. 

Oil Prices 

Oil prices tumbled $4 a barrel on Monday after Trump held off on a fresh attack on Iran, seeking a quick deal to halt Tehran’s nuclear ambitions and reopen the Strait of Hormuz. Brent crude futures slid $4.08, or 4.64 per cent, to $83.85 a barrel, while US West Texas Intermediate crude fell $4.01, or 4.74 per cent, to $80.66 a barrel. Both contracts had jumped more than 20 per cent last month after fighting between the US and Iran resumed and attacks on tankers near Oman deterred shippers from entering the Gulf to load crude. The sharp reversal on Monday reflected optimism that a deal could ease the shipping disruptions that have kept a war premium built into prices. 

Friday’s Close 

The Sensex closed higher for a third straight session on Friday, rising 166.49 points, or 0.21 per cent, to 78,094.64, while the Nifty 50 added 66.45 points, or 0.27 per cent, to end at 24,383.60. Market breadth stayed positive, with 2,444 shares advancing against 1,607 declining and 185 unchanged. Financial and auto stocks led the gains, with Bajaj Finance among the standout performers, even as weakness in IT and FMCG stocks capped the overall advance. 

Sources:

• Reuters; NSE/BSE market data
• https://www.reuters.com/business/energy/oil-tumbles-trump-cancels-attack-iran-reach-nuclear-deal-2026-08-03/
• https://www.reuters.com/world/asia-pacific/trump-says-iran-talks-take-place-monday-sets-no-deadline-deal-2026-08-02/
• https://www.reuters.com/markets/stocks/asia-pacific/