Sensex Surges 659 pts, Nifty Tops 24,600 at Midday as Oil Prices Slide on Iran Talks Optimism 

Mumbai, Aug 3: Indian equity benchmarks extended their opening gains through the morning session on Monday, with the Sensex and Nifty both trading sharply higher as cooling crude oil prices and a firm Wall Street close on Friday lifted sentiment.  

The BSE Sensex was up 659 points, or 0.84 per cent, at 78,753.64, while the NSE Nifty 50 climbed 217.95 points, or 0.89 per cent, to 24,601.55 as of 11:55 am. The rally builds on Friday’s gains and comes as investors track fresh developments in the Iran-US standoff, with President Donald Trump saying talks with Tehran would take place later in the day, though without a firm deadline for a deal to reopen the Strait of Hormuz. 

Gainers & Losers 

Among individual stocks, Shriram Finance (SHRIRAMFIN) led the gainers, rising 4.2 per cent to an LTP of Rs 1,090.7 from a previous close of Rs 1,046.7. InterGlobe Aviation (INDIGO) followed with a 3.96 per cent jump to Rs 5,376 against Friday’s close of Rs 5,171, while ITC (ITC) advanced 2.86 per cent to Rs 289.05 from Rs 281. Bajaj Finserv (BAJAJFINSV) gained 2.85 per cent to trade at Rs 2,087, up from Rs 2,029.1, and Tata Consultancy Services (TCS) rose 2.77 per cent to Rs 2,431.1 compared with its previous close of Rs 2,365.6.  

On the losing side, Sun Pharmaceutical Industries (SUNPHARMA) slipped 1.47 per cent to Rs 1,961.2 from Rs 1,990.5, while Apollo Hospitals Enterprise (APOLLOHOSP) fell 0.87 per cent to Rs 8,879 against a prior close of Rs 8,957. Bharti Airtel (BHARTIARTL) declined 0.85 per cent to Rs 1,955.3 from Rs 1,972, Tech Mahindra (TECHM) eased 0.8 per cent to Rs 1,638.1 versus Rs 1,651.3, and Maruti Suzuki India (MARUTI) was the mildest loser, down 0.26 per cent at Rs 14,197 compared with Friday’s Rs 14,234. 

Broader & Sectoral Performance 

Broader market indices traded uniformly higher through the morning, with breadth firmly in favour of advancing stocks. The Nifty Microcap 250 led the pack, up 1.57 per cent, followed by the Nifty Smallcap 500, up 1.47 per cent, and the Nifty Smallcap 250, up 1.42 per cent, as small- and mid-sized names outperformed the frontline indices.  

On the sectoral front, the Nifty PSU Bank index was the top gainer, rising 1.94 per cent, with the Nifty IT index up 1.50 per cent and the Nifty FMCG index gaining 1.46 per cent. The Nifty Media index was the notable laggard, down 1.78 per cent, while the Nifty Capital Markets index also slipped 0.26 per cent, with most other sectoral gauges in the green. 

Iran War 

The Middle East conflict remained the key overhang for global markets even as signs of de-escalation emerged. Trump said negotiations with Iran would begin on Monday afternoon but declined to specify a deadline, after earlier claiming he had called off an imminent attack to allow room for talks aimed at reopening the Strait of Hormuz. Iran’s Foreign Minister held separate calls with his Saudi and Pakistani counterparts over the weekend, while Tehran and Oman were reported to be nearing a deal over a new shipping route through the strait. Israel, meanwhile, warned it would strike again if Iran sought to revive its nuclear or missile programmes. 

Asian Stocks 

Asian markets traded mixed on Monday morning, with Hong Kong’s Hang Seng and Australia’s All Ordinaries edging higher even as Japan’s Nikkei 225 fell nearly 1 per cent and Shanghai slipped. On Wall Street, all three major US indices closed higher on Friday, with the S&P 500 up 0.70 per cent and the Nasdaq Composite jumping 1.00 per cent, while the Dow Jones Industrial Average added 0.53 per cent to close above 52,400. 

Oil  

Oil prices tumbled sharply in early trade on Monday after Trump held off on a fresh attack on Iran, opting instead to pursue a quick deal to 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. The decline marks a sharp reversal after both contracts had surged more than 20 per cent last month as fighting resumed and tanker attacks near Oman rattled shippers. Easing energy costs are seen as a relief for India, a major oil importer, and helped fuel Monday’s equity rally. 

Morning Session 

Indian markets had opened firmly higher on Monday, extending Friday’s gains for a fourth straight session. The Sensex opened at 78,585.77, up 491.13 points or 0.63 per cent, while the Nifty 50 opened at 24,540.15, gaining 156.55 points or 0.64 per cent as of 9:27 am. The strong start came even as the geopolitical backdrop remained fluid, with investors weighing the Iran-US talks against broader uncertainty over the conflict’s outcome. Gains have since extended through the morning, taking both benchmarks to fresh session highs by midday. 

Source

• BSE and NSE
• 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/