Options market sees big flip before West Asia peace deal

Indian options market saw a significant short-covering flip on Friday, with outstanding put sales exceeding calls by ₹51,117 crore, driving the Nifty up 461 points (1.99%) to 23,622.9 and a further 0.98% on Monday to 23,853.9 following the US-Iran peace deal announcement. Brent crude has fallen 30% from its March-end high of $119.5 to $83 a barrel, easing CAD concerns and expected to attract FPI inflows. Despite the rally, the Nifty closed well below the 24,000 resistance level, with analysts cautioning that sustainability of the peace deal, weak monsoon, and fading global AI trade remain key risks.