Sensex, Nifty rally 1% as US-Iran peace hopes spark risk-on sentiment

Nifty 50 surged 231 points (1%) to close at 23,853.90, briefly crossing the 24,000 mark for the first time since May 29, while the Sensex advanced 736 points (1%) to 76,264.33, driven by hopes of a US-Iran ceasefire and short covering. Brent crude fell over 5% to $85.8/barrel after the US and Iran reached a new ceasefire agreement ending the blockade of Iranian ports and reopening the Strait of Hormuz, boosting risk appetite globally. Realty stocks led the rally with the Nifty Realty index surging 4%, while FIIs turned net buyers at ₹200 crore after 11 consecutive sessions of selling, and the India VIX eased 2.5% to 14.4.