Benchmark indices Sensex and Nifty extended their previous session&rsquo;s rally in early trade on Wednesday, tracking a sharp decline in crude oil prices and a positive trend in Asian markets, amid hopes of de-escalation in the <a href="https://www.mid-day.com/mumbai/mumbai-news/photo/in-photos-west-asia-conflict-hits-mumbai-fishing-industry-boats-docked-with-empty-diesel-drums-110278/1" target="_blank" rel="nofollow noopener">West Asia conflict</a>.
The 30-share BSE Sensex jumped 885.32 points to 74,953.77 in early trade. The 50-share NSE Nifty surged 307.65 points to 23,220.05.
Among the Sensex firms, Mahindra &amp; Mahindra, UltraTech Cement, Adani Ports, HDFC Bank, Trent, and Eternal were the biggest gainers, while Tech Mahindra and Infosys were the laggards.
Brent crude, the global oil benchmark, tumbled 4.34 per cent to USD 99.95 per barrel.
In Asian markets, South Korea&rsquo;s Kospi, Japan&rsquo;s Nikkei 225, Shanghai&rsquo;s SSE Composite, and Hong Kong&rsquo;s Hang Seng were trading in positive territory.
US markets ended lower on Tuesday.
&ldquo;Asian markets traded higher, buoyed by comments from <a href="https://www.mid-day.com/news/india-news/article/west-asia-conflict-us-halts-strikes-on-iran-for-five-days-as-donald-trump-cites-productive-talks-23622203?ajit-pawar-death-breakingnews" target="_blank" rel="nofollow noopener">US President Donald Trump</a> suggesting the possibility of negotiations between the United States and Iran. This potential for diplomatic engagement has provided some relief to global investors, raising hopes of de-escalation in Middle East tensions.
&ldquo;Crude oil prices have slipped below the USD 100 per barrel mark, reflecting sustained market optimism around the prospects of a diplomatic breakthrough,&rdquo; said Hariprasad K, research analyst and founder of Livelong Wealth.
However, conflicting signals from Iran, which has denied any formal talks, suggest that the situation remains fluid, potentially limiting the durability of this optimism, he added.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,009.56 crore on Tuesday, according to exchange data, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,867.15 crore.
&ldquo;Hope is returning to the market with indications of de-escalation in the conflict. Remarks from President Trump and the <a href="https://www.mid-day.com/news/world-news/video/us-iran-to-jointly-control-strait-of-hormuz-iran-regime-change-soon-trumps-bombshell-claims-1080406" target="_blank" rel="nofollow noopener">Iranian regime</a> indicate that the situation might ease soon. In particular, Iran&rsquo;s statement that &lsquo;non-hostile ships can transit the Strait of Hormuz&rsquo; is positive news that could mitigate India&rsquo;s energy concerns.
&ldquo;These developments have been reflected in the sharp decline in Brent crude to around USD 98,&rdquo; said V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd.
On Tuesday, the Sensex jumped 1,372.06 points, or 1.89 per cent, to settle at 74,068.45, while the Nifty surged 399.75 points, or 1.78 per cent, to close at 22,912.40.
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Stock market update: Benchmark indices Sensex and Nifty extended their previous session’s rally in early trade, tracking a sharp decline in crude oil prices

Stock market update: Sensex, Nifty extend rally as crude prices fall, Asian markets gain

Gold hits Rs 1.44 lakh and silver crosses Rs 2.14 lakh amid geopolitical relief

The 30-share BSE Sensex jumped 885.32 points to 74,953.77 in early trade. The 50-share NSE Nifty surged 307.65 points to 23,220.05

Sensex, Nifty extend rally as crude prices fall, Asian markets gain

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