(RTTNews) - Indian shares opened higher on Monday, tracking firm cues from global markets and easing crude oil prices after U.S. President Donald Trump held off on a fresh attack on Iran and said an agreement was close, signaling renewed diplomatic momentum and helping ease concerns about inflation and interest rates.
Peace talks would resume today after Middle Eastern allies, including Saudi Arabia, urged Washington to prioritize diplomacy.
Trump said a planned large-scale military strike on Iran was called off on the condition that efforts to quickly reach an agreement to reopen the Strait of Hormuz and resolve the impasse over Tehran's nuclear capabilities move forward.
The benchmark BSE Sensex was up 540 points, or 0.7 percent, at 78,634 in early trade, while the broader NSE Nifty index traded up 172 points, or 0.7 percent, at 24,555.
ITC rallied 2.7 percent despite the company reporting a 27 percent slump in its Q1 net profit.
Likewise, Indian Oil Corporation surged 2.4 percent despite reporting a standalone net loss of Rs. 2,661.3 crore for the June quarter.
IREDA rose about 2 percent ahead of its earnings results due today.
NCC gained more than 2 percent after announcing it received three new orders worth Rs.1,052.71 crore in July.
Sterlite Technologies jumped 5 percent on securing an order worth Rs 960 crore from domestic telecom operator for supply of optical fibre cables.
Maruti Suzuki fell around 2 percent after reporting a muted set of earnings for the June quarter.
Sun Pharma declined 2.3 percent despite posting 27 percent yar-on-year growth in first-quarter profit.
Persistent Systems tumbled 3 percent on reporting a 9 percent sequential decline in its Q1 consolidated net profit.
ZEE Entertainment Enterprises plummeted 12 percent after SEBI's investigation revealed missing title deeds related to loans secured by Essel Group entities.
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