Benchmark stock indices rose around 1. 6% early on Wednesday as trading resumed after the Babasaheb Ambedkar Jayanti holiday, as fresh hopes of a long-term peace deal between the US and Iran boosted sentiment in global markets. The National Stock Exchange (NSE) Nifty 50 breached the psychologically important 24,000-point level and is up 1.

6% at 24,216. 95 points.

The BSE Sensex index was up 1. 6% at 78,091. 34 points.

All sectoral indices witnessed strong gains, with IT, financial services and banks being the biggest outperformers. India VIX, which indicates uncertainty in the market, fell more than 8% to its lowest level in almost a month.

The positive momentum comes after reports that the US and Iran could resume peace talks in Pakistan this weekend after the first round was deadlocked. This pushed crude oil prices below $100 per barrel, which was a significant boost for global markets.