Sensex, Nifty Rise as Oil Drops 1.7% on US-Iran Progress

Brent crude fell 1.66% to $79.23 a barrel after mediators said the United States and Iran had agreed on a roadmap toward a final deal within 60 days. The decline in the global oil benchmark pushed Indian equities higher Monday. The Sensex added 291 points to settle at 77,094. The Nifty advanced almost 90 points to 24,103.

The joint statement from Pakistan and Qatar, which brokered two days of talks in Switzerland, gave the market a reason to reverse some of last week's losses. Foreign institutional investors turned net buyers, and heavyweight stocks such as Reliance Industries and HDFC Bank rallied.

India imports roughly 85% of its crude oil needs, so a sustained drop in prices tends to lower the import bill, ease inflation pressures, and improve corporate margins across several sectors. The read-through is clearest for oil marketing companies, airlines, and consumer goods firms that depend on petrochemical feedstocks.

That said, Monday's sector performance was mixed. Among Sensex constituents, Tech Mahindra, Sun Pharma, Reliance Industries, Infosys, and Bharat Electronics led the advance. Asian Paints, Titan, Power Grid, Trent, and ITC fell. The dispersion suggests the oil-driven bid was concentrated in a few names rather than a broad rotation.

Infosys, which has an Alpha Score of 57 at AlphaScala (classified as Moderate), was among the top gainers. HDFC Bank, with an Alpha Score of 43 (Mixed), also contributed to the index move. The broader market still faces headwinds from domestic institutional selling and elevated valuations in pockets.

The US-Iran dialogue now enters a 60-day negotiation window under the agreed roadmap. Any visible progress could keep oil capped in the near term, though traders will watch supply-side data and the Federal Reserve's next move for direction.

Brent crude traded at $79.23 a barrel, down 1.66% on the session. For more on oil price drivers and market structure, see AlphaScala's crude oil profile.