Markets rally on Iran deal, falling crude prices

Markets staged a smart rally in trade today after reports that a deal was struck between major world powers and Iran. The drop in crude prices following the deal also lifted sentiments across global markets.

The Sensex ended the day higher by 388 points, while the Nifty rallied 120 points in trade. Among the gainers in trade from the Nifty was Axis Bank which rallied following its inclusion in the Sensex with effect from Dec 23.

ICICI Bank was amongst the top gainer from the Nifty stock jumping almost 5 per cent. BPCL too gained following a drop in crude prices.

Jindal Steel ended the day flat after the company's exclusion from the Sensex with effect from 23rd December.

Infosys too did not have a particularly good day in trade dropping lower. Infra major Larsen and Toubro was among the heavyweights that rallied along with ITC.

PSU Banking stocks also had a good day in trade with State Bank of India leading gainers, while other stocks that closed higher were Canara Bank, Bank of Baroda and Oriental Bank of Commerce.

Pfizer and Wyeth continued to rally with both the stocks ending with double digit gains, following their merger announcement last week.

Mid cap stocks also rallied in trade with stocks that gained from the space being Bharat Forge, Crompton Greaves, HPCL and JSW Energy.

Meanwhile, markets in Asia ended the day strong on the back of the Iran deal. European markets were trading higher with the German DAX, French CAC and the UK's FTSE rebounding.

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