Indian Shares Extend Gains For Fifth Day

(RTTNews) - Indian shares rose modestly on Thursday, with key benchmark indexes Sensex and Nifty extending gains for a fifth consecutive session, as easing geopolitical tensions offset pressure from a stronger dollar and higher U.S. Treasury yields.

Global bond yields surged after the Federal Reserve held its benchmark interest rate steady on Wednesday but Chair Kevin Warsh's focus on "price stability" signaled an increasingly hawkish pivot.

Upbeat U.S. retail sales and housing data released overnight also boosted the dollar's appeal in international markets.

Investors took cues from falling Brent crude futures to below $78 a barrel after a host of reports showed U.S. President Donald Trump and his Iranian counterpart had remotely signed a preliminary agreement to end the 110-day conflict.

The official text of the memorandum of understanding reached over the weekend has been released, which include the immediate and permanent termination of military operations on all fronts, including in Lebanon, the reopening of the Strait of Hormuz, and the lifting of a U.S. naval blockade against Iran.

Iran has committed to "downblending" its stockpile of highly enriched uranium, with a senior official calling it a "significant concession" by Iran. The sanctions relief is tied to the nuclear settlement.

Iran will receive waivers for crude oil exports, petroleum products and associated banking services immediately upon the signing of the MOU.

Israel was not a party to the negotiations or the MOU. All the technical details will be ironed out in the 60-day negotiating period that commences after the scheduled signing ceremony taking place in Switzerland on Friday.