Indian Shares Seen Higher On US-Iran Peace Deal Hopes

(RTTNews) - Indian shares are seen opening notably higher on Friday after Wall Street's three major indexes posted their biggest daily gains since April 8 overnight on hopes for a Midde East peace deal and expectations of a strong market debut of Elon Musk's SpaceX.

U.S. President Donald Trump claimed an agreement to end the war with Iran had been reached and would be signed shortly, possibly in Europe this weekend with Vice President JD Vance attending on his behalf.

Trump also said the Strait of Hormuz would officially reopen once the Iran deal was signed and that Iran will never have a nuclear weapon.

However, Iran has not approved any text for any initial memorandum of understanding with the United States, Iran's semi-official Fars news agency reported.

"The relevant authorities must reach a final decision regarding the text of the understanding and any potential agreement in detail. Once, a final decision is reached, we will issue an official statement," Iranian Foreign Ministry spokesman Esmael Baqaei said.

Israeli Prime Minister Benjamin Netanyahu said Israel is not a party to the memorandum of understanding, while welcoming assurances from Trump that the final agreement with Iran would include the removal of enriched material, the dismantling of enrichment infrastructure, limits on missile production, and the cessation of Iran's support for its terrorist proxies in the region.

Benchmark indexes Sensex and Nifty ended a choppy session modestly lower on Thursday, with IT stocks leading losses.

The rupee plunged 50 paise to close at 95.75 against the dollar on the back of heavy FII outflows.