New Delhi, April 8 -- Asian stock markets spiked on Wednesday morning after the news of a two-week ceasefire between the United States and Iran. Oil prices fell sharply following the de-escalation of military tensions in the Middle East and the promised reopening of the Strait of Hormuz.

Japan's Nikkei 225 led the rally with a 5.28 per cent surge, up by 2,822.44 points, while South Korea's KOSPI rose 5.61 per cent or by 308.11 points. India's GIFT NIFTY also climbed over 3 per cent to reach the 23,841.00 level.

Other regional indices, including the Hang Seng and Taiwan Weighted, saw gains of 3.04 per cent or 763.47 points and 3.72 per cent or 1234.69 points, respectively.

The ceasefire triggered a massive sell-off in the energy sector....