India, April 15 -- India's stock market registered a sharp recovery today, after US President Donald Trump said the Iran war "is close to over".

The 30-share S&P BSE Sensex rose 1.85%, or 1,422.85 points, to an intraday high of 78,270.42 points, even as the wider NSE Nifty 50 tested 24,300 levels. Only three Nifty 50 stocks were in the red, with Dr. Reddy's Laboratories emerging as the biggest loser and InterGlobe Aviation Ltd. (IndiGo) top gainer.

The primary catalyst for the optimism is a sharp decline in energy costs. Brent crude fell 1.2% to $94.27 a barrel, while WTI dropped toward $90. Softening crude oil prices come amid reports that diplomatic channels between the US and Iran may be reopening, potentially averting a broader conf...