Mumbai, May 7 -- Reports of a possible agreement between the US and Iran to end the conflict in West Asia sent global equity markets surging on Wednesday, with Indian markets joining the risk-on move. Washington and Tehran are working on a one-page memorandum of understanding that would set a framework for more detailed nuclear negotiations, Axios reported. Iran said it was reviewing a new US proposal, while US president Donald Trump earlier said the war could end if "Iran agrees to give what has been agreed to". However, investors remain wary that the relief may be fragile, with valuations, earnings visibility and geopolitical uncertainty still in play. On Wednesday, the Nifty and the Sensex shot up an identical 1.2% from the previous day ...