Mumbai/IBNS, May 22 -- The Indian stock market rallied sharply on Friday, with benchmark indices BSE Sensex and NSE Nifty 50 posting significant gains amid optimism surrounding diplomatic efforts between the United States and Iran over a possible peace deal in West Asia.

Oil Prices Rebound After Three-Day Decline

Despite optimism around the ongoing peace talks, crude oil prices rebounded on Friday after falling for three consecutive sessions, as investors remained cautious over the outcome of negotiations.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for June delivery gained 1.5 percent to $97.81 per barrel.

Markets Track West Asia Developments

Global markets have been closely monitoring developments in West Asia amid ...