New Delhi, April 8 -- Deepak Shenoy, market veteran and CEO of Capitalmind Mutual Fund, welcomed the strong move seen in the markets globally, including in India, following the two-week ceasefire in the US-Iran war, but expressed doubts about the credibility of statements made by those involved.

The Indian stock markets rallied almost 4% today, as the Sensex gained nearly 3000 points and the Nifty 50 added 870 points to reclaim the 24,000 mark. The US and Iran agreed to a two-week ceasefire, sending crude prices lower on expectations that energy supplies from the Middle East could resume, boosting risk-on sentiments.

Equity indices in major Asian and European markets shot up between 4%-5%. while crude oil prices tumbled 16%.

Shenoy wel...