New Delhi, March 25 -- A relief rally is underway on Dalal Street as tensions in the Middle East show signs of easing. The shift in sentiment follows comments from US President Donald Trump, who said Washington was making progress toward ending the conflict. However, Iran's military has denied that any talks have taken place.

The softer geopolitical tone has pushed crude oil prices lower as a breakthrough could restore shipping through the strategic Strait of Hormuz, which accounts for a fifth of global crude and energy passage. Brent crude oil prices eased 7% to slip below the $100 mark today. This eased macroeconomic concerns for India, which is the third-biggest importer of oil in the world.

The Nifty 50 rose 1.72% today, taking the ...