New Delhi, May 29 -- Market benchmarks remain in consolidation mode, reflecting cautious sentiment due to lingering uncertainty surrounding a potential US-Iran peace deal amid reports of fresh escalations, despite a ceasefire remaining in effect.

According to media reports quoting sources, the US and Iran reached an agreement on Thursday (US time) to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz. However, the agreement is awaiting US President Donald Trump's approval.

Meanwhile, US Vice President JD Vance said that Washington was 'not there yet' with Iran on an agreement but that the parties were close.

The Nifty 50 declined about 0.40% to an intraday low of 23,815 during the session. Oil and gas...