New Delhi, March 24 -- The Indian stock market witnessed a sharp rebound on Tuesday, with the benchmark indices, Sensex and Nifty 50 surging over 2% each, following a relief rally in global markets amid signs of de-escalation in the US-Iran war.

The gains in the Indian stock market today were supported by the remarks from the US President Donald Trump hinting at a temporary de-escalation in the war after he extended his deadline for Iran to reopen the Strait of Hormuz. The US will also hold off striking Iranian power plants for five more days.

While Trump said that the US envoys have been holding talks with a "respected" Iranian leader, the officials of the Islamic republic denied any such negotiations. Thus, uncertainty in the financia...