Mumbai, June 15 -- A wave of optimism swept through global markets on reports that the US and Iran had agreed on a deal to end the war, with the agreement expected to be signed in Switzerland on Friday. Whipping up more optimism, US President Donald Trump said the Strait of Hormuz would reopen and the US naval blockade of Iran would be lifted, raising hopes of smoother energy supplies and easing geopolitical tensions. The shift in sentiment revived investor appetite for equities, lifting markets across Asia, Europe and India.

The relief rally was broad-based. Asian markets led the charge, with Japan's Nikkei and South Korea's Kospi surging over 5%, while China's Shanghai Composite gained nearly 2%. The upbeat mood spilled over into Europ...