Mumbai, May 6 -- Reports of a possible agreement between the US and Iran to end the conflict in West Asia sent global equity markets surging on Wednesday, with Indian markets joining the risk-on move. However, investors remain wary that the relief may be fragile, with valuations, earnings visibility and geopolitical uncertainty still in play.

On Wednesday, Indian benchmarks Nifty 50 and S&P BSE Sensex shot up an identical 1.2% from the previous day to end at 24,330.95 and 77,958.52, respectively.

The broader market also gained, with both the Nifty Smallcap 250 and Nifty Midcap 100 surging 1.8%, comfortably outperforming large caps.

Asian markets closed on a strong note as well. South Korea's Kospi surged over 6%, Hong Kong's Hang Seng ...