New Delhi, June 12 -- It was a one-way rally on Dalal Street on Friday, June 12, as investors cheered the prospects of a US-Iran deal as soon as next week and a sharp decline in global crude oil prices. Barring IT stocks, which are getting hammered by AI-led disruptions, all other sectors participated in the stock market surge.

US President Donald Trump on Thursday said that negotiators had "just made a great settlement". He told reporters it was "subject to finalisation of documents, which should get done over the next few days", adding that the Strait of Hormuz would reopen as soon as the deal is signed.

Iran has insisted that a final decision on an agreement to end the current conflict with the US has not yet been reached. According ...