New Delhi, May 25 -- The Indian markets concluded Monday's trade, May 25, with solid gains as both benchmark indices surged over 1% after a sharp decline in oil prices, driven by optimism surrounding a potential US-Iran peace deal, bringing much-needed relief and optimism to Dalal Street.

The Nifty 50 jumped 1.4% to 24,050, marking its biggest single-day gain in two weeks, while the BSE Sensex rallied 1.42% to 76,462. The broader markets mirrored the same trend, with the Nifty Midcap 100 advancing 1% and the Nifty Smallcap 100 settling with an even stronger gain of 1.5%.

Risk-on sentiment improved after both the United States and Iran signalled progress towards reopening the Strait of Hormuz, which has remained effectively shut since la...