New Delhi, June 16 -- The Indian stock market extended its rally for the third consecutive session on Tuesday after the US-Iran peace deal improved global risk sentiment and pushed crude oil prices lower. The benchmark Nifty 50 index has surged over 3.5% in the last three sessions and is trading near the 24,000 mark.

The US and Iran have reached an agreement to end months of conflict in the Middle East and reopen the Strait of Hormuz - a crucial global crude oil transit route. The move has eased concerns over energy supplies, triggering a rally in global equities.

Crude oil prices fell sharply on Tuesday as markets assessed the resumption of supplies through the Strait of Hormuz. Brent crude declined 2.2% to $81.33 per barrel - its lowe...