New Delhi, Aug. 27 -- MUMBAI - India's benchmark equity indices extended their recovery on Tuesday, lifted by the sharpest single-day drop in crude oil prices in weeks after Iranian and Omani diplomats agreed a temporary framework for restoring commercial shipping through the Strait of Hormuz.

The BSE Sensex gained 286.98 points, or 0.37 percent, to close at 77,656.09. The NSE Nifty 50 rose 115.50 points, or 0.48 percent, to 24,334.55. Both indices had lagged global peers through most of the session before recovering sharply in the final hour as crude broke below $87 a barrel.

Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed Tuesday evening that Tehran and Muscat had agreed on the coordinates of a temporary shipping corridor, ...