Sensex gains nearly 1% on hopes Iran deal may lower oil cost

July 15, 2015 14:49

Indian shares rose nearly 1 percent on Wednesday, heading towards their highest close in 1-1/2 weeks on optimism that India, which imports almost a third of its crude requirements, would benefit from weak oil prices on the back of the Iran nuclear deal, reports Reuters.

Blue-chip stocks rose on hopes lower crude oil prices would help India control its twin deficits and inflation, thereby creating headroom for the central bank to ease borrowing costs further.

Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016 after six world powers and Tehran reached a nuclear deal on Tuesday.

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