Stock Market Update: Top Performers and Laggards on May 6

Indian Stocks Surge as US and Iran Nearing Deal to End Conflict

Indian stocks closed Wednesday's trade, May 6, with solid gains as buying emerged towards the fag end of the session. This development was triggered by reports indicating that the US and Iran are nearing a deal to end the two-month-long conflict. The Nifty 50 concluded the trade with a 1.24% surge at 24,330, while the S&P BSE Sensex wrapped up with a strong 1.22% gain at 77,958.

The broader markets also posted stellar gains, with both the Nifty Midcap 100 and Nifty Smallcap indices rallying nearly 2%. The tensions in the Middle East, which had escalated earlier this week, are now moving towards de-escalation, a development that could potentially bring an end to the over 60-day conflict between the US and Iran.

According to Axios, the White House believes it is nearing a one-page, 14-point memorandum of understanding to end the war and establish a framework for more detailed nuclear talks. This development came after US President Donald Trump announced in a Truth Social post that the US would temporarily halt "Project Freedom," a military operation launched to escort vessels through the Strait of Hormuz, citing progress in negotiations. Iran said earlier on Wednesday that it would accept a peace deal only if it was "fair."

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Note: The gain/loss percentages for the Nifty Midcap 100 and Nifty Smallcap indices are approximate, as the exact closing prices were not provided.