Market Surges 900 Points in 20 Mins on Iran News; Will Rally Continue Today?

• Indian stock market's Sensex surged an astonishing 900 points in just 20 minutes on March 5, closing above 80,000 with a 1.14% gain.
• The sudden rally was sparked by a Sky News Arabia report suggesting Iran's Deputy Foreign Minister Majid Takht-Ravanchi indicated readiness to halt nuclear program if the US offered an alternative.
• This news was interpreted as a de-escalation of tensions, leading to a massive buying spree and short covering across Nifty and Sensex.
• Iran's IRNA later clarified the statement referred to past talks, causing Sensex to slip 300 points from its peak, but it still maintained significant gains.
• Experts have mixed views on the rally's sustainability; some call it a 'relief rally' while others advise 'Sell on Rise' as Nifty remains below its 200 DMA.