Sensex opens 300 pts higher, Nifty nears 23,500 despite Iran war escalation

Synopsis Indian stock markets, including the Sensex and Nifty, initially surged on hopes of the Strait of Hormuz reopening. However, gains were largely erased by mid-morning, with IT stocks experiencing significant declines. While some sectors like Pharma and Auto saw modest gains, the overall market traded near flat. The Sensex rose over 300 points, and the Nifty neared the 23,500 level, as investors grew hopeful about the resumption of traffic through the Strait of Hormuz after a prolonged closure. The Sensex rose around 324 points to open at 75,827, while the Nifty 50 gained more than 84 points to open…