Indian shares have advanced supported by a drop in oil prices as investors assessed signs that the US may be nearing a deal with Iran to end the Middle East conflict, while key corporate earnings are also on the radar, Reuters reports.

The benchmark Nifty 50 rose 0.63 per cent to 23,806.6 and the BSE Sensex gained 0.53pc to 75,720.79, as of 9:55am IST.

All 16 major sectors logged gains. The broader small-caps and mid-caps rose 1pc and 0.7pc, respectively. Other Asian markets gained 3pc.

“Markets have gained momentum as investors turn optimistic over a possible resolution of the ongoing Middle East conflict,” said Aakash Shah, technical research analyst at Choice Broking.

Momentum indicators suggest bearish pressure is easing, with healthy buying interest emerging at lower levels, though the broader trend remains cautious due to lingering global uncertainties, Shah said.