** Nifty 50 .NSEI and Sensex .BSESN rise 1% each in broad-based rally; Nifty set to erase weekly losses, Sensex on track for 0.5% weekly gain

** All 16 major sectors advance; small-caps .NIFSMCP100 up 1.7%, mid-caps .NIFMDCP100 up 1.2%

** Other Asian markets .MIAPJ0000PUS rise 2.8%, after Trump touts potential peace deal with Iran

** Oil marketing cos, tyre, paint and aviation stocks lead gains on lower crude

** "Good news is that Brent is sharply down to $89 with potential for more downside if agreement becomes real" - VK Vijayakumar, chief investment strategist, Geojit Investments

** Easing oil aids India's balance-of-payments, rupee; could spur FII short-covering and market rally - analysts

** Happiest Minds HAPP.NS gains most in 3 weeks on agentic AI platform launch