Updates for morning trade

By Bharath Rajeswaran

June 15 (Reuters) - Indian shares climbed higher on Monday, tracking a global rally, as oil prices tumbled after the U.S. and Iran said an initial deal had been reached to end the war and resume traffic through the Strait of Hormuz.

The countries will sign a memorandum of understanding in Switzerland on Friday, said Pakistani Prime Minister Shehbaz ​Sharif, whose country served as a mediator in the negotiations.

The benchmark Nifty 50 .NSEI was up 1.39% at 23,954, while the BSE Sensex .BSESN added 1.43% to 76,605.4, as of 9:43 a.m. IST.

Other Asian markets .MIAPJ0000PUS jumped 2.8%, while Brent crude LCOc1 dropped 4.7% to about $83 a barrel, the lowest since March. MKTS/GLOB

Lower oil prices are a positive for India, the world's third-largest oil importer, as they help ease pressure on inflation, the rupee and the country's trade deficit.

"The sudden removal of supply threats across the major oil corridor has shifted global market sentiment firmly back into aggressive 'risk-on' mode," Bajaj Broking said in a note.

"Going ahead, we expect Nifty 50 to maintain positive bias and head towards 24,050 levels," it added.

A complete resolution of the Middle East conflict could help revive foreign inflows after record sales of $30.7 billion in 2026, according to two analysts.

Fourteen of the 16 major sectors advanced on Monday. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 rose 1.5% each.

HDFC Bank HDBK.NS, the heaviest-weighted stock on the benchmarks, jumped 2% to lead gains.

Separately, Nomura said that the Reserve Bank of India's new NRI deposit scheme could be a major positive for the lender as it may help attract more long-term foreign-currency deposits, improve liquidity, and ease pressure on margins.

Infrastructure major Larsen & Toubro LART.NS, which has a significant revenue exposure to the Middle East, gained 3.2%.

Oil marketing companies, tyre makers, paint makers and airlines also jumped on a drop in crude prices.