INDIA STOCKS-Indian shares open higher on earnings, US-Iran peace deal hopes

Updates for markets open

May 6 (Reuters) - Indian shares opened higher on Wednesday, aided by stock-specific reactions to key corporate earnings and a drop in oil prices, after U.S. President Donald Trump indicated a possible peace deal with Iran may be reached.

The Nifty 50 .NSEI rose 0.58% at 24,171, as of 9:15 a.m. IST, while the BSE Sensex .BSESN added 0.53% to 77,424.36.

All 16 major sectors logged gains. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 rose about 1% each.

Brent crude LCOc1 dropped to $108 a barrel from about $115 earlier this week, after Trump said he would pause "Project Freedom", an operation to help escort ships through the Strait of Hormuz, citing "great progress" toward a comprehensive agreement with Iran.

Tehran has not reacted to Trump's comments on the negotiations yet.

Among individual stocks, two-wheeler maker Hero MotoCorp HROM.NS rose 2.6% after it beat March quarter profit estimates, driven by strong domestic demand.

Coforge COFO.NS jumped 8% after reporting fourth-quarter profit that more than doubled, helped by a rise in order intake.

Larsen & Toubro LART.NS fell 2% after posting a quarterly profit drop amid the Middle East conflict, which has disrupted the conglomerate's projects.


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