Sensex jumps over 500 points, Nifty above 24,200: Top reasons driving stock market rally

BSE Sensex jumped 553 points to 77,603.57 and NSE Nifty gained 148.15 points to 24,198.40.

Rupee strengthened by 5 paise to 96.11 against the US dollar in early trade.

US President Donald Trump withdrew the proposed 20% transit fee on cargo passing through the Strait of Hormuz, replacing it with trade and investment agreements with Gulf countries.

Asian technology stocks rebounded after US inflation data, boosting investor confidence.

Foreign investors turned net buyers in July, contributing to the market rally.