Now, the understanding is that the NSG will approve the safegaurds. Thus, this news should be discounted. But, in the short term, a sudden euphoria could easily see markets move up. If you are long, then such conditions are perfect to take some profits. If you wish to buy, then buying in euphoria is not a good idea.
Sometimes, the market gets disconnected from reality. The impact of inflation is real, but the market ignores it. While the benefits from the nuclear deal will flow in after maybe 10 years, or more. Yet, the market behaves as if the deal will produce milk, honey and gold from today itself.
An earlier post on the market is below. Just move your mouse.