Sensex surges 2,775 pts, Nifty jumps 3.5% on U.S.-Iran ceasefire; IndiGo, L&T, Adani Ports rally up to 10%
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Indian equity markets witnessed a strong opening on April 8, with benchmark indices rising over 3.5% as sentiment was boosted by the announcement of a two-week ceasefire between the U.S. and Iran. The rally was driven by easing geopolitical tensions and a sharp decline in crude oil prices, while investors kept a close eye on the RBI policy announcement scheduled for 10 AM.
The BSE Sensex opened 2,674 points higher at 77,290.63, while the NSE Nifty began the day at 23,855.15, up 731 points. The strong rally added ₹13.70 lakh crore to investor wealth, with the total market capitalisation of BSE-listed companies rising to ₹442.47 lakh crore.
Oil futures dropped significantly following the ceasefire announcement, with Brent crude falling to around $94 per barrel and WTI crude hovering near $97 per barrel, both down nearly 13%. The decline in oil prices has eased inflation concerns and improved risk appetite across global markets, supporting equities across Asia.
Extending opening gains, the 30-share Sensex rose as much as 2,775 points, or 3.72%, to 77,392.31, while the Nifty 50 jumped 815 points, or 3.5%, to 23,938.85. Broader markets also saw strong buying, with midcap and smallcap indices surging up to 3%. The NIFTY Midcap 100 added 3.1%, while the NIFTY Smallcap 100 climbed 2.9% at the time of reporting.
IndiGo, L&T, Adani Ports lead gainers chart
Out of the 30 Sensex heavyweights, 29 were trading in the green, led by strong gains in IndiGo , Larsen & Toubro , Adani Ports , Bajaj Finance , and Bajaj Finserv .
IndiGo topped the chart, surging as much as 10%, followed by Larsen & Toubro, up 7.1%, and Adani Ports, which advanced 6.86%. Financial heavyweights were also among the top performers, with Bajaj Finance rising 6.75% and Bajaj Finserv gaining 6.25%.
Auto majors such as Maruti Suzuki and Mahindra & Mahindra climbed 5.14% and 5.52%, respectively, while key banking stocks including HDFC Bank (+4.35%), ICICI Bank (+4.22%), and State Bank of India (+3.87%) traded firmly higher, lending strong support to the benchmarks.
Consumer-facing stocks also contributed to the rally, with Titan up 5.35%, Asian Paints gaining 4.37%, and Hindustan Unilever rising 2.31%. Reliance Industries added to the momentum with a gain of 2.63%, further boosting the index.
The only laggard was Tech Mahindra, which declined 1.24%, even as other IT majors such as Infosys (+0.26%), TCS (+0.24%), and HCLTech (+0.25%) remained marginally positive.
On the sectoral front, rate-sensitive stocks led the rally ahead of the RBI policy announcement. The Nifty Realty index led the gains, surging 5.50%, followed by strong gains in the Nifty Auto index, which rose 4.87%. Financials also saw robust buying, with the Nifty Financial Services 25/50 climbing 4.43%, the Nifty PSU Bank gaining 4.23%, and the Nifty Private Bank advancing 4.06%.
Among others, the Nifty Consumer Durables index rose 3.93% and the Nifty FMCG index gained 1.76%. Metal stocks also participated in the rally, with the Nifty Metal index up 2.63%, while the Nifty Oil & Gas index added 2.33% amid easing crude oil prices.
Global equities rally after ceasefire
Asian markets rallied sharply on Wednesday, tracking improved global sentiment after the announcement of a 15-day ceasefire between Iran and the US, with further negotiations scheduled to be held in Islamabad on April 10.
The rally in Asian markets was led by Japan’s Nikkei 225, which surged over 5%, while South Korea’s Kospi jumped more than 6%. Taiwan’s Weighted Index also rose over 4%, and Hong Kong’s Hang Seng advanced nearly 3%. China’s Shanghai Composite also posted a gain of nearly 2%.
Southeast Asian markets showed moderate gains, with Singapore’s Straits Times up around 0.7%, Thailand’s SET Composite rising 1.6%, and Indonesia’s Jakarta Composite gaining close to 3%.
Boosted by the development, the Dow Jones futures surged over 2% during the early morning session, after sharp volatility in the overnight trade.
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