The headline equity benchmarks traded with strong gains in mid-afternoon trade, supported by positive global cues amid signs of easing geopolitical tensions. Investor sentiment improved following media reports that Iran’s Supreme Leader, Mojtaba Khamenei, is open to negotiations through U.S. intermediary Steve Witkoff.
Further boosting market confidence, U.S. President Donald Trump announced a temporary pause on potential strikes targeting Iran’s energy infrastructure. Reflecting the improved risk appetite, the Nifty traded above the 23,000 mark ahead of the expiry of NSE derivative contract.
Realty shares rebounded after witnessing selling pressure for three consecutive trading sessions.
At 14:25 IST, the barometer index, the S&P BSE Sensex zoomed 1472.16 points or 2.03% to 74,158.35. The Nifty 50 index soared 468.25 points or 2.08% to 22,980.90.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index rallied 2.63% and the BSE 250 SmallCap Index surged 2.33%.
The market breadth was strong. On the BSE, 3,067 shares rose and 1,120 shares fell. A total of 186 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 6.73% to 24.93.
US-Iran Warfare
Global investors remain cautious as the Middle East conflict enters its fourth week. Despite both sides signaling de-escalation, concerns persist about energy security and global economic growth.
Iranian foreign minister Abbas Aragchi reportedly told Trump's special envoy Steve Witkoff that Supreme Leader Mojtaba Khamenei has given him approval to "close the issue quickly" if Tehran's conditions are met.
Further, Donald Trump has said that based on the “tenor and tone” of the ongoing discussions, he has instructed the US department of war to postpone any planned military strikes on Iranian power plants and energy infrastructure for five days.
According to the chief of the International Energy Agency (IEA), nearly 40 energy assets ‘severely damaged' in conflict; warns of ‘worst’ crisis.
Buzzing index:
The Nifty Realty index jumped 2.22% to 678.15. The index tumbled 9.22% in the past three trading sessions.
Godrej Properties (up 3.49%), SignatureGlobal India (up 2.76%), Anant Raj (up 2.68%), Sobha (up 2.56%) and Prestige Estates Projects (up 2.44%) were the top gainers. Among the other gainers were Phoenix Mills (up 2.4%), Oberoi Realty (up 2.15%), Brigade Enterprises (up 1.94%), DLF (up 1.91%) and Lodha Developers (up 1%) surged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.20% to 6.825 compared with the previous session close of 6.839.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 93.8250 compared with its close of 93.5300 during the previous trading session.
MCX Gold futures for 2 April 2026 settlement jumped 0.17% to Rs 139,427.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.21% to 99.27.
The United States 10-year bond yield advanced 0.37% to 4.351.
In the commodities market, Brent crude for May 2026 settlement jumped $1.29 or 1.29% to $101.29 a barrel.
Stock In Spotlight:
KS Smart Technologies rallied 4% after the company secured a purchase order worth approximately Rs 4.38 crore from Kerala State Electronics Development Corporation.
Birla Corporation added 3.27% after the company said that its wholly-owned subsidiary RCCPL has commissioned the third line of production at its Kundanganj unit, scaling up production capacity by 1.4 million tons.