The domestic equity indices traded with substantial gains in mid-afternoon trade, supported by positive global cues following indications of possible de-escalation in Middle East tensions and a drop in crude oil prices below the $100 per barrel mark. However, caution prevailed due to ongoing uncertainty surrounding the reopening of the Strait of Hormuz. The Nifty scaled above the 23,300 level.
Metal shares jumped for second consecutive trading sessions.
At 14:25 IST, the barometer index, the S&P BSE Sensex zoomed 1249.85 points or 1.67% to 75336.52. The Nifty 50 index soared 403.65 points or 1.76% to 23,314.35.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index surged 2.45% and the BSE 250 SmallCap Index jumped 2.63%.
The market breadth was strong. On the BSE, 3,168 shares rose and 1,047 shares fell. A total of 204 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.71% to 24.32.
The stock market will remain closed on 26 March 2026, on account of Shri Ram Navami,
US-Iran Warfare
As the Middle East conflict continues without clarity, uncertainty remains a key concern for investors.
According to media reports, Donald Trump administration has put forward a 15-point ceasefire plan to Iran, even as the US military prepares to deploy at least 1,000 additional troops to a region where around 50,000 are already stationed.
Earlier, Trump stated that Washington was in discussions with Iran to bring an end to the conflict, despite an escalation in hostilities marked by airstrikes on Iranian positions and retaliatory missile and drone attacks by Iran targeting Israel and other locations. However, Iranian authorities have rejected claims that any formal negotiations are currently taking place.
Buzzing Index:
The Nifty Metal index rallied 3.82% to 11,371.25. The index jumped 4.67% in the two consecutive trading session.
Hindustan Zinc (up 4.81%), Lloyds Metals & Energy (up 4.67%), Adani Enterprises (up 4.56%), Hindustan Copper (up 4.37%), Welspun Corp (up 4.34%), National Aluminium Company (up 4%), Steel Authority of India (up 3.28%), Vedanta (up 3.27%), Tata Steel (up 3.01%) and Jindal Stainless (up 2.27%) surged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.12% to 6.859 compared with the previous session close of 6.867.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 93.9500 compared with its close of 93.7600 during the previous trading session.
MCX Gold futures for 2 April 2026 settlement jumped 3.82% to Rs 144,198.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 99.21.
The United States 10-year bond yield declined 1.43% to 4.331.
In the commodities market, Brent crude for May 2026 settlement declined $6.41 or 6.13% to $98.08 a barrel.
Stock in Spotlight:
M & B Engineering surged 10.01% after the company, along with its subsidiary, secured a domestic order worth Rs 73.18 crore for the design, engineering, manufacturing and supply of pre-engineered buildings and structural steel.
Arkade Developers jumped 4.23% after the company announced the launch of its premium residential project, Arkade Evoke, targeted at luxury homebuyers with a gross development value (GDV) of Rs 230 crore.