The key equity benchmarks traded with major gains in the early afternoon, tracking a global market rally amid hopes of easing Middle East tensions involving Iran. Sentiment improved after Donald Trump said the conflict could end within three weeks, while Iran signaled willingness to resolve the crisis.
The positive geopolitical cues boosted investor confidence across regions. Meanwhile, the U.S. dollar remained under pressure and Treasury prices continued to rise. Additionally, the start of a new month, quarter, financial year, and F&O series supported fresh market positioning.
The Nifty traded above the 22,750 mark. Metal shares advanced after declining in previous two consecutive trading session.
At 11:28 ST, the barometer index, the S&P BSE Sensex, surged 1,588.46 points or 2.21% to 73,524.70. The Nifty 50 index zoomed 458.45 points or 2.05% to 22,789.65.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 2.46% and the BSE 250 SmallCap Index jumped 3.11%.
The market breadth was strong. On the BSE, 3,635 shares rose and 432 shares fell. A total of 119 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 9.73% to 25.17.
Buzzing Index:
The Nifty Metal index added 3.54% to 11,532.25. The index declined 1.79% in the previous two consecutive trading session.
Hindustan Copper (up 10.1%), Adani Enterprises (up 5.07%), National Aluminium Company (up 5%), Vedanta (up 4.88%) and Hindustan Zinc (up 4.38%), Hindalco Industries (up 4.11%), Lloyds Metals & Energy (up 3.49%), Jindal Steel (up 3.47%), Steel Authority of India (up 3.47%) and Tata Steel (up 2.87%) added.
Stocks in Spotlight:
Indian Renewable Energy Development Agency (IREDA) jumped 4.03% after the company reported a 22% increase in its outstanding loan book to Rs 93,075 crore as of 31st March 2026, compared with Rs 76,282 crore as of 31st March 2025.
NTPC Green Energy advanced 5.88% after the company announced that its wholly owned subsidiary, NTPC Renewable Energy (NTPC REL), has executed a Green Ammonia Purchase Agreement (GAPA) with Solar Energy Corporation of India (SECI).
Saatvik Green Energy rose 4.73% after the company’s material subsidiary, Saatvik Solar Industries, secured an order worth Rs 57.03 crore from a reputed independent power producer/EPC player for the supply of solar PV modules.
Global Markets:
Asian markets traded higher on Wednesday after comments from Donald Trump raised hopes that the ongoing conflict involving Iran could ease in the coming weeks.
On Tuesday in the U.S., Trump said the country could scale back its involvement in the conflict within “two or three weeks,” adding that there may be little justification for continued engagement.
Investor sentiment was also supported by stronger-than-expected economic data from Japan. The Bank of Japan’s Tankan survey for the first quarter of 2026 showed business sentiment among large manufacturers rising to 17 from 15 in the previous quarter. The reading beat consensus expectations of 16 and marked the highest level since the fourth quarter of 2021.
Sentiment among large non-manufacturers came in at 36, unchanged from the prior quarter but above expectations of 33, indicating continued resilience in Japan’s service sector.
In China, manufacturing activity showed signs of moderation. The country’s purchasing managers’ index (PMI) fell to 50.8 in March, missing expectations of 51.6 and easing from February’s more than five-year high of 52.1. A reading above 50 still indicates expansion, though the slowdown suggests some loss of momentum.
Overnight on Wall Street, U.S. stocks rallied sharply on optimism that geopolitical tensions could de-escalate. The Dow Jones Industrial Average rose 1,125.37 points, or 2.49%, to close at 46,341.51. The S&P 500 gained 2.91% to end at 6,528.52, while the Nasdaq Composite advanced 3.83% to 21,590.63.
The gains followed reports suggesting that Iran may be open to ending hostilities if certain guarantees are met. Additional media reports indicated that the U.S. administration is willing to consider a resolution even if disruptions persist in the Strait of Hormuz, a critical global oil shipping route.
Easing concerns over the conflict and potential stabilization in energy supplies helped lift investor confidence, driving gains across global equity markets.