Nifty trades above 23,900 level; auto shares rally for 3rd day

Headline equity benchmarks traded with strong gains, driven by a sharp decline in oil prices following the ceasefire agreement between the US and Iran. Market sentiment was further lifted by a strengthening rupee, adding to the overall positive momentum, and was further supported by the RBI's Monetary Policy Committee (MPC) decision. The MPC kept the benchmark interest rate unchanged at 5.25% in its first policy meeting of the financial year 2026'27, under Governor Sanjay Malhotra.

The Nifty traded above the 23,900 mark during the session, while auto stocks extended their rally for the third consecutive trading day.

At 10:30 IST, the barometer index, the S&P BSE Sensex, climbed 2,620.29 points or 3.51% to 77,236.87. The Nifty 50 index soared 789.51 points or 3.40% to 23,912.70.

In the broader market, the BSE 150 MidCap Index surged 3.46% and the BSE 250 SmallCap Index jumped 3.39%.

The market breadth was strong. On the BSE, 3,608 shares rose and 383 shares fell. A total of 134 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 19.62% to 19.85.

RBI MPC outcome:

The Reserve Bank of India's (RBI;s) Monetary Policy Committee (MPC) decided to keep policy repo rate unchanged at 5.25% while announcing its first policy decision of FY27 on Wednesday, April 8. The six-member panel, chaired by Governor Sanjay Malhotra, met over the past few days to review key issues. This review comes amid rising geopolitical tensions in the West Asia and a weakening rupee. In its last meeting in February 2026, the MPC had kept the repo rate steady at 5.25% after a cumulative 125-basis-point cut in 2025, adopting a cautious 'wait-and-watch' approach focused on stability.

Middle East conflict update:

The US and Iran have reportedly entered a temporary two-week ceasefire arrangement, with Pakistan acting as mediator and Islamabad set to host follow-up talks. The deal appears to be conditional, with the Strait of Hormuz at the center of the discussions; reporting suggests Iran would allow shipping access under military coordination, while the US would pause offensive action. The media outlets describe the broader framework as a proposal under discussion rather than a concluded peace deal, and Iran's 10-point demands ' including sanctions relief, nuclear recognition, and US troop withdrawal ' remain unverified as agreed terms.

Buzzing Index:

The Nifty Auto index soared 6.67% to 25,998.75. The index climbed 7.92% in three consecutive trading sessions.

Ashok Leyland (up 11.34%), Samvardhana Motherson International (up 7.77%), Tata Motors Passenger Vehicles (up 7.11%), Mahindra & Mahindra (up 6.53%), Maruti Suzuki India (up 6.24%), TVS Motor Company (up 6.1%), Uno Minda (up 6.09%), Eicher Motors (up 5.86%), Bharat Forge (up 5.45%) and Exide Industries (up 5.45%) advanced.

Stocks in Spotlight:

Titan Company surged 4.57% after the company reported a robust 46% year-on-year growth across its consumer businesses in Q4 FY26.

Prestige Estates Projects zoomed 9.64% after the company's pre-sales jumped 10% year'on-year (YoY) to Rs 7,697 crore in Q4 March 2026.

Ashiana Housing jumped 5.59% after the company said that the value of the area sold in Q4 FY26 stood at Rs 1,289.70 crore, registering a growth of 124.4% compared with Rs 574.73 crore in Q4 FY25.