Market rally on temporary ceasefire in West Asia; European mrkt advance

The key equity barometers witnessed strong buying interest in afternoon trade, supported 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 near the 24,000 level.

All the sectoral indices on the NSE were traded in green with realty, auto and consumer durables shares leading the rally.

At 13:25 ST, the barometer index, the S&P BSE Sensex surged 2893.81 points or 3.88% to 77,510.39. The Nifty 50 index soared 869.55 points or 3.77% to 23,993.45.

In the broader market, the BSE 150 MidCap Index surged 3.77% and the BSE 250 SmallCap Index jumped 3.85%.

The market breadth was strong. On the BSE, 3,828 shares rose and 476 shares fell. A total of 113 shares were unchanged.

In the commodities market, Brent crude for June 2026 settlement lost $14.60 or 13.36% to $94.67 a barrel.

The rupee strengthened to 92.5825 against dollar, compared with its previous close of 93.0600.

RBI MPC outcome:

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 5.25% while announcing its first policy decision for FY27 on Wednesday, April 8.

The MPC, chaired by Governor Sanjay Malhotra, unanimously voted to maintain the repo rate under the liquidity adjustment facility (LAF) at 5.25%. Accordingly, the standing deposit facility (SDF) rate remains at 5.00%, while the marginal standing facility (MSF) rate and the Bank Rate continue at 5.50%. The committee also retained its 'neutral' policy stance.

The RBI warned that elevated energy and commodity prices, along with potential disruptions in the Strait of Hormuz, could weigh on growth going forward. Real GDP growth for FY27 is pegged at 6.9%, with quarterly projections at 6.8% in Q1, 6.7% in Q2, 7.0% in Q3 and 7.2% in Q4.

On the domestic front, India's economy remained resilient in FY26, with real GDP growth revised higher to 7.6% YoY as per the Second Advance Estimates, compared to 7.4% projected earlier in the First Advance Estimates.

Inflation risks have also firmed up. CPI inflation for FY27 is projected at 4.6%, up sharply from 2.1% earlier, with upside risks stemming from elevated energy prices and potential weather disruptions such as El Ni'o impacting the monsoon.

The MPC minutes will be released on 22 April 2026, while the next policy meeting is scheduled from 3 June 2026 to 5 June 2026.

Short-Term Ceasefire in Middle East:

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.

Gainers & Losers:

Shriram Finance (up 10.70%), Interglobe Aviation (Indigo) (up 9.08%), Adani Enterprises (up 8.19%) and Tata Motors Passenger Vehicles (up 8.18%) were the major Nifty50 gainers.

Coal India (down 3.21%), Tech Mahindra (down 1.52%), Wirpo (down 0.55%), Nestle India (down 0.48%) and Dr Reddy's Laboratories (down 0.41%) were the major Nifty50 losers.

Stocks in Spotlgiht:

Titan Company surged 6.20% after the company reported a robust 46% year-on-year growth across its consumer businesses in Q4 FY26. The jewellery business emerged as the standout performer, delivering around 46% YoY growth. The watches division reported about 7% YoY growthsupported by a 16% rise in analog watches, even as the smartwatches segment declined sharply by 53%. The eyewear business grew about 16% YoY.

Vidya Wires jumped 4.02% after the company's sales jumped 57.5% to Rs 597.92 crore in Q4 FY26 compared with Rs 379.62 crore in Q4 FY25.

P N Gadgil Jewellers rose 2.66% after the company's total revenue surged 124% to Rs 3,552 crore in Q4 FY26 compared with Rs 1,587 crore in Q4 FY25. The retail segment recorded 102% YoY growth in Q4 FY26. Franchise operations grew by 132% YoY, while E-commerce recorded a 67% YoY increase.

Dredging Corporation of India (DCIL) jumped 6.94% after the company signed a memorandum of understanding (MoU) with Colombo Dockyard PLC, marking a major milestone in strengthening maritime cooperation between India and Sri Lanka.

Biocon added 3.44% after the company's subsidiary Biocon Pharma announced the receipt of U.S. Food and Drug Administration (US FDA) approval for Dapagliflozin Tablets.

Hyundai Motor India jumped 2.96% after the auto maker said that the company has planned to increase the prices of its cars up to 1% across the portfolio, effective May 2026.

Life Insurance Corporation of India (LIC) surged 6.70% after the company's board scheduled to meet on Monday, 13 April 2026 to consider a proposal of bonus issue.

Prestige Estates Projects zoomed 8.86% after the company's pre-sales jumped 10% year'on-year (YoY) to Rs 7,697 crore in Q4 March 2026. On annual basis, the company's pre-sales surged 76% YoY to Rs 30,024 crore in FY26.

Ashiana Housing jumped 2.63% 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.

Global Markets:

Europe and Asia market surged after Donald Trump said he had agreed to suspend planned attacks on Iran infrastructure for two weeks.

The move was subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, POTUS wrote on a social media platform.

Iranian Foreign Minister Abbas Araghchi in a post on a social media platform, on behalf of the country's Supreme National Security Council, said Tehran's armed forces will cease their defensive operations.'

Trump noted the 2-week ceasefire was subject to Iran agreeing to a complete, immediate and safe opening of the Strait of Hormuz. Araghchi said that safe passage via Hormuz Strait will be possible via coordination with Iran's armed forces for the next two weeks.

Overnight on Wall Street, U.S. stocks ended mixed on Tuesday amid signs of progress in negotiations as the minutes ticked down to President Donald Trump's deadline for Iran to open the Strait of Hormuz.

The Dow Jones Industrial Average (DJI), fell 85.42 points, or 0.18%, to 46,584.46, the S&P 500 (SPX), gained 5.02 points, or 0.08%, to 6,616.85 and the Nasdaq Composite (IXIC), gained 21.51 points, or 0.10%, to 22,017.85.

In the last hour of trading, all three major U.S. stock indexes recovered from steep losses earlier in the session after Pakistan's Prime Minister Shehbaz Sharif said on a social media platform that diplomatic efforts for peaceful settlement of the ongoing war in the Middle East were progressing steadily while he urged Trump to extend his Iran deadline for two weeks and requested that Iran open the Strait for the same timeframe as a goodwill gesture.