08 April,2026 01:36 PM IST | Mumbai | mid-day online correspondent
Analysts said the drop in oil prices is positive for India as it helps control inflation and supports the rupee. Representational Pic/File
Sensex and NSE Nifty surged sharply in Wednesday afternoon trade, tracking a strong rally in global markets and a decline in crude oil prices following the announcement of the US-Iran ceasefire, reported the PTI.
Sensex jumped 2,988.82 points, or 4 per cent, to 77,605.40, while the Nifty rose 890.35 points, or 3.85 per cent, to 24,014.
Investor sentiment improved after the United States and Iran announced a two-week ceasefire, easing concerns over supply disruptions.
The agreement also ensured safe passage through the Strait of Hormuz, a key global oil route, reducing uncertainty in energy markets.
Brent crude prices fell sharply by 13.70 per cent to USD 94.44 per barrel, according to the PTI.
Analysts said the drop in oil prices is positive for India as it helps control inflation and supports the rupee.
Among Sensex firms, InterGlobe Aviation led the gains with a rise of nearly 10 per cent.
Other major gainers included Larsen & Toubro, Bajaj Finance, Maruti Suzuki, UltraTech Cement and Mahindra & Mahindra.
Tech Mahindra, Sun Pharma and Power Grid Corporation of India were among the laggards, the news agency reported.
The Reserve Bank of India kept its key policy rate unchanged, adopting a cautious approach amid global uncertainty.
The Monetary Policy Committee retained the repo rate at 5.25 per cent, citing concerns over inflation, energy prices and global growth, as per the PTI.
Asian markets also witnessed strong gains. South Korea's Kospi surged nearly 7 per cent, while Japan's Nikkei 225 rose over 5 per cent.
Shanghai's SSE Composite and Hong Kong's Hang Seng index also recorded notable gains. US markets, however, ended flat on Tuesday.
Foreign Institutional Investors (FIIs) sold equities worth Rs 8,692.11 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 7,979.50 crore, according to exchange data, the news agency reported.
US President Donald Trump pulled back on his threats to launch devastating strikes on Iran late Tuesday, as the US and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz.
Trump swerved to de-escalate the war less than two hours before the deadline he set for Tehran to capitulate to a deal or face attacks on its bridges and power plants meant to destroy the Iranian civilisation.
Trump made the dramatic announcement on Truth Social on Tuesday evening (US time) even as Democrats called for his removal over unhinged threats to wipe out the Iranian civilisation.
(with PTI inputs)
