Indian equity markets opened on a strong note today, with both benchmark indices rallying sharply amid easing geopolitical concerns after signals of a possible de-escalation in tensions between the United States and Iran.
Investor sentiment turned positive after US President Donald Trump said that a second round of talks with Iran could be held “over the next two days”. During early trade, the Nifty surged 1.61 per cent, or 392.75 points, to trade at 24,237.70. The Sensex also climbed 1.70 per cent, or 1,303 points, to 78,150.54.
Commenting on the Nifty technical outlook, market experts said that the immediate support is seen at 23,900-24,000, while resistance is placed at 24,250-24,300. Market volatility cooled significantly, with the Nifty India Volatility Index dropping 15.4 per cent to 17.34 soon after the opening bell. Broader markets outperformed the frontline indices, with the Nifty MidCap and Nifty SmallCap indices rising 2.09 per cent and 2.10 per cent, respectively.
On the sectoral front, PSU banks and IT stocks led the gains, while the pharma sector lagged behind and emerged as the worst performer in early trade.
Meanwhile, crude oil prices also eased in the Asian session, adding to the positive sentiment. Brent crude futures for the April contract slipped 0.36 per cent to $94.45 per barrel, as hopes grew that any potential disruption at the Strait of Hormuz could be avoided with progress in US-Iran talks.
Analysts said that the combination of easing geopolitical tensions, cooling oil prices, and declining volatility provided a strong boost to investor confidence, pushing Indian equities higher in early trade.
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