Benchmark indices closed higher for the third consecutive session on Tuesday, with the Nifty 50 gaining 211.75 points, or 0.87 per cent, to settle at 24,576.60, while the Sensex advanced 753.03 points, or 0.96 per cent, to close at 79,273.33. The rally, which began with a muted open, built steady momentum through the day, finishing near the session’s high.

The day’s gains came on the back of a broader cocktail — improving global sentiment around potential US-Iran peace negotiations, easing crude oil prices, and a strong start to the fourth-quarter earnings season.

FMCG and Realty led sectoral gains, each rising over 2 per cent, with Private Banks and Telecom adding approximately 1 per cent each. Nestle India, Hindustan Unilever, and Trent were the top Nifty gainers, while SBI Life, BEL, and Dr. Reddy’s ended as the top losers.

Sunny Agrawal, Head of Fundamental Research at SBI Securities, noted that the earnings season has begun on a healthy note: “...companies such as ICICI Bank, Bank of Maharashtra, PNB Housing Finance, Nestle etc. reporting strong set of results... most companies are either reporting in-line or beating expectations...”

He added that the global backdrop remains tense, with uncertainty around the US-Iran ceasefire expiry and Tehran’s willingness to join the next round of negotiations.

Broader markets joined the rally. The Nifty Midcap 100 rose 0.49 per cent and the Smallcap 100 gained 0.88 per cent, with healthy market breadth — the BSE advance-decline ratio stood at 1.43. On the BSE, 2,531 stocks advanced against 1,760 declines, and 153 stocks hit 52-week highs against 23 at 52-week lows.

India VIX, the market’s fear gauge, dropped nearly 7 per cent to 17.53, a signal that near-term anxiety is unwinding. Shrikant Chouhan, Head of Equity Research at Kotak Securities, observed: “...the short-term market texture is bullish, but due to temporary overbought conditions, some profit booking may occur at higher levels.” He placed immediate support at 24,500, with upside potential toward 25,750–25,800 above that.

Technically, Nifty has now rallied nearly 11 per cent from its recent swing low of 24,182. The index appears to be heading toward its 200-day exponential moving average near 24,800, with support shifting higher to the 24,400 zone.

Despite the equity rally, the rupee weakened for the second straight session, depreciating 37 paise against the US dollar, with USD/INR drifting above the 93.50 level.

A strong dollar, jittery global oil prices, and FII outflows — which turned net sellers at ₹1,060 crore on Monday after three consecutive buying sessions — weighed on the currency.

On the commodity front, Brent crude rose approximately 1.2 per cent, trading above the $90 per barrel mark, as traders weighed the possibility of a diplomatic resolution against uncertainty around the Strait of Hormuz. Domestic crude futures settled near ₹8,100.

On the institutional front, DIIs continued to provide support with ₹2,966.89 crore in net buying on Monday even as FIIs pulled back.

Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, summed up the mood: “...with the ceasefire deadline arriving tomorrow, all eyes turn to the second round of US–Iran talks — while markets remain hopeful of progress, elevated tensions and uncertain participation make any negative surprise a key downside risk...”

Looking ahead, markets will closely watch the outcome of the US-Iran talks in Islamabad, with the ceasefire deadline due Wednesday. On the domestic front, RBI MPC Meeting Minutes and UK’s March 2026 CPI figures are due April 22.

Key earnings results tomorrow — SBI Life, Trent, Tech Mahindra, Havells, and Oracle — are expected to drive stock-specific action.

India-US trade negotiations, with a delegation in Washington through April 22, and Defence Minister Rajnath Singh’s ongoing visit to Germany regarding a potential ₹70,000–99,000 crore submarine deal, add further diplomatic threads for markets to track.

Published on April 21, 2026