Stock Market Today Highlights: Sensex jumps 1205 pts, Nifty 50 closes above 23,300; metal, realty, PSU bank stocks shine

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, said - “Going ahead, the immediate resistance for Nifty is placed in the 23400-23450 zone. Any sustainable move above this zone could result in Nifty extending its pullback towards 23600, followed by 23800 in the short term. On the downside, the zone of 23150–23100 zone is likely to act as a strong support.”

"Markets continued to build on the previous day’s momentum as global risk sentiment improved, with hopes of peace emerging on the radar. Potential diplomatic progress between the US and Iran—despite mixed geopolitical commentary—led to easing crude oil prices below $100, which was welcomed by the market.

Early signs of normalisation in maritime movement through the Strait of Hormuz are likely to further support investor confidence, although it may be early to comment. The domestic rally was broad-based, supported by value-driven buying across sectors. India’s valuation premium, which had remained elevated for some time, has corrected to more reasonable levels, offering investors greater comfort at current market levels," said Vinod Nair, Head of Research, Geojit Investments.

All the sectoral indices closed in the green with Nifty Realty ending the day as a top sectoral gainer followed by Nifty PSU Banks. Both the indices closed with a gain of over 2.5%. With regards to stocks, Shriram Finance & Titan ended up as top two gainers while Power grid, TechM, TCS & BEL were the only four stocks from the Nifty50 pack that ended with losses.

The Indian rupee witnessed a minor decline on Wednesday but managed to resist the downward pressure from dollar demand associated with expiring non-deliverable forwards and foreign portfolio outflows, as the central bank stepped in to bolster the currency.

Throughout the session, the rupee remained close to its all-time low of 93.98 per dollar, eventually closing at 93.9775, reflecting a decrease of 0.1%.

Sensex rallies 1,205 points to settle at 75,273.45; Nifty 50 jumps 394.05 points to 23,306.45.

According to State Bank of India (SBI), crude oil prices are likely to remain elevated in Q1 FY27 amid ongoing geopolitical uncertainties. In a scenario where hostilities persist, the Indian crude basket could rise sharply to the $125–$137 per barrel range, reflecting tight supply conditions and heightened risk premiums.

However, if a ceasefire materializes, prices may ease and stabilize in the $109–$112 per barrel range before gradually correcting. The outlook highlights the strong sensitivity of oil prices to geopolitical developments, with potential implications for inflation, fiscal balance, and overall market sentiment in India.

Hareesh V, Head of Commodity Research, Geojit Investments Limited, said, "Gold’s nearly 4% surge on MCX and silver’s sharp rebound were driven by a softer US dollar and easing inflation concerns as crude oil prices corrected. The pullback in energy markets helped temper expectations of higher global interest rates, offering additional support to precious metals. Meanwhile, reports suggesting the US is exploring ways to conclude the conflict with Iran boosted safe‑haven demand, amplifying the upside momentum in bullion today.

Gold’s upside today seems driven by value buying after recent sharp corrections, with attractive entry levels triggering renewed demand alongside short covering that lifted prices further.

Gold and silver may see a mild near‑term recovery, but breaking recent highs looks difficult. While supportive geopolitics could underpin sentiment, a firm US dollar is likely to cap strong upside, keeping price movements relatively restrained for now."

"Overall, while the base case for FY27 remains constructive—with equities potentially delivering decent returns if corporate earnings come through and geopolitical risks ease—the near-term risk-reward tilts cautious amid these pressures. Selective stock-picking focused on earnings visibility and reasonable valuations will likely prove more effective than broad market exposure, keeping markets range-bound or volatile until greater clarity emerges on oil prices, FII flows, and trade developments,” said Pranay Aggarwal, Director and CEO of Stoxkart.

Vodafone Idea, Tata Silver Exchange Traded Fund, Sammaan Capital, Tata Gold Exchange Traded Fund, Reliance Power, Jaiprakash Power Ventures, Sagility, Filatex Fashions, Sadhana Nitrochem, and YES Bank were among the most traded stocks, or most active stocks in terms of volume, on the NSE on Wednesday.

Sunil Bharti Mittal will step down as Chairman of Airtel Africa in July. Gopal Vittal is set to be named Non-Executive Chairman of Airtel Africa in July.

S&P Global has raised India's GDP growth forecast for FY27 by 40 basis points to 7.1%, signalling confidence in the country's economic momentum despite global uncertainties. The ratings agency also upgraded its projections for the following years, increasing FY28 growth by 20 basis points to 7.2% and FY29 by 20 basis points to 7.0%, pointing to sustained expansion over the medium term. On the policy front, the Reserve Bank of India is expected to keep interest rates unchanged, maintaining a neutral stance in the base case as it balances growth and inflation dynamics.

The uptick in bond prices followed a sharp decline in crude oil prices, which helped ease inflationary concerns. The benchmark Brent crude contract was nearly 5% lower at $99.60 per barrel, after falling to an intraday low of $97.15.

Amid ongoing market volatility, the government has called for an all-party meeting on the West Asia crisis today at 5 PM. The meeting will be chaired by Amit Shah and will be attended by senior ministers and floor leaders from across political parties. Vikram Misri is expected to brief participants on the latest developments and India’s position on the evolving situation.

“The USD/INR pair is currently trading above the 93.8 level, extending its upward momentum and reflecting continued weakness in the Indian rupee. Technically, the structure remains firmly bullish, characterized by a sequence of higher highs and higher lows. A sustained move above the 94.00 mark would further reinforce the positive bias and could open the path toward 94.2, followed by a move toward fresh record highs. Immediate support is seen in the 93.6–93.2 range. Overall, the outlook for USD/INR remains constructive, with the rupee likely to stay under pressure amid persistent global uncertainty and continued strength in the U.S. dollar,” said Ponmudi R, CEO of Enrich Money.

According to Ponmudi R, CEO of Enrich Money,MCX Crude Oil opened with a sharp gap down and is currently trading below the ₹8,450 support level, indicating weakening short-term momentum. Failure to sustain above the ₹8,400 level may reinforce selling pressure, potentially dragging prices toward the ₹8,300 range, with further downside extending toward ₹8,000– ₹8,150 levels.

On the upside, immediate resistance is placed at ₹8,500. A sustained and decisive move above this level would signal strengthening bullish momentum and may open the door for an advance toward ₹8,600- ₹8,700 range, where selling pressure is likely to emerge. Overall, the near-term outlook remains tilted to the downside, as price action continues to struggle near key resistance levels, while geopolitical developments and macro cues are expected to keep volatility elevated.

Stock Market Today LIVE: Ponmudi R, CEO of Enrich Money, said, "Bank Nifty opened with a gap-up around the 53,026 mark, in line with the broader market, indicating improved sentiment and initial buying interest. From a technical perspective, the 54,000 psychological level now acts as immediate resistance. A sustained breakout above this zone could trigger further upside momentum toward the 54,500–55,000 range.

On the downside, the 52,900–52,800 zone, previous resistance has now turned into immediate support, while a stronger support base is placed in the 52,200–52,000 range. The overall bias remains cautiously positive, with potential for a relief bounce; however, sustained strength above key resistance levels is essential to establish a clearer directional trend."

Foreign Institutional Investors (FIIs) offloaded equities worth ₹8,009.56 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth ₹5,867.15 crore.

IT giant Tata Consultancy Services (TCS) announced that its board will meet on Thursday, April 9, to consider and approve the financial results for the quarter ending on March 31, 2026.

The US–Iran conflict had sparked concerns of a potential inflation surge, prompting fears of monetary tightening and a slowdown in economic growth. However, signs that the conflict may be nearing an end have eased worries about its severe impact on India’s macroeconomic outlook.

Experts note that if crude oil prices remain subdued and inflation stays under control, central banks could consider cutting interest rates in the second half of the current year.

Easing geopolitical risks and a significant decline in crude oil prices weighed on the US dollar and bond yields. The dollar index declined by nearly 0.40% to near 99, while the benchmark 10-year US bond yield dropped by more than 1% to 4.3%.

A decline in the US dollar and bond yields is generally positive for equities, especially for emerging markets like India, as it increases the prospects of foreign capital inflows into these markets.