Stock Market Highlights: Sensex, Nifty erase over 2% losses to end higher; bank, IT stocks lead gainers

Going ahead, the immediate support for Nifty is placed in the 22450-22400 zone. Any sustainable move below this zone could result in Nifty extending its weakness towards 22200, followed by 22000 in the short term. On the upside, the zone of 22950–23000 zone is likely to act as a strong resistance.

— Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Indian equity markets opened on the back foot as Trump's renewed threat to strike Iran "extremely hard" swiftly erased the optimism built in the prior session, triggering broad-based selling across Asian markets. Rising US Treasury yields, a stronger dollar, and Brent crude reclaiming $107 per barrel revived imported inflation fears, while a four-year low in India's Manufacturing PMI added a domestic sting to an already pressured market environment. Selling was widespread across all sectors, with IT being the lone exception.

The RBI's twin regulatory actions—capping banks' net open rupee positions and barring NDF offerings to corporates—though disruptive to banking operations in the near term, achieved their intended effect, mechanically forcing dollar unwinding and engineering a meaningful rupee recovery.

A short-covering-driven intraday recovery followed, though it lacked the depth of genuine conviction. So long as Middle East remains a live powder keg, markets will continue to trade on headlines rather than fundamentals, keeping volatility elevated and directional clarity elusive.

— Vinod Nair, Head of Research, Geojit Investments

The broader market indices underperformed the benchmark indices. Nifty Midcap 100 was down 0.26% and Nifty Smallcap 100 lost 0.38%.

Among the top stocks that drove the index higher, HDFC Bank led the pack. It was followed by Infosys and HCL Technologies.

Eighteen of 30 Sensex stocks closed in the green today. Only 12 ended in the red as the barometer index staged a smart rebound.

Sensex ends 185 points or 0.25% higher at 73,319 while the Nifty 50 has closed the session at 22,713.10, up 0.15%. Both benchmark indices had lost 2% in intraday deals.

Nifty Pharma index was down over 1% in afternoon trade despite the market recovery as investors were spooked by the possible tariff threat by US.

Futures tracking Wall Street's main indexes slid on Thursday as U.S. President Donald Trump signaled more aggressive attacks on Iran, dampening expectations for an end to the month-long war and sending crude prices up 6%.

During the quarter, the India business sustained high single-digit underlying volume growth, with a slight sequential improvement.

Parachute continued to demonstrate resilience and the strength of its franchise, undertaking selective pricing actions to pass on value to consumers amid easing copra prices. The brand reported low single-digit volume growth after normalising for ml-age reductions and is expected to see a gradual pickup in volume growth over FY27.

Saffola Oils recorded high single-digit revenue growth, driven by improving volume traction. The Value-Added Hair Oils segment delivered another robust quarter, posting growth in the twenties and reinforcing sustained momentum in the franchise.

Having reached growth in the twenties during the year, the company remains confident of delivering double-digit growth in FY27 and over the medium term. This outlook is supported by a strategic focus on mid and premium segments, enhanced direct reach through Project SETU, a differentiated innovation pipeline, and improved affordability following GST rate rationalisation.

The escalation in geopolitical tensions today aggravated the already cautious stance, accelerating the pace of decline. Volatility also picked up, with India VIX rising 5%, reflecting heightened nervousness. The decline was further exacerbated by continued FII selling is the last few weeks. On Wednesday foreign investors sold another ₹8,331 crore equities, even after a multi-year record selling of over Rs1.22 lakh crore only in the month of March since the start of Iran war.

Given the holiday-shortened trading week and heightened sensitivity to global cues, the near-term sentiment is expected to remain volatile and headline-driven, with further direction contingent on developments in the US–Iran conflict and movements in global energy prices.

— Ajay Menon, MD & CEO – Wealth Management, Motilal Oswal Financial Services

A look at the top Sensex gainers and losers at this hour.

• Gainers: HCL Tech, TechM, TCS
• Losers: Eternal, Asian Paints, Sun Pharma

Sensex recovered over 1000 points from day's low and witnessed strong buying at lower levels. The index was last down 550 points.

India VIX rises over 4% to 26.05, signalling increased volatility going ahead amid the ongoing US-Iran war crisis.

Indian IT stocks bounced back to trade higher on Thursday, despite a broader sell-off in the Indian stock market today. The Nifty IT index gained over 0.3%, with eight of its ten constituents trading in the green.

Coforge, LTIMindtree, Persistent Systems, and HCL Technologies rallied 1-2%, while Mphasis, Wipro, Tata Consultancy Services (TCS) and Tech Mahindra also traded higher.

• The company reported its highest-ever standalone revenue from operations in FY26, registering a robust year-on-year growth of 37% to ₹18,421 million, exceeding its guidance. This strong performance underscores the resilience of its business model and reflects sustained customer confidence.
• Standalone revenue from operations grew by 35% year-on-year to ₹4,662 million in Q4 FY26.
• Sales per square foot (PSF) stood at ₹731 per month in FY26 and ₹698 per month in Q4 FY26.
• Same-store sales growth (SSSG) came in at 3% for FY26 and 8% for Q4 FY26.
• As of March 31, 2026, the company operated 263 stores with a total rental area of 24.53 lakh sq ft. During Q4 FY26, it opened 11 new stores without any closures. For the full year FY26, the company added 56 new stores and closed 7 stores.

The index formed a bearish candle ( as the close was below the open) with a higher high and a higher low highlighting pullback from oversold territory. The index however failed to sustain at higher levels and gave up some of its opening gains to close the session around 22,700 levels. Volatility is likely to remain elevated in the near term, amid rising geopolitical tensions and higher crude oil prices, which continue to weigh on overall market sentiment.

In today's session it is opening gap down around Monday's low of 22,300. Holding above the same can led to some consolidation in the range of 22,300-22,900. Failure to do so will signal extension of the decline towards the key support area of 22,100-21,800. For any meaningful pause in the overall downtrend, the index needs to start forming higher highs and higher lows on the daily chart on a sustained basis along with a close above the previous week’s high of 23,465. Key support is placed in the 22,100–21,800 zone being the trendline support joining last 2-year lows and the 200 weeks EMA.

— Bajaj Broking

South Korean shares closed more than 4% lower on Thursday as hopes faded that the Iran war could end soon after U.S. President Donald Trump vowed to continue hitting targets. The benchmark KOSPI closed down 244.65 points, or 4.47%, at 5,234.05, after steep losses triggered a sidecar trading curb during the session.

Ola Electric today announced a significant price reduction for its flagship electric motorcycle, the 4680 Bharat Cell powered Roadster X+ 9.1 kWh, enabled by rapid economies of scale at its Gigafactory and deep vertical integration of its indigenously developed 4680 Bharat Cell.

Additionally, on Wednesday, the company announced a strong comeback in business performance with daily orders crossing 1,000 units in the last week of March 2026 and registrations rising to 10,117 units during the month (as per VAHAN), up from 3,973 units in February, translating to over 150 per cent month-on-month growth signaling a sharp resurgence in demand momentum.

Following this, Ola Electric share price was higher by 9% even as the the benchmark indices crashed over 2%.

Pharma major Lupin announced the completion of its acquisition of VISUfarma B.V. (VISUfarma), a European specialty pharmaceutical company focused on ophthalmology, from GHO Capital Partners LLP (GHO).

Lupin share price was trading 2.03% lower at ₹2,227.40 apiece on the BSE.

The current rise in defence stocks is primarily sentiment-driven due to recent easing of geopolitical risk, stable trade routing and recent positive sentiment after long-term negative sentiment. The run-up in price is more visible in shipping stocks where earnings are directly correlated to global trade routes, while defense stocks are seeing a structural re-rating driven by a policy push towards indigenization rather than a sentiment-driven move. On a broader scale, fundamentals remain strong, and defense companies continue to benefit from large order books, government expenditure and export opportunities, providing positive earnings visibility in the long term. Hence, though the recent rally in defense and shipping stocks gets support from short-term sentiments, long-term fundamentals remain strong that make the sector structurally attractive despite concerns around short-term uncertainty.

There are high chances that India will emerge as a major hub in the coming years for the production and export of defence equipment. The government is actively promoting the idea of “Make in India,” is spending more on the defence sector and is reducing its dependence on imports, which is helping local companies expand. At the same time, other countries are looking to expand their sources because of the changing global scenario, and India is an attractive option as a cost-effective and reliable source. In the long term, the Indian defence companies will emerge as major players in the market. The companies will benefit from the increased orders in the country and the growth in exports to other countries. Moreover, the companies will benefit from the growth in new areas as well, and as the companies expand, their profitability is likely to increase, which makes the sector an attractive option for growth, said Dr. Ravi Singh, Chief Research Officer (Research), Master Capital Services.

MCX gold price action suggests fading strength at higher levels, keeping the broader tone cautious with a mild downside bias. On the upside, a sustained move above ₹1,52,000 level would strengthen bullish momentum and may open the path toward ₹1,54,000 - ₹1,55,000 with further upside potential toward ₹1,56,000 - ₹1,58,000 level, where supply pressure is likely to emerge.

On the downside, a sustained break below ₹1,50,000 could trigger extended profit booking, potentially dragging prices toward ₹1,48,000 - ₹1,46,000 range. The near-term bias remains cautious with macro uncertainty and geopolitical developments expected to continue driving momentum, said Ponmudi R, CEO of Enrich Money.

Powerica share price traded lower after listing at a discount. Powerica shares were listed at ₹366 apiece on the NSE, a discount of 7.34% to the issue price of ₹395 per share. On BSE, Powerica shares were listed with a discount of 5% at ₹375 apiece.

Amir Chand Jagdish Kumar (Exports) share price declined over 13% after making a weak debut in the Indian stock market today. Amir Chand Jagdish Kumar shares were listed at ₹195 apiece on the BSE, a discount of 8% to the issue price of ₹212 per share.

On NSE, Amir Chand Jagdish Kumar shares opened at a discount of 5.6% at ₹200 apiece.

Sai Parenteral’s shares were listed at more than 2% premium over its issue price. Shares of diversified pharmaceutical formulation company Sai Parenteral’s were listed at ₹400 apiece on the NSE, a premium of 2.04% to the issue price of ₹392 per share. On the BSE, Sai Parenteral’s shares were with a 3.31% premium at ₹405 per share.

InterGlobe Aviation share price declined over 5% after the airline revised fuel charges for domestic and international routes for all new bookings, effective April 2. The company revised domestic fuel surcharge to a range of ₹275 – ₹950 based on distance slabs, while international routes have seen higher hikes.

Nifty 50 slipped below recent lows, indicating continued weakness in the near term. From a technical perspective, a sustained move below the 22,000 level could accelerate the decline toward the 21,700 zone, which acts as the next key support area. On the upside, 22,400 (opening zone) now serves as immediate resistance, followed by a stronger hurdle near 22,650, coinciding with the recent gap area. The gap-down opening highlights lack of strong follow-through buying after the prior session’s recovery. While oversold conditions may limit sharp downside, a decisive move above 23,000 is required to signal any meaningful recovery, said Ponmudi R, CEO of Enrich Money.

MCX crude oil prices jumped by ₹614, or 6.64%, to ₹9,867 per barrel. It hit a high of ₹9,915 level, surging as much as 7.15% from its previous close of ₹9,253 level.

The Bank Nifty index declined 2.6% to trade around 50,000 level, with all its constituents trading in the red. AU Small Finance Bank, Union Bank of India, Bank of Baroda, IndusInd Bank and Federal Bank were the top losers on the index.

The Nifty 50 is trading at a 12-month forward P/E ratio of 17.7x, below its LPA of 20.9x (at a 15% discount). Also, its P/B of 2.6x represents a 8% discount to its historical average of 2.9x. The 12-month trailing P/E for the Nifty, at 20.7x, is below its LPA of 23.2x (at a 11% discount). At 3x, the 12-month trailing P/B ratio for the Nifty is below its historical average of 3.2x (at a 6% discount).

India’s market cap-to-GDP ratio now stands at 115% of FY26E GDP (9% YoY), well above its long-term average of 87%. Capital Goods, PSU Banks, Metals, Healthcare, and Utilities trade at a premium to their long-period average (LPA) valuations, while Private Banks, Consumer, Technology, Retail, and Automobiles trade at a discount to their LPA, said brokerage firm Motilal Oswal.

Defence Minister Rajnath Singh said India has achieved a historic milestone in defence exports, reaching an all-time high of ₹38,424 crore in the fiscal year 2025-26, marking a significant 62.66% growth over the previous year.

The Indian rupee recovered 151 paise from its record low level to trade at 93.19 against the US dollar, supported by the Reserve Bank of India’s move to restrict banks’ net open position in the onshore forward delivery market.

At the interbank foreign exchange, the rupee opened at 94.62 and rose sharply to 93.19 against the US dollar in early deals, registering a gain of 151 paise or 1.6% from its previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.32% higher at 99.77.

V-Mart Retail share price jumped over 13% after the company reported strong Q4FY26 business update. Total revenue from operations for the quarter stood at ₹971 crore compared to ₹780 crores in the corresponding quarter of the previous year, reflecting a year-on-year growth of 24%. The same store sales growth was 12% during the same quarter.

Shares of state-run oil marketing companies (OMCs) slipped as Brent crude oil prices jumped above $106 per barrel after US President Trump vowed to hit Iran ‘very hard’ for next 2-3 weeks. Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation shares dropped over 4% each

Gold and silver prices in India crashed, following losses in international bullion prices amid a strong US dollar.

MCX gold rate today for June futures contracts opened lower by ₹1,218, or 0.79%, at ₹1,52,490 per 10 grams as against its previous close of ₹1,53,708 level. MCX silver price for May futures contracts opened lower by ₹701, or 0.28%, at ₹2,42,800 per kilogram as compared to its previous close of ₹2,43.501 level.

However, selling in gold and silver prices intensified and MCX gold price declined over 2% to trade near ₹1.50 lakh per 10 grams level, and MCX silver price crashed by more than ₹12,000, or 5%, to trade below ₹2.32 lakh per kg.

Gold and silver prices in India crashed, following losses in international bullion prices amid a strong US dollar. MCX gold rate today for June futures contracts was trading lower by ₹2,972, or 1.93%, at ₹1,50,736 per 10 grams level. MCX silver rate for May futures contracts plunged by ₹11,151, or 4.58%, to ₹2,32,350 per kg.

Force Motors reported total sales volume of 4,199 units in March 2026, registering a growth of 13.49% from 3,700 units in the year-ago period. Domestic sales volume increased 14.42% to 4,126 units from 3,606 units, while exports declined 22.3% to 73 units from 94 units, YoY.

Force Motors share price was trading 2.18% lower at ₹20,291.95 apiece on the BSE.

Broader markets also reeled under heavy selling pressure, with the Nifty Smallcap 100 and the Nifty Midcap 100 indices declined over 2.8% each.

Barring HCL Technologies, all other constituents of Sensex were trading with losses.

All the sectoral indices slipped, with Nifty PSU Bank, Nifty Realty, Nifty Pharma, Nifty Auto, Nifty Metals, Nifty Private Bank and others falling over 2%.

The Indian stock market opened sharply lower on Thursday, following losses in global markets, after US President Donald Trump said that the war in Iran could intensify over the next two to three weeks.

The Sensex crashed 872.27 points, or 1.19%, to open at 72,262.05, while the Nifty 50 opened 296.00 points, or 1.31%, lower at 22,383.40.

Indian rupee opened 1.4% higher at 93.53 per US dollar as against its previous close of 94.83.

Maruti Suzuki, Indian Oil Corporation, Varun Beverages, Lupin, InterGlobe Aviation, Hero MotoCorp, Glenmark Pharma, Wipro, Tata Power and NMDC are 10 stocks to watch today.

Silver prices fell sharply by more than 3% to around $72 per ounce as the US dollar strengthened following geopolitical uncertainty. The shift in market expectations, now ruling out any US rate cuts in 2026 versus earlier projections of two cuts, further pressured dollar-denominated precious metals like silver.

Gold prices dropped to nearly $4,690 per ounce, snapping a four-day rally as the US dollar strengthened on geopolitical developments. President Donald Trump indicated that US-Iran war could intensify over the next two to three weeks, supporting the dollar as a safe-haven. Concurrently, rising oil prices heightened inflation concerns, pushing expectations of tighter monetary policy and higher yields. Market sentiment has shifted significantly, with traders now fully pricing out any US rate cuts in 2026 compared to earlier expectations of two reductions, adding pressure on gold.

US stock futures declined after President Donald Trump indicated that the Iran war in the Middle East would continue for more weeks. Futures tied to the Dow Jones Industrial Average dropped 352 points, or about 0.8%, while S&P 500 futures declined 0.8%. Nasdaq 100 futures plunged 1%.

Asian markets gave up earlier gains as investors reacted to President Donald Trump’s address on the Iran war. Japan’s Nikkei 225 fell 1.4% following the speech, while the Topix declined 0.94%. South Korea's Kospi dropped 2.82%, and the small-cap Kosdaq slipped 3%. Hong Kong’s Hang Seng index also opened 0.5% lower after the address, while mainland China’s CSI 300 remained largely unchanged.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,354 level, a discount of nearly 446 points from the Nifty futures’ previous close.

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday, as investor sentiment dampened after US President Donald Trump said in an address that US forces will hit Iran ‘very hard’ for the next 2-3 weeks.