Domestic equity benchmarks ended Wednesday session with robust gains, extending their winning streak to five consecutive sessions. The rally was primarily driven by a sharp decline in oil prices following the ceasefire agreement between the US and Iran. Market sentiment was further boosted by a strengthening rupee, which added to the overall positive momentum. Additionally, investor confidence was supported by the RBI's Monetary Policy Committee (MPC) decision to keep the benchmark interest rate unchanged at 5.25% in its first policy meeting of the financial year 2026'27, under Governor Sanjay Malhotra.

The Nifty settled above the 23,950 mark. All the sectoral indices on the NSE ended in the green with realty, Auto and Nifty Financial Services indices advancing the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex climbed 2,946.32 points or 3.95% to 77,562.90. The Nifty 50 index soared 873.70 points or 3.78% to 23,997.35. In five consecutive trading sessions, the Sensex surged 7.80% while the Nifty soared 7.46%.

In the broader market, the BSE 150 MidCap index added 3.97% and the BSE 250 SmallCap index rose 3.88%.

The market breadth was strong. On the BSE, 3,855 shares rose and 539 shares fell. A total of 103 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 20.23% to 19.70.

RBI MPC outcome:

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 5.25% while announcing its first policy decision for FY27 on Wednesday, April 8.

The MPC, chaired by Governor Sanjay Malhotra, unanimously voted to maintain the repo rate under the liquidity adjustment facility (LAF) at 5.25%. Accordingly, the standing deposit facility (SDF) rate remains at 5.00%, while the marginal standing facility (MSF) rate and the Bank Rate continue at 5.50%. The committee also retained its 'neutral' policy stance.

The RBI warned that elevated energy and commodity prices, along with potential disruptions in the Strait of Hormuz, could weigh on growth going forward. Real GDP growth for FY27 is pegged at 6.9%, with quarterly projections at 6.8% in Q1, 6.7% in Q2, 7.0% in Q3 and 7.2% in Q4.

On the domestic front, India's economy remained resilient in FY26, with real GDP growth revised higher to 7.6% YoY as per the Second Advance Estimates, compared to 7.4% projected earlier in the First Advance Estimates.

Inflation risks have also firmed up. CPI inflation for FY27 is projected at 4.6%, up sharply from 2.1% earlier, with upside risks stemming from elevated energy prices and potential weather disruptions such as El Ni'o impacting the monsoon.

The MPC minutes will be released on 22 April 2026, while the next policy meeting is scheduled from 3 June 2026 to 5 June 2026.

Short-Term Ceasefire in Middle East:

The US and Iran have reportedly entered a temporary two-week ceasefire arrangement, with Pakistan acting as mediator and Islamabad set to host follow-up talks. The deal appears to be conditional, with the Strait of Hormuz at the center of the discussions; reporting suggests Iran would allow shipping access under military coordination, while the US would pause offensive action. The media outlets describe the broader framework as a proposal under discussion rather than a concluded peace deal, and Iran's 10-point demands ' including sanctions relief, nuclear recognition, and US troop withdrawal ' remain unverified as agreed terms.

Buzzing Index:

The Nifty Realty index climbed 6.75% to 745.75. The index zoomed 14.52% in five consecutive trading sessions.

Lodha Developers (up 8.75%), Prestige Estates Projects (up 8.34%), DLF (up 7.43%), Phoenix Mills (up 7.15%), Aditya Birla Real Estate (up 6.80%), Godrej Properties (up 6.16%), Anant Raj (up 5.53%), Sobha (up 5.35%), Oberoi Realty (up 4.91%) and Brigade Enterprises (up 4.12%) advanced.

Stocks in Spotlight:

Titan Company surged 5.97% after the company reported a robust 46% year-on-year growth across its consumer businesses in Q4 FY26. The jewellery business emerged as the standout performer, delivering around 46% YoY growth. The watches division reported about 7% YoY growthsupported by a 16% rise in analog watches, even as the smartwatches segment declined sharply by 53%. The eyewear business grew about 16% YoY.

Angel One soaed 9.11% after the company's client base climbed 20.5% to 37.39 million in March 2026 compared with 31.02 million in March 2025.

Vidya Wires jumped 4.71% after the company's sales jumped 57.5% to Rs 597.92 crore in Q4 FY26 compared with Rs 379.62 crore in Q4 FY25.

SML Mahindra climbed 9.01% after the company's commercial vehicles (CV) sales jumped 12.4% to 2,393 units in March 2026 compared with 2,129 units sold in March 2025.

P N Gadgil Jewellers rose 2.62% after the company's total revenue surged 124% to Rs 3,552 crore in Q4 FY26 compared with Rs 1,587 crore in Q4 FY25. The retail segment recorded 102% YoY growth in Q4 FY26. Franchise operations grew by 132% YoY, while E-commerce recorded a 67% YoY increase.

Dredging Corporation of India (DCIL) gained 5.90% after the company signed a memorandum of understanding (MoU) with Colombo Dockyard PLC, marking a major milestone in strengthening maritime cooperation between India and Sri Lanka.

Biocon advanced 2.90% after the company's subsidiary Biocon Pharma announced the receipt of U.S. Food and Drug Administration (US FDA) approval for Dapagliflozin Tablets.

Hyundai Motor India jumped 4.26% after the auto maker said that the company has planned to increase the prices of its cars up to 1% across the portfolio, effective May 2026.

Life Insurance Corporation of India (LIC) surged 6.95% after the company's board scheduled to meet on Monday, 13 April 2026 to consider a proposal of bonus issue.

Prestige Estates Projects zoomed 8.94% after the company's pre-sales jumped 10% year'on-year (YoY) to Rs 7,697 crore in Q4 March 2026. On annual basis, the company's pre-sales surged 76% YoY to Rs 30,024 crore in FY26.

Ashiana Housing shed 0.44%. The company said that the value of the area sold in Q4 FY26 stood at Rs 1,289.70 crore, registering a growth of 124.4% compared with Rs 574.73 crore in Q4 FY25.

Zydus Lifesciences advanced 2.11% after the company received final approval from the United States Food and Drug Administration (USFDA) for Dapagliflozin tablets, 5 mg and 10 mg.

OBSC Perfection soared 10.91% after the company received a nomination letter from an India-based auto components manufacturer for an order worth Rs 22.6 crore.

Max Healthcare Institute (MHIL) added 0.94%. The company announced that it has entered into a share purchase agreement for acquiring a controlling stake in Kalinga Hospital (KHL) from Hospital Corporation of Orissa Inc.

Royal Orchid Hotels surged 7.82% after the company announced a strategic partnership with Hilton to develop 125 Hampton by Hilton hotels across India.

Antony Waste Handling Cell jumped 5.54% after the company announced that its subsidiary Antony Lara Enviro Solutions has secured investment of over 750 million yen for setting up of two waste-to-energy projects in Andhra Pradesh.

Global Markets:

Europe and Asia market surged after Donald Trump said he had agreed to suspend planned attacks on Iran infrastructure for two weeks.

The move was subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, POTUS wrote on a social media platform.

Iranian Foreign Minister Abbas Araghchi in a post on a social media platform, on behalf of the country's Supreme National Security Council, said Tehran's armed forces will cease their defensive operations.'

Trump noted the 2-week ceasefire was subject to Iran agreeing to a complete, immediate and safe opening of the Strait of Hormuz. Araghchi said that safe passage via Hormuz Strait will be possible via coordination with Iran's armed forces for the next two weeks.

Overnight on Wall Street, U.S. stocks ended mixed on Tuesday amid signs of progress in negotiations as the minutes ticked down to President Donald Trump's deadline for Iran to open the Strait of Hormuz.

The Dow Jones Industrial Average (DJI), fell 85.42 points, or 0.18%, to 46,584.46, the S&P 500 (SPX), gained 5.02 points, or 0.08%, to 6,616.85 and the Nasdaq Composite (IXIC), gained 21.51 points, or 0.10%, to 22,017.85.

In the last hour of trading, all three major U.S. stock indexes recovered from steep losses earlier in the session after Pakistan's Prime Minister Shehbaz Sharif said on a social media platform that diplomatic efforts for peaceful settlement of the ongoing war in the Middle East were progressing steadily while he urged Trump to extend his Iran deadline for two weeks and requested that Iran open the Strait for the same timeframe as a goodwill gesture.