Benchmarks Rise as Trump's Iran War Exit Lowers Oil Prices

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

April 1, 2026 at 11:15 AM IST

Indian equity benchmarks opened the new financial year on a positive note on Wednesday, snapping a two-day losing streak as US President Trump's remarks suggesting the Iran war could end soon pushed Brent crude down to $103 per barrel and sent shares climbing globally. The Nifty50 rose 1.56% or 348 points to 22,679.40, while the BSE Sensex added 1.65% or 1,186.77 points to 73,134.34, though both indices pared a significant portion of their intraday gains in the second half of the session as the initial euphoria over a potential end to US-Iran hostilities faded. while investors will closely watch President Trump's scheduled address on Thursday morning IST for a further update on the Iran situation. Fourteen of the 16 major sectors rose on the day.

Broader markets significantly outperformed the benchmarks, with the Nifty MidCap 100 gaining 2.24% and the Nifty SmallCap 100 surging 3.24%, as risk appetite returned more forcefully across smaller capitalisation stocks. Nifty PSU Bank was the top-performing sectoral index, followed by Nifty Chemicals and Nifty Media, while Nifty Healthcare and Nifty Pharma were the only sectoral indices to buck the trend and settle lower, as investors rotated out of defensives into more cyclical and beaten-down names on the back of the ceasefire optimism.

Top Movers of the Day

InterGlobe Aviation (Indigo) rose 6.07% to ₹4,183 after announcing a new CEO – Willie Walsh, boosting investor confidence in leadership stability.

Adani Ports and Special Economic Zone gained 5.6% to ₹1,386 after crossing the 500 MMT cargo handling milestone, signalling strong volume growth.

Garden Reach Shipbuilders & Engineers surged 20% to ₹2,367 after reporting record annual turnover, driving sharp re-rating in defence PSU stocks.

Indian Renewable Energy Development Agency advanced 4% to ₹114 following a strong Q4 business update with robust loan growth.

Trent and Avenue Supermarts climbed 6-7% to ₹3,521 and ₹4,263 respectively, supported by improving consumption outlook and business momentum.

BSE Ltd jumped 7% to ₹2,865, while Angel One gained 5% to ₹240 after RBI eased timelines on liquidity norms, boosting capital market intermediaries.

Dr. Reddy’s Laboratories fell 3% to ₹1,207, Cipla declined 2.1% to ₹1,199, and Sun Pharmaceutical slipped 1.5% to ₹1,730 as investors rotated out of pharma into cyclicals.

Apollo Hospitals dropped 1.54% to ₹7,304, reflecting weakness in defensive healthcare names.

HDFC Life Insurance edged down 3% to ₹572 amid selling pressure in defensive financials.

RPSG Ventures extended its winning streak into a second consecutive session, surging 17.17% to an intraday high of ₹937.60 on the NSE, though no specific corporate trigger was immediately identified for the continued rally.

Marico was in focus after announcing that Group CFO and international business CEO Pawan Agrawal will take on expanded responsibility for leading the company's overall international business with effect from 1 April 2026.

Power Mech Projects jumped nearly 8% to an intraday high of ₹1,867.50 on the NSE after securing an order worth ₹1.09 billion from Hindustan Zinc for operation and maintenance services.

Tata Motors Passenger Vehicles reported robust March sales, with total volumes rising 29% year-on-year to 66,971 units, offering a strong start to the new financial year for the automaker.

Futures & Options
Nifty April 2026 futures closed at 22,830, a premium of 150.60 points over the spot Nifty, which zoomed 348 points or 1.56% to settle at 22,679.40 in the cash market. The wide premium reflected a meaningful rebuilding of bullish positions as ceasefire optimism and retreating oil prices encouraged traders to add long exposure at the start of the new financial year. India VIX tanked 10.31% to 25.01, its sharpest single-session decline in several weeks, offering a significant reprieve after the volatility index had hovered near multi-year highs through much of March, though it remains elevated and well above comfortable levels. HDFC Bank, InterGlobe Aviation and TCS were the most actively traded stock futures contracts in the F&O segment on the NSE. The April 2026 derivative contracts are set to expire on 28 April 2026.

Bonds
India's government bond markets are closed today, Wednesday, April 1, 2026, for the annual closing of bank accounts.

Forex
India's forex markets are closed today, Wednesday, April 1, 2026, for the annual closing of bank accounts.

Crypto
Crypto markets traded on a mixed but broadly positive note on Wednesday, led by Bitcoin rising 1.01% to $68,210 on trading volume of $42 billion over 24 hours, continuing its recovery from recent lows as markets positioned ahead of President Trump's address on a potential US military pullback from Iran. Ethereum gained 2.44% to $2,109, while XRP and Dogecoin also advanced 1.41% and 1.03% respectively, reflecting a cautious return of risk appetite across digital assets. Brent crude trading at $105.80 and WTI near $103 continued to reinforce inflation concerns, keeping a lid on more aggressive bullish positioning even as ceasefire optimism provided a degree of support to the broader crypto market.

US Stock Futures
US stock futures extended gains on Wednesday following a powerful rally across Wall Street to close out the first quarter, as investors weighed remarks from President Trump suggesting he may be winding down hostilities against Iran. S&P 500 futures rose 0.5%, Nasdaq 100 futures climbed 0.6% and Dow Jones Industrial Average futures inched up 0.5%, pointing to a continued positive open as easing geopolitical tensions and retreating oil prices bolstered risk sentiment across global markets.

US Treasury Notes
Yields on US Treasury declined for a third consecutive session on Wednesday as a relief rally took hold across bond markets, driven by signs of potential de-escalation in the West Asia conflict and a more dovish tone from the Federal Reserve. The benchmark 10-year note yield fell approximately 4 basis points to 4.28%, while the 2-year note slipped to 3.75%, maintaining a notable curve inversion that reflects ongoing caution over the long-term growth outlook. The sustained retreat in yields from recent eight-month highs offered a meaningful reprieve for fixed income markets that had been battered by weeks of energy-driven inflation fears and hawkish monetary policy repricing.

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