Stock Market Today: Sensex and Nifty jump over 3% as Iran-US ceasefire eases tensions, crude prices fall after Strait of Hormuz reopening. Photo: ANI.
Stock Market Today: The stock market on Wednesday, April 8, opened in green, with both benchmark indices, Sensex and Nifty 50, gaining over 3% in early morning trade. The market showed bullish overtures as Iran and the US agreed on a two-week ceasefire, ending the hostilities immediately.
On the Dalal Street, Sensex soared 2,840 points or 3.8% to its day’s high of 77,456.11, while Nifty 50 rallied 838 points or 3.6% to its intra-day high of 23,961.25.
According to reports, banking and financial stocks are leading the rally.
Meanwhile Reserve Bank of India has maintained a neutral status and kept the repo rate unchanged at 5.25%.
Crude prices also fell sharply after Iran agreed to reopen the Strait of Hormuz – the strategically important waterway that exports 20% of the global crude supply.
Crude prices sharply fell to $95.02 per barrel by 13.04% at 7:24 am IST. US Crude Oil also fell 13.76% to $97.41.
Among the top gainers in Nifty, InterGlobe Aviation open up 9 percent, Larsen & Toubro up over 7 percent, while Shriram Finance, Adani Ports and Adani Enterprises gained between 5-6 percent.
Financial stocks too saw strong recovery, with Bajaj Finance and Bajaj Finserv opening up over 4-5 percent, while Asian Paints and UltraTech Cement too posted positive gains.
Asian markets showed a similar bullish sentiment on Wednesday after the announcement of the ceasefire.
Japan’s Nikkei 225 rose by 2,822.44 points, amounting to 5.28% increase. South Korea’s KOSPI also surged by 308.11 points or 5.61 per cent.
The market is rising after the US and Iran agreed to a two-week ceasefire deal mediated by Pakistan. President Donald Trump on Wednesday announced that he has agreed to suspend the bombing campaign he had earlier threatened to launch against Iran. Iran also released a statement stating that its leadership, including Mojtaba Khamenei, has accepted the ceasefire. Iran said Trump is willing to accept the 10 demands they have put forward to stop the war. In return, Trump said Iran will open the Strait of Hormuz.
As the Strait of Hormuz opened, crude prices started to fall sharply. Market analysts say that the correction in the Brent crude prices has turned the market bullish after remaining bearish for several days.
Reserve Bank of India, on Wednesday, announced the first bi-monthly monetary policy for the financial year 2027.
MPC, headed by BI Governor Sanjay Malhotra, did not change the rep rate. The repo rate has been kept at 5.25% by the RBI, maintaining a ‘Neutral’ policy status.
On the other hand, Gold surged by 100.45 points or 2.13 per cent.
“Global markets have responded positively. Asian equities are trading higher, while a sharp pullback in crude oil prices–now below the $100 mark and trending toward the $91-96 range–offers a meaningful tailwind for India. Lower oil prices help ease inflationary pressures, support the current account, and improve the broader macro outlook,” Ponmudi said.
Technical indicators for the Nifty 50 show signs of recovery after a recent correction. While the index opens at higher levels, Ponmudi noted that Nifty 50 is currently trading around the 23,100-23,150 zone, indicating an initial recovery after the recent correction. Immediate resistance is placed in the 23,300-23,400 range, and a sustained breakout above this zone can push the index towards 23,700-24,000 levels.
“On the downside, 23,000 now acts as immediate support, while the stronger demand zone remains at 22,700-22,600. Momentum indicators are showing early signs of improvement, although MACD continues to remain in negative territory, suggesting that strength is still building. Overall, the bias remains mildly positive, but confirmation of a stronger uptrend will depend on a decisive breakout above the resistance zone. Holding above 23,000 is critical to sustain the recovery,” Ponmudi explained.
(With inputs from ANI)
Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
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