Hopes of a potential de-escalation in Middle East tensions eased geopolitical concerns, boosting investor confidence and supporting broad-based buying across markets. Meanwhile, oil prices declined, with Brent crude slipping closer to the $100-per-barrel mark, further aiding sentiment.

The Nifty settled above the 22,650 mark. Barring pharma index while all other sectoral indices on the NSE closed in the green, with PSU bank, media, and metal leading the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, surged 1,186.77 points or 1.65% to 73,134.32. The Nifty 50 index zoomed 348 points or 1.56% to 22,679.40. In the past two consecutive trading sessions, the Sensex dropped 2.84% while the Nifty fell 2.69%.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 2.25% and the BSE 250 SmallCap Index jumped 3.44%.

The market breadth was strong. On the BSE, 3,825 shares rose and 513 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, tanked 10.31% to 25.01.

Economy:

India’s Goods and Services Tax (GST) collections rose above the Rs 2 lakh crore mark in March 2026, recording a robust year-end push in economic activity and compliance. Gross GST collections for March stood at Rs 2,00,064 crore, while net collections—after refunds, came in at Rs 1,77,990 crore. For the financial year FY26 (April–March), net GST collections for FY26 came in at Rs 19.34 lakh crore, up 7.1% compared to Rs 18.07 lakh crore in the previous fiscal year.

Auto Sales Data:

Mahindra & Mahindra (M&M) rallied 2.46% after the company reported a 21% increase in production to 99,969 units in March 2026, compared with 82,431 units in March 2025.

Maruti Suzuki India gained 1.64% after the company reported total sales of 225,251 units in March 2026, reflecting nearly 17% YoY growth over 192,984 units in March 2025.

Tata Motors added 2.41% after the company’s total commercial vehicle (CV) sales jumped 17% to 47,976 units in March 2026 compared with 41,122 units sold in March 2025.

Eicher Motors jumped 3.62% after the company’s unlisted subsidiary, VE Commercial Vehicles (VECV), reported a 10.1% year-on-year rise in commercial vehicle (CV) sales to 13,311 units in March 2026.

Atul Auto surged 8.55% after the company reported a 14.05% rise in total sales to 4,212 units in March 2026, compared with 3,693 units sold in March 2025.

Steel Strips Wheels (SSWL) surged 10.10% after the company reported a net turnover of Rs 520.75 crore for March 2026, marking a 20.07% year-on-year (YoY) increase compared to Rs 433.70 crore recorded in March 2025.

Escorts Kubota rallied 3.21% after the company’s tractor sales jumped 6.6% to 12,119 units in March 2026 compared with 11,374 tractors sold in March 2025.

SML Mahindra hit an upper limit of 5% after the company said that it had sold 2,457 units in March 2026, registering a growth of 6% from 2,315 units sold in the same period last year.

VST Tillers Tractors jumped 3.12% after the company reported a 37.4% decline in total sales to 4,940 units in March 2026, down from 7,892 units sold in March 2025.

Ashok Leyland declined 3.44%. The company reported a 5% jump in total sales (domestic & exports) to 25,381 units in March 2026, compared with 24,060 units sold in March 2025.

Buzzing Index:

The Nifty Pharma index declined 0.99% to 22,011.60. The index tanked 2.97% in the three trading session.

Ipca Laboratories (down 5.95%), Dr Reddys Laboratories (down 3.75%), J B Chemicals & Pharmaceuticals (down 2.62%), Torrent Pharmaceuticals (down 2.57%) and Cipla (down 2.32%), Lupin (down 1.68%), Sun Pharmaceutical Industries (down 1.54%), Glenmark Pharmaceuticals (down 1.53%), Alkem Laboratories (down 0.94%) and Zydus Lifesciences (down 0.92%) declined.

On the other hand, Wockhardt (up 7.47%), Laurus Labs (up 4.8%) and Piramal Pharma (up 4.66%) added.

Stocks in Spotlight:

Ceinsys Tech climbed 11.03% after the company announced that it has received an acceptance letter worth Rs 41.26 crore from the Maharashtra Housing and Area Development Authority (MHADA).

MTAR Technologies surged 2.47% after the company announced that it has received a purchase order valued at $3,783,456 (Rs 35.56 crore) for the supply of various products for data centre infrastructure.

Indian Renewable Energy Development Agency (IREDA) jumped 4.35% after the company reported a 22% increase in its outstanding loan book to Rs 93,075 crore as of 31st March 2026, compared with Rs 76,282 crore as of 31st March 2025.

Adani Ports & Special Economic Zone (APSEZ) jumped 5.53% after the company announced that it has surpassed the landmark milestone of 500 million tonnes of cargo handled.

Global Markets:

The US Dow Jones index futures are currently up by 233 points, signaling a positive opening for US stocks today.

European stocks traded higher on Wednesday after President Donald Trump said that the U.S. would be exiting the war in Iran within two to three weeks.

Spain’s manufacturing PMI fell into contraction at 48.7 in March, while Germany’s PMI rose to 52.2, signaling strong growth; however, both faced supply disruptions, rising costs, and weaker confidence amid geopolitical tensions.

Asian markets ended higher after comments from Donald Trump raised hopes that the ongoing conflict involving Iran could ease in the coming weeks.

On Tuesday in the U.S., Trump said the country could scale back its involvement in the conflict within “two or three weeks,” adding that there may be little justification for continued engagement.

Investor sentiment was also supported by stronger-than-expected economic data from Japan. The Bank of Japan’s Tankan survey for the first quarter of 2026 showed business sentiment among large manufacturers rising to 17 from 15 in the previous quarter. The reading beat consensus expectations of 16 and marked the highest level since the fourth quarter of 2021.

Sentiment among large non-manufacturers came in at 36, unchanged from the prior quarter but above expectations of 33, indicating continued resilience in Japan’s service sector.

In China, manufacturing activity showed signs of moderation. The country’s purchasing managers’ index (PMI) fell to 50.8 in March, missing expectations of 51.6 and easing from February’s more than five-year high of 52.1. A reading above 50 still indicates expansion, though the slowdown suggests some loss of momentum.

Overnight on Wall Street, U.S. stocks rallied sharply on optimism that geopolitical tensions could de-escalate. The Dow Jones Industrial Average rose 1,125.37 points, or 2.49%, to close at 46,341.51. The S&P 500 gained 2.91% to end at 6,528.52, while the Nasdaq Composite advanced 3.83% to 21,590.63.

The gains followed reports suggesting that Iran may be open to ending hostilities if certain guarantees are met. Additional media reports indicated that the U.S. administration is willing to consider a resolution even if disruptions persist in the Strait of Hormuz, a critical global oil shipping route.

Easing concerns over the conflict and potential stabilization in energy supplies helped lift investor confidence, driving gains across global equity markets.