The Nifty opened around the 24,200 level and witnessed intraday volatility, briefly slipping into negative territory after paring early gains. It later staged a sharp recovery in the latter half of the session and settled above the 24,300 mark.
Barring FMCG index all the sectoral indices on the NSE ended in green with banking and auto shares leading the rally.
As per provisional closing data, the barometer index, the S&P BSE Sensex surged 940.73 points or 1.22% to 77,958.52. The Nifty 50 index jumped 298.15 points or 1.24% to 24,330.95.
In the broader market, the BSE 150 MidCap Index advanced 1.65% and the BSE 250 SmallCap Index rallied 1.74%.
The market breadth was strong. On the BSE, 2,876 shares rose and 1,348 shares fell. A total of 175 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 6.86% to 16.68.
In the commodities market, Brent crude for June 2026 settlement declined $8.35 or 7.60% to $101.52 a barrel.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.5600 compared with its close of 95.1800 during the previous trading session.
Economy:
HSBC India Services PMI Business Activity Index rose from 57.5 in March to 58.8 in April, showing the strongest rate of expansion since last November. Indian services companies welcomed a recovery in growth of both output and new order intakes during April. In addition to increased e-commerce and greater underlying demand, firms indicated that a shift from international to domestic suppliers amid the war in the Middle East particularly boosted transport activity.
The HSBC India Composite PMI Output Index was up from 57.0 March to 58.2 in April 2026, signalling a historically strong rate of expansion.
US -Iran Peace Deal:
As per media reports The United States and Iran are closing in on an agreement over a one-page memorandum of understanding (MoU) that will end the war in West Asia that has been raging on since 28 February,
The US is expecting responses from Iran on a number of key points in the next two days, the reports said, while cautioning that no final agreement has been reached yet. However, both sides are currently closest to a potential deal since the conflict began.
Stocks in Spotlight:
Coforge soared 9.62% after the company reported a 144.72% surge in consolidated net profit to Rs 612.3 crore on 5.17% jump in revenue from operations to Rs 4450.4 crore in Q4 FY26 over Q3 FY26.
Raymond Realty hit an upper circuit of 20% after the company reported a sharp rise in consolidated net profit to Rs 161.12 crore in Q4 FY26, up over 67 times from Rs 2.40 crore a year earlier. Revenue from operations surged 888.24% YoY to Rs 1,156.74 crore in Q4 FY26.
KPI Green Energy surged 5.73% after its consolidated net profit jumped 49.23% to Rs 155.47 crore in Q4 FY26, compared with Rs 104.18 crore in Q4 FY25. Total revenue for Q4 FY26 stood at Rs 810.20 crore, up 40.22% year-on-year from Rs 577.80 crore in Q4 FY25, driven by strong execution momentum across renewable energy projects and higher contribution from key business verticals.
Larsen & Toubro (L&T) declined 1.18% after the company reported a 3.12% decline in consolidated net profit to Rs 5,325.60 crore, despite a 11.25% increase in revenue from operations to Rs 82,762.16 crore in Q4 FY26 over Q4 FY25.
In addition, the company's Minerals & Metals (M&M) business vertical secured mega order from JSW Steel. The contract involves comprehensive engineering, procurement and installation of key process facilities, including blast furnaces and steel melt shops, for multiple brownfield and greenfield expansion projects. The projects will be executed primarily at JSW Steel's facilities in Ballari and Paradip. As per the company's classification, the order falls in the 'mega' category, with a value ranging between Rs 10,000 crore and Rs 15,000 crore.
Hero MotoCorp advanced 1.11% after the company has reported 29.62% rise in standalone net profit to Rs 1,401.13 crore on a 28.75% increase in revenue from operations from Rs 12,796.53 crore in Q4 FY26 over Q4 FY25.
SRF rallied 7.59% after the company reported a 10.6% surge in consolidated net profit to Rs 582.02 crore in Q4 FY26, compared with Rs 526.06 crore in Q4 FY25. Total revenue from operations rose 7% year on year (YoY) to Rs 4,615.17 crore in the quarter ended 31 March 2026.
United Breweries (UBL) declined 2.31%. The company reported a 4.31% jump in consolidated net profit to Rs 101.78 crore in Q4 FY26, compared with Rs 97.57 crore in Q4 FY25. Revenue from operations (excluding excise duty) fell 3.14% YoY to Rs 2,250.07 crore in Q4 FY26.
Vodafone Idea rallied 4.63% after the telecom operator appointed Kumar Mangalam Birla as the non-executive chairman of its board, marking his return to the role after nearly five years.
Global Markets:
European market advanced as traders responded to reports that the U.S. and Iran are close to an agreement that will bring an end to the war.
Asian market ended higher on Wednesday, tracking Wall Street gains overnight, after oil prices dropped and strong earnings lifted investor sentiment.
Signaling diplomatic efforts for resolving the Middle East crisis were on track, President Donald Trump said the U.S. bid to guide ships out of Strait of Hormuz had been paused.
'We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,' Trump said in his Truth Social post.
The U.S. military on Monday began guiding commercial ships out of the Strait of Hormuz under Project Freedom. U.S. Defense Secretary Pete Hegseth on Tuesday said that 'two U.S. commercial ships, along with American destroyers, have already safely transited the strait, showing the lane is clear.'
Overnight on Wall Street, U.S. stocks ended higher on Tuesday, while oil prices slid as traders reacted to a number of solid earnings results.
The S&P 500 rose 0.81%, hitting a new all-time high and closing at a record of 7,259.22. The Nasdaq Composite gained 1.03%, touching a new high and notching a closing record of 25,326.13. The Dow Jones Industrial Average added 356.35 points, or 0.73%, to end at 49,298.25.
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