The Nifty50 closed at 22,968.25, gaining 255.15 points (+1.12%), while the Sensex ended at 74,106.85, up 787.30 points (+1.07%).
Broader markets also participated in the rally:
Nifty MidCap rose 1.52%
Nifty SmallCap gained 1.29%
Impact On The Stock Market
Sector-wise, the rally was led by cyclical and rate-sensitive sectors.
Top performers:
Nifty Construction Durable — led gains
Nifty PSU Bank — strong upside
Nifty Bank — continued momentum
These sectors typically benefit when economic activity expectations improve.
On the flip side:
Nifty Oil and Gas underperformed
This underperformance reflects concerns around volatile crude oil prices and global energy uncertainty.
Overall, the market showed a clear risk-on sentiment, with investors moving back into growth-oriented and cyclical sectors.
| Sector/Index | Performance |
| IT & BPM sector | 0.64% |
| Healthcare sector | 0.21% |
| Oil & Gas sector | -1.37% |
| Real estate sector | 2.23% |
| PSU Bank in India | 2.33% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Trent | 3,833.60 | 7.97 |
| Shriram Finance | 928.00 | 4.08 |
| Axis Bank | 1,245.30 | 3.96 |
| Adani Enterprise | 1,902.20 | 3.71 |
| Titan Company | 4,246.10 | 3.63 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Eicher Motors | 6,649.50 | -2.58 |
| Asian Paints | 2,169.00 | -2.55 |
| Eternal | 231.72 | -2.03 |
| Sun Pharma | 1,693.60 | -2.02 |
| Bajaj Auto | 8,758.50 | -1.54 |
Market aftermath: Impact on stocks
Fertiliser Stocks Rally on Higher Gas Supply
Fertiliser companies saw strong gains of up to 8% after the government increased natural gas supply to fertiliser plants to 90% from 70–75%, effective April 6, 2026.
Stocks like Teesta Agro surged 8.29%, while Rama Phosphates gained 5% and Aries Agro rose 4%. Other players such as Zuari Agro, Madras Fertilizers, and RCF also moved higher.
This move ensures steady feedstock supply ahead of peak agricultural demand and supports urea production. It also helps stabilise industrial activity at a time when global energy markets remain volatile. However, rising energy costs could still push fertiliser prices higher, potentially adding to inflation pressures.
PSU Banks Gain on Strong Q4 Business Updates
The Nifty PSU Bank index rose 1.48% to 8,254.60, supported by strong quarterly business updates.
- Bank of Maharashtra jumped 3.07%
- Bank of Baroda gained 3.00%
- Indian Bank rose 2.73%
Other lenders like Bank of India, Canara Bank, and Punjab & Sind Bank also posted gains.
The rally was backed by strong credit growth and deposit expansion. For example, Bank of Maharashtra reported 18% growth, while UCO Bank posted 14.59% growth in total business. Private banks also showed resilience, with Axis Bank reporting 18.4% growth in advances.
This signals that banking sector fundamentals remain strong despite global uncertainty.
Trent Surges on Strong Revenue Growth
Trent shares jumped nearly 7% after reporting a 20% year-on-year rise in Q4 revenue to ₹4,937 crore.
For the full year, revenue grew 18% to ₹19,701 crore, reflecting strong demand. The company has also been aggressively expanding its footprint, with store count increasing to 1,286 from 1,043 a year ago.
The growth was supported by strong performance of brands like Zudio and Westside, along with increasing consumption demand, especially in smaller cities. Tax cuts and higher disposable income have also contributed to this demand surge.
Crude oil
Crude oil continues to remain a key macro factor influencing markets.
According to Union Bank of India, oil prices are expected to remain in the range of $80–85 per barrel in 2026, and are unlikely to fall back to $70 anytime soon.
However, the report also highlights risks:
- If oil crosses $100–120, it could trigger tighter monetary policies globally
- Higher oil prices increase inflation and import costs
- A weak rupee further amplifies these effects
For India, if oil stabilises around $90 per barrel, GDP growth could slow to around 6.5%, while inflation may remain above 4.5%, increasing the chances of interest rate hikes.
Banks have already started raising deposit and lending rates, and liquidity conditions are tightening, which could impact credit growth going forward.
Conclusion
The market rally reflects improving sentiment, but the underlying risks haven’t disappeared.
While ceasefire hopes between the US and Iran provided a strong trigger for buying, the sustainability of this rally depends on how geopolitical developments unfold. Strong participation from banking, fertiliser, and consumption stocks indicates confidence, but sectors like oil and gas continue to face uncertainty.
Crude oil remains the biggest variable — any sharp spike could quickly reverse market gains by impacting inflation, interest rates, and economic growth.
For investors, this is a phase of cautious optimism. The market is showing strength, but it is still heavily dependent on global cues.
