Benchmarks rally on ceasefire hopes, lower oil; Nifty crosses 24,000 mark

The key equity benchmarks ended with strong gains on Friday, supported by improving risk sentiment. Optimism around a potential US-Iran ceasefire, softer oil prices below $100, a rally in global markets, and a strengthening rupee lifted investor confidence.

The Nifty settled at 24,050.60 mark, led by gains in auto and financial services stocks. However, the upside remained partly capped due to weakness in IT shares. Despite the strong close, investors remained cautious ahead of the upcoming Q4 earnings season.

The S&P BSE Sensex surged 918.60 points or 1.20% to 77,550.25. The Nifty 50 index jumped 275.50 points or 1.16% to 24,050.60.

ICICI Bank (up 3.22%), HDFC Bank (up 1.65%) and Reliance Industries (up 1.56%) boosted the indices higher today.

The broader market outperformed the key equity indices. The BSE 150 MidCap index added 1.71% and the BSE 250 SmallCap index rose 1.60%.

The market breadth was strong. On the BSE, 3360 shares rose and 945 shares fell. A total of 151 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 7.72% to 18.85.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.42% to 6.929 compared with previous session close of 6.958.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 92.6950 compared with its close of 92.5100 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement fell 0.66% to Rs 152,420.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 98.78.

The United States 10-year bond yield added 0.05% to 4.291.

In the commodities market, Brent crude for June 2026 settlement gained 61 cents or 0.64% to $96.53 a barrel.

Global Markets:

Shares in Europe and Asia advanced on Friday, tracking gains on Wall Street, where equities extended their rally for a seventh straight session on Thursday amid signals from Israel that it may pursue a ceasefire with Lebanon.

Investor sentiment improved after Israeli Prime Minister Benjamin Netanyahu indicated a willingness to engage in talks, raising hopes of easing geopolitical tensions. However, the outlook remains uncertain. Iran has linked any broader ceasefire to Lebanon?s inclusion and warned it may skip upcoming negotiations if Israeli strikes continue.

Despite diplomatic signals, tensions on the ground persist. Israel?s military said it struck additional Hezbollah targets on Friday, while Netanyahu clarified that no formal ceasefire is currently in place.

Shipping through the Strait of Hormuz remains severely disrupted, with traffic operating at less than 10% of normal levels. Iran has instructed vessels to stay within its territorial waters, raising concerns over global energy supply as the route handles nearly a fifth of the world?s oil.

The disruption carries significant implications for energy-dependent regions. Several Asian economies rely heavily on crude shipments through the strait, while Europe depends on natural gas supplies from Gulf nations.

In China, factory-gate prices rose for the first time in over three years, while consumer inflation increased 1% year-on-year in March, signalling a modest recovery in domestic demand.

On Wall Street, equities ended higher while oil prices eased from intraday peaks. The S&P 500 rose 0.62% to 6,824.66, the Nasdaq Composite gained 0.83% to 22,822.42, and the Dow Jones Industrial Average advanced 275.88 points, or 0.58%, to 48,185.80, turning positive for the year.

Core PCE inflation rose 3% year-on-year in February, while headline inflation stood at 2.8%, according to data from the U.S. Commerce Department.

Stocks in Spotlight:

Wipro rose 0.96% after the company said its board will consider a share buyback and Q4 results on 16 April 2026.

Billionbrains Garage Ventures, the parent company of Groww, surged 3.72% to Rs 193.70, extending gains for a third straight session. The stock has risen 16.20% over the last three sessions and touched a record high of Rs 198.50 today. Over the past three months, Groww shares have rallied 21.86%.

Power Mech Projects surged 8.49% after the comapny secured an operations & maintenance (O&M) contract from Maha Mumbai Metro Operation Corporation (MMMOCL) for the Mumbai Monorail. The contract covers O&M of the 19.54-km route and 17 stations between Sant Gadge Maharaj Chowk and Chembur in Mumbai for a period of five years. The order is valued at Rs 296 crore.

Eicher Motors rose 3.87% after the company announced the launch of its first electric motorcycle, the Flying Flea C6. It is priced at Rs 2.79 lakh (ex-showroom), with a battery-as-a-service option at Rs 1.99 lakh. Bookings and test rides commenced on 10 April 2026 in Bengaluru. Deliveries are expected to begin by the end of May.

Godrej Properties added 1.37% after the company reported 16% increase in booking value to Rs 34,171 crore in FY26 from Rs 29,444 crore in FY25. In Q4 FY26, however, the company?s booking value remained flat at Rs 10,163 crore as compared with the same period last year.

Prestige Estates Projects added 0.25%. The company announced its entry into a premium residential project in Mumbai through a joint venture with ABIL Group. The development will be undertaken via Aaramnagar Realty LLP, which holds development rights for a land parcel in Versova. The project spans around 6 acres and has a total development potential of approximately 1.7 million square feet (RERA area), with an estimated gross development value of over Rs 9,000 crore.

IRB Infrastructure Developers rallied 3.69% after the company, along with its two sponsored InvITs, reported a 20.74% jump in toll revenue to Rs 783 crore in March 2026, compared with Rs 649 crore in March 2025.

Park Medi World surged 4.48% after the company announced the launch of its multi-super specialty hospital in Panchkula on 10 April 2026, marking a key expansion in North India.

Dev Information Technology (Dev IT) jumped 7.03% after the company announced that it has secured a Rs 26 crore order from National Informatics Centre Services Incorporated (NICSI).

VA Tech Wabag advanced 2.11% after it has executed a shareholders? agreement (SHA) with Peak Sustainability Venture Fund I, Peak Sustainability Partners LLP, and Ghaziabad Bioenergy for setting up a special purpose vehicle (SPV).

Maiden Forgings rose 2.82%. The company reported production volume of 35,546 MT for FY 2025-26, which is an increase of 11.5% as compared with the volume of 31,879 MT recorded in the previous year.

Container Corporation of India (Concor) added 0.41%. The company announced that its total throughput jumped 5.98% to 14,28,102 twenty-foot equivalent units (TEUs) in Q4 FY26 compared with 13,47,495 TEUs in Q4 FY25.

RailTel Corporation of India added 1.22% after it has received a work order from the Goa Building and Other Construction Workers Welfare Board for the development of an exclusive online portal. The company added that the order, valued at Rs 23.18 crore, is to be executed by 8 June 2026.

IPO Update:

Om Power Transmission received bids for 41,46,300 shares as against 60,02,730 shares on offer, according to stock exchange data at 16:48 IST on Friday (10 April 2026). The issue was subscribed 0.69 times.

The issue opened for bidding on 09 April 2026 and will now close on 13 Apri 2026. The price band of the IPO is fixed between Rs 166 and 175 per share.