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Key gauges extend gains for 5th day in row on US-Iran ceasefire
Apr-08-2026

Rallying for the fifth day in a row, Indian equity benchmarks ended nearly 4 per cent higher on Wednesday, following an impressive rally in global markets and a drop in crude oil prices, after the US and Iran announced a two-week ceasefire. 

Some of the important factors in trade:

RBI holds repo rate at 5.25%: The Reserve Bank of India’s Monetary Policy Committee (MPC) has held its benchmark repo rate at 5.25 per cent and maintained policy stance at 'neutral' amid heightened global uncertainty, driven largely by escalating tensions in West Asia. 

India, New Zealand set to seal trade deal to double bilateral trade to $5 billion: With an aim to accelerate India’s global trade engagements, India and New Zealand are reportedly set to sign a Free Trade Agreement (FTA) on April 24, 2026 at Bharat Mandapam. 

Bank credit to grow at around 13% in FY27: The rating agency -- Crisil Ratings has said that bank credit is likely to grow by around 13% in FY27, driven by healthy growth in the MSME and retail sectors, as well as the continued preference of corporates for bank credit rather than issuance of bonds amid the prevailing interest rate differential. 

Auto stocks remain in watch: Federation of Automobile Dealers Associations (FADA) said India’s total electric vehicle (EV) retail sales grew by 24.6 per cent, reaching 24.52 lakh units in FY26 as compared to the previous fiscal, with all segments recording strong double-digit growth. 

Global front: European markets were trading higher as a two-week Middle East ceasefire helped ease fears of supply disruptions in oil markets and tempered inflation concerns. Asian markets settled higher after the U.S. and Iran have agreed to a conditional two-week ceasefire, during which shipping traffic will be allowed through the Strait of Hormuz. 

Finally, the BSE Sensex rose 2946.32 points or 3.95% to 77,562.90 and the CNX Nifty was up by 873.70 points or 3.78% to 23,997.35.

The BSE Sensex touched high and low of 77,635.54 and 77,042.15, respectively. There were 27 stocks advancing against 3 stocks declining on the index.

The top gaining sectoral indices on the BSE were Realty up by 6.76%, Auto up by 6.55%, Bankex up by 5.72%, Consumer Durables up by 5.15% and Consumer Discretionary up by 5.11%, while there was no losing sectoral index on the BSE. 

The top gainers on the Sensex were Interglobe Aviation up by 8.16%, Larsen & Toubro up by 7.64%, Bajaj Finance up by 7.03%, Mahindra & Mahindra up by 6.79% and Axis Bank up by 6.56%. On the flip side, Tech Mahindra down by 1.53%, Sun Pharma down by 0.29% and Power Grid Corporation down by 0.20% were the top losers.

Meanwhile, with an aim to accelerate India’s global trade engagements, India and New Zealand are reportedly set to sign a Free Trade Agreement (FTA) on April 24, 2026 at Bharat Mandapam. The agreement is likely to grant tariff-free access to domestic exporters in the island nation’s market and attract investments worth $20 billion over the next 15 years. The two countries had announced the conclusion of negotiations on December 22, 2025, with the aim of doubling bilateral trade to $5 billion within five years. 

After the trade deal, India will get zero-duty market access on 100% of its exports. The agreement will eliminate or reduce tariffs on 95% of New Zealand's exports to India, including items ranging from wool, coal, wood, wine, to avocados and blueberries. However, New Delhi has made no duty concessions on allowing imports of dairy like milk, cream, whey, yoghurt, and cheese; onions, sugar, spices, edible oils and rubber to protect farmers and domestic industry.

Under the pact, New Zealand will also get duty-free access to goods such as sheep meat, wool, coal and over 95 per cent of forestry and wood articles. As regards the services sector, New Zealand will give a temporary employment entry visa pathway for Indian professionals in skilled occupations with a quota of 5,000 visas annually and a stay of up to three years. 

This pathway covers Indian professions such as AYUSH practitioners, yoga instructors, Indian chefs, and music teachers, as well as high-demand sectors including IT, engineering, healthcare, education, and construction, strengthening workforce mobility and services trade. Bilateral merchandise trade stood at $1.3 billion in 2024-25. The total trade in goods and services reached about $2.4 billion in 2024, with services trade alone reaching $1.24 billion, led by travel, IT, and business services.

CNX Nifty touched high and low of 24,025.15 and 23,828.50, respectively. There were 41 stocks advancing against 9 stocks declining on the index.     

The top gainers on Nifty were Shriram Finance up by 10.14%, Tata Motors Passenger up by 8.75%, Adani Enterprises up by 8.65%, Eicher Motors up by 8.55% and Interglobe Aviation up by 8.09%. On the flip side, Coal India down by 3.02%, Tech Mahindra down by 1.35%, Nestle down by 0.67%, Wipro down by 0.55% and Sun Pharmaceutical Industries down by 0.29% were the top losers.

European markets were trading higher; UK’s FTSE 100 increased 303.44 points or 2.93% to 10,652.23, France’s CAC rose 366.66 points or 4.64% to 8,275.40 and Germany’s DAX gained 1160.41 points or 5.06% to 24,082.00.

Asian markets settled higher on Wednesday as Crude oil prices crashed below $100 a barrel after the United States and Iran have agreed to a conditional two-week ceasefire to allow negotiations for a potential deal to end the war, during which shipping traffic will be allowed through the Strait of Hormuz. Lower energy costs improved the outlook for monetary easing and lifted investor confidence globally. South Korean shares and the won rebounded strongly as the Bank of Korea (BOK) reported a historic monthly current account surplus of $23.19 billion in February, driven by strong semiconductor exports and overall trade performance.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,995.00

104.83

2.69

Hang Seng

25,893.02

776.49

3.09

Jakarta Composite

7,279.21

308.18

4.43

KLSE Composite

1,696.31

19.45

1.16

Nikkei 225

56,308.42

2,878.86

5.39

Straits Times

4,996.05

38.04

0.77

KOSPI Composite

5,872.34

377.56

6.87

Taiwan Weighted

34,761.38

1,531.56

4.61
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