The positive geopolitical cues boosted investor confidence across regions. Meanwhile, the U.S. dollar remained under pressure and Treasury prices continued to rise. Additionally, the start of a new month, quarter, financial year, and F&O series supported fresh market positioning. The Nifty traded above the 22,800 level.

At 13:30 ST, the barometer index, the S&P BSE Sensex, surged 1,634.67 points or 2.27% to 73,582.22. The Nifty 50 index zoomed 469.10 points or 2.10% to 22,802.00.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 2.92% and the BSE 250 SmallCap Index jumped 3.68%.

The market breadth was strong. On the BSE, 3,771 shares rose and 440 shares fell. A total of 115 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 11.51% to 24.68.

Gainers & Losers:

InterGlobe Aviation (up 8.01%), Adani Ports and Special Economic Zone (up 6.56%), Adani Enterprises (up 5.98%) and Trent (up 5.80%) were the major Nifty50 gainers.

Dr. Reddy's Laboratories (down 2.29%), HDFC Life Insurance Company (down 2.04%), Cipla (down 1.72%), Sun Pharmaceutical Industries (down 1.80%) and Apollo Hospitals Enterprise (down 1.07%) were the major Nifty50 losers.

Stocks in Spotlight:

Steel Strips Wheels (SSWL) surged 10.28% 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.

Ceinsys Tech climbed 10.54% 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 3.80% 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.

InterGlobe Aviation surged 8.23% after the company announced the appointment of William Walsh as chief executive officer, subject to regulatory clearance from the Ministry of Civil Aviation.

Indian Renewable Energy Development Agency (IREDA) jumped 5.27% 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.

Global Markets:

European stocks opened sharply higher on Wednesday, while oil prices fell below $100 a barrel, 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 traded 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.