Benchmark indices continued their upward trend on Tuesday, with the Nifty 50 gaining 211.75 points, or 0.87%, to close at 24,576.60, while the Sensex advanced 753.03 points, or 0.96%, settling at 79,273.33. This rally, which began with a subdued opening, maintained momentum throughout the session, concluding near its peak.
The day’s gains were supported by a combination of factors, including improving global sentiment related to potential US-Iran peace talks, declining crude oil prices, and a robust start to the fourth-quarter earnings season.
Leading the sectoral gains, the Fast-Moving Consumer Goods (FMCG) and Realty sectors each rose by over 2%, while Private Banks and Telecom sectors appreciated by about 1% each. Among the Nifty gainers were Nestle India, Hindustan Unilever, and Trent, while SBI Life, BEL, and Dr. Reddy’s were listed as the top losers.
Sunny Agrawal, Head of Fundamental Research at SBI Securities, commented on the positive earnings season, stating, “…companies such as ICICI Bank, Bank of Maharashtra, PNB Housing Finance, Nestle, etc., are reporting strong results… most are either meeting or surpassing expectations.” He cautioned that uncertainty remains regarding the expiration of the US-Iran ceasefire and Tehran’s willingness to engage in upcoming negotiations.
Broader markets participated in the rally as well, with the Nifty Midcap 100 rising by 0.49% and the Smallcap 100 gaining 0.88%. Market breadth was healthy, reflected in the BSE advance-decline ratio of 1.43, with 2,531 stocks advancing compared to 1,760 declining; additionally, 153 stocks reached 52-week highs, while 23 hit 52-week lows.
The India VIX, a measure of market volatility, fell nearly 7% to 17.53, indicating a decrease in near-term anxiety. Shrikant Chouhan, Head of Equity Research at Kotak Securities, remarked that the short-term market outlook is bullish but warned of possible profit booking due to temporary overbought conditions. He identified immediate support at 24,500, with potential upside towards 25,750-25,800.
Technically, the Nifty has risen nearly 11% from its recent low of 24,182 and appears to be approaching its 200-day exponential moving average near 24,800, with support moving up to the 24,400 level.
Despite the equity market rally, the Indian rupee depreciated for the second consecutive session, dropping 37 paise against the US dollar and crossing the 93.50 mark. A strong dollar, volatile global oil prices, and foreign institutional investor (FII) outflows—turning net sellers at ₹1,060 crore on Monday after three days of buying—negatively impacted the currency.
In commodities, Brent crude increased about 1.2%, trading above the $90 per barrel threshold, as traders navigated the potential for a diplomatic resolution amid uncertainty regarding the Strait of Hormuz. Domestic crude futures closed near ₹8,100.
Institutionally, domestic institutional investors (DIIs) continued to bolster the market with net purchases of ₹2,966.89 crore on Monday, even as FIIs retreated.
Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, summarized the prevailing sentiment: “…with the ceasefire deadline approaching tomorrow, focused attention turns to the second round of US-Iran discussions—optimism regarding progress persists, but heightened tensions and uncertain participation could pose significant downside risks.”
Looking forward, market participants will closely monitor the outcomes of the US-Iran discussions in Islamabad, with the ceasefire deadline expiring on Wednesday. On the domestic front, the RBI Monetary Policy Committee (MPC) Meeting Minutes and the UK’s March 2026 Consumer Price Index figures are set to be released on April 22.
Key earnings results expected tomorrow include those from SBI Life, Trent, Tech Mahindra, Havells, and Oracle, likely to influence stock-specific activity.
Additionally, India-US trade negotiations, with a delegation in Washington until April 22, and Defence Minister Rajnath Singh’s visit to Germany regarding a potential ₹70,000–99,000 crore submarine deal, add further diplomatic dimensions for markets to monitor.
Published on April 21, 2026.
