Indian Stock Market Today: Nifty Surges Past 23,100 as US-Iran Ceasefire Sparks Global Rally; IT Leads Gains, Crude Crashes 16% | Check Expected Market Performance

Stock Market Today, 8 April 2026: Indian equity markets are showing strong positive momentum following reports of a two-week ceasefire agreement between the United States and Iran. The diplomatic breakthrough has triggered a sharp rally across global markets, with crude oil prices plunging over 16% and safe-haven demand easing. The Nifty 50 has rebounded to settle above 23,100, marking its fourth consecutive day of gains, while the Sensex has climbed near 74,100.

Market Performance (8 April 2026)

Nifty 50

• Closed at 23,123.65, up 155.40 points (+0.68%) 
• Fourth consecutive session of gains
• GIFT Nifty surged over 800 points, signaling a strong open 

Sensex

• Closed near 74,106.85, up 787.30 points (+1.07%) 
• Recovered sharply from early morning volatility driven by geopolitical threats

Nifty Bank

• Closed at 52,716.25, up 107.15 points (+0.20%) 
• 54,000 level in sight for the index 

Sectoral Performance

IT Stocks (Top Gainer)

• Nifty IT Index surged 2.5% – the top sectoral gainer 
• Mphasis jumped 4.2%, Wipro gained 3.7%, LTIMindtree rose 3.4% 
• Traders cut bearish bets and initiated fresh long positions ahead of Q4 results 

Banking & PSU

• Continued to find support as domestic institutional investors (DIIs) offset heavy foreign institutional investor (FII) selling
• Nifty Bank held above 52,700 despite volatility 

Metal & Realty

• Both sectors saw notable strength following the de-escalation news
• Hindalco among top gainers 

US-Iran Ceasefire Developments

Two-Week Pause

• U.S. President Donald Trump announced a suspension of attacks on Iran for two weeks to facilitate diplomatic talks
• Described as a “double-sided” truce on Truth Social 
• Brokered through Pakistan as an intermediary

Strait of Hormuz

• A critical condition for the ceasefire is the “complete, immediate, and safe opening” of the Strait of Hormuz for maritime traffic
• The strait handles roughly 20% of global oil supply

Diplomatic Talks

• Official negotiations are scheduled to begin this Friday, 10 April 2026, in Islamabad, Pakistan
• Trump confirmed the US has received a 10-point proposal from Iran as a basis for further discussions 

Israel’s Stance

• Reports indicate that Israel has also agreed to abide by the temporary truce

Impact on Global Cues

Crude Oil

• Prices plunged over 15-16% immediately after the ceasefire announcement 
• WTI Crude crashed from a Tuesday high of $117.63 to a low of $91.05, wiping roughly $26 per barrel off the price 
• Brent crude fell to approximately $92–$95 per barrel
• Provides significant relief to energy-importing economies like India

Gold & Silver

• Safe-haven demand eased following the diplomatic breakthrough
• Spot gold was steady at $4,646.69 per ounce 
• Domestic silver prices softened

Global Markets

• Dow futures jumped over 900 points 
• Asian markets rallied: Japan’s Nikkei 225 gained, South Korea’s Kospi rose 1.5% 
• European markets opened sharply higher

Currency Markets

Indian Rupee

• Showed resilience, trading near 92.85–93.06 against the US dollar 
• Depreciated 16 paise to close at 93.06 on Tuesday 
• The dollar index was down 0.15% at 99.83 

RBI Monetary Policy

Investors remain focused on the RBI Monetary Policy Committee meeting today, which is expected to provide further direction for domestic interest rates and liquidity.

Expected Outcome

• Most economists expect the RBI to maintain a status quo on rates at 5.25% 
• The central bank faces a complex balancing act between growth support and inflation control

Key Factors for RBI

• Crude oil prices have dropped on the back of the truce but remain elevated above $100 since the war began
• The rupee has weakened to around 93 against the US dollar 
• FIIs have pulled out $16.6 billion, intensifying pressure on both currency and equity markets 

ICRA View

• Expects an extended pause on policy rates, citing a projected uptrend in CPI inflation and persistent upside risks 

JM Financial View

• Expects status quo on policy rates alongside proactive liquidity management measures 

Key Stocks to Watch

• Infosys, GAIL, Muthoot Finance, SRF – on the watchlist for the day 
• Oil-sensitive stocks – OMCs, Paint, Tyre stocks after the crude crash 
• Reliance Industries – another key stock to watch
• HDFC Bank – among heavily sold names that could see a rebound 

Market Outlook

Nifty Levels

• Support: 22,700–22,500, with a stronger base around 22,200
• Resistance: 23,300, with a more significant hurdle near 23,500–23,600 
• Next target: 24,000 levels are back in sight 

Bank Nifty Levels

• Support: 51,800–52,000, with a stronger base near 49,900
• Resistance: 53,200, followed by a crucial hurdle near 54,000 

Can the Rally Sustain?

Positive Factors

• Ceasefire reduces geopolitical risk premium and oil prices
• Sharp fall in crude benefits Indian macros significantly
• IT sector showing resilience ahead of Q4 results

Risks to Watch

• Ceasefire is temporary (two weeks); any breakdown could reverse gains
• FII selling continues; $16.6 billion outflows since war began 
• Rupee remains weak near 93/$, adding to inflationary pressures
• RBI policy outcome could impact market sentiment

Disclaimer: Stock market investments are subject to market risks. The views expressed are based on market developments as of 8 April 2026. Please consult certified experts before making investment decisions.