The domestic equity benchmarks traded with major gains in afternoon trade, supported by positive global cues following indications of possible de-escalation in Middle East tensions and a drop in crude oil prices below the $100 per barrel mark. However, caution prevailed due to ongoing uncertainty surrounding the reopening of the Strait of Hormuz. The Nifty scaled above the 23,400 level. All the sectoral indices on the NSE were traded in the green, with consumer durables, chemicals and PSU banks declining the most.

At 13:29 IST, the barometer index, the S&P BSE Sensex zoomed 1,586.22 points or 2.13% to 75,655.12. The Nifty 50 index soared 504 points or 2.20% to 23,416.40.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index surged 2.56% and the BSE 250 SmallCap Index jumped 2.61%.

The market breadth was strong. On the BSE, 3,216 shares rose and 953 shares fell. A total of 202 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.22% to 24.44.

US-Iran Warfare

As the Middle East conflict continues without clarity, uncertainty remains a key concern for investors.

According to media reports, Donald Trump administration has put forward a 15-point ceasefire plan to Iran, even as the US military prepares to deploy at least 1,000 additional troops to a region where around 50,000 are already stationed.

Earlier, Trump stated that Washington was in discussions with Iran to bring an end to the conflict, despite an escalation in hostilities marked by airstrikes on Iranian positions and retaliatory missile and drone attacks by Iran targeting Israel and other locations. However, Iranian authorities have rejected claims that any formal negotiations are currently taking place.

Gainers & Losers:

Shriram Finance (up 5.80%), Trent (up 4.69%), Titan company (up 4.66%), Adani Enterprises (up 4.48%) and Grasim Industries (up 4.09%) were the major Nifty50 gainers.

Power Grid Corporation of India (down 0.77%), Tech Mahindra (down 0.69%) and Kotak Mahindra Bank (down 0.68%) were the major Nifty50 losers.

Stocks in Spotlight:

Larsen & Toubro rallied 3.50% after the company's Water & Effluent Treatment business vertical has secured a significant order from the Guwahati Metropolitan Drinking Water & Sewerage Board for a major water management project in Guwahati.

ITCONS E-Solutions rose 0.38%. The company announced that it has secured a manpower outsourcing services contract worth Rs 1.71 crore from the Directorate General of Defence Estates under the Ministry of Defence.

Magellanic Cloud added 1% after its wholly owned subsidiary, Provigil Surveillance has secured a significant purchase order worth Rs 25 crore from Punjab & Sind Bank. The order entails deployment of integrated e-surveillance systems at ATMs and cash recycling machines (CRMs). The scope includes end-to-end implementation, covering installation, commissioning and maintenance of the systems under an OPEX model for a period of five years

Arkade Developers advanced 2.95% after the company announced the launch of its premium residential project, Arkade Evoke, targeted at luxury homebuyers with a gross development value (GDV) of Rs 230 crore.

Magellanic Cloud added 1% after its wholly owned subsidiary, Provigil Surveillance has secured a significant purchase order worth Rs 25 crore from Punjab & Sind Bank.

Sammaan Capital jumped 4.26% after the Reserve Bank of India approved the proposed investment by Avenir Investment RSC, marking a key step towards a change in control of the company. The approval allows the investor, owned by International Holding Company PJSC, to proceed with an investment of approximately Rs 8,850 crore through a preferential issue. Upon completion, Avenir Investment is expected to hold around 41.23% stake in the company, which could rise to 63.36% following an open offer, subject to full subscription.

Cosmic CRF rallied 4.48% after the company announced that it has secured multiple orders worth Rs 32.54 crore from various divisions of Indian Railways.

Global Markets:

European and Asian markets advanced across the board on Wednesday as comments from U.S. President Donald Trump pointing to potential talks with Iran lifted sentiment, even as Tehran has denied any direct negotiations with Washington.

Speaking at the Oval Office on Tuesday, Trump said the U.S. and Iran were 'in negotiations right now' and suggested Tehran was keen to strike a peace deal, adding he had stepped back from threats to target Iranian energy infrastructure 'based on the fact we're negotiating.'

British consumer price inflation held steady at 3.0% year-on-year in February, matching January's rate and coming in line with expectations, according to official data released on Wednesday.

Overnight on Wall Street, the S&P 500 pulled back on Tuesday, giving back some of the sharp gains seen in the previous session, as crude prices rose again while the Iran war moved further into its fourth week.

The broad market index lost 0.37% and ended at 6,556.37, while the Dow Jones Industrial Average shed 84.41 points, or 0.18%, and settled at 46,124.06. The Nasdaq Composite dropped 0.84% and closed at 21,761.89.

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