Domestic equity benchmarks ended Tuesday's session with strong gains, extending their winning streak to four consecutive sessions. The Nifty opened sharply lower in early trade, but in mid-afternoon trade the market showed a robust recovery and reversed all losses to close with significant gains.

Market volatility remained high due to the weekly expiry of Nifty 50 contracts. Investor sentiment also stayed cautious amid escalating tensions in West Asia and ahead of the deadline set by U.S. President Donald Trump for a potential deal with Iran. Market participants are now awaiting the outcome of the RBI's monetary policy meeting, with economists largely expecting no change in interest rates. A firm rupee also supported the market's upward movement.

The Nifty settled above the 23,100 level after hitting an intraday low of 22,719.30 in early trade. On the sectoral front, IT, realty, and metal stocks advanced, while private banking and consumer durables shares declined.

The IT sector outperformed during the session, with heavyweights such as Wipro, Tata Consultancy Services, HCL Technologies, and Infosys leading the gains.

As per provisional closing data, the barometer index, the S&P BSE Sensex climbed 509.73 points or 0.69% to 74,616.58. The Nifty 50 index soared 155.40 points or 0.68% to 23,123.65. In four consecutive trading sessions, the Sensex surged 3.70% while the Nifty gained 3.54%.

In the broader market, the BSE 150 MidCap index added 0.03% and the BSE 250 SmallCap index rose 0.16%.

The market breadth was strong. On the BSE, 2,670 shares rose and 1,555 shares fell. A total of 159 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 3.03% to 24.70.

Monsoon Forecast:

Private weather forecaster Skymet expects India's 2026 monsoon to be below normal at around 94% of the long-period average, with El Nino likely to strengthen and disrupt rainfall in the second half of the season. While June could begin on a stable note, rains are expected to turn erratic from July to September, with central and north-west regions facing deficits, even as eastern and northeastern parts fare relatively better.

Buzzing Index:

The Nifty IT index jumped 2.50% to 31,403.35. The index surged 8.05% in four consecutive trading sessions.

Mphasis (up 4.16%), Wipro (up 3.77%), LTIMindtree (up 3.14%), HCL Technologies (up 2.73%), Tata Consultancy Services (up 2.66%), Infosys (up 2.54%), Oracle Financial Services Software (up 2.49%), Tech Mahindra (up 1.65%), Persistent Systems (up 1.45%) and Coforge (up 0.85%) advanced.

Stocks in Spotlight:

Tata Steel added 1.10% after the company announced that its India crude steel production jumped 15% to 6.25 million tons in Q4 FY26, compared with 5.44 million tons in Q4 FY25.

PDS shed 0.64%. The company secured a strategic sourcing mandate worth around Rs 450 crore from a leading US-based value retailer, marking a key step in expanding its footprint in the US market.

Aartech Solonics jumped 5.54% after the company announced it has received a purchase order worth Rs 1.26 crore from Zero Systems (Proprietorship).

Dynacons Systems & Solutions rallied 3.38% after it has bagged a Rs 25 crore contract from Jammu & Kashmir Bank for the design, implementation, and support of a centralized, enterprise-wide Enterprise Resource Planning (ERP) platform.

Titagarh Rail Systems surged 8.24% after the company's subsidiary, Titagarh Naval Systems, has received an in-principle approval from Ministry of Ports, Shipping and Waterways for its brownfield expansion project at Falta, West Bengal.

Godrej Consumer Products (GCPL) advanced 2.62% after the company said its standalone business is expected to deliver double-digit underlying sales growth and high-single digit underlying volume growth in Q4 FY26.

CreditAccess Grameen jumped 3.69% after the microfinance lender reported a strong operational performance for FY26, led by healthy disbursement growth, portfolio expansion and improvement in asset quality.

Gallantt Ispat surged 13.93% after the company reported a 59% year-on-year rise in pellet production to 2,21,612 MT in Q4 FY26 as against 1,39,697 MT in Q4 FY25.

Shyam Metalics & Energy rallied 3.39% after the company announced that its stainless steel sales volume jumped 58.91% to 10,519 MT in March 2026 as compared with 6,619 MT in March 2025.

Lodha Developers rose 0.58%. The company said that it has recorded quarterly pre-sales of Rs 5,890 crore in Q4 FY26, which is higher by 23% as compared with the pre-sales of Rs 4,810 crore registered in Q4 FY25.

PC Jeweller added 0.47%. The company reported 32% YoY standalone revenue growth in Q4 FY26.

Jubilant FoodWorks tumbled 10.59%. The company said its consolidated revenue from operations stood at Rs 2,505.8 crore in Q4 FY26, up 19.1% year-on-year (YoY). The company's standalone revenue rose 6.2% YoY to Rs 1,686 crore.

Kalyan Jewellers India slipped 1.42% after its consolidated revenue climbed 64% YoY in Q4 FY26, driven by strong festive and wedding demand, robust same-store sales growth (SSSG), and sharp traction in its digital platform, Candere.

Alembic Pharmaceuticals jumped 5.14% after it has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Dapagliflozin tablets in 5 mg and 10 mg strengths.

The approved drug is therapeutically equivalent to AstraZeneca's reference listed drug (RLD), Farxiga. Dapagliflozin is a sodium-glucose cotransporter 2 (SGLT2) inhibitor used to reduce the risk of hospitalization for heart failure in adults with type 2 diabetes and to improve glycaemic control.

Indian Railway Finance Corporation added 0.32%. The company said that it has sanctioned and fully disbursed Rs 1,000 crore term loan to Maharashtra State Power Generation Company (MAHAGENCO).

Fino Payments Bank rose 1.74% after the bank said that it has added nearly 7 lakh new accounts in Q4 FY26, taking the total customer base to 1.75 crore accounts.

Global Markets:

European markets advanced on Tuesday after a long weekend, although gains were tempered as investors remained cautious ahead of U.S. President Donald Trump's deadline for Iran to agree to a ceasefire, keeping geopolitical tensions in focus.

Asian markets ended on a mixed note, with investors largely staying on the sidelines amid uncertainty surrounding the Iran situation. Concerns over potential disruption to the Strait of Hormuz, a critical global oil transit route, also capped risk appetite and kept sentiment subdued.

U.S. President Donald Trump threatened to target Iran's civilian infrastructure if a peace deal is not reached in less than 24 hours, while also signaling that the Iranian leadership was negotiating in earnest.

Trump reiterated his demand for Iran to open the Strait of Hormuz by 8 p.m. Tuesday, which would allow traffic to start flowing again through the vital route for global energy supplies ' warning the U.S. would decimate every bridge and power plant within four hours of that deadline not being met.

The U.S. and Iran are weighing a framework plan to end their 5-week-old conflict, with Tehran pushing back against Trump's pressure to swiftly reopen the Strait of Hormuz under a temporary ceasefire, and repeating its demand for a lasting end to the war.

Iran has rejected the U.S. ceasefire proposal and floated its own 10 points, including an end to hostilities in the region, a protocol for safe passage through the Strait of Hormuz, lifting of sanctions, and reconstruction, according to Axios.

Overnight on Wall Street, the S&P 500 rose on Monday for a fourth session as oil prices teetered and traders hoped that the U.S.-Iran war could end soon.

The broad market index added 0.44% to close at 6,611.83, while the Nasdaq Composite gained 0.54% and ended at 21,996.34. The Dow Jones Industrial Average climbed about 165.21 points, or 0.36%, to settle at 46,669.88.