The key equity indices staged a sharp rebound on Tuesday. The rally was driven by improved global sentiment after US President Donald Trump announced a temporary pause in strikes on Iran. This raised hopes of de-escalation in the Middle East.

Oil prices briefly cooled before rebounding while the rupee strengthened after hitting record lows. Positive global cues also supported sentiment. The Nifty ended above the 22,900 level, with broad based buying led by auto and private bank stocks. However, risks remain as geopolitical tensions are still fluid. Oil prices remain elevated, US bond yields are high and continued FII selling is keeping investors cautious.

The S&P BSE Sensex zoomed 1,372.06 points or 1.89% to 74,068.45. The Nifty 50 index soared 399.75 points or 1.78% to 22,912.40.

Larsen & Toubro (up 5.19%), HDFC Bank (up 2.88%) and ICICI Bank (up 2.38%) boosted the indices today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 2.48% and the BSE 250 SmallCap Index gained 2.24%.

The market breadth was strong. On the BSE, 2,968 shares rose and 1,295 shares fell. A total of 180 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 7.44% to 24.74.

Economy:

India's private sector growth slowed to its weakest pace since October 2022 in March, as softer domestic demand weighed on activity despite a surge in international orders. The HSBC Flash India Composite Output Index fell to 56.5 from 58.9 in February, reflecting slower expansion across both manufacturing and services. Manufacturing saw the sharpest slowdown, with output growth at its lowest since August 2021, while the services sector also grew at a slower pace amid travel disruptions, as businesses flagged geopolitical tensions, market volatility and rising inflation as key challenges.

US-Iran Warfare:

Global investors remain cautious as the Middle East conflict enters its fourth week. Energy security and global economic growth concerns persist amid reports of limited diplomatic outreach, with media accounts describing text exchanges between Iranian Foreign Minister Abbas Araghchi and US envoy Steve Witkoff on ending the war, though Araghchi has publicly denied recent direct contacts.

US President Donald Trump stated on Truth Social that, based on the 'tenor and tone' of ongoing discussions, he has instructed the Department of War to postpone strikes on Iranian power plants and energy infrastructure for five days, subject to continued talks.

The International Energy Agency's executive director, Fatih Birol, reported that at least 40 energy assets across nine Middle Eastern countries have been 'severely or very severely' damaged, warning this could create the worst energy crisis in decades, rivaling the 1970s oil shocks combined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.07% to 6.834, compared with the previous session close of 6.839.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 93.7500 compared with its close of 93.5300 during the previous trading session.

MCX Gold futures for the April 2, 2026 settlement jumped 0.67% to Rs 140,187.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.21% to 99.34.

The United States 10-year bond yield advanced 0.95% to 4.373.

In the commodities market, Brent crude for May 2026 settlement jumped 92 cents or 0.92% to $100.86 a barrel.

Global Markets:

Shares in Europe and Asia advanced amid signs of de-escalation in the Middle East conflict.

The S&P Global Eurozone Composite PMI declined to 50.5 in March 2026, down from 51.9 in February.

Meanwhile, Japan's Nikkei 225 and the Topix indices clocked strong gains after the country's headline inflation rate eased for a fourth straight month in February as the economy cooled on stabilizing food prices and fuel subsidies.

The consumer price index fell to 1.3% last month, according to data released by Japan's Statistics Bureau Tuesday, marking the lowest since March 2022 and below the central bank's 2% target, down from 1.5% in January.

Overnight in the U.S., stocks rallied after President Donald Trump said the U.S. and Iran have held talks. The Dow Jones Industrial Average jumped 631 points, or 1.38%, to close at 46,208.47. The S&P 500 rose 1.15% and ended at 6,581.00, while the Nasdaq Composite gained 1.38% and settled at 21,946.76.

New Listing:

Shares of Raajmarg Infra Investment Trust (InvIT) ended at Rs 107 on the NSE, a premium of 7% compared with the issue price of Rs 100.

The stock debuted at Rs 107, a premium of 7% to the issue price. The stock has hit a high of Rs 107 and a low of Rs 105.30. On the NSE, over 4.50 crore shares of the company were traded in the counter.

Shares of GSP Crop Science ended at Rs 356.10 on the BSE, a premium of 11.28% compared with the issue price of Rs 320.

The stock was listed at Rs 332.30, a premium of 3.84% to the issue price. The stock has hit a high of Rs 363.60 and a low of Rs 327.35. On the BSE, over 4.52 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Wipro added 0.67% after the company has announced the expansion of its business operations in South Korea, reinforcing the country's position as a strategic growth market for the company. The expansion includes a larger office footprint in Seoul, the launch of a new innovation lab under the Wipro Innovation Network (WIN), and continued investments in local talent to better serve South Korean clients both domestically and globally.

TBO Tek rose 3.87% to Rs 1058.15 after a domestic brokerage initiated coverage on the stock with a 'Buy' rating and a target price of Rs 1,360.

Godawari Power & Ispat surged 4.71% after the company's board approved setting up a 1 million tonne per annum (MTPA) integrated steel plant in Chhattisgarh.

Kalpataru Projects International advanced 3.15% after the company, along with its subsidiaries, secured orders worth approximately Rs 4,439 crore in its transmission and distribution (T&D) segment.

DCX Systems slipped 2.14% after the company secured an order worth Rs 14 crore from a domestic & international customer for the manufacture and supply of cable and wire harness assemblies.

Indian Railway Finance Corporation rallied 3.91% after it has signed a rupee term loan agreement with Hindustan Urvarak and Rasayan to refinance its existing long-term debt of up to Rs 12,842 crore. The refinancing is expected to benefit Hindustan Urvarak and Rasayan through competitive borrowing costs and an optimised repayment structure aligned with its cash flows, improving financial flexibility and debt servicing efficiency while freeing up resources for growth.

Coal India (CIL) slipped 2.96%. The company said that its board has approved the divestment of up to 25% stake in South Eastern Coalfields (SECL) through offer for sale (OFS) and also a fresh issue of up to 10% equity shares by SECL.

Suzlon Energy rose 2.73% while GAIL rose 1.81% after Suzlon secured an order of around 100 MW from Gas Authority of India (GAIL), marking its sixth wind energy project win from the PSU and the fourth such order in FY26. The project will support the decarbonisation of GAIL's upcoming petrochemical plant in Nandurbar, Maharashtra, the company said in a statement.

SEPC soared 9.89% after the company announced the acquisition of a 90% stake in Abu Dhabi-based Avenir International Engineers and Consultants LLC. The deal, valued at around AED 708 million (approximately Rs 1,530 crore), is part of SEPC's strategy to expand its global footprint in the oil and gas engineering sector.

Trishakti Industries surged 11.49% after deploying Rs 190 crore in capital expenditure during FY26, 90% above its guided target of Rs 100 crore. The expansion raises the company's total asset base to Rs 240 crore, representing 60% of its long-term Rs 400 crore capex plan through FY28.

IPO Update:

Central Mine Planning & Design Institute received bids for 7,32,27,440 shares as against 7,97,89,500 shares on offer, according to stock exchange data at 15:48 IST on Tuesday (24 March 2026). The issue was subscribed 0.92 times.

The issue opened for bidding on 20 March 2026 and it will close on 24 March 2026. The price band of the IPO is fixed between Rs 163 and 172 per share.

Sai Parenteral's received bids for 3,34,590 shares as against 75,22,486 shares on offer, according to stock exchange data at 16:48 IST on Tuesday (24 March 2026). The issue was subscribed 0.04 times.

The issue opened for bidding on 24 March 2026 and it will close on 26 March 2026. The price band of the IPO is fixed between Rs 372 and 392 per share.

Amir Chand Jagdish Kumar (Exports) received bids for 2,25,34,120 shares as against 1,89,05,270 shares on offer, according to stock exchange data at 16:48 IST on Tuesday (24 March 2026). The issue was subscribed 1.19 times.

The issue opened for bidding on 24 March 2026 and it will close on 26 March 2026. The price band of the IPO is fixed between Rs 201 and 212 per share.

Powerica received bids for 2,06,534 shares as against 2,05,55,171 shares on offer, according to stock exchange data at 16:48 IST on Tuesday (24 March 2026). The issue was subscribed 0.01 times.

The issue opened for bidding on 24 March 2026 and it will close on 26 March 2026. The price band of the IPO is fixed between Rs 375 and 395 per share.

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