The Indian stock markets saw significant gains early on Tuesday following indications from US President Donald Trump about a potential resolution to the conflict with Iran. By 9:29 am, Sensex rose by 413 points, reaching 77,979, and Nifty climbed 112 points to hit 24,140. Major indices like Nifty Midcap 100 and Nifty Smallcap 100 also showed positive trends, increasing by 1.05% and 1.32%, respectively.
Most sectoral indices were in the green, except for Nifty IT and oil and gas, which saw slight declines of 0.54% and 0.47%, respectively. Notable gainers included Nifty auto, pharma, and consumer durables, rising by 1.47%, 1.28%, and 1.95%, respectively. Market analysts pointed out that Nifty’s immediate resistance levels are around 24,200–24,250, with strong support in the 23,900–23,950 range. Similarly, Bank Nifty faces resistance between 56,300 and 56,400, with support at 55,700–55,800.
Trump’s remarks on a possible resolution to the US–Iran conflict led to a drop in crude oil prices and the US dollar, boosting risk appetite in global markets. Oil prices initially fell by over 10% before a partial recovery, following Trump’s statements about potential actions in the Strait of Hormuz and the imminent end of the conflict. Asian markets also responded positively, with gains in China’s Shanghai and Shenzhen, Japan’s Nikkei, Hong Kong’s Hang Seng Index, and South Korea’s Kospi.
Overnight, US markets closed in the green, with Nasdaq rising by 1.38%, the S&P 500 by 0.83%, and the Dow Jones by 0.5%. Analysts anticipate continued market volatility in the near term as investors monitor geopolitical developments, crude oil price movements, and global risk sentiment for clearer market signals. On March 9, foreign institutional investors in India sold equities worth Rs 6,345 crore, while domestic institutional investors bought equities amounting to Rs 9,013 crore.
