Stock Market Today: Nifty up 0.68%, Sensex +510

Indian equities ended higher on Tuesday after a choppy session that began with a risk-off dip. The Sensex closed at 74,616.58, up 509.73 points or 0.69%, while the Nifty today settled at 23,123.65, up 155.40 points or 0.68%. The day’s story was a classic reversal: an early selloff on Middle East headlines and oil shock was met with steady buying in large-cap IT and select cyclicals.

A volatile open, then a steady recovery

The market opened weaker as traders reacted to rising geopolitical tension around the Strait of Hormuz and the knock-on impact on energy prices. Sentiment improved through the session as heavyweight stocks, especially in IT, pulled the indices off their lows.

By the close, benchmarks were near the higher end of the day’s range, extending the rebound streak even as the macro backdrop stayed uncomfortable. The intraday reversal mattered because it showed investors were willing to add risk selectively, rather than exit wholesale.

What moved the market today

Two forces pulled in opposite directions.

On the negative side, crude prices remained the dominant macro risk. With war headlines intensifying and the Strait of Hormuz in focus, traders continued to price in supply disruption risk. Higher crude is not just a commodity story for India - it bleeds into inflation expectations, the rupee, bond yields, and ultimately the RBI’s room to ease.

On the supportive side, IT stocks led from the front on expectations of a better-than-feared March-quarter earnings season, with results set to start later this week. In a tape dominated by geopolitical uncertainty, investors gravitated toward large, liquid defensives and exporters.

Global cues: markets hold up, oil doesn’t

Global markets were mixed but not in panic mode. US equities had closed higher overnight, and Asian markets were uneven, with technology pockets holding up better than war-sensitive segments.

Oil was the outlier. Brent hovered around the $110 zone in global trade, keeping volatility elevated. The market is balancing ceasefire chatter and diplomatic signals against hard escalation risk tied to navigation and supply lines through Hormuz. That tension kept traders from chasing rallies too aggressively.

Nifty and Sensex today: where the strength came from

The index leadership was clear. Nifty IT outperformed, rising about 2.5%, with Wipro, HCL Technologies, TCS and Infosys among the key gainers. Metals also added support, with names like Hindalco in focus on expectations of better profitability.

Other sectoral indices largely ended in the green, while pockets such as PSU banks and consumer durables were relatively softer. Bank Nifty was positive but muted, reflecting that traders are still cautious about financials after recent foreign selling and ahead of key macro events.

Market breadth was not euphoric. Midcaps posted mild gains and smallcaps were flat, underlining that this was more of a large-cap, stock-specific bid than a broad-based risk-on day.

The big overhang: RBI decision tomorrow

Investors also positioned ahead of the RBI Monetary Policy Committee decision due on April 8 at 10:00 am. The meeting runs April 6-8, and consensus expectations lean toward the repo rate being held at 5.25%.

For equities, the policy statement matters beyond the headline rate.

• Any acknowledgment of oil-led inflation risk can reshape near-term rate expectations.
• Commentary on liquidity conditions and rupee volatility can influence bank stocks and broader risk appetite.

With crude at elevated levels, the RBI’s tone on inflation and imported price pressures will be parsed line by line.

Oil shock and India’s inflation math

Crude moving to record territory is not abstract for Indian investors. Higher oil raises input costs across transport, chemicals, paints, aviation, and parts of FMCG. It also increases the odds that headline inflation stays sticky, which can keep real rates tight and cap valuation expansion.

Saudi Aramco’s decision to hike crude premiums for Asian refiners added another layer of stress for buyers. The message from energy markets is simple: even if supply does not get physically disrupted, the risk premium is already real and expensive.

Key corporate and stock-specific cues to track

Alongside the macro churn, a few company updates stood out:

Alembic Pharmaceuticals received final USFDA approval for generic dapagliflozin tablets. Regulatory clearances remain a key driver for export-focused pharma names, and this approval adds a potential product opportunity in the US diabetes segment.

Kalyan Jewellers reported strong business momentum, with Q4 consolidated revenue up 64% and FY26 growth of around 42%. The company also flagged a sharp acceleration at Candere, with revenue up over 360% QoQ, while its store count reached 507 as of March-end.

Vodafone Idea got more breathing room after the Department of Telecommunications extended the AGR dues reassessment timeline to June. For a leveraged telco, timelines and process clarity often matter as much as the final number.

What it means for investors

Tuesday’s move reinforced a pattern seen in recent sessions: investors are willing to buy quality and liquidity, but they are not treating the macro risk as solved. The dominance of IT suggests a preference for earnings visibility and export hedges when crude and geopolitics are unstable.

At the same time, the relatively softer showing in PSU banks and the mixed broader-market breadth indicate that risk appetite remains selective. That is typical when the next big catalyst is a policy decision and an open-ended geopolitical headline cycle.

Triggers for the next session

Three near-term cues are likely to set the tone:

First, the RBI decision and guidance. Even if rates are unchanged, the policy stance and inflation assessment will drive bond yields, the rupee, and rate-sensitive sectors.

Second, crude and Middle East headlines. Any clarity on navigation through Hormuz can swing energy prices quickly, and Indian equities have little choice but to take that cue.

Third, earnings season kickoff. With IT leading the market today, management commentary and margin outlooks will carry outsized weight for index direction.

For now, the market’s message is pragmatic: the rally is real, but it is being built on selective leadership and tight risk control.