Equity benchmarks extended their morning gains into the afternoon session on Tuesday, with the BSE Sensex and Nifty 50 holding firm above key levels around midday, driven by a sharp pullback in crude oil prices after US President Donald Trump postponed strikes on Iran’s power infrastructure.
At 12:55 pm, the Sensex was trading at 74,295.40, up 1,599.01 points or 2.20 per cent. The Nifty 50 stood at 23,012.00, up 499.35 points or 2.22 per cent as of 12.54 pm. The indices had opened gap-up in the morning — Sensex at 74,212.47 against a previous close of 72,696.39, and Nifty at 22,878.45 against a previous close of 22,512.65 — and have built on those gains through the session.
The trigger was Trump’s announcement of a five-day halt to planned strikes on Iranian energy infrastructure, citing “productive conversations.” Brent crude fell around 11 per cent, retreating from above $112 to below $105. US markets had closed higher overnight, with the S&P 500 gaining 1.4 per cent and the CBOE VIX easing 5.9 per cent to 25.2, providing a supportive global backdrop.
On the Nifty 50, IndiGo led the gainers, rising 5.25 per cent to ₹4,152.40 from a previous close of ₹3,945.30. Shriram Finance gained 5.22 per cent to ₹923.50 from ₹877.70. Eternal advanced 5.09 per cent to ₹238.51 against its previous close of ₹226.96. Larsen & Toubro climbed 4.63 per cent to ₹3,497.00 from ₹3,342.40, while UltraTech Cement rose 4.30 per cent to ₹10,808.00 from ₹10,362.00.
The sectoral spread of the gains — aviation, financial services, quick commerce, infrastructure, and cement — points to a broad-based recovery rather than a narrow crude-driven bounce. The breadth data on BSE reinforced this: of 4,252 stocks traded, 3,016 advanced against 1,056 declines, with 180 unchanged. As many as 440 stocks hit 52-week lows, however, while 39 reached 52-week highs, reflecting that Monday’s damage has not been fully reversed across the broader market. Stocks in upper circuit numbered 96, against 161 in lower circuit.
On the losing side, Coal India slipped 2.39 per cent to ₹444.35 from its previous close of ₹455.25, while Power Grid Corporation fell 0.86 per cent to ₹299.50 from ₹302.10. The decline in Coal India comes even as the broader market rallied, with analysts flagging the stock’s sensitivity to energy policy shifts. Power Grid has now declined in both sessions this week.
Oil marketing companies remained in focus through the session, with the fall in crude improving their refining margin outlook. InvestorAi’s morning note flagged BPCL and Hindustan Petroleum as its highest-conviction calls of the day, noting that downstream oil marketing names offer “pricing resilience that pure upstream names lack.” Power infrastructure name Tata Power, life insurer Max Financial, and industrials player Supreme Industries were also flagged as conviction picks, pointing to a broadening of the relief rally beyond direct oil beneficiaries.
India VIX, which had spiked to 26.73 on Monday — up 17.17 per cent — remained elevated, keeping traders cautious about the durability of the move. With the weekly Nifty F&O expiry falling today, accelerated time decay and volatility-driven swings remain a risk through the afternoon session. Trump’s five-day window on Iran closes by Saturday, and any breakdown in diplomatic momentum could push crude back above $115 and test Monday’s low of 22,512 on the Nifty once more.
Published on March 24, 2026
