Stock markets rebounded sharply after falling in the early hours. The rally was driven by a bit correction in crude oil prices amid reports ceasefires talk between Iran and the US. BSE Sensex index jumped 787.30 points, or 1.07 per cent, to close at 74,106.85 points in a volatile session. For the day, it gained 887.91 points, or 1.21%, to finish at 74,207.46 points.
The 50-stock NSE Nifty index rose 255.15 points, or 1.12 per cent, to close at 22,968.25 points.
Top gainers And Losers
Trent, Axis Bank, Titan, Larsen & Toubro, UltraTech Cement and Bajaj Finance were the top gainers from the Sensex basket. Reliance Industries, HCL Tech and Sun Pharma settled in negative territory.
Crude Prices And International Market
Crude oil prices remained high throughout the day before edging down slightly in the evening. Brent crude was trading at $108.30 a barrel, down 0.71% at the time of writing.
In Asian markets, the South Korean Kospi and the Japanese Nikkei 225 closed higher. The Hong Kong and Shanghai markets were closed for a public holiday.
"Domestic equities staged a strong rally as value buying gained traction across the board. Crude prices softened marginally on reports of ceasefire efforts, while encouraging provisional banking data supported interest in rate-sensitive segments," Vinod Nair, Head of Research, Geojit Investments Limited, said.
However, overall risk appetite remains cautious due to persistent inflationary pressures and concerns over potential disruptions to global trade, he added. US and domestic equity markets were closed on Friday for Good Friday.
Rupee Closes Higher
The rupee appreciated by 14 paise to close at 93.04 (provisional) against the US dollar on Monday, following measures by the Central Bank to curb speculation and reduce currency volatility.
On the interbank foreign exchange market, the rupee opened at 93.13 against the US dollar and rose during the session