Equity benchmark indices Sensex and Nifty50 surged nearly 4% on Wednesday, tracking a sharp rally in global markets and a steep fall in crude oil prices after the US and Iran announced a two-week ceasefire. The rally was also supported by the Reserve Bank of India’s decision to keep the policy repo rate unchanged, broad-based buying across sectors and a strengthening rupee.Extending gains for the fifth straight session, the 30-share BSE Sensex jumped 2,946.32 points or 3.95% to close at 77,562.90, marking its best trading day in five years. During the session, it surged 3,018.96 points or 4% to hit 77,635.54.On the NSE, the Nifty soared 873.70 points or 3.78% to settle at 23,997.35, its highest single-day rally in 11 months. It touched an intra-day high of 24,025.15, rising 901.5 points or 3.89%. A total of 3,859 stocks advanced, while 537 declined and 101 remained unchanged on the BSE.

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“The rally was primarily driven by a sharp improvement in global sentiment following the announcement of a temporary ceasefire between the US and Iran, which led to a significant cooling in crude oil prices and eased concerns around inflation and global growth,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.He added that the RBI’s decision to maintain status quo on rates with a neutral stance was also seen as supportive for equities.All sectoral indices ended in the green. Realty jumped 6.76%, auto 6.55%, BSE PSU Bank 5.79%, Bankex 5.72%, Private Banks 5.62%, Financial Services 5.48%, Services 5.22%, Consumer Discretionary 5.11% and Industrials 4.87%.The BSE MidCap Select index gained 4.93%, while the SmallCap Select index advanced 4.01%.Brent crude, the global oil benchmark, plunged 13.89% to USD 94.09 per barrel, while the rupee appreciated 47 paise to close at 92.59 (provisional) against the US dollar.Asian markets mirrored the rally, with South Korea’s Kospi surging 6.87% and Japan’s Nikkei 225 jumping 5.39%. Shanghai’s SSE Composite and Hong Kong’s Hang Seng also posted strong gains, while European markets were trading significantly higher. US markets ended flat on Tuesday.“The ceasefire announcement sharply reduced fear and risk-off sentiment, with India’s volatility index dropping over 20 per cent, indicating a swift compression in uncertainty. This positive sentiment was mirrored across global markets, as the US, European, and Asian indices posted a broad-based recovery, reinforcing the strength of the current rally,” said Ponmudi R, CEO of Enrich Money, PTI quoted.He added that energy markets reacted sharply, with Brent crude correcting towards the USD 92 mark amid signals of safe passage through the Strait of Hormuz during the ceasefire period.Meanwhile, the RBI’s Monetary Policy Committee unanimously kept the benchmark repo rate unchanged at 5.25%, adopting a cautious stance amid uncertainty from the West Asia conflict.Foreign institutional investors sold equities worth Rs 8,692.11 crore on Tuesday, while domestic institutional investors bought Rs 7,979.50 crore, as per exchange data.Vinod Nair, Head of Research, Geojit Investments Ltd, said, “The interim ceasefire is seen as a step toward broader regional stability. India benefits immediately from the reopening of the Hormuz Strait, which has pushed oil prices below USD 100 and reduced downside risks to FY27 EPS growth”.He added that improving sentiment has lowered bond yields, strengthened the rupee and supported financial stocks, while the RBI’s policy stance added to market confidence.

Adani group stocks surged up to 13% on Wednesday after Gautam Adani moved a US court seeking dismissal of the Securities and Exchange Commission’s (SEC) civil case. The move has boosted investor sentiment across Adani Group firms.The rally followed a development in a New York federal court, where lawyers representing Gautam Adani said that they would seek dismissal of the case, arguing there was no credible evidence to support allegations of a bribery scheme, Reuters reported.The US District Court also granted a pre-motion conference in the matter, adding to market optimism.Which stocks surged?Shares of major Adani Group companies saw sharp gains during the session. Adani Green Energy jumped as much as 13% to hit an intraday high of Rs 1,046 on the BSE, while Adani Enterprises rose around 11% to Rs 2,090.Adani Ports and Special Economic Zone also gained significantly, while other group stocks including Adani Energy Solutions, Adani Power, Adani Total Gas, ACC and Ambuja Cements rose to 8%, according to ET.The sharp rally added nearly Rs 96,000 crore to the total market capitalisation of Adani Group companies during the day.What is the case about?The SEC had charged Gautam Adani and his nephew, Sagar Adani, in November 2024, alleging they orchestrated a scheme to pay or promise hundreds of millions of dollars in bribes to Indian government officials to benefit Adani Green Energy.The case is also linked to allegations that the company failed to disclose the scheme in documents related to a $750 million bond offering in 2021.In their court filing, the Adanis’ lawyers argued that the claims were “impermissibly extraterritorial,” highlighting that the alleged actions took place in India and the bonds were not traded on any US exchange.They also said there was no intent to defraud or negligence and no direct involvement of the Adanis in the bond offering.Investor sentiment was also supported by a positive outlook for Adani Green Energy. Global brokerage Macquarie maintained an “outperform” rating on the stock and raised its target price to Rs 1,320, implying a potential upside of around 43%.The brokerage cited strong capacity additions and projected robust growth, with EBITDA expected to grow at over 25% CAGR over the next five years.In addition, easing global tensions after the Iran-US ceasefire and a sharp fall in crude oil prices boosted broader market sentiment, lifting both Sensex and Nifty by around 4% and supporting gains across Adani Group stocks.Adani Group’s lawyers have said that they will formally seek a ‌dismissal of the case by April 30.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)