Market opening: SENSEX jumps 1,832 pts, NIFTY50 up 3% on strong global cues; VIX down 10%, Trent, BEL top gainers

The Indian equity indices soared in the opening session on Wednesday, April 1, tracking positive global cues, as investor sentiment improved amid signs of a potential de-escalation in the US-Iran conflict. A rally in consumer, auto and banking stocks also added to the market optimism.

The broader market also opened in green as both the Nifty Midcap 100 and the Nifty Smallcap 100 soared 3.19% and 3.57%, respectively.

All the sectoral gauges were trading higher, with Nifty Consumer Durables taking the lead, rising 3.32%, followed by Nifty Media (3.33%), Nifty PSU Bank (3.19%), Nifty Auto (3.13%), and Nifty IT (2.84%).

US President Donald Trump said on Tuesday that he expected the war with Iran to end within two to three weeks, indicating that the US had largely achieved its military objectives and could leave the resolution of issues surrounding the Strait of Hormuz to other nations.

Meanwhile, reports also suggested President Masoud Pezeshkian said on Tuesday that Iran had the “necessary will” to end the ongoing war with Israel and the USA but was seeking assurances that such a conflict would not recur.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold equities worth ₹11,163.06 crore, while the domestic institutional investors (DIIs) bought equities worth ₹14,894.72 crore on a net basis.

On the global front, Asian stocks were trading higher on Wednesday in hopes of a de-escalation in the Iran conflict. Japan's Nikkei rose 4.34%, Hong Kong's Hang Seng advanced 2.624%, China's Shanghai Composite gained 1.36% and South Korea's KOSPI jumped 7.12%.

On Wall Street, the main indices closed with ​sharp gains on Tuesday following speculation about a potential de-escalation in the Middle East conflict.

The S&P 500 jumped 2.91% to end ​at 6,528.52, the Nasdaq rallied 3.83% to close at 21,590.63, while the Dow Jones Industrial Average jumped 2.49% to settle at 46,341.51.

Market statistics

As many as 2,863 stocks traded on the NSE during the early session, among which 2,711 advanced, 106 declined, and 46 shares remained unchanged.

This indicates that the market's breadth is favourable towards advances.

Meanwhile, 15 stocks hit their one-year highs in the early trade, while 50 stocks touched their 52-week lows.

Further, 135 stocks hit their upper circuits, while 27 hit their lower circuits.

India VIX, the volatility gauge, was trading at 25.09 levels, declining 10.04%.

Top gainers and losers

All the 50 stocks were trading in green during the opening session on the NIFTY50 index.

Trent was the top contributing stock, rising 7.08%, followed by Bharat Electronics (6.05%), Shriram Finance (5.25%), Bajaj Finance (4.87%), and Adani Ports (4.73%).