SENSEX surges 941 points, NIFTY50 closes above 24,300 after Brent Crude drops 9%

The SENSEX ended 941 points higher at 77,958.52 and NIFTY50 index advanced 298 points or 1.24% to close at 24,331.

Brent Crude futures for delivery in July dropped over 9% to $100.57 per barrel after Axios reported that Iran would commit to a moratorium on nuclear enrichment, the US will agree to lift its sanctions and release billions in frozen Iranian funds and both sides will lift restrictions around transit through the Strait of Hormuz.

Back home, drop in crude lifted investor confidence in the afternoon trading towards equities as all the major sector gauges compiled by the National Stock Exchange (NSE) ended higher led by the NIFTY PSU Bank index's nearly 3% gain. NIFTY Bank, Financial Services, Private Bank, Realty, Pharma, Metal and Auto indices also surged between 1% and 2.5%.

Broader markets also witnessed buying interest as NIFTY Midcap 100 index advanced 1.76% and NIFTY Smallcap 100 index climbed 1.93%.

Among the individual shares, Coforge rose as much as 10.86% to hit an intraday high of ₹1,295.80 after the company reported a robust set of numbers for the March quarter (Q4 FY26).

The company reported a multi-fold surge in consolidated net profit to ₹612.3 crore for January-March FY26, driven by a major one-time tax benefit and strong operational growth.

Revenue from operations grew 30% to ₹4,450.4 crore in Q4 FY26, from ₹3,422.2 crore logged a year ago.

SRF jumped as much as 9.18% to ₹2,760 after its revenue in Q4 rose by 7% to ₹4,615 crore. The company’s Operational Earnings before Interest and Tax (EBIT) increased 12% from ₹906 crore to ₹1,011 crore in Q4FY26 compared with corresponding period last year.

InterGlobe Aviation was top gainer in the NIFTY50 index, the stock surged nearly 7% to close at ₹4,524 tracking a drop in crude prices.

Tata Motors PV, Shriram Finance, Trent, Asian Paints, State Bank of India, Bajaj Auto and Axis Bank also rose between 3.25% and 5.32%.

On the flip side, ONGC, Reliance Industries, Power Grid, NTPC, Larsen & Toubro and Hindalco were top losers in the NIFTY50 index.

The overall market breadth was extremely positive as 2,457 shares ended higher while 843 closed lower.