staged a broad-based recovery on Monday, with the closing at 22,968, up 255 points or 1.12 per cent, and the settling at 74,107, a gain of 787 points or 1.07 per cent, marking the third consecutive session of positive closes — a trend that analysts say signals a gradual, if cautious, easing of selling pressure at the lower end of the market.
was the day’s standout story. The domestic currency firmed up sharply by 30 paise to 93.00 against the , pulling back from recent lows near 95, supported by targeted measures to tighten forex derivative norms and cap banks’ net open positions.
Analysts noted the recovery was largely technical in nature, aided by improving risk sentiment around initial US–Iran de-escalation signals, though they cautioned it did not signal a structural shift. Near-term, the rupee finds support around 92.45, with resistance placed at 93.75–94.00.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted the significance of the index crossing a key technical threshold, saying the Nifty has “closed above its 10-day EMA for the first time since February 23, reflecting an improvement in short-term price momentum.”
He added, however, that “sustaining the recent strength will be key in determining whether the current pullback evolves into a more durable rebound or remains a short-lived relief rally.”
The session’s intraday range stayed volatile. The Nifty opened near 22,780, dipped to a low of 22,543 in early trade, where strong value buying emerged, and steadily clawed back to close near 22,968 — just below the crucial 23,000 resistance, which continues to attract heavy call open interest.
Bank Nifty outperformed the broader index, rising nearly 2 per cent, driven by strength in financials. Realty and PSU banking stocks also outperformed, while Oil & Gas was the sole major sectoral drag, weighed down by crude-linked names including Reliance Industries and ONGC.
Ajit Mishra, SVP Research at Religare Broking, attributed the recovery in part to geopolitical signals, noting the upmove was “primarily driven by reports of a potential ceasefire framework in the Middle East, which helped stabilize crude prices.”
He, however, cautioned that “concerns around foreign institutional outflows, currency volatility, and potential earnings downgrades continue to linger.”
Trent emerged as the session’s top Nifty gainer, underscoring the market’s continuing preference for companies with earnings visibility. Shriram Finance and Axis Bank also featured among the top movers, while Reliance Industries and ONGC were the index’s biggest drags.
Broader markets showed relative resilience. The Nifty Midcap 100 and Nifty Smallcap 100 both rose roughly 1.5 per cent, with the Smallcap 100 surging above its 13-day EMA for the first time since February 25. Of the BSE 500 universe, 385 stocks ended in the green, with the advance-decline ratio firmly on the side of advancers.
In commodities, , while MCX gold rose ₹1,200 to trade near ₹1,51,000, supported by relief in risk sentiment and slight cooling in crude.
— remained above ₹10,000 per barrel, a key pressure point for India’s inflation and current account. Brent continues to hold above the $110 mark, keeping energy-linked macro risks firmly in view.
India VIX, despite the positive close, continued to hold above the 24–25 zone, an elevated reading that keeps option premiums expensive and signals uncertainty remains deeply embedded. The daily RSI has moved above the 40 mark — below its 9-day EMA — while CCI has recovered from extreme oversold territory.
Ponmudi R, CEO of Enrich Money, summed up the session’s character plainly: “Today’s recovery was largely a relief rally driven by short covering, easing crude prices, and absence of fresh negative triggers, rather than a strong fundamental shift.”
Looking ahead, the week carries a dense macro calendar — the RBI monetary policy decision, US CPI data, crude oil trajectory, and geopolitical developments are all expected to drive sentiment.
TCS reports earnings on April 9, with ICICI AMC and ICICI Prudential Life following later in the week, setting up a critical test for market direction.
A sustained move above 23,000 on the Nifty could open upside toward 23,300–23,500; failure to hold 22,800 risks reopening the path toward 22,000. As Gaurav Udani of ThinCredBlu Securities put it: “Markets are likely to remain sensitive to global developments, and volatility cannot be ruled out.”