MUMBAI, April 7, 2026, 17:32 IST
Indian equities pushed higher Tuesday, the Nifty 50 topping 23,100 while the Sensex climbed roughly 510 points. IT stocks fueled much of the advance as traders positioned ahead of quarterly results. Despite starting the day on a soft note, the rally held, marking a second day of gains.
The shift is crucial, with traders staring down two events: the Reserve Bank of India’s policy call due Wednesday, and U.S. President Donald Trump’s deadline—5:30 a.m. IST that day—for Iran to strike a deal on reopening the Strait of Hormuz. Crude’s sitting near $110 a barrel, threatening to drive up India’s import bill, spur inflation, and put the squeeze on margins.
Nifty 50 closed up 0.68% at 23,123.65, and the Sensex finished 0.69% higher at 74,616.58. Gains landed across most sectors—14 out of 16 moved higher. IT stocks ran up 2.5%, metals tacked on roughly 1.6%, and real estate names were also stronger. Small-caps dipped 0.1%. Mid-caps nudged ahead by 0.2%. India VIX—tracking market volatility—slipped 2.77%.
Wipro, Tata Consultancy Services, HCLTech, and Infosys all notched notable gains as traders moved ahead of TCS’s earnings set for Thursday. Anita Gandhi, who heads institutional business at Arihant Capital Markets, pointed to “value buying” popping up in IT stocks before the March-quarter reports. Still, she cautioned, any sustained rally would hinge on what companies say in their outlooks. Investing.com
Metals caught a bid. Hindalco picked up nearly 3%, Vedanta notched a 3.4% jump after JPMorgan bumped both to “overweight”. Financials, banks, autos put up smaller gains, as the market stuck with expectations for the RBI to leave its benchmark repo rate steady at 5.25%. Reuters
Support for the rebound came from a firmer rupee and hopes the central bank will steer clear of any market disruptions. “Currency comfort, policy stability expectations, and improving earnings sentiment” shaped the day’s mood, said Abhinav Tiwari at Bonanza. The rupee finished at 93.0075 per dollar, the highest since mid-March. Moneycontrol
The backdrop isn’t offering much support. According to Reuters, foreign investors have already pulled close to $16 billion out of Indian equities through March and April. And on Tuesday, National Securities Depository data revealed a record 606.55 billion rupees exited financial stocks in March—highlighting the caution among overseas funds as high oil prices and the Iran war keep nerves frayed.
Jubilant FoodWorks tumbled 10.4% after its business update sparked worries about weaker March-quarter earnings. Still, the broader market saw 2,539 stocks advance while 1,514 fell.
There’s a risk that Tuesday’s relief rally could be both limited and fleeting. Vinod Nair, head of research at Geojit Investments, pointed out that gains were “largely confined” to IT, FMCG, and metals, while most other sectors struggled to keep up. Rupak De at LKP Securities added that ongoing conflict in the Middle East may continue to fuel volatility for Indian equities. Moneycontrol
So investors aren’t getting much of a breather. Next up: all eyes on the RBI for any signals on rates, liquidity, or how it plans to handle the currency. Then, TCS reports Thursday—tech stocks have rallied early, but that momentum faces its first big test as earnings season gets underway.
