SENSEX SKYROCKETS 1,645 PTS; PSU BANK SHARES IN DEMAND

The key equity benchmarks traded with significant gains in early afternoon trade, supported by positive global cues following indications of possible de-escalation in Middle East tensions and a drop in crude oil prices below the $100 per barrel mark. However, caution prevailed due to ongoing uncertainty surrounding the reopening of the Strait of Hormuz. The Nifty scaled above the 23,400 level. PSU Bank shares extended gains for second consecutive trading session.

At 12:29 IST, the barometer index, the S&P BSE Sensex zoomed 1,645.20 points or 2.21% to 75,730.96. The Nifty 50 index soared 535.45 points or 2.34% to 23,447.85.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index surged 2.52% and the BSE 250 SmallCap Index jumped 2.69%.

The market breadth was strong. On the BSE, 3,279 shares rose and 854 shares fell. A total of 188 shares were unchanged.

US-Iran Warfare

As the Middle East conflict continues without clarity, uncertainty remains a key concern for investors.

According to media reports, Donald Trump administration has put forward a 15-point ceasefire plan to Iran, even as the US military prepares to deploy at least 1,000 additional troops to a region where around 50,000 are already stationed.

Earlier, Trump stated that Washington was in discussions with Iran to bring an end to the conflict, despite an escalation in hostilities marked by airstrikes on Iranian positions and retaliatory missile and drone attacks by Iran targeting Israel and other locations. However, Iranian authorities have rejected claims that any formal negotiations are currently taking place.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term fell 1.19% to 24.47. The Nifty 30 March 2026 futures were trading at 23,420.90, at a discount of 26.95 points as compared with the spot at 23,447.85.

The Nifty option chain for the 30 March 2026 expiry showed a maximum call OI of 72 lakh contracts at the 24,000 strike price. Maximum put OI of 89 lakh contracts was seen at 23,000 strike price.

Buzzing Index:

The Nifty PSU Bank index added 3.24% to 8,628.75. The index soared 4.84% in the two consecutive trading session.

Bank of Maharashtra (up 4.34%), Indian Bank (up 4.31%), Union Bank of India (up 4.28%), State Bank of India (up 3.01%) and Punjab & Sind Bank (up 2.89%), UCO Bank (up 2.79%), Canara Bank (up 2.77%), Central Bank of India (up 2.75%), Bank of India (up 2.57%) and Punjab National Bank (up 2.51%) added.

Stocks in Spotlight:

ITCONS E-Solutions rose 1.13% after the company announced that it has secured a manpower outsourcing services contract worth Rs 1.71 crore from the Directorate General of Defence Estates under the Ministry of Defence.

Magellanic Cloud added 2.03% after its wholly owned subsidiary, Provigil Surveillance has secured a significant purchase order worth Rs 25 crore from Punjab & Sind Bank. The order entails deployment of integrated e-surveillance systems at ATMs and cash recycling machines (CRMs). The scope includes end-to-end implementation, covering installation, commissioning and maintenance of the systems under an OPEX model for a period of five years

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