India’s benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking a strong rally in the overnight global markets amid rising hopes of an end to the US–Iran war in the Middle East.

Asian markets moved higher, while the US stock market surged overnight, with the S&P 500, Nasdaq, and Dow Jones Industrial Average posting their biggest single-day gains since May 2025.

The Indian stock market remained closed on Tuesday, March 31, on account of Mahavir Jayanti.

However, on Monday, the Indian stock market closed sharply lower due to concerns over the US–Iran conflict and its potential impact on India’s macroeconomic outlook.

Domestic Market Recap

On Tuesday, Indian indices closed red:

• Sensex crashed by 1,635.67 points (2.22%) to close at 71,947.55
• Nifty 50 moved down by 488.20 points (2.14%) to settle at 22,331.40

Gift Nifty

Gift Nifty was trading near 22,870, around 444 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

The US stock market closed lower on Thursday, with the Nasdaq entering correction territory, as escalating tensions in the US–Iran war unsettled investors.

• The Dow Jones Industrial Average soared by 1,125.37 points (2.49%) to close at 46,341.51.
• S&P 500 up by 184.80 points (2.91%), ending at 6,528.52.
• The Nasdaq Composite was higher by 795.99 points (3.83%), finishing at 21,590.63.

Crude Oil Prices

• Brent crude gained by 0.54% to $104.51/barrel
• US West Texas Intermediate (WTI) crude was trading 0.88% higher at $102.25/barrel

Overnight Major Global Events Driving Sentiment

1. US–Iran War: US President Donald Trump stated that American military operations against Iran could end within two to three weeks, adding that Iran does not need to sign any agreement for the conflict to wind down.
2. Japan PMI: Japan’s factory sector expanded at a slower pace in March, as the final S&P Global Japan Manufacturing PMI dropped to 51.6 from February’s 45-month high of 53.0, while still coming in slightly above the flash estimate of 51.4.

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