Equities Snap Losing Streak as Trump's Iran War Comments Spark Relief Rally

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

March 10, 2026 at 11:41 AM IST

Indian equity benchmarks climbed off their lowest levels in nearly a year on Tuesday, snapping a two-day losing streak as crude oil prices eased following comments from US President Donald Trump that markets read as de-escalatory. Trump said the war with Iran may be resolved "very soon" amid mounting political and economic pressure following days of wild swings in energy markets, Bloomberg reported. The Nifty50 rose 0.97% or 233.50 points to 24,261.60, while the BSE Sensex gained 0.82% or 639.82 points to 78,205.98, with top lenders HDFC Bank and ICICI Bank powering index gains, climbing 1% and 2.6% respectively after falling around 3% in the prior session. Fourteen of the 16 major sectors registered gains on the day.

Broader markets outperformed the benchmarks, with the Nifty MidCap 100 rising 1.62% and the Nifty SmallCap 100 gaining 2.12%, as risk appetite returned across the market. Nifty Auto emerged as the top-performing sectoral index, followed by Nifty Consumer Durables and Nifty Financial Services ex-Bank. Nifty IT was the worst-performing sector, continuing to face persistent headwinds, while Nifty Oil and Gas also underperformed as crude prices retreated from recent highs. The session offered a measure of relief after a brutal stretch of geopolitical-driven selling, though analysts cautioned that market direction remained heavily dependent on further developments in the West Asia conflict.

Top Movers of the Day

Reliance Industries declined roughly 1% to trade near ₹1,410, weighing on the benchmark indices.

Indian Oil Corp slipped nearly 1% as oil marketing companies remained under pressure due to rising crude prices.

Coal India gained about 2% to trade around ₹444 levels after strong demand in coal auctions supported sentiment.

Yes Bank advanced nearly 1.6% at ₹19.96 amid renewed buying interest in banking stocks.

Tata Power edged higher by about 2% to ₹380.55 as investors accumulated power and utility counters.

Tata Steel slipped over 2% to ₹195.34 as metal stocks saw profit booking during the session.

Aditya Birla Sun Life surged 20% while ICICI Prudential Life and Nippon Life each soared around 6%, buoyed by healthy net inflows into equity mutual funds.

IT stocks came under pressure with the Nifty IT index falling over 1%. Infosys dropped 2% to ₹1,284.10, Coforge declined 2% to ₹1,137.30, while TCS, LTIMindtree and Tech Mahindra each shed around 1%.

Jyoti Global Plast was in focus after announcing a joint venture with DroneIQ Aeronext LLP to offer drone-as-a-service solutions.

R Systems International surged over 12% to ₹334.50 on the NSE, extending its rally for a second consecutive session.

Happiest Minds Technologies jumped 16.99% to ₹398.40 after raising its FY27 growth guidance to 12.5% from an earlier forecast of 10%.

IndiGo and SpiceJet each jumped as much as 8% after crude oil prices fell sharply on indications from US President Donald Trump that the Iran war could end soon.

ABB India rose 4% to ₹6,214.30 after announcing a $75 million investment to expand manufacturing and R&D capabilities across Bengaluru, Hyderabad, Nashik and Vadodara.

Futures & Options
Nifty March 2026 futures closed at 24,405.70, a premium of 144.10 points over the spot Nifty, which surged 233.55 points or 0.97% to settle at 24,261.60 in the cash market. The wide premium reflected a meaningful rebuilding of bullish positions as sentiment improved on easing West Asia tensions and retreating oil prices. India VIX plunged 19.07% to 18.91, its sharpest single-session decline in recent weeks, offering a significant reprieve after the volatility index had surged to a 21-month high in the previous session. Dixon Technologies, HDFC Bank and Reliance Industries were the most actively traded stock futures contracts in the F&O segment on the NSE. The March 2026 derivative contracts are set to expire on 30 March 2026.

Bonds
Indian government bond yields retreated on Tuesday, with the benchmark 6.48% 2035 bond yield closing at 6.6737%, down from 6.7184% at Monday's close, as oil prices eased sharply after US President Trump hinted the Iran war could "end soon." Brent crude slipped more than 10% to $88.40 per barrel, pulling back from a high of $119.50 in the previous session, though it was last trading around $93.05. The recovery in bonds was further supported by the Reserve Bank of India conducting a ₹500 billion open market operation including liquid notes, which helped ease the sharp yield spike that had pushed the benchmark to a high of 6.77% in Monday's session.

Forex
The Indian rupee rebounded on Tuesday, closing 0.57% firmer at 91.8050 per dollar and pulling back from its record low of 92.3475, as retreating oil prices and likely RBI intervention helped offset a hedging rush by importers anxious about the Iran war's disruption to energy supplies. Global markets advanced after US President Trump predicted the West Asia war could end soon, though sentiment remained fragile after Iran's Revolutionary Guards warned they would not allow oil to be shipped for as long as US and Israeli attacks continued.

Crypto
Crypto markets staged a sharp turnaround on Tuesday, reversing the previous session's cautious mood as US President Trump's comments on a potential end to the Iran war lifted risk appetite across asset classes. Bitcoinrebounded strongly to $70,868 from $67,458 the previous day, when oil prices had been surging past $110 per barrel, while Ethereum, XRP, Solana and BNB each gained over 3%. The global crypto market capitalisation rose 3.4% to $2.39 trillion, reflecting a broad-based recovery in sentiment as markets dialled back fears of a prolonged US-Iran conflict.

US Stock Futures
US stock futures ticked higher on Tuesday as oil prices retreated sharply following a volatile stretch, with traders keeping a close eye on the latest developments out of Iran. Dow Jones futures added 120 points or 0.3%, S&P 500 futures climbed 0.2% and Nasdaq 100 futures gained 0.3%, as easing energy prices offered some relief to markets that had been battered by the West Asia conflict. West Texas Intermediate crude futures fell 6% to trade at $89.12 per barrel, providing a significant tailwind for risk sentiment after oil's recent surge to multi-year highs.

US Treasury Notes
Yields on US Treasury edged lower on Tuesday as easing geopolitical tensions and retreating oil prices cooled near-term inflation fears, following President Trump's remarks suggesting an imminent end to the Iran conflict. The benchmark 10-year note yield declined to 4.11% and the 30-year bond yield fell to 4.73%, driven largely by a 7% plunge in oil prices and a weaker dollar, while shorter-dated maturities remained relatively stable with the 2-year note at 3.55%.

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