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The rally followed an announcement by Donald Trump that the United States had agreed to a two-week ceasefire with Iran, subject to the safe reopening of the Strait of Hormuz, which carries nearly one-fifth of global oil flows.
In commodities, Brent crude for June 2026 settlement dropped $14.93 or 13.66% to $94.34 per barrel, easing cost pressures for airlines.
Lower crude prices directly reduce aviation turbine fuel costs, a key expense for carriers, supporting margin expansion. At the same time, easing tensions are expected to normalise flight routes and cut fuel burn after weeks of airspace disruptions.
Major transit hubs such as Dubai International Airport, along with Abu Dhabi and Doha, had faced restrictions amid regional airspace closures following recent strikes.
All the sectoral indices on the NSE were traded in green with realty, auto and consumer durables shares leading the rally.
At 13:25 ST, the barometer index, the S&P BSE Sensex surged 2893.81 points or 3.88% to 77,510.39. The Nifty 50 index soared 869.55 points or 3.77% to 23,993.45.
In the broader market, the BSE 150 MidCap Index surged 3.77% and the BSE 250 SmallCap Index jumped 3.85%.
The market breadth was strong. On the BSE, 3,828 shares rose and 476 shares fell. A total of 113 shares were unchanged.
In the commodities market, Brent crude for June 2026 settlement lost $14.60 or 13.36% to $94.67 a barrel.
The rupee strengthened to 92.5825 against dollar, compared with its previous close of 93.0600.
RBI MPC outcome:
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 5.25% while announcing its first policy decision for FY27 on Wednesday, April 8.
The MPC, chaired by Governor Sanjay Malhotra, unanimously voted to maintain the repo rate under the liquidity adjustment facility (LAF) at 5.25%. Accordingly, the standing deposit facility (SDF) rate remains at 5.00%, while the marginal standing facility (MSF) rate and the Bank Rate continue at 5.50%. The committee also retained its “neutral” policy stance.
The RBI warned that elevated energy and commodity prices, along with potential disruptions in the Strait of Hormuz, could weigh on growth going forward. Real GDP growth for FY27 is pegged at 6.9%, with quarterly projections at 6.8% in Q1, 6.7% in Q2, 7.0% in Q3 and 7.2% in Q4.
On the domestic front, India’s economy remained resilient in FY26, with real GDP growth revised higher to 7.6% YoY as per the Second Advance Estimates, compared to 7.4% projected earlier in the First Advance Estimates.
Inflation risks have also firmed up. CPI inflation for FY27 is projected at 4.6%, up sharply from 2.1% earlier, with upside risks stemming from elevated energy prices and potential weather disruptions such as El Niño impacting the monsoon.
The MPC minutes will be released on 22 April 2026, while the next policy meeting is scheduled from 3 June 2026 to 5 June 2026.
Short-Term Ceasefire in Middle East:
The US and Iran have reportedly entered a temporary two-week ceasefire arrangement, with Pakistan acting as mediator and Islamabad set to host follow-up talks. The deal appears to be conditional, with the Strait of Hormuz at the center of the discussions; reporting suggests Iran would allow shipping access under military coordination, while the US would pause offensive action. The media outlets describe the broader framework as a proposal under discussion rather than a concluded peace deal, and Iran’s 10-point demands — including sanctions relief, nuclear recognition, and US troop withdrawal — remain unverified as agreed terms.
Gainers & Losers:
Shriram Finance (up 10.70%), Interglobe Aviation (Indigo) (up 9.08%), Adani Enterprises (up 8.19%) and Tata Motors Passenger Vehicles (up 8.18%) were the major Nifty50 gainers.
Coal India (down 3.21%), Tech Mahindra (down 1.52%), Wirpo (down 0.55%), Nestle India (down 0.48%) and Dr Reddy’s Laboratories (down 0.41%) were the major Nifty50 losers.
Stocks in Spotlgiht:
Titan Company surged 6.20% after the company reported a robust 46% year-on-year growth across its consumer businesses in Q4 FY26. The jewellery business emerged as the standout performer, delivering around 46% YoY growth. The watches division reported about 7% YoY growthsupported by a 16% rise in analog watches, even as the smartwatches segment declined sharply by 53%. The eyewear business grew about 16% YoY.
Vidya Wires jumped 4.02% after the company’s sales jumped 57.5% to Rs 597.92 crore in Q4 FY26 compared with Rs 379.62 crore in Q4 FY25.
P N Gadgil Jewellers rose 2.66% after the company’s total revenue surged 124% to Rs 3,552 crore in Q4 FY26 compared with Rs 1,587 crore in Q4 FY25. The retail segment recorded 102% YoY growth in Q4 FY26. Franchise operations grew by 132% YoY, while E-commerce recorded a 67% YoY increase.
Dredging Corporation of India (DCIL) jumped 6.94% after the company signed a memorandum of understanding (MoU) with Colombo Dockyard PLC, marking a major milestone in strengthening maritime cooperation between India and Sri Lanka.
Biocon added 3.44% after the company’s subsidiary Biocon Pharma announced the receipt of U.S. Food and Drug Administration (US FDA) approval for Dapagliflozin Tablets.
Hyundai Motor India jumped 2.96% after the auto maker said that the company has planned to increase the prices of its cars up to 1% across the portfolio, effective May 2026.
Life Insurance Corporation of India (LIC) surged 6.70% after the company's board scheduled to meet on Monday, 13 April 2026 to consider a proposal of bonus issue.
Prestige Estates Projects zoomed 8.86% after the company’s pre-sales jumped 10% year–on-year (YoY) to Rs 7,697 crore in Q4 March 2026. On annual basis, the company’s pre-sales surged 76% YoY to Rs 30,024 crore in FY26.
Ashiana Housing jumped 2.63% after the company said that the value of the area sold in Q4 FY26 stood at Rs 1,289.70 crore, registering a growth of 124.4% compared with Rs 574.73 crore in Q4 FY25.
Global Markets:
Europe and Asia market surged after Donald Trump said he had agreed to suspend planned attacks on Iran infrastructure for two weeks.
The move was 'subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,' POTUS wrote on a social media platform.
Iranian Foreign Minister Abbas Araghchi in a post on a social media platform, on behalf of the country’s Supreme National Security Council, said Tehran’s armed forces will 'cease their defensive operations.”
Trump noted the 2-week ceasefire was subject to Iran agreeing to a complete, immediate and safe opening of the Strait of Hormuz. Araghchi said that safe passage via Hormuz Strait will be possible via coordination with Iran’s armed forces for the next two weeks.
Overnight on Wall Street, U.S. stocks ended mixed on Tuesday amid signs of progress in negotiations as the minutes ticked down to President Donald Trump's deadline for Iran to open the Strait of Hormuz.
The Dow Jones Industrial Average (DJI), fell 85.42 points, or 0.18%, to 46,584.46, the S&P 500 (SPX), gained 5.02 points, or 0.08%, to 6,616.85 and the Nasdaq Composite (IXIC), gained 21.51 points, or 0.10%, to 22,017.85.
In the last hour of trading, all three major U.S. stock indexes recovered from steep losses earlier in the session after Pakistan's Prime Minister Shehbaz Sharif said on a social media platform that diplomatic efforts for peaceful settlement of the ongoing war in the Middle East were progressing steadily while he urged Trump to extend his Iran deadline for two weeks and requested that Iran open the Strait for the same timeframe as a goodwill gesture.
Long term rating - Crisil AA-/Positive (Removed from ‘Rating Watch developing Implications'; Rating Reaffirmed)
Short Term Rating - Crisil A1+ (Removed from ‘Rating Watch with Developing Implications'; Rating reaffirmed)
The conflict involving Israel, the United States and Iran has led to multiple airspace shutdowns across the Middle East, significantly affecting international flight routes, particularly those connecting India to Europe via major Gulf hubs.
At the same time, a spike in global crude oil prices has added to investor worries, as higher fuel costs directly impact airline profitability.
The Indian Association of Tour Operators reported a noticeable increase in booking cancellations and rescheduling requests on Sunday, citing disruptions caused by airspace restrictions.
The ongoing crisis has heightened uncertainty for the aviation sector, with investors factoring in the dual impact of disrupted routes and elevated fuel expenses.
Securities in F&O Ban:
Bandhan Bank and Sammaan Capital shares are banned from F&O trading on 23 January 2026.
Result Today:
Adani Green Energy, Atul, Bharat Petroleum Corporation, Cipla, DCB Bank, Gandhar Oil Refinery (India), Godrej Consumer Products, Granules India, India Cements, IndusInd Bank, Innova Captab, JSW Energy, JSW Steel, Kirloskar Pneumatic Company, Laurus Labs, Multi Commodity Exchange of India, Nuvama Wealth Management, Paras Defence and Space Technologies, Prime Focus, Piramal Finance, SG Mart, Shriram Finance, Sona BLW Precision Forgings, Sterlite Technologies, Stylam Industries, Urban Company, Welspun Specialty Solutions will announce their quarterly earnings today.
Stocks to Watch:
InterGlobe Aviation reported a 77.5% drop in consolidated net profit to Rs 550 crore on 6.2% rise in revenue from operations to Rs 23,472 crore in Q3 FY26 over Q3 FY25.
Bandhan Bank reported 51.79% decline in standalone net profit to Rs 205.99 crore on 7.11% fall in total income to Rs 6,122.24 crore in Q3 FY26 over Q3 FY25.
Le Travenues Technology (Ixigo) reported 56.8% surge in consolidated net profit to Rs 24.3 crore on 31.3% increase in revenue from operations to Rs 318 crore in Q3 FY26 over Q3 FY25.
Adani Total Gas reported a 11.4% surge in consolidated net profit to Rs 159 crore on 17% jump in revenue to Rs 1,639 crore in Q3 FY26 over Q3 FY25.
DLF reported a 13.7% increase in consolidated net profit to Rs 1,203 crore on 32.2% rise in revenue to Rs 2,020 crore in Q3 FY26 over Q3 FY25.
Go Digit General Insurance has reported 18.2% jump in consolidated net profit to Rs 140 crore in Q3 FY26 from Rs 119 crore in Q3 FY25. Total Income increased by 5.3% year-on-year (YoY) to Rs 2,498 crore in Q3 FY26.
Net profit excluding impact of exceptional items and forex amounted to Rs 3,130.6 crore in Q3 FY26, up 18.6% compared to net profit excluding impact of exceptional items and forex of Rs 3,846.1 crore in Q3 FY25.
For the quarter, the company’s passenger ticket revenues were Rs 20,464 crore, an increase of 6.2% and ancillary revenues were Rs 2,446.2 crore, an increase of 13.6% compared to the same period last year.
During the quarter, EBITDAR stood at Rs 6,008.4 crore (25.6% EBITDAR margin), compared to EBITDAR of Rs 6,058.7 crore (27.4% EBITDAR margin) in Q3 FY25. Excluding the impact of forex, EBITDAR stood at Rs 7,043.4 crore (30.0% EBITDAR margin) in Q3 FY26.
Average Seat Kilometers (ASK) increased 45.4 billion during the quarter compared with 40.8 billion in Q3 FY25. The company said that fourth quarter of fiscal year 2026 capacity in terms of ASKs is expected to grow around 10% as compared to the fourth quarter of fiscal year 2025.
Cost of available seat kilometer (CASK) declined 1.9% to Rs 4.73 in Q3 FY26 compared with Rs 4.83 in Q3 FY25.
As of 31st December 2025, the company had a total cash balance of Rs 51,606.9 crore comprising Rs 36,944.5 crore of free cash and Rs 14,662.4 crore of restricted cash.
Pieter Elbers, CEO, said,” This quarter, the company faced major operational disruptions that resulted in significant flight cancellations and delays from 3rd to 5th December. We deeply regret the inconvenience faced by our customers and express our heartfelt gratitude for their patience and trust. I also want to thank all IndiGo colleagues who worked tirelessly to stabilize operations—your dedication and ‘service from the heart’ enabled us to return swiftly to normal operations. We are grateful to the Government, Aviation Authorities and all other partners in the Indian aviation ecosystem for their support in helping restore normalcy.
Despite these operational disruptions, IndiGo delivered a topline of around Rs 24,500 crore in the December quarter, reflecting a growth of around 7% with a reported profit of around 500 crore and an underlying profit excluding exceptional items and forex of Rs 3,100 crore. We welcomed nearly 32 million customers in this quarter and around 124 million customers in the calendar year 2025. Our long-term fundamentals remain strong, backed by our expanding fleet, growing domestic and international network. “
InterGlobe Aviation (IndiGo) is amongst the fastest growing low-cost carriers in the world. It had a fleet of 440 aircraft and provided scheduled services to 96 domestic and 44 international destinations as of 31 st December 2025.