Trump, Iran ceasefire: Gift Nifty up 3%; Sensex, Nifty eye gap-up start as oil tanks 10%

Stock market today: Sensex and Nifty are set for a gap-up start to Wednesday’s trade, as indicated by a 3 per cent surge in Gift Nifty, after Iran agreed to a temporary ceasefire and said safe passage through the Strait of Hormuz would be allowed for two weeks, sending Brent oil futures tumbling nearly 10 per cent. Gift Nifty was last quoted quoted 705 points, or 3.05 per cent higher, at 23,843. Japan’s Nikkei and South Korea’s Kospi surged 5-6 per cent each, while Hong Kong’s Hang Seng gained 2.7 per cent following the development.

Trump reaction, oil prices fall 

The US President Donald Trump himself posted the official statement by Iranian Minister of Foreign Affairs Seyed Abbas Araghchi on a social media. Abbas said the ceasefire was based on the request by the US for negotiations based on its 15-point proposal as well as announcement by POTUS about acceptance of the general framework of Iran's 10-point proposal as a basis for negotiation.

Brent futures for June delivery plummeted 9.75 per cent to $94.84 a barrel.

What's next? Peace talks 

The first round of negotiations between the US and Iran on an agreement to end the war is planned for Friday in Islamabad.

"I warmly welcome the sagacious gesture and extend deepest gratitude to the leadership of both the countries and invite their delegations to Islamabad on Friday, 10th April 2026, to further negotiate for a conclusive agreement to settle all disputes," Shehbaz Sharif, Prime Minister of Pakistan said in a social media post.

What stock market analysts say

Ponmudi R, CEO of Enrich Money, said the temporary two-week ceasefire between the United States and Iran has helped restore risk appetite across global markets, reducing the immediate uncertainty that had weighed on equities.

"Iran has signalled conditional acceptance, while Israel has paused operations. Although the situation remains fragile, with reports of minor violations, the development has created a narrow window for diplomatic engagement and reduced near-term escalation risks," he said.

Ponmudi said the near-term narrative has shifted toward a more constructive tone, with the potential for broad-based buying interest, particularly in sectors that had come under pressure amid elevated oil prices and geopolitical concerns.

Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth said volatility is likely to ease in today’s session. India VIX, which closed near 24.7, may see further cooling as fear unwinds, leading to some moderation in option premiums and improved trading conditions, he noted.

"From a technical standpoint, continuation of this momentum may push Nifty towards the 23,500–23,600 resistance band, which remains a critical hurdle due to heavy OI concentration and previous swing highs. Beyond this, 24,000 stands as a key psychological resistance where supply pressure could re-emerge.  On the downside, 23,000 now becomes immediate support, followed by 22,800, while the 22,500–22,600 zone continues to act as a strong base backed by put OI build-up," he said.