Market Rally: Sensex Surges Nearly 3,000 Points, Nifty Nears 24,000

Mumbai, Apr 08, 2026: The benchmark equity indices witnessed a sharp rally on April 8, tracking firm global cues and a steep decline in crude oil prices following the announcement of a two-week ceasefire between the U.S. and Iran. On the domestic front, sentiment was further supported as the RBI Monetary Policy Committee (MPC) unanimously maintained the policy rate at status quo, retaining a neutral stance.

At close, the Sensex surged 2,946.32 points, or 3.95%, to settle at 77,562.90, while the Nifty rallied 873.70 points, or 3.78%, to close at 23,997.35. Broader markets outperformed, with both Nifty Midcap and Small cap indices advancing more than 4% each.

Sectorally, gains were broad-based, with all indices ending in the green. Auto and Realty led the rally with gains of over 6%, while Consumer Durables, Oil & Gas, Telecom, Infra, PSU Banks, and Private Banks advanced in the range of 3–5%. Focus now shifts to the earnings season commencing tomorrow, along with the upcoming CPI data release.

Nifty Outlook                  

The index witnessed a strong rally supported by firm global cues and closed around the 24,000 levels. It has formed a fourth consecutive bullish candle with a higher high and a higher low and a bullish gap below its base between 23,153-23,828 signaling continuation of the pullback for the fourth session in a row. The index in the process closed above the 20 days EMA and also closed above its immediate previous high of 23465 highlighting strength and pause in the recent downtrend.

Going ahead sustaining above the 20 days EMA and the Wednesday bullish gap area will keep bias positive and extend the current up move towards 24,300 and 24,700 levels in the coming sessions. Short-term support is revised higher towards 22,700–22,500 zone being the current week low and 61.8% retracement of the last four sessions pullback.

Bank Nifty Outlook

Bank Nifty formed a strong bullish candlestick pattern with a higher high and a higher low and a bullish gap below its base between 52,778-54797 signaling continuation of the pullback for the fourth session in a row. Index started the session on a positive note and gained momentum as the session progressed. Index in the process closed above the 20-day EMA, highlighting strength and pause in the recent downtrend.

Going ahead, sustaining above the 20-day EMA and the Wednesday bullish gap area will keep the bias positive and extend the current up move towards 56,300 and 57,000 levels in the coming sessions. Short-term support is revised higher towards 51,000–51,500 zone, being the current week's low and 80% retracement of the last four sessions' pullback.

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Attributed to Bajaj Broking Research