Sensex Jumps Over 800 Points as Brent Crude Slides 25% from Peak; Nifty Reclaims 24,150

Indian equity markets staged a strong recovery on Tuesday as easing geopolitical fears and a sharp collapse in crude oil prices triggered a broad-based rally across Dalal Street.

The benchmark BSE Sensex surged 816.24 points or 1.05% to trade at 78,382.40 around 10:14 AM IST, reversing much of the losses seen in the previous session. The Nifty 50 climbed 170.10 points or 0.71% to 24,198.15, reclaiming the crucial 24,150 level.

Banking stocks led the rebound with the Nifty Bank index jumping 697.35 points or 1.23% to 57,480.60.

At the same time, the market’s fear gauge, the India VIX, plunged 3.56 points or 15.24% to 19.80, showing cooling in volatility after Monday’s geopolitical shock.

Currency markets also reflected improving sentiment, with the USD/INR pair strengthening by 0.51 rupees to 91.83. It was supported by falling oil prices and easing risk-off sentiment.

Market breadth remained positive on the National Stock Exchange, with around 2,450 stocks advancing and roughly 820 declining, indicating broad participation in the rally.

Brent Crude Crashes $30 from Peak

The primary driver of the market rebound was the decline in oil prices. Global benchmark Brent Crude had surged to a multi-year high of $119.50 per barrel on March 9 amid fears of supply disruptions linked to escalating tensions around the Strait of Hormuz.

However, by Tuesday morning, the price had fallen to $89.32 per barrel, a $30.18 drop or roughly 25.2% from the peak in less than 24 hours.

For India, which imports over 85% of its crude oil requirements, the decline is significant. Economists estimate that every $10 fall in crude prices reduces India’s current account deficit by about $10–12 billion, while also easing pressure on inflation, the rupee, and fuel subsidies.

Trump’s Remarks Calm Markets

Investor sentiment improved after comments from Donald Trump, who suggested the military engagement in Iran was nearing completion. Speaking at a press conference in Florida, Trump described the week-long confrontation as a “short-term excursion” and claimed the campaign had been “very complete.”

“I think the war is very complete… They have no navy, no communications, no air force,” Trump said.

Markets interpreted the remarks as a signal that the risk of prolonged conflict and supply disruptions in the Strait of Hormuz could ease.

Oil-sensitive sectors were among the biggest beneficiaries of the crude price collapse. Shares of InterGlobe Aviation surged 3.1%, as jet fuel typically accounts for 35–40% of airline operating costs, meaning lower crude prices directly improve margins.

Similarly, Asian Paints climbed 2.8%, as crude oil accounts for a significant portion of raw material costs in the paint industry.

Banking heavyweights also rebounded after Monday’s sell-off:

• HDFC Bank gained 1.1%
• ICICI Bank advanced 1.4%

The rally marked a recovery after the banking index had fallen over 3.1% in the previous session amid global risk aversion.

Meanwhile, safe-haven assets cooled slightly. Gold futures on the Multi-Commodity Exchange of India were trading near ₹1,61,790 per 10 grams, easing from record highs reached during peak geopolitical tensions.

Also read: Asia Markets Rebound, Oil Dives as Trump Says Iran War Could End Soon