The gloom over the Indian stock market vanished on Wednesday as the Sensex and Nifty 50 surged following the announcement of a ceasefire between Iran and the US. A sharp drop in global crude oil prices acted as a catalyst, bringing smiles back to investors’ faces on Dalal Street.

The Nifty 50 opened strong, gaining 3.26% or 749 points to reach 23,886.70. Simultaneously, the Sensex witnessed a massive jump of 2,532 points (3.39%), settling at 77,188.19. Midcap and Smallcap indices followed suit with gains of over 3%. Aviation sector emerged as the biggest winner due to falling fuel costs, with InterGlobe Aviation (IndiGo) shares surging 10%. Public sector oil giants like HPCL, IOC, and BPCL also saw gains between 6% and 8%.

Reliance Industries, Tata Motors, and Asian Paints recorded significant growth, with Tata Motors jumping over 11%. This positive sentiment wasn’t limited to India; Asian markets like Japan’s Nikkei and South Korea’s Kospi also rallied nearly 5%. Wall Street followed the trend with steady gains, marking an end to weeks of geopolitical uncertainty.