US-Iran Ceasefire Uncertainty Contributes to Flat Market Closing

Indian Equity Markets End Flat Amid Volatility, Uncertainty Over Iran-US Ceasefire

Indian equity markets extended their gains for the second straight session but ended flat amid volatility, as uncertainty over the Iran-US ceasefire weighed on sentiment. Despite a mildly positive start, the market remained volatile in early trade and saw buying interest in the late morning session. However, profit booking in the afternoon erased all intraday gains, leading the indices to close on a flat note.

At close, the Sensex was up 26.76 points or 0.03 percent at 78,520.30, and the Nifty was up 11.30 points or 0.05 percent at 24,364.85. Major gainers on the Nifty included Trent, SBI, JSW Steel, Asian Paints, and Grasim Industries, while losers were Jio Financial, Hindalco, HDFC Life, Tata Motors Passenger Vehicles, and Kotak Mahindra Bank.

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Nearly 200 stocks touched their 52-week high on the BSE, including Graphite India, Apar Industries, Schneider Infra, HEG, BHEL, Torrent Power, CG Power, ABB India, Hitachi Energy, Granules India, NLC India, Adani Power, Thermax, J&K Bank, Power Finance, Kirloskar Oil, Jindal Steel, Lloyds Metals, Tata Power, Siemens, among others.

In stock-specific action, shares of Indian Energy Exchange declined 7% after the Central Electricity Regulatory Commission issued a draft notification on market coupling norms. EMS Limited surged 7% after securing two construction projects, while Hathway Cable & Datacom slipped 4% following a 67% drop in Q4 profit.

Shares of Sterling and Wilson Renewable Energy jumped 9% on bagging new orders worth ₹3,550 crore. Bharat Heavy Electricals gained 2% after withdrawing acceptance of a Letter of Intent from MB Power, while Dredging Corporation of India rose nearly 3% on signing an MoU with Indian Oil Corporation and Trent shares rose 3% as the board to consider a bonus share proposal on April 22.

Meanwhile, Mastek shares fell more than 3% despite reporting a 31% rise in Q4 profit, and Hindustan Organic Chemicals shares surged 10% on restarting a plant after BPCL resumed LPG supply.

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Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that the benchmark index Nifty exhibited a gradual formation of higher highs during intraday trading, indicating attempts to extend the ongoing upward momentum. However, despite multiple efforts, the index failed to cross the crucial 24,500 mark, resulting in a mild profit booking phase and a minor intraday correction.

Vinod Nair, Head of Research, Geojit Investments, stated that renewed disputes over the reopening of the Strait of Hormuz injected volatility into global markets. Investors interpreted the recent disruptions in the Middle East as potential negotiation tactics rather than the onset of a full-scale conflict. With the ceasefire set to expire this week, market participants remain cautious, awaiting further developments.

Oil prices surged but stayed below the $100 mark, while the rupee weakened, raising concerns about inflationary pressures. Despite these headwinds, investors are giving some weight to the progressing Q4 earnings season, leading to selective accumulation in growth-oriented sectors such as power, capital goods, and consumer durables, which continue to attract attention for their long-term potential.