Sensex Ju͏mps ͏245 Points,͏ ͏N͏ifty͏ Above 24,550 Des͏pit͏e͏ ͏M͏iddle East Tens͏i͏ons and Crude O͏i͏l Con͏cerns

M͏umba͏i, March 5, 2͏026: Indian stock ͏mar͏kets opened͏ sharply hi͏gh͏er on Thursday, snap͏ping three consecutive s͏es͏sio͏ns of͏ los͏ses, as positive glo͏b͏al cu͏es and value buying outwei͏ghed persistent c͏oncerns o͏ver escalating geopolitical te͏nsions͏ in th͏e Middle East and ri͏sing crude oil p͏rices. The S&P BSE Sensex ͏sur͏ged 245.39 points to͏ trad͏e at 79,361.͏58, while the NSE Nifty50 cli͏mbed ͏85.50 p͏oint͏s to ͏24,56͏6.00 i͏n early tra͏de.

The recov͏ery co͏mes after the benchmark N͏ift͏y had plunged o͏ver 2,0͏00͏ point͏s from its ͏record high of 2͏6,374, slippi͏n͏g ͏to a six-month ͏low e͏arlier thi͏s week as i͏nvestors ͏fretted ove͏r the intensify͏in͏g ͏conflict͏ involv͏ing ͏Iran, Israe͏l and the United States.

Gift Nifty Futures at 24,677 Signal Opening Bounce Amid Value Buying After 2,000-Point Fall

Market participants pointed to aggressive bottom-fishing after the recent steep correction as a primary driver for Thursday’s rebound. Gift Nifty futures were trading at 24,677.00 at 8:30 am, clearly indicating that the benchmark would open substantially above Wednesday’s closing level of 24,480.5.

Analysts stated that after the fall in the market, some kind of buying interest and a mild recovery was being witnessed. They noted that markets like Korea and the US also witnessed buying interest that morning, and bottom fishing was being seen at that point, which was the reason Indian markets were also seeing some buying interest, though the war uncertainty still persisted.

They added that volatility was likely to continue in the near term, with the Nifty needing to cross the 25,000 level for stability.

Asian Markets Rally 2.9%, Wall Street Gains Lift Sentiment After Three Days of Losses

The sharp uptick in domestic equities tracked a strong rebound across Asian markets, with MSCI’s broadest index for Asia-Pacific stocks outside Japan surging 2.9 per cent in early trade. The index had plummeted 8.6 per cent over the past three trading sessions as risk aversion gripped global investors following the Middle East flare-up.

South Korea’s KOSPI led the regional recovery with a massive 10.4 per cent jump, recovering losses from the previous session, while Japan’s Nikkei climbed 2.9 per cent. Chinese benchmarks also moved higher, with the blue-chip CSI300 Index rising nearly 1 per cent and the Shanghai Composite gaining 0.4 per cent.

Wall Street’s positive close overnight provided further impetus, as US equities rallied on expectations that diplomatic channels might eventually open between the warring nations. The yield on the benchmark US 10-year Treasury note rose 2.7 basis points to 4.109 per cent, signalling a tentative return of risk appetite after days of heightened volatility.

Iran Open to Talks via CIA Backchannel, Trump Announces Naval Escort for Oil Tankers

Reports suggesting possible de-escalation in the Middle East helped calm investor nerves, though officials remain cautious. According to a New York Times report, Iranian intelligence operatives indirectly reached out to the CIA a day after the recent attacks, signalling potential openness to diplomatic engagement. However, US officials reportedly remain doubtful that the conflict will end soon.

Adding to the positive cues, US President Donald Trump announced measures to stabilise oil markets, including a US naval escort for oil tankers travelling through the Strait of Hormuz and political risk insurance. These announcements helped ease immediate concerns about disruptions to global oil supply, though crude prices continued to trade higher amid persistent geopolitical uncertainty.

The US Senate also backed Trump’s military campaign against Iran, indicating that the conflict may not see a quick resolution and could continue to disrupt global financial markets, transport routes and energy supply chains.

Reliance Industries Jumps 2.06% to ₹1,373, Sun Pharma Gains 1.75% in Early Trade

Several large-cap stocks led the recovery on the Sensex, with defensive and heavy-weight names attracting buying interest. Oil-to-telecom conglomerate Reliance Industries Ltd, which has significant exposure to global energy markets, rose 2.06 per cent to trade at ₹1,373.30, making it one of the top contributors to the index gains.

Pharma major Sun Pharmaceutical Industries Ltd advanced 1.75 per cent to ₹1,780.00, while defence PSU Bharat Electronics Ltd gained 1.60 per cent to ₹453.85. Infrastructure giant Adani Ports and Special Economic Zone Ltd climbed 1.55 per cent to ₹1,456.50, and engineering major Larsen & Toubro Ltd rose 1.36 per cent to ₹3,935.05. State-owned power generator NTPC Ltd added 1.23 per cent to trade at ₹370.35.

Other gainers included Tata Steel Ltd at ₹198.55, up 0.97 per cent, and Bajaj Finance Ltd at ₹953.00, gaining 0.85 per cent.

IT Stocks Drag: HCL Tech Slips 1.30%, TCS Down 0.98% as Sector Faces Selling Pressure

Despite the broader market recovery, information technology stocks remained under pressure, extending recent underperformance. HCLTech Ltd emerged as the biggest loser in early trade, falling 1.30 per cent to ₹1,346.20, while Tata Consultancy Services Ltd declined 0.98 per cent to ₹2,562.05.

Tech Mahindra Ltd slipped 0.89 per cent to ₹1,338.55, and Infosys Ltd was down 0.67 per cent at ₹1,298.70. The selling pressure in IT stocks comes amid concerns over potential US economic policies and their impact on outsourcing demand.

Other prominent losers included Hindustan Unilever Ltd, which dropped 1.00 per cent to ₹2,240.00, and Asian Paints Ltd, declining 0.99 per cent to ₹2,263.05. Banking stocks also witnessed mixed trends, with ICICI Bank Ltd falling 0.44 per cent to ₹1,358.50 and HDFC Bank Ltd slipping 0.26 per cent to ₹866.10, while State Bank of India managed marginal gains of 0.06 per cent to ₹1,175.15.

Nifty Midcap Outperforms with 1% Gain, Defence and Sugar Stocks Lead Sectoral Recovery

Broader markets showed stronger resilience compared to frontline indices, with the Nifty Midcap 100 Index surging over 1 per cent in early trade. This outperformance suggests that domestic investors are selectively accumulating mid-sized companies after the recent broad-based correction.

Defence stocks emerged as clear outperformers, continuing to attract investor interest amid heightened geopolitical tensions and expectations of increased government spending on security. Sugar stocks also witnessed robust buying, though no specific company-level triggers were immediately evident.

The Nifty had fallen 2.8 per cent over the previous two sessions, closing at a six-month low as investors reacted to the sharp rise in crude oil prices to around $83.4 per barrel. Higher oil prices typically weigh on India’s macroeconomic outlook given the country’s dependence on imports to meet nearly 85 per cent of its crude requirements.