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Stock market today: The Indian stock market witnessed strong gains on Friday, April 10, with the benchmark indices rising more than 1% each.

The Sensex jumped 919 points, or 1.20%, to end at 77,550.25, while the Nifty 50 rose by 276 points, or 1.16%, to settle at 24,050.60. The Nifty Midcap 100 and Smallcap 100 indices rose 1.52% and 1.65%, respectively.

The overall market capitalisation of BSE-listed firms rose to ₹451 lakh crore from nearly ₹445 lakh crore in the previous session, making investors richer by about ₹6 lakh crore in a day.

Let's take a look at key factors behind the market rally today:

The domestic market is witnessing healthy buying, driven by optimism that the US-Iran talks this weekend will lead to the end of the West Asian war, which has driven up crude oil prices and heightened global macroeconomic risks.

According to reports, US Vice President JD Vance has set off to Pakistan to lead talks with Iranian officials.

A ceasefire between the US and Iran was announced on Tuesday. However, tensions in the region persist as Iranian forces reportedly carried out drone attacks in Kuwait and Israel attacked Hezbollah in Lebanon.

"The market will wait to see the outcome of the peace talks between the US and Iran scheduled for Saturday. The outcome of the peace talks will determine the trend in crude prices, which, in turn, will dictate market trends," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, noted.

Japanese and South Korean stock market benchmarks jumped up to 2% during the session following overnight gains in the S&P 500 and the Nasdaq after US President Donald Trump softened his tone on Iran and Israel agreed to hold talks with Lebanon next week, bolstering hopes for de-escalation of tensions in the region.

Healthy buying in banking and financial heavyweights underpinned the benchmarks. The Nifty Bank, Financial Services, PSU Bank, and Private Bank indices jumped 2% each on value buying ahead of the start of their Q4 earnings.

Rupak De, Senior Technical Analyst at LKP Securities, highlighted that on the hourly chart, the Nifty 50 has been steadily moving higher from the 200 SMA, confirming an improving environment for a bullish trend.

Moreover, on the daily timeframe, the RSI is in a bullish crossover and continues to rise, indicating strengthening momentum, De noted.

"In the short term, the trend may remain positive. On the other hand, if no concrete truce deal is reached by the weekend, the market might react negatively. Immediate support is placed at 23,800, below which the index may decline towards lower levels. On the upside, the 24,300–24,350 zone is likely to act as a resistance area," said De.

Sudeep Shah, the head of technical and derivatives research at SBI Securities, said the immediate resistance for Nifty is in the 24200-24250 zone.

Shah added that any sustainable move above this could result in Nifty extending its pullback towards 24400, followed by 24,600 in the short term. On the downside, the zone of 23,850–23,800 is likely to act as an immediate support, said Shah.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.Nishant is a market reporter at Mint, where he holds the official designation of Principal Correspondent – Markets. He has been closely tracking the Indian stock market as well as major global stock markets along with the broader macroeconomic trends for a decade.

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