Sensex, Nifty performance: Markets climb on peace hopes and RBI pivot
April 21, 2026
US-Iran talks, a softening in crude prices, and the RBI lifting currency curbs combine to lift Dalal Street on Tuesday
Three things moved Indian markets higher on Tuesday morning: a glimmer of hope from the Middle East, crude oil staying below $100 a barrel, and the Reserve Bank of India quietly reversing a month-old emergency measure that had rattled currency traders.
The BSE Sensex rose by more than 700 points to a 79,260 high in morning trade, while the NSE Nifty climbed at least 190 points to a 24,565 high. By mid-morning, the gains had held, with the Nifty up 0.77 per cent to 24,550 and the Sensex adding 0.89 per cent to 79,220. All 16 major sectors were in the green.
The biggest trigger was the RBI's move on Monday evening to partially roll back restrictions on rupee derivatives that it had first imposed on April 1. The apex bank had originally banned authorised dealer banks from offering non-deliverable forwards (NDFs)—offshore rupee derivatives settled in foreign currency—as the rupee slid past ₹95 to the dollar in late March.
Under the revised directives issued on April 20, banks can resume offering NDF contracts to resident and non-resident users, though restrictions on related-party transactions remain in place. The move boosted financial stocks, as bank indices gained around 1 per cent each, with private and public sector lenders both participating.
Brent crude, meanwhile, slipped 0.51 per cent to $94.99 a barrel on reports that Iran is considering attending a second round of peace talks with the United States, with Pakistan emerging as a possible venue. The ceasefire is scheduled to expire on Wednesday, adding urgency to the diplomatic efforts.
On the earnings front, PNB Housing Finance was the standout, jumping 10 per cent after reporting a 19 per cent year-on-year rise in Q4 FY26 net profit to ₹656 crore, driven by record retail loan growth and improving asset quality, with gross NPAs easing to 0.93 per cent.
The broader small-cap and mid-cap indices also gained, rising 1.1 per cent and 0.8 per cent, respectively, reflecting a healthy risk appetite beyond the large-cap segment.
Foreign Institutional Investors had sold equities worth ₹1,059.93 crore on Monday, according to exchange data, though the market absorbed the selling without breaking its recovery momentum.
The BSE Sensex rose by more than 700 points to a 79,260 high in morning trade, while the NSE Nifty climbed at least 190 points to a 24,565 high. By mid-morning, the gains had held, with the Nifty up 0.77 per cent to 24,550 and the Sensex adding 0.89 per cent to 79,220. All 16 major sectors were in the green.
The biggest trigger was the RBI's move on Monday evening to partially roll back restrictions on rupee derivatives that it had first imposed on April 1. The apex bank had originally banned authorised dealer banks from offering non-deliverable forwards (NDFs)—offshore rupee derivatives settled in foreign currency—as the rupee slid past ₹95 to the dollar in late March.
Under the revised directives issued on April 20, banks can resume offering NDF contracts to resident and non-resident users, though restrictions on related-party transactions remain in place. The move boosted financial stocks, as bank indices gained around 1 per cent each, with private and public sector lenders both participating.
Brent crude, meanwhile, slipped 0.51 per cent to $94.99 a barrel on reports that Iran is considering attending a second round of peace talks with the United States, with Pakistan emerging as a possible venue. The ceasefire is scheduled to expire on Wednesday, adding urgency to the diplomatic efforts.
On the earnings front, PNB Housing Finance was the standout, jumping 10 per cent after reporting a 19 per cent year-on-year rise in Q4 FY26 net profit to ₹656 crore, driven by record retail loan growth and improving asset quality, with gross NPAs easing to 0.93 per cent.
The broader small-cap and mid-cap indices also gained, rising 1.1 per cent and 0.8 per cent, respectively, reflecting a healthy risk appetite beyond the large-cap segment.
Foreign Institutional Investors had sold equities worth ₹1,059.93 crore on Monday, according to exchange data, though the market absorbed the selling without breaking its recovery momentum.