Mumbai, March 10 (NationPress) The Indian stock market experienced significant recovery in early trading on Tuesday, following remarks from US President Donald Trump suggesting that the ongoing conflict with Iran might soon conclude. As of 9:29 am, the Sensex had surged by 413 points, or 0.53 percent, reaching 77,979, while the Nifty climbed by 112 points, or 0.47 percent, to touch 24,140.

Major broad-cap indices mirrored this positive trend, with the Nifty Midcap 100 increasing by 1.05 percent and the Nifty Smallcap 100 rising 1.32 percent.

All sectoral indices were in the green, with the exception of Nifty IT and the oil and gas sector, which recorded declines of 0.54 percent and 0.47 percent, respectively. The Nifty auto, pharma, and consumer durables sectors emerged as the top gainers, increasing by 1.47 percent, 1.28 percent, and 1.95 percent, respectively.

Short-term resistance levels for the Nifty are identified between 24,200 and 24,250, while robust support is anticipated in the 23,900–23,950 range. For Bank Nifty, resistance is seen between 56,300 and 56,400, with support located in the 55,700–55,800 area, according to market analysts.

Trump's comments regarding the potential end of the US–Israel conflict with Iran led to a drop in crude oil prices and the US dollar, thereby rekindling risk appetite across global financial markets.

Oil prices plummeted by over 10 percent before a partial recovery occurred, following Trump's statement about possibly seizing control of the Strait of Hormuz and declaring the war as "complete" and expected to conclude "very soon," as reported by various sources.

In the Asian markets, China's Shanghai index rose by 0.39 percent, and Shenzhen increased by 1.57 percent. Japan's Nikkei saw a rise of 2.35 percent, while Hong Kong's Hang Seng Index soared by 1.76 percent. South Korea's Kospi gained 4.8 percent.

The US markets concluded in positive territory overnight, with the Nasdaq climbing by 1.38 percent. The S&P 500 rose by 0.83 percent, and the Dow Jones advanced by 0.5 percent.

In the near future, markets are expected to remain volatile, with investors closely monitoring geopolitical developments, trends in crude oil, and overall global risk sentiment for clearer directional cues, analysts indicated.

On March 9, foreign institutional investors (FIIs) in India recorded net sales of equities totaling Rs 6,345 crore, while domestic institutional investors (DIIs) were net purchasers, acquiring equities worth Rs 9,013 crore.