Gift Nifty surges over 700 points as Trump delays Iran strikes

Gift Nifty surges 750 points, or 3.34%, to 23,215 points as of 02:31 IST on March 24, indicating a sharp rebound after Monday’s steep sell-off, as easing geopolitical tensions lift sentiment. The uptick follows US President Donald Trump’s announcement of a five-day pause on planned strikes on Iranian infrastructure and signals of potential talks, raising hopes of de-escalation in the West Asia conflict.

At 5:30 pm, the futures were up 689.5 points, or 3.07%, at 23,150, indicating a positive start for Indian equities when trade resumes on Tuesday.

Earlier, the 30-share benchmark BSE Sensex plunged 1,837 points to end at 72,696, while the broader 50-share NSE Nifty50 dropped 602 points to close at 22,513. The sell-off wiped out nearly ₹15 lakh crore in investor wealth in a single session, taking total erosion since the onset of the conflict to about ₹50 lakh crore.
Also read: Trump says US to postpone strikes on Iranian power plants and energy infra for five days

In his statement, Trump said discussions were aimed at a “complete and total resolution” of hostilities. He added that, given current progress, he has directed a temporary halt to any strikes on Iranian energy assets for five days. However, the pause remains contingent on further diplomatic traction.

Crucially, Trump has also urged Iran to reopen the Strait of Hormuz within 48 hours, underlining its centrality to global oil and trade flows.

Stock futures also saw a sharp rebound post comments from Donald Trump. Dow Jones futures surged 1,130 points (2.5%), while S&P 500 futures rose 2.3% and Nasdaq-100 futures advanced 2.2%.

Besides this, UK Prime Minister Keir Starmer held a 20-minute call with Trump, with both leaders aligning on the urgency of restoring shipping access through the Strait.