Mumbai, April 8 -- Indian equity markets witnessed a sharp rally on Wednesday, with both benchmark indices surging nearly four per cent, driven by positive sentiment following the ceasefire announcement in the West Asia conflict.

The Nifty 50 index jumped to 23,997.35, gaining 873.70 points or 3.78 per cent, while the BSE Sensex surged to 77,562.90, rising by 2,946.32 points or 3.95 per cent at the close.

Market experts attributed the rally to easing geopolitical concerns and improved investor sentiment.

Vinod Nair, Head of Research at Geojit Investments Limited, said the interim ceasefire is being viewed as a step towards broader regional stability.

"The reopening of the Strait of Hormuz has pushed oil prices below USD 100 and reduce...