New Delhi, April 10 -- Indian benchmark indices surged about 6% this week-their strongest performance in over five years-driven by sharply improving global cues after a ceasefire between the US and Iran eased geopolitical tensions, stabilised crude oil prices, and triggered a risk-on rally across global equities.

The Sensex recorded its sharpest weekly gain since the week ended 7 February 2021, when the markets had surged over 9% in a rally as covid-19 fears subsided. On Friday, the Nifty 50 rose 1.16% to close at 24,050.60, while the Sensex gained 1.2% to end at 77,550.25.

At the same time, volatility cooled significantly. The India VIX, which measures expected market volatility, dropped from 25.5 to 18.85 during the week-falling below...