Stock market recap, May 7 -- The Indian equity market staged a dramatic recovery in the afternoon, with Nifty 50 surging 1.24% to close at 24,330.95. This nearly 300-point rally was largely fueled by reports of a potential US-brokered deal to de-escalate tensions in West Asia, which significantly boosted investor sentiment.

The recovery was broad-based, as reflected by a decisive advance-decline ratio of 2,457 gainers to 843 losers. Sectoral performance saw Nifty PSU Bank (up 2.84%) and Nifty Realty (up 2.63%) lead the charge, while Nifty Financial Services and Private Bank indices gained more than 2.4% each.

In contrast, Nifty FMCG was the sole laggard, ending the day marginally lower. The market's ability to bounce back from an intrad...