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Mumbai: India's headline equity indices extended gains to the second straight day, recouping in two sessions nearly a third of the losses made since the start of the West Asia conflict, and restoring about Rs 16.15 lakh crore in market capitalisation. Investors have regained some confidence across Asian markets on cooling crude oil prices and talk of communication between the US and Iran aimed at bringing an end to the war. The NSE Nifty rose 394 points, or 1.7%, to close at 23,306.45 on Wednesday. Analysts said the recovery could continue over the next few days and the Nifty may go up to 23,800 in the coming days. The BSE Sensex rose 1,205 points, or 1.6%, to end at 75,273.45. Over the last two sessions, the two indices have risen nearly 3.5% each. Both had fallen almost 10.6% each from the start of the conflict until Monday. Since February 28, when the war began, market cap in India is down ₹32.87 lakh crore. Elsewhere in Asia, Japan was up 2.9%, China advanced 1.3%, Hong Kong rose 1.1%, South Korea gained 1.6% and Taiwan rose 2.5%. The pan-Europe index Stoxx 600 was up 1.5% at press time. 129814110 Analysts Suggest Extended Recovery Wall Street's main indices were also on an upward trajectory as of press time. "The recent de-escalation in the West Asian conflict suggests that the worst may be behind us," said Pankaj Pandey, head of fundamental research at ICICI Direct. "While the situation remains fluid and a formal ceasefire is still awaited, markets are likely to extend their recovery in the near term, barring any fresh adverse developments." Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services, said markets are likely to extend their recovery in the near term as long as the Nifty holds above 23,000 levels. Taparia said that a move toward 23,850 appears possible as the index emerges from oversold zones and is showing signs of a bullish divergent pattern. "However, an elevated volatility index remains a concern, which is yet to ease despite the market's recovery," he said. India Volatility Index (VIX) - popularly known as the fear gauge - fell marginally by 0.4% to 24.64 levels. Normally, VIX cools off when indices rise, and a higher level may indicate traders remain cautious about the future. "However, as crude oil prices may take longer to stabilise, the recovery is unlikely to be V-shaped. That said, over the next three to six months, we expect losses stemming from the conflict to be largely recouped," said Pandey. He said the recovery is likely to be led by autos, metals and BFSI (banking, financial services, insurance), with large-cap stocks offering the most favourable risk-reward profile. "Investors may consider waiting for greater stability before increasing exposure to mid and small-cap stocks," Pandey said.

ET Intelligence Group: Shares of BlueStone Jewellery and Lifestyle have gained 15% over the past month, defying the weakness in the broader market that has dragged down the benchmark indices by nearly 9%. Analysts expect operating leverage and annual additions of 65-70 stores could drive margin growth through FY27-28. The company's pan-India store count increased to 323 as of December 2025 from 275 at the end of March 2025; over half of these stores now generate ₹10-14 crore in annual revenue each, reflecting improving store maturity. This is crucial as it improves operating leverage since the store-level costs stay largely fixed even as revenue scales. This was visible in the operating margin before depreciation and amortisation (Ebitda margin), which rose sharply to 22% in the December 2025 quarter from 8.5% in the year-ago quarter. The company's revenue increased by 34% year-on-year to ₹1,754 crore in nine months to December 2025 while net loss contracted to ₹18 crore from ₹170.6 crore. Ebitda margin expanded to 15.2% from 3.6% during the period.129814054 Around 58% of the jeweller's revenue comes from repeat customers, reflecting customer loyalty. BlueStone has also entered the lab-grown diamonds (LGDs) segment through its 74% subsidiary Ethereal. It believes the segment is still in the discovery stage but showing initial traction as customer tastes and product positioning evolve. According to brokers Emkay Global Financial Services, the impact of LGDs will be largely confined to the solitaire segment, which is 2-3% of the market where price gaps with natural diamonds are meaningful. In smaller-carat stones, the gap is narrow, and Indian consumers typically favour gold jewellery with small diamonds where overall diamond content is low, making the cost difference between natural and lab-grown stones minimal. Emkay mentioned in a report that Bluestone delivered revenue growth of about 40% annually between FY23 and nine months to December 2025. The growth moderated to 27% year-on-year in the December 2025 quarter amid high gold prices that pushed demand toward coins and chains-categories where the company has lesser exposure. The company expects its 30-35% revenue growth to sustain, driven by continued network expansion and strong double-digit same-store sales as its young store base matures.

At least 40% of Russia's oil ​export capacity is at a halt following Ukrainian drone attacks, a disputed attack ​on a major pipeline and the seizure of tankers, according to Reuters calculations based on market data.The shutdown is the most severe oil supply disruption in the modern history of Russia, the world's second largest oil exporter, and has hit ‌Moscow just as ⁠oil prices ⁠exceeded $100 a barrel due to the Iran war.Also Read | India buys 60 million barrels of Russian oil for AprilRussia's oil output is one of the main sources of revenue for the national ​budget and is central to the $2.6 trillion economy.UKRAINE HAS INCREASED ATTACKSUkraine intensified drone attacks on Russia's oil and fuel export ​infrastructure this month, hitting all three of Russia's major western oil export ports, including Novorossiysk on the Black Sea and Primorsk and Ust-Luga on the Baltic Sea.According to Reuters calculations, about 40% of ​Russia's crude oil export capabilities - or around 2 million barrels per day, ⁠were shut ‌as of Wednesday after the most recent attack.Also Read | US grants 30-day waiver to India for buying Russian oil stuck at sea amid Middle East warThat includes Primorsk and Ust-Luga ​as well as ​the Druzhba pipeline, which runs through Ukraine to Hungary and Slovakia.Kyiv has also ⁠targeted pipeline oil pumping stations and refineries. Kyiv says it aims ​to diminish Moscow's oil and gas revenue, which accounts for around a ​quarter of Russia's state budget proceeds, and weaken its military might.Russia says the Ukrainian strikes are terrorist attacks and has tightened security across its 11 time zones.PORTS, PIPELINES AND TANKERSUkraine said that part of the Druzhba pipeline was damaged by Russian strikes at the end of January, while both Slovakia and Hungary demanded Kyiv restart the supplies immediately.The Novorossiysk oil terminal, which can handle up to 700,000 ‌bpd, has been loading oil below plan since damage from a heavy Ukrainian drone attack early this month.In addition, frequent seizures of Russia-related tankers in Europe have disrupted ​300,000 bpd ​of Arctic oil exports flowing from ⁠the port of Murmansk, traders said.With its westward export routes under fire, Moscow must rely on oil exports to Asian markets, but those routes are limited due to capacity, traders said.Russia continues uninterrupted ​supplies via pipelines to China, including the Skovorodino-Mohe and Atasu-Alashankou routes, as well as ESPO Blend exports by sea via the port of Kozmino.Together, the three routes account for some 1.9 million bpd of oil.Russia also continues to load oil from its two far eastern Sakhalin projects, shipping about 250,000 bpd from the island.Traders also say that Russia is supplying the refineries in neighboring Belarus with around 300,000 bpd of oil. (Reporting by Reuters; editing by Guy Faulconbridge and Barbara Lewis)