Indian benchmark indices experienced a remarkable surge of about 6% this week, the highest in over five years, primarily driven by improving global cues following a ceasefire between the US and Iran. This geopolitical easing stabilized crude oil prices and initiated a risk-on rally in global equities. The Sensex recorded its sharpest weekly gain since February 2021, closing at 77,550.25, while the Nifty 50 ended at 24,050.60 after a 1.16% increase on Friday. Volatility also decreased significantly, with the India VIX dropping from 25.5 to 18.85. Market analysts noted that the easing of global uncertainties is reflected in the Nifty VIX falling below the crucial 20 mark. Rate-sensitive sectors, particularly real estate and automobiles, led the rally, with the BSE Realty index rising over 12%. However, IT stocks lagged, gaining only 2% due to ongoing concerns about weak global demand. Despite this strong performance, Indian markets underperformed compared to several Asian peers, such as South Korea and Japan, which saw gains of 10% and 7.1%, respectively. As investor sentiment improves, attention is now shifting to the ongoing earnings season, with expectations for upcoming results from major companies to provide further insights into market trends.