Key Indian stock indices closed firmly in the green on Tuesday, April 7, up almost 9% on the day. The external backdrop was favorable as equity markets rebounded in Europe, the US and Asia amid tentative signs that the coronavirus infection rates are easing. All sectoral sub-indices on the Nifty 50 traded higher, with pharmaceutical and automotive names posting the biggest gains. By the close, the Nifty 50 soared 8.76% to 8,792.20, and the BSE Sensex spiked 8.97% to 30,067.21. By 10:40 GMT, the USD/INR pair dipped 0.47% to 75.606, while EUR/INR firmed 0.37% to 82.2745. The 10-year Indian government bond yield stood at 6.418%, up 1.78% on the day. As noted above, pharma stocks outperformed the broader market as the Indian government tightened export restrictions for 24 drugs. In the upshot, Sun Pharma, Cipla, Dr. Reddy’s Laboratories and Aurobindo Pharma shot up 10.53%, 9.53%, 14.4% and 17.15%, respectively. Meanwhile, automakers Mahindra & Mahindra, Maruti Suzuki, Hero MotoCorp and Bajaj Auto rallied 13.64%, 12.82%, 12.21% and 11.62%, respectively. On the Nifty 50, the list of best performers included IndusInd Bank, AXIS Bank and Grasim Industries, which zoomed up 25%, 20.14% and 15%, respectively. On the daily chart, the BSE Sensex is trading within an ascending channel, while the Slow Stochastic Oscillator and the RSI are pointing north. Consequently, the index will likely head towards the upper end of the current formation in the short term.