On April 8, 2023, Asian markets rallied significantly after US President Donald Trump declared a two-week ceasefire with Iran. The South Korean Kospi soared 5.3%, driven by strong performances from major stocks like Samsung Electronics and SK Hynix, which rose 7.25% and 9.2%, respectively. Japan's Nikkei 225 also saw a notable increase of 4.5%, while Australia's S&P/ASX 200 climbed 2.7%. The announcement of the ceasefire, which is linked to the reopening of the Strait of Hormuz for global shipping, has eased geopolitical tensions and restored risk appetite among investors. Following the announcement, US crude oil prices plummeted by over 16%, with the West Texas Intermediate contract falling to $94.23 per barrel. The positive sentiment in Asian markets is expected to influence Indian equity markets, which are poised for a higher opening, as indicated by the Gift Nifty trading at a premium of approximately 679 points over the previous close.