Indian markets rallied on Wednesday as Nifty surged past 25,200 to close at 25,244, its 2025 high, amid Iran-Israel ceasefire optimism. Smallcaps outperformed, led by MCX (+5.5%) and IndiaMART (+6.7%) on upbeat brokerage calls. Analyst Ashish Kyal sees Nifty eyeing 25,364 next. Broader gains were driven by IT, auto, and media stocks.