Start the instant pot in SAUTE mode for 5 minutes. Add bay leaf, garlic to the pot.
Chop the onion roughly and add it to the pot. Saute for 2 minutes stirring occasionally till it looks translucent.
Then add chopped carrots, red bell pepper and saute for another minute. Then add the diced tomatoes and mix all. Add chopped basil leaves (2 - 4) or dried basil.
Pour in stock/ broth followed by a teaspoon of sugar. CANCEL the SAUTE mode if any time is left.
Close the lid and start the PRESSURE COOK mode manually on high pressure for 4 minutes.
Turn the venting knob to SEALING. It will take approximately 4 - 5 minutes for the instant pot to come on pressure.
Once it beeps after 4 minutes, let it sit on NPR (natural pressure release) for 5 minutes. Then quick release the rest of the pressure.
Now remove the bay leaf (and string of rosemary if adding) blend it into a smooth puree with help of a hand blender.
Or transfer the content to a high-speed blender and blend it smooth, once it's a little warm. Else it may cause accidents if the blender doesn't permit it. Then simmer for a minute, for a piping hot soup.
Add low-fat coconut cream to the soup. Give it a nice stir. Add cream just before serving. For vegetarians or non-vegan add heavy dairy cream.
Taste and adjust salt and pepper accordingly. Serve the tomato soup hot with your favorite toppings.