- Indian indices surged, led by auto and IT stocks.
- Broader markets showed widespread positive participation.
- Geopolitical tensions and UAE’s OPEC exit impact oil.
Market Update at 12:23 PM: Indian equity benchmark indices, the BSE Sensex and Nifty 50, traded sharply higher on Wednesday, supported by strong buying in blue-chip stocks and positive cues from Asian markets. The Nifty 50 was trading 1.15 per cent or 275.95 points higher at 24,271.65, while the Sensex surged 1.17 per cent or 902.68 points to 77,791.25 during the session.
Among the Top Gainers in the Nifty 50 index were Maruti Suzuki India, Coal India, and Tech Mahindra, which led the rally with strong buying interest. The broader markets also mirrored the positive trend. The Nifty MidCap index was trading 0.76 per cent higher, while the Nifty SmallCap index gained 1.16 per cent, indicating widespread market participation beyond frontline stocks.
On the sectoral front, the Nifty Auto index emerged as the top performer, rising 2.5 per cent. This was followed by gains in FMCG, IT, Realty, and Oil & Gas indices, each advancing over 1 per cent. Other sectors, including Nifty Bank, Financial Services, Metal, Pharma, Healthcare, Consumer Durables, and Chemicals, were also trading in positive territory. Meanwhile, global cues remained supportive. Brent crude prices rose 0.36 per cent to USD 111.6 per barrel on the Intercontinental Exchange.
The increase came as the reopening of the Strait of Hormuz faced delays amid stalled talks between the U.S. and Iran. Additionally, the Organization of the Petroleum Exporting Countries faced fresh developments after the UAE announced its exit from the grouping, effective May 1.
Market Update at 09:35 AM: The Nifty50 and the Sensex erased losses at open as auto and realty stocks advanced amid mixed global cues. As of 9:18 AM, the Nifty50 was trading 0.47 per cent or 97 points higher at 24,90.75, and the Sensex was trading 382.84 points or 0.50 per cent higher at 77,269.74. Broader markets outperformed the benchmark indices.
The Nifty MidCap and the Nifty SmallCap were trading 0.57 per cent and 0.68 per cent higher, respectively. Sector-wise, the Nifty Auto and the Nifty Realty were the top gainers, while the Nifty Financial Services underperformed. Brent crude rose 0.36 per cent to $111.6 per barrel on the Intercontinental Exchange as the opening of the Strait of Hormuz gets delayed amid stalled US-Iran talks, while the UAE announced its exit from OPEC, with effect from May 1.
Pre-Market Update at 7:44 AM: The benchmark indices, Sensex and Nifty 50, are expected to open on a flat note on Wednesday, tracking mixed global cues. Market sentiment remains cautious amid ongoing developments in the West Asia conflict, rising crude oil prices, a weakening rupee, and continued foreign institutional investor (FII) outflows.
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Ceasefire discussions remain fragile, while negotiations between the U.S. and Iran are stalled over sanctions, maritime restrictions, and the Strait of Hormuz. Gift Nifty was hovering near the 24,091 mark, trading at a premium of nearly 24 points over the previous close of Nifty futures, indicating a muted start for domestic equities. Asian markets traded lower, while U.S. equities closed in the red, with the tech-heavy Nasdaq witnessing its steepest single-day fall in a month. Tensions between the U.S. and Iran have intensified, with former U.S. President Donald Trump reportedly directing aides to prepare for a prolonged blockade of Iran, according to media reports. In a major development in the energy space, the United Arab Emirates has announced its exit from OPEC effective May 1, with Energy Minister Suhail Mohamed al-Mazrouei stating that the timing aims to minimise disruption in global markets.
Crude oil prices edged higher amid geopolitical concerns, with Brent crude rising 0.31 per cent to USD 111.60 per barrel and WTI crude gaining 0.19 per cent to USD 100.12. Meanwhile, the U.S. dollar strengthened slightly to 98.57 ahead of the Federal Reserve’s policy decision. From a derivatives standpoint, the Put-Call Ratio (PCR) stands at 0.81, indicating a neutral-to-bearish undertone. The Nifty 50 weekly expiry option chain for May 5, 2026 shows the index hovering around the key 24,000 at-the-money level, acting as a crucial pivot. Put open interest is concentrated in the 23,000–23,500 range, suggesting strong support, while heavy Call open interest at 24,500–25,500 indicates a stiff resistance zone.
Aggressive Call writing above 24,500 and moderate Put writing reflect cautious sentiment, and a break below 23,800 could extend weakness toward 23,500. The Nifty 50 is trading within a critical range, with immediate resistance at 24,206 and support at 23,814. A decisive move above 24,206 could trigger fresh upside momentum, while a breakdown below 23,814 may lead to further decline toward the 20-day moving average near 23,728 and potentially extend toward 23,400, making this range crucial for the next directional move. Major companies announcing results today include Bajaj Finance Ltd, Adani Power, Indian Bank, Federal Bank, along with Capital Small Finance Bank, Fino Payments Bank, Force Motors, HEG, IIFL Finance, Indegene, Indian Overseas Bank, Moil, Motilal Oswal Financial Services, Mphasis, Syngene International, Vedanta, and Waaree Energies. SAIL remains in the F&O ban list for April 29. On April 28, FIIs were net sellers, offloading equities worth Rs 2,103.74 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 1,712.01 crore.
On Tuesday, Indian markets ended lower due to profit booking in banking stocks. The Sensex declined 416.72 points, or 0.54 per cent, to close at 76,886.91, while the Nifty 50 fell 97.00 points, or 0.40 per cent, to settle at 23,995.70. U.S. markets closed slightly lower amid concerns over the sustainability of the artificial intelligence rally. The Dow Jones Industrial Average slipped 0.05 per cent to 49,141.93, while the S&P 500 declined 0.49 per cent to 7,138.80 and the Nasdaq Composite dropped 0.90 per cent to 24,663.80. Among key technology stocks, Nvidia, AMD, and Broadcom declined between 1.6 per cent and 4.4 per cent. CoreWeave fell 5.8 per cent, while Oracle dropped 4.1 per cent. Meanwhile, Microsoft rose 1.04 per cent and Apple gained 1.15 per cent, while Tesla edged lower by 0.70 per cent. Gold prices remained steady as investors awaited comments from Federal Reserve Chair Jerome Powell. Spot gold rose 0.1 per cent to USD 4,598.45 per ounce, while spot silver gained 0.1 per cent to USD 73.12 per ounce.
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