Stock Market Highlights: Nifty50 ends below 24,000; BSE Sensex down over 400 points as high oil prices, weak global sentiment weigh

1. Axis Bank: Current Price 1,289 | Price Change -35.21 (-) | -2.66% (-)
2. HCL Tech: Current Price 1,196 | Price Change -32.21 (-) | -2.63% (-)
3. InterGlobe: Current Price 4,442 | Price Change -119.00 (-) | -2.61% (-)
4. Maruti Suzuki: Current Price 12,892 | Price Change -330.00 (-) | -2.50% (-)
5. Kwality Wall's: Current Price 26.84 | Price Change -0.65 (-) | -2.33% (-)
6. SBI: Current Price 1,091 | Price Change -20.55 (-) | -1.85% (-)
7. ICICI Bank: Current Price 1,292 | Price Change -22.10 (-) | -1.69% (-)
8. HUL: Current Price 2,290 | Price Change -38.81 (-) | -1.67% (-)
9. UltraTech Cem.: Current Price 11,817 | Price Change -193.00 (-) | -1.61% (-)
10. Infosys: Current Price 1,152 | Price Change -18.21 (-) | -1.56% (-)

Indian benchmark indices closed down by around 0.5% on the Nifty monthly expiry session dated 28 April, primarily weighed down by weakness in the INR, rising crude oil prices and selling pressure in banking stocks. The decline followed the RBI’s confirmation of its expected credit loss framework and final asset classification norms, which raised concerns regarding higher provisioning requirements. At the close, the Sensex declined by 416.72 points (0.54%) to settle at 76,886.91, while the Nifty fell by 97 points (0.40%) to close at 23,995.70.

On the sectoral front, significant weakness was observed in Nifty PSU Banks and Private Banks, along with pressure in Nifty Auto and Nifty IT. On the other hand, pockets of strength were seen in Nifty Oil & Gas, Nifty Metal, and the Chemical space. The broader markets, however, displayed relative resilience with a positive bias. The Nifty Midcap index gained 0.28%, and the Small Cap index advanced by 0.42%, supported by stock-specific buying interest.

1. RIL: Current Price 1,389 | Price Change 23.10 (+) | 1.70% (+)
2. Bharti Airtel: Current Price 1,844 | Price Change 23.70 (+) | 1.31% (+)
3. Tech Mahindra: Current Price 1,408 | Price Change 12.00 (+) | 0.86% (+)
4. Tata Steel: Current Price 215.05 | Price Change 1.79 (+) | 0.84% (+)
5. Sun Pharma: Current Price 1,747 | Price Change 13.80 (+) | 0.80% (+)
6. Adani Ports SEZ: Current Price 1,638 | Price Change 9.10 (+) | 0.56% (+)
7. Bajaj Finserv: Current Price 1,779 | Price Change 6.80 (+) | 0.39% (+)
8. Kotak Bank: Current Price 377.95 | Price Change 1.15 (+) | 0.31% (+)
9. Bajaj Finance: Current Price 923.65 | Price Change 1.86 (+) | 0.21% (+)
10. ITC: Current Price 304.45 | Price Change 0.60 (+) | 0.20% (+)

"Nifty got entangled within the bands of 20EMA and 50EMA, and it seems that the market is waiting for cues for the next directional move. The market does not appear convinced enough to move beyond a particular range. On the other hand, the RSI is in a bearish crossover, indicating declining price momentum. On the lower end, support is placed at 23,950; a decisive fall below this level might trigger a correction in the market. Resistance on the higher end, is placed at 24200, above which the Nifty might witness a directional up move,” says Rupak De, Senior Technical Analyst at LKP Securities.

Stock market today: Nifty50 and BSE Sensex saw a volatile session in trade on Tuesday, ending in red as weak global sentiment and higher crude oil prices impacted sentiment. Nifty50 ended below 24,000, at 23,995.70, down 97 points or 0.40%. BSE Sensex closed at 76,886.91, down 417 points or 0.54%.

Benchmark indices tumble in red again. BSE Sensex sheds 305.71 or 0.40% to trade at 76,997.92 while NSE Nifty50 trims 66.75 points or 0.28% to 24,025.95, around 2:35 pm.

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Shares of City Union Bank climbed 5.8 per cent to Rs 287 during Tuesday’s trading session after the lender reported a strong set of fourth-quarter results for FY26, supported by healthy growth in profitability and core income.

For the quarter ended March 2026, the bank posted a net profit of Rs 360 crore, representing a 25 per cent increase from Rs 288 crore in the corresponding quarter last year. This was the highest quarterly profit ever recorded by the bank.

Net interest income (NII) rose sharply by 31 per cent to Rs 786 crore, compared with Rs 600 crore in the same quarter of FY25. Gross profit also registered similar growth, increasing 31 per cent year-on-year to Rs 580 crore from Rs 441 crore.

Provisions as of March 31, 2026, stood at Rs 688 crore, higher than the Rs 555 crore reported in the year-ago period.

For the full financial year FY26, City Union Bank reported a net profit of Rs 1,326 crore, up 18 per cent from Rs 1,124 crore in FY25.

Annual net interest income increased 22 per cent to Rs 2,830 crore, while operating profit rose 20 per cent to Rs 2,014 crore, reflecting steady growth across the bank’s operations.

Stock market today: Nifty50 and BSE Sensex are having a volatile day in trade on Tuesday, with the indices swinging between red and green. At 12:37 PM, Nifty50 was trading at 24,013.05, down 80 points or 0.33%. BSE Sensex was at 76,941.07, down 363 points or 0.47%.

The rupee weakened by 24 paise to 94.39 against the US dollar in early trading on Tuesday, pressured by rising crude oil prices and increased month-end demand for dollars, as investors continued to favour safe-haven assets.

According to forex market participants, Brent crude remained on an upward trajectory, hovering around $109 per barrel, which has added to concerns over India’s external position.

Investor sentiment was also affected by continued foreign capital outflows, driven by heightened geopolitical tensions.

In the interbank foreign exchange market, the rupee opened at 94.35 against the US dollar. It later slipped further to 94.39 in early deals, marking a decline of 24 paise from its previous close.

On Monday, the domestic currency had ended the session at 94.15 against the US dollar.

Meanwhile, the dollar index, which tracks the U.S. currency against a basket of six major global currencies, was trading at 98.49.

SBI Cards and Payment Services’ (SBICARD) spends grew by strong 31% y/y and 1% q/q in Q4FY26, while gross receivables growth was muted at 2% y/y. Led by significant improvement in credit cost, net profit grew by 13% y/y and 9% q/q. Assuming lower receivables growth and spread, we trim our Net income estimates by 7.6/9.3% for FY27/28e. With visible control on asset quality and credit cost, a gradual improvement in cards and spends can drive a re-rating. Thus, we maintain BUY rating on SBICARD with a TP of Rs870, valuing it 3.8x FY28e BV (from 4.2x Sep-27e BV earlier), for an expected RoA of 4.6% in FY28.

Corporate Spends Offset Weak Revolvers Growth: While the spends grew by a strong 31% y/y driven by corporate spends (up 195% y/y), gross receivables growth remain muted at 2% y/y (down 1% q/q). Both, the revolvers and EMI show a downward trend in the receivables-mix, declined to 54% from 59% in Q4FY25). Despite 7% decline in the interest earning receivables, NII grew by 3%. The quarterly acquisition run-rate remains healthy with 0.9m new accounts (22.1m total cards outstanding) sourced in Q4FY26, at the lower end of the guidance. Overall, we build in a modest 9% receivables CAGR over FY26-28e, with focus on improving the EMI share.

Higher Costs led by Corporate Spends; C/I Ratio Likely to Remain Range-bound: Corporate spends grew by a robust 195% y/y and 12% q/q, while retail spends grew by 13% y/y. C/I ratio increased to 57.2% (up 39bps q/q) due to corporate spends related opex. Share of corporate spends which improved to 22% from 10% in Q4FY25 – is expected to remain around these levels. With hopeful pick up in acquisition run-rate in FY27, the C/I ratio is expected to remain range-bound.

Asset Quality Continued to Improv, Credit Cost Softens: Asset quality showed improvement across the board: Stage-2 (GS2) receivables improved to 3.7% (vs. 3.9% in Q3FY26), while GNPA (GS3) improved to 2.41% (vs. 46bps q/q). Share of government employees increased to 39% in the new sourcing mix up by 200bps q/q. Credit cost declines sharply by 55bps q/q to 7.7% The management indicated further improvement in credit cost with the delinquencies of new acquisitions trending better. We expect credit cost to improve by 50bps in FY26e.

Outlook and Valuations: At CMP, the stock trades at 3.5/2.9x FY27/28e PBV. we maintain BUY rating on SBICARD with a TP (based on the residual income model) of Rs870, valuing it 3.8x FY28e BV.

Key Risks: (a) Status quo on MDR fees; (b) higher-than-expected credit cost; and (c) lower-than-expected receivables growth.

Shares of Adani Total Gas jumped nearly 8 per cent on Tuesday, climbing to a seven-month high after the company announced its fourth-quarter results and declared a dividend.

For the January–March quarter of FY26, the company reported a 9 per cent year-on-year increase in consolidated net profit, which rose to Rs 154 crore. Revenue from operations also posted healthy growth, rising 17 per cent from a year earlier to Rs 1,695 crore.

On a standalone basis, profit after tax increased 4 per cent to Rs 156 crore, compared with Rs 149 crore in the corresponding quarter last year. Standalone revenue for the quarter came in at Rs 1,696 crore, reflecting a 16 per cent rise over Rs 1,457 crore recorded in the same period of FY25.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 13 per cent year-on-year to Rs 310 crore, up from Rs 274 crore in the year-ago quarter. The company attributed the improvement in revenue primarily to higher sales volumes.

However, the cost of natural gas rose sharply during the quarter. It increased 18 per cent year-on-year to Rs 1,199 crore, compared with Rs 1,015 crore in the corresponding period last year. This rise was driven by a lower allocation of APM gas for the CNG segment, elevated Henry Hub prices, and higher spot gas prices amid geopolitical tensions.

During the fourth quarter, APM gas allocation for the CNG business declined to 36 per cent, down from 41 per cent in the previous quarter. The remaining requirement was met through existing supply contracts and spot market purchases.

"The undertone remains mixed amid ongoing concerns surrounding US–Iran negotiations, which continue to keep global sentiment cautious. In the previous session (27th April 2026), the market witnessed a strong recovery. Nifty 50 closed higher by +194.75 points, indicating buying interest at lower levels after recent correction. Despite the sharp upmove, the index faced resistance near higher levels, suggesting that the rally was more of a pullback within a broader consolidation phase rather than a fresh breakout.

From a technical perspective, Nifty 50 continues to trade in a sideways to mildly negative trend in the short term. The index is still struggling to sustain above key resistance levels and short-term moving averages. Momentum indicators such as RSI are hovering near the neutral zone, indicating lack of strong directional strength. Immediate support is placed around 23,800–23,700, as a crucial support zone. On the upside, resistance is seen at 24,200–24,300. A sustained move above 24,500 is required to confirm continuation of bullish momentum, while failure to hold 23,700 may lead to renewed downside pressure.
Bank Nifty outperformed and showed relative strength in the previous session, supporting the broader market rally. However, the index is now approaching resistance zones and entering a consolidation phase. Immediate support is placed at 55,400–55,300, while resistance is seen at 56,500–56,700. A decisive breakout above 57,000 is needed for further upside, while a breakdown below 55,300 could result in extended consolidation.

On the institutional front, FIIs remained net sellers, offloading equities worth approximately ₹1,152 crore on 27th April, indicating continued caution from global investors. On the other hand, DIIs provided strong support, with net buying of around ₹4,124 crore, helping the market sustain higher levels despite selling pressure from FIIs. Volatility eased slightly but remained elevated, with India VIX closing around 18.37, indicating continued uncertainty and the possibility of intraday swings. Although volatility has cooled marginally, it still reflects a cautious market environment.

On the sectoral front, pharma and metal stocks showed strong momentum in the previous session and are likely to remain in focus from a technical perspective. FMCG continues to act as a defensive pocket and may see steady buying in volatile conditions. Banking and financials, while supporting the index, are showing early signs of consolidation near higher levels and should be closely watched. IT stocks remain under pressure, with weak structure despite occasional pullbacks, while auto and energy sectors may stay sensitive to global developments, particularly crude oil movements.

Overall, the technical setup suggests a flat to mildly negative opening followed by range-bound and volatile trade. The immediate range for Nifty is seen between 23,800 and 24,300. While the broader trend remains positive, the short-term structure indicates consolidation, and a decisive breakout above resistance levels is required for further upside,” says Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited.

Indian benchmark indices were trading in green in early trading. BSE SENSEX was up 101.60 points or 0.13% to 77,405.23 while NSE Nifty50 reached 24,147.45, adding 54.75 points or 0.23%, around 10:15 am.

Yesterday’s pull back stalled near 24140 on anticipated lines. This warns us that despite the positivity that was visible throughout yesterday, we may still be within the bearish structure, with eyes on 23500. Alternatively, push above 24140 could open room for 24421-470, but the 25000 25600 view will require more confirmation, says Anand James, Chief Market Strategist, Geojit Investments Limited.

A growing number of companies are slowing down their plans to launch initial public offerings, as volatile market conditions and shifting investor sentiment have made valuations more challenging.

The year had begun on a strong note. During the March quarter, 18 mainboard IPOs collectively raised ₹18,778 crore. The number of issues was twice that of the corresponding period a year earlier, when companies had mobilised ₹15,723 crore.

However, that momentum has weakened in recent weeks, with the conflict in West Asia dampening investor confidence. In April so far, only one mainboard IPO has hit the market, raising a modest ₹150 crore.

According to Prashant Singhal, Partner and India Markets Leader at EY, uncertainty in India’s primary market is likely to persist for at least the next two to three months, depending on how the geopolitical situation unfolds.

The market correction in March, coupled with an unclear outlook, has also led major institutional investors—who typically serve as anchor investors in IPOs—to adopt a more cautious stance on valuations.

Nilesh Shah, Managing Director at Kotak Mutual Fund told ET that there is currently a gap between the valuation expectations of issuers and investors. Companies are seeking valuations based on market conditions before the conflict, while investors are pricing offerings based on the current, more uncertain environment. He added that IPO activity is likely to accelerate once both sides align on pricing expectations.

Despite the temporary slowdown, the IPO pipeline remains strong. Data from Prime Database shows that, as of April 17, a total of 146 companies had received approval from the Securities and Exchange Board of India (Sebi) to collectively raise ₹2.11 lakh crore.

"It is important to understand the principal reason behind sustained FII selling in India. India underperformed hugely in 2025 and this trend is continuing in 2026, too. S&P 500 set new records this year. Kospi is up 55% YTD and Taiex is up 35% YTD while Nifty is down 7.8% YTD. The principal reason behind this underperformance is the booming AI trade which began in 2025 and is continuing this year. A few AI stocks are driving this AI trade globally. Bulk of portfolio flows are hot money that chase momentum. So long as this market momentum continues, FIIs are likely to continue selling.

But dominant market trends are temporary. There are strong views that there is bubble in AI stocks. So there can be correction in this segment any time. That can be a trigger for resumption of portfolio flows into India. Investors should watch out for this trend. When that happens, fairly-valued largecaps will outperform. Till then, the mid and smallcaps which don’t have significant FII exposure may continue to outperform,” says VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Stock market today: Nifty50 and BSE Sensex opened in red on Tuesday on weak global cues and amid rising crude oil prices. While Nifty50 held above 24,050, BSE Sensex dropped over 100 points. At 9:16 AM, Nifty50 was trading at 24,073.55, down 19 points or 0.079%. BSE Sensex was at 77,189.99, down 114 points or 0.15%.

Oil prices continued to climb on Tuesday, while global equity markets remained subdued, as US President Donald Trump reviewed a fresh proposal from Iran that could potentially reopen the Strait of Hormuz and bring an end to the conflict that has now stretched into its eighth week.

Investors were also focused on a packed week featuring major central bank policy decisions and quarterly earnings from some of Wall Street’s largest companies.
According to reports, Tehran has sent written communications to Washington through Pakistan, outlining its key conditions for any peace agreement. These reportedly include its position on its nuclear programme as well as the future status of the strategically vital Strait of Hormuz.

The White House confirmed that Trump met with senior officials on Monday to discuss the proposal. However, spokesperson Karoline Leavitt declined to indicate whether the US president was inclined to accept the offer.

Under the proposed interim arrangement, Iran would reopen the Strait of Hormuz, through which roughly one-fifth of the world’s oil and liquefied natural gas supplies normally pass, in return for the United States lifting its blockade on Iranian ports.

The proposal would also defer negotiations on Iran’s nuclear programme to a later stage, an issue that remains one of the most contentious points in discussions with Washington.

Optimism about a possible agreement had been building ahead of the weekend. However, those expectations were tempered after Trump cancelled a planned visit to Islamabad by his envoys, Steve Witkoff and Jared Kushner, on Saturday.

Amid these developments, oil prices extended their rally, with Brent crude moving back toward the $110-a-barrel mark, while global stock markets traded cautiously.

Japan’s central bank left its benchmark interest rate unchanged on Tuesday, while raising its inflation outlook after the conflict involving Iran triggered a sharp rise in global oil prices.

The Bank of Japan decided to maintain its key policy rate at 0.75 per cent. At the same time, it revised upward its inflation forecast for the current fiscal year to 2.8 per cent, up from its earlier estimate of 1.9 per cent.

Over the past six years, alternative investment vehicles such as real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) have generated stronger returns than many conventional asset classes, including equities and fixed-income instruments. Muted stock market performance and favourable tax treatment have played a key role in increasing investor interest in these products.

Data compiled by Alt Capital quoted in an ET report shows that the Nifty REIT-InvIT Index has delivered superior long-term returns relative to both equities and debt. From July 1, 2019, to March 2026, the index posted an annualised return of 12 per cent. In comparison, the Rifty 50 returned 11.1 per cent annually, while debt mutual funds generated 7.5 per cent and fixed deposits offered 6.5 per cent over the same period.

According to Vivek Rajaraman, Managing Director, Listed Investments at Waterfield Advisors, the largely range-bound nature of equity markets over the past 18 months has encouraged investors to explore alternative asset classes. He noted that REITs and InvITs typically have a low correlation with traditional investments such as equities and fixed income, making them useful for portfolio diversification.

These listed investment vehicles own income-producing assets, including office spaces, shopping centres, highways and power transmission networks. Like stocks, they are traded on exchanges. A key feature is their requirement to distribute at least 90 per cent of taxable income to unitholders, which helps provide relatively stable and regular cash flows, usually on a quarterly or semi-annual basis.

In India, REITs collectively manage assets worth about $27 billion, while InvITs oversee approximately $ 85 billion. Together, these listed entities command a market capitalisation of around $24 billion, offering investors a broad enough universe to create diversified exposure.

Index formed a bullish candlestick pattern which remained contained inside previous session price range signaling consolidation and buying demand emerging from near the 20 days EMA . Nifty on expected lines is witnessing consolidation in the broad range of 23,600-24,400 amid stock specific action as we progress through the quarterly earning session.

Within the consolidation a move above Friday’s high of 24,206 will open further upside towards the upper band of the range placed around 24,400 levels. On the lower side a breach below last week low of 23,813 will open downside towards the 23,600 levels. Short-term support is positioned around 23,600–23,500 range being the confluence of the recent major low and 38.2% retracement of the last 3 weeks pullback (22,183-24,601).

According to Rajesh Bhosale, Technical Analyst, Angle One, Monday began on a positive note, with further traction seen during the initial hours. However, thereafter prices remained range-bound and eventually ended with gains of around 0.80%, closing tad below the 24100 mark.

On the daily chart, Nifty snapped its three-day losing streak, which augurs well for the bulls. Prices continue to hold above the key short-term moving average of the 20 DEMA and the 38.2% retracement of the recent rally from the lows near 22200, indicating underlying strength. Going ahead, the 23800 – 23700 zone remains an immediate support area, and as long as this holds, minor dips are likely to be bought into.

On the upside, the bearish gap from last week in the 24300 – 24400 zone, coinciding with the 50 EMA, is seen as immediate resistance. Beyond this, last week’s high near 24600, which aligns with the 61.8% retracement of the fall from 26000, remains a stiff hurdle. A decisive move above this level would be required for the uptrend to regain momentum.

Until then, prices are likely to consolidate within a range with a positive bias. On the monthly expiry day, heightened activity is expected in individual stocks due to rollovers and position adjustments for the next series. Traders are therefore advised to focus on a stock-specific approach, as selective opportunities are likely to outperform while the index remains range-bound.

Key levels to watch

NIFTY

Support: 23900 - 23800

Resistance: 24300 – 24400

BANKNIFTY

Support: 56000 – 55800

Resistance: 56900 - 57200

The record-setting rally in US equities lost some momentum on Monday as fresh uncertainty surrounding the conflict involving Iran weighed on investor sentiment over the weekend. At the same time, oil prices moved sharply higher.

The S&P 500 managed a modest gain of 0.1 per cent, closing at yet another all-time high. The advance was far more subdued than in recent weeks, when strong corporate earnings and optimism that the economy could avoid the worst fallout from the conflict had fuelled a powerful rally. The Dow Jones Industrial Average slipped by 62 points, or 0.1 per cent, while the Nasdaq Composite rose 0.2 per cent to register a fresh record of its own.

The most significant market action was seen in the energy sector. Oil prices climbed more than 2.5 per cent as the Strait of Hormuz remained effectively inaccessible to commercial tanker traffic. This disruption has kept a substantial volume of crude trapped in the Middle East, limiting supplies to buyers around the world. Iranian oil exports, in particular, continue to face restrictions under the US naval blockade.

Iran has proposed reopening the Strait of Hormuz if the United States agrees to lift its blockade. Under the proposal, broader negotiations over Tehran’s nuclear programme would be deferred to a later stage. However, US President Donald Trump appears unlikely to accept the offer, which was reportedly conveyed to Washington through Pakistan.

Over the weekend, Trump instructed US envoys not to travel to Pakistan, despite Islamabad’s active role in mediating between the two sides. By suggesting that Iran could contact Washington directly with any proposal, he signalled a willingness to maintain pressure on Tehran through the ongoing blockade.
In the oil market, Brent crude for June delivery rose 2.8 per cent to settle at $108.23 a barrel. The more actively traded July contract gained 2.6 per cent, ending at $101.69 per barrel.

Before the conflict began, Brent crude had been trading at roughly $70 per barrel. Since then, prices have surged and, at moments of heightened geopolitical tension, briefly approached the $120 mark.

Markets are expected to maintain their gradual up move, supported by hopes of a resolution, positive global cues and sector or stock-specific news flows driving broader market action. Renewable energy, metals and mining stocks are likely to remain in focus, while summer-related plays may continue to benefit from demand across air conditioners, fans, cold beverages, packaged water and power equipment.

Indian equities ended higher on Monday, with Nifty 50 rising 0.8%. The rally was broad-based, with all major sectors ending in the green. Nifty Midcap 100 gained 1.5%, while Nifty Smallcap 100 advanced 1.9%, reflecting strong participation from the broader market.

Among sectoral performers, Nifty Pharma led with gains of 2.6%, followed by Nifty Consumer Durables up 2.5% and Nifty IT higher by 2.2%, recovering after last week’s steep sell-off.In a positive macro development, India signed a Free Trade Agreement with New Zealand. The pact is expected to benefit Indian exporters, with all Indian exports to New Zealand receiving duty-free access.

New Zealand has also committed to invest $20 billion in India over the next 15 years. Investors will now track upcoming results from UltraTech Cement, Coal India, Varun Beverages, AU Small Finance Bank and Bajaj Housing Finance, along with economic data points including the Bank of Japan interest rate decision and CPI data,” says Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Index formed a second consecutive high wave candlestick pattern with a higher high and a higher low signaling consolidation and buying demand emerging from near the 20 days EMA. Nifty on expected lines is witnessing consolidation in the broad range of 54,500-57,500 amid stock specific action as we progress through the quarterly earning session of the banking stocks. Within the consolidation a move above last two sessions almost identical high of 56,475 will open further upside towards the 57,000 and 57,500 levels in the coming sessions.

On the lower side a breach below last week low of 55,750 will open downside towards the 54,500 levels. From a short-term perspective, support is placed in the range of 54,500–54,000 zone, being the confluence of the recent low and 38.2% retracement of the last 3 weeks pullback (49,955-57,456).