India Market Outlook – 29 April 2026
Market snapshot
| Index | Last close | Change* | Change %* |
|---|---|---|---|
| Nifty 50 | 24,177.65 | +181.95 | +0.76 % |
| BSE Sensex | 77,496.36 | +609.45 | +0.79 % |
| Nifty Bank | ~55,400 | –870 | –1.54 % |
| Nifty Midcap | little changed | −0.07 % | – |
| Nifty Smallcap 100 | positive | +0.65 % | – |
*Change compared with the previous trading session.
The market staged a sharp rebound on Wednesday. After opening with healthy gains and briefly jumping over 1 %, the Nifty 50 settled at 24,177.65 (+0.76 %), while the Sensex finished at 77,496.36 (+0.79 %). Intraday, the Nifty climbed as high as 24,334.70 but surrendered part of the rally as crude‑oil prices spiked to fresh highs. The Bank Nifty underperformed, slipping around 1.5 % as financials lost ground. Market breadth was broadly balanced – of the 3,394 stocks traded on the NSE, 1,626 advanced, 1,667 declined and 101 closed unchanged. Volatility remained contained with the India VIX inching below 18.
Sectoral performance
Seven of the eleven major Nifty sector indices finished in the green. Auto stocks led the rally: the Nifty Auto index jumped about 2½ % as Maruti Suzuki’s strong results fuelled buying. FMCG stocks delivered a 1.75 % gain and hit a two‑month high, supported by defensive buying and steady consumption demand. IT, Realty, Oil & Gas, Bank, Financial Services, and Private Bank indices rose between 0.7 % and 1.5 %. In contrast, Media and Metal indices slipped, reflecting cautious sentiment in cyclical sectors. The Nifty Midcap index edged lower by 0.07 %, while the Nifty Smallcap 100 outperformed with a 0.65 % rise. The small‑cap index has rallied more than 19 % in April, its best monthly performance since mid‑2014.
Key statistics and flows
- Market breadth: 1,626 stocks advanced, 1,667 declined and 101 were unchanged.
- 52‑week highs/lows: 139 stocks hit new 52‑week highs while 18 touched fresh lows. Around 106 stocks were locked in the upper‑circuit versus 57 in the lower‑circuit.
- Volatility: India VIX fell below 18, indicating relatively calm sentiment despite geopolitical uncertainties.
- Institutional flows: Foreign institutional investors (FIIs) sold about ₹2,103 crore worth of equities on Tuesday, while domestic institutional investors (DIIs) bought ₹1,712 crore, cushioning the market.
Top gainers and losers – Nifty 50 (close values)
| Top gainers | Last (₹) | Change (₹) | Change % | Notes |
|---|---|---|---|---|
| Maruti Suzuki | 13,459 | +499 | +4.4 % | Record annual profit and strong Q4 results; auto index leader |
| Tech Mahindra | 1,458.5 | +50.4 | +3.6 % | Strong earnings outlook in IT; benefited from tech‑sector rebound |
| Coal India | ~408 | +13.9 | +3.5 % | Gains on higher coal price realisation and improving volumes |
| ITC | 316.1 | +11.7 | +3.8 % | FMCG heavyweight continued its rally on defensive buying |
| Eicher Motors | 3,700 | +109 | +3.0 % | Auto stock gained on upbeat two‑wheeler sales and demand outlook |
| Top losers | Last (₹) | Change (₹) | Change % | Notes |
|---|---|---|---|---|
| Dr Reddy’s Lab | ~6,330 | −40 | −0.63 % | Profit‑taking after recent pharma rally |
| InterGlobe Aviation (IndiGo) | 4,340 | −15 | −0.36 % | Fell as rising oil prices may pressure aviation margins |
| NTPC | 322 | −0.2 | −0.07 % | Minor decline amid profit‑booking in utilities |
| ICICI Bank | 1,038 | −5 | −0.5 % | Financials dragged by rising funding‑cost worries |
| HDFC Bank | 1,604 | −6.5 | −0.4 % | Weakness in banking stocks kept Bank Nifty under pressure |
Prices are rounded and approximate; percentage changes are based on closing data.
What moved the market
Earnings optimism: A flurry of Q4 results helped underpin sentiment. Maruti Suzuki reported record profits and best‑ever annual vehicle sales, sending the stock up more than 4 %. CEAT rallied about 12 % after posting a 145 % jump in quarterly net profit and announcing a ₹35 per‑share dividend. Eternal, the parent of Zomato and Blinkit, surged almost 5 % after its consolidated net profit leapt to ₹174 crore. Garden Reach Shipbuilders, Bandhan Bank, Netweb Technologies, and Emmvee Photovoltaic Power also posted robust earnings and attracted strong investor interest.
Oil shock and Middle‑East tension: Brent crude futures rallied above US$111 per barrel, the eighth straight session of gains, after reports that the United States plans to extend its blockade of Iranian ports. Talks between the US and Iran over shipping access remain stalemated, and the United Arab Emirates’ decision to quit OPEC heightened concerns about supply. The elevated oil price tempered intraday gains and weighed on airlines and other oil‑sensitive sectors.
Macro‑policy cues: Investors remained cautious ahead of the US Federal Reserve’s policy decision later tonight. Market expectations are for a hold on rates, but traders will scrutinise commentary for signals on rate‑cut timing amid global inflationary pressure. The Bank of Japan earlier left rates unchanged, and its governor signalled a cautious outlook.
Geopolitical and domestic political developments: The ongoing West‑Asia conflict and closure of the Strait of Hormuz continue to disrupt oil supplies. Indian markets also looked to state‑election exit‑polls scheduled for the evening, which could influence near‑term sentiment.
Stocks and themes to watch
- CEAT (tyres): Shares surged over 12 % after the company’s Q4 net profit rose sharply and a higher dividend was announced. The tyre maker reported revenue of ₹4,219 crore (up 23 % YoY) and an EBITDA margin of 14.2 %. Traders may monitor follow‑through buying and any commentary from management.
- Eternal (Zomato/Blinkit parent): Posted a 346 % YoY jump in consolidated profit to ₹174 crore. Blinkit’s rapid commerce net order value grew 95 %, and management guides for more than 60 % compounded growth over the next three years. Watch the stock for momentum plays and post‑earnings downgrades or upgrades.
- Bandhan Bank: Rallied ~14 % intraday on strong results and dividend announcement; analysts remain cautious on asset‑quality trends.
- Garden Reach Shipbuilders & Engineers (GRSE): Up about 14 % after a 24 % rise in Q4 profit and a final dividend proposal; defence stocks may remain in focus.
- Maruti Suzuki and other auto majors (M&M, Eicher Motors, Tata Motors): Auto sales data and commentary on demand trends could drive further moves.
- IT stocks such as Tech Mahindra: Gains were boosted by positive earnings expectations; however, global tech cues remain mixed.
Corporate updates
- CEAT reported a 145 % YoY surge in consolidated net profit to ₹243.85 crore, revenue growth of over 23 %, and a proposed ₹35 per‑share dividend (350 % of face value).
- Eternal (Zomato/Blinkit) posted a 346 % YoY jump in Q4 net profit to ₹174 crore, with revenue rising 196 % due to a change in accounting treatment for its quick‑commerce business. Blinkit’s net order value increased 95 % YoY, and the company added 216 new stores during the quarter. Management guided for Blinkit’s NOV to grow over 60 % annually for the next three years.
- Bandhan Bank reported net profit of ₹534 crore, up 68 % YoY, and declared a ₹1.50 per‑share dividend.
- Garden Reach Shipbuilders announced a net profit increase of 24 % YoY to ₹303 crore and proposed a final dividend of ₹6.70 per share.
- CEAT and GRSE results highlight strong order books in the auto and defence segments, while Eternal’s numbers signal improving unit economics in quick commerce.
Outlook for Thursday (30 April 2026)
Market tone: After Wednesday’s rebound, momentum is likely to be cautious. The spike in crude‑oil prices, continuing West‑Asia tensions and key global central‑bank meetings could keep volatility elevated. A hawkish tone from the US Federal Reserve or unfavourable exit‑poll results could spark profit‑booking. On the other hand, further positive earnings and strong domestic inflows may lend support on declines.
Technical levels:
- Nifty 50: Immediate support lies in the 24,000–24,050 zone. A decisive break below this band could open the door to 23,850–23,650 levels. On the upside, the index faces resistance around 24,200–24,250; a sustained move above this region may lead to 24,350–24,470. The Nifty’s hourly charts show long lower wicks, suggesting buyers continue to emerge on dips, but a close above 24,200 is needed to restore bullish momentum.
- Bank Nifty: Underperformed on Wednesday and closed around 55,400. Support is seen at 54,900–54,800; a break may drag the index to 54,400–54,000. Resistance lies in the 55,900–56,000 zone; only a close above 56,475 would open room for 57,000–57,500.
- Market tone for Thursday: Expect a range‑bound to slightly negative bias with a focus on global cues (Fed decision, crude‑oil movement) and domestic exit‑poll developments. Investors may remain stock‑specific, emphasising companies delivering strong earnings. Fresh long positions should be taken selectively on dips, while trailing stop‑losses are advisable given heightened global uncertainty.
Disclaimer
The stocks mentioned in this article are not recommendations. Please conduct your own research and due diligence before investing. Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please read the Risk Disclosure documents carefully before investing in Equity Shares, Derivatives, Mutual fund, and/or other instruments traded on the Stock Exchanges. As investments are subject to market risks and price fluctuation risk, there is no assurance or guarantee that the investment objectives shall be achieved. Lemonn (Formerly known as NU Investors Technologies Pvt. Ltd) do not guarantee any assured returns on any investments. Past performance of securities/instruments is not indicative of their future performance.
