Market Opening Bell 29 May 2026: Sensex gains 200 pts, IT stocks lead
Indian equities opened higher on Friday with the Sensex gaining over 200 points above 76,100 and the Nifty 50 trading near 24,000, supported by lower crude oil prices and strength in IT stocks after reports of a 60-day US Iran ceasefire extension.
Market Overview
| Index | 29 May 2026 Open / Early Trade | Move & % Change | Comments |
|---|---|---|---|
| BSE Sensex | 76,114.88 (open) | +105 pts (+0.15%) | Opened above 76,100, later up over 200 pts around 76,090. |
| Nifty 50 | 23,972.30 (9:16 am) | +59 pts (+0.27%) | Traded near 24,000, briefly around 23,964–23,972. |
| Nifty Smallcap 100 | approx. +0.3% | Mild gain | Broader smallcaps in green in early trade. |
| Nifty Midcap 100 | approx. +0.3% | Mild gain | Midcaps tracked headline indices higher. |
| India VIX | 15.20 | +1% approx. | Volatility edged up despite index gains. |
Note: figures are approximate; final exchange data not available at time of publication.
- Market reopened after Thursday holiday for Bakri Id.
- Trade driven by reports of a 60-day US Iran ceasefire extension.
- Lower crude prices and firmer rupee aided sentiment.
- Indices swung between modest gains and losses after the open.
Key Movers
Top Gainers
| Stock | Sector | Notable Factor |
|---|---|---|
| Wipro | IT | Rallied over 4% on expanded AI partnership with ServiceNow and strong ADR gains. |
| Infosys | IT | Rose about 3% in early trade, lifted Nifty IT. |
| HCL Tech | IT | Among top Sensex gainers, up to 3%. |
| TCS | IT | Advanced in line with broader IT strength. |
| Tech Mahindra | IT | Gained up to 3%, part of IT-led rally. |
| ICICI Bank | Financials | Rose nearly 1% in early deals. |
| Maruti Suzuki | Auto | Added close to 1%. |
| Reliance Industries | Energy | Edged up nearly 1%. |
Top Losers
| Stock | Sector | Notable Factor |
|---|---|---|
| Bharti Airtel | Telecom | Declined around 1% on profit taking. |
| BEL | Defence | Fell about 1% in early trade. |
| Bharat Dynamics | Defence | Dropped around 8–8.5% after weak Q4 FY26 results. |
- Around 1,689 stocks advanced on NSE, 925 declined, 122 were unchanged.
- Listed banks reported combined FY26 net profit of about ₹4 lakh crore, supporting financials.
- “There are some positive trends on the economic and market front. Brent crude declining to below $93 is a big positive”
d “This will also help stabilise the rupee, which, in turn, can restrain the FPI outflows”
d VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
Sectoral Action
| Sector / Index | Direction (approx.) | Key Drivers |
|---|---|---|
| Nifty IT | up >2% | Boost from Wipro, Infosys, HCL Tech, TCS, Tech Mahindra gains. |
| Nifty FMCG | down | Mild decline, sector in red early on. |
| Nifty Consumer Durables | down | Weakness after recent gains. |
| Energy / Oil-linked | mixed | Benefiting from lower crude, but selective moves. |
| Defence | down | Bharat Dynamics slide after weak Q4 weighed on sentiment. |
- Sectoral moves remained stock specific despite headline indices firm.
- Broader participation improved with midcap and smallcap indices up about 0.3%.
Technical Outlook
- Nifty 50 closed Wednesday at 23,907.15, down 6.55 pts, forming a gravestone doji-like pattern.
- Immediate Nifty support: 23,800–23,600 zone; key base near 23,500.
- Immediate Nifty resistance: 24,000–24,100; above this, potential toward 24,200–24,400.
- Sensex short-term texture seen as positive, but fresh uptrend eyed only above 76,200.
- Above 76,200, Sensex could move to 76,800–77,000; below 75,700 (20-day SMA), selling may accelerate.
- Bank Nifty closed Wednesday at 54,853.85, down 239 pts, below its 50-day EMA.
- Bank Nifty support: 54,400–54,300, then around 54,100 and 52,800 gap zone.
- Bank Nifty resistance: 55,200–55,300; a close above could target 55,700–56,100.
- India VIX around 15 signalled moderate, slightly rising volatility.
- “The key index witnessed consolidation in the 23,850–24,000 zone, with a narrow rangebound session”, “Support for the day is at 23,700, while resistance is at 24,100” – Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher.
Global Cues
| Market / Asset | Movement | Notes |
|---|---|---|
| Asian equities | up around 1.6% | Gains on optimism over US Iran ceasefire and AI-related stocks. |
| Brent crude (July) | about $92.67, -1.1% | On track for weekly fall of about 10.5%. |
| WTI crude | about $87.64, -1.4% | Weekly loss around 9.2%. |
| Brent (weekly) | down ~10% | Steepest weekly decline since early April. |
| US equities | higher | S&P 500 and Nasdaq closed at record highs. |
| Gold | up about 0.4% | Supported by geopolitical uncertainty and softer dollar. |
| Dollar index | near 98.997 | On track to end week about 0.3% lower. |
Note: figures are approximate; final market data not available at time of publication.
- Reports indicated US and Iran agreed in principle to extend a ceasefire for 60 days.
- Shipping through the Strait of Hormuz is expected to normalise if the deal is formalised.
- US inflation via PCE index rose 3.8% year-on-year in April.
Key Market Statistics
| Statistic | Value / Change | Context |
|---|---|---|
| India VIX | 15.20, up >1% | Volatility ticked up as traders tracked West Asia headlines. |
| Rupee open | 95.55 per US dollar | Opened 0.15% stronger versus previous 95.69. |
| FII flows (Wed) | ₹1,043 crore net sell | Foreign investors remained net sellers on NSE. |
| DII flows (Wed) | ₹3,821 crore net buy | Domestic institutions offset FII selling, aiding stability. |
| Brent crude | around $92–93 per barrel | Drop improves India’s macro outlook and supports rupee. |
- Traders said the RBI likely intervened via state-run banks to support the rupee at the open.
- Gift Nifty traded around 23,881, signalling a cautious start despite later strength.
- FPIs have been net sellers in 13 of 18 May sessions, though selling intensity has eased.
Stock-specific Highlights
- Wipro: Jumped up to 4.76% to ₹211.20 on BSE in early trade.
- Wipro expanded its partnership with ServiceNow to deploy agentic AI workflows across IT, HR, procurement and cybersecurity.
- Wipro will integrate Wipro Intelligence with the ServiceNow AI Platform to streamline enterprise workflows.
- Wipro ADR on NYSE surged 18.54% overnight to $2.43, after spiking over 21% intraday.
- Wipro’s ₹15,000 crore buyback, at ₹250 per share for up to 60 crore shares, remains a key stock driver.
- Bharat Dynamics: Q4 FY26 net profit fell 58.5% year-on-year to ₹113.18 crore; revenue declined nearly 73%.
- Bharat Dynamics full-year profit dropped 23%, prompting a broker downgrade to neutral.
FAQs
Why are IT stocks leading the market today?
Wipro’s expanded AI partnership with ServiceNow and strong ADR gains lifted sentiment in IT.
Peers like Infosys, HCL Tech, TCS and Tech Mahindra rallied in sympathy, pushing Nifty IT higher.
How is the US Iran ceasefire talk affecting Indian markets?
Reports of a 60-day ceasefire extension pulled Brent crude below $93 per barrel.
Lower oil prices ease India’s import bill, support the rupee and improve macro sentiment, aiding equities.
What are the key Nifty levels traders are watching today?
Immediate support lies around 23,800, with a broader floor near 23,500.
Resistance sits in the 24,000–24,100 band; a sustained break above could open 24,200–24,400.
Why are IT stocks leading the market today?
IT stocks are leading because Wipro announced an expanded AI partnership with ServiceNow, which triggered a sharp rally in its US ADR and domestic shares. This positive sentiment spilled over to peers like Infosys, HCL Tech, TCS and Tech Mahindra, lifting the Nifty IT index.
How are US Iran ceasefire developments impacting Indian equities?
Reports of a 60-day US Iran ceasefire extension have pushed Brent crude below $93 per barrel, easing concerns over India’s oil import bill and inflation. Lower crude prices support the rupee and improve macro stability, which in turn is helping Indian equities at the open.
What key levels should traders watch on Nifty and Sensex today?
For Nifty, immediate support is around 23,800 with a broader floor near 23,500, while resistance is in the 24,000–24,100 band. For Sensex, a breakout above 76,200 could open 76,800–77,000, whereas a fall below 75,700 may trigger selling toward 75,200–75,000.
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.
