Mumbai, April 29, 2026: Bulls stormed back on Dalal Street Wednesday, powering benchmark indices sharply higher even as a cocktail of $110-plus crude, a sinking rupee and West Asia jitters kept traders on edge.
CLOSING BELL: GREEN ACROSS THE BOARD
The 30-share BSE Sensex settled at 77,496.36, up 609.45 points or 0.79%, after scaling an intraday high of 77,982.51. The NSE Nifty 50 closed at 24,177.65, adding 181.95 points or 0.76%, rebounding from a low of 24,059.95. 1a10
Both indices opened firm and held gains through noon, before profit-booking trimmed peaks in late trade. Nifty Auto, Nifty Oil & Gas, and Nifty IT led the advance, rising 1.61%, 0.72% and 0.57% respectively. Broader markets outperformed, with Nifty Midcap 100 and Smallcap 100 each gaining nearly 0.6%. 925f4497e4e4
CHART TALK: BUYERS DEFEND 24,000
Tuesday’s session had seen Nifty slip 97 points to 23,995.70, cracking below the psychological 24,000 mark as banks dragged. Wednesday’s bounce saw the index reclaim 24,100 at open, with analysts pegging 50-DEMA at 24,197 as the next hurdle and 23,800 as crucial support. ac315158
For Sensex, the rebound came after it shed 417 points Tuesday to 76,886.91. Today’s high of 77,982.51 brought it within striking distance of the 52-week high of 86,159.02. e4e41a10
EARNINGS ENGINE: Q4 REPORT CARD BUOYS SENTIMENT
- Bandhan Bank: Q4FY26 net profit jumped 68% YoY to ₹534.1 crore, beating estimates. GNPA eased to 3.27% from 3.33% QoQ.
- CEAT: Net profit more than doubled to ₹243.8 crore vs ₹98.7 crore YoY, on robust growth.
- Eternal: PAT surged 71% YoY to ₹174 crore; revenue up 196% to ₹17,292 crore.
- GRSE: Profit rose 24.1% to ₹303.2 crore; revenue up 29%.
- Maruti Suzuki: Posted record FY26 net profit of ₹14,679.5 crore, up 1.24% YoY, on best-ever sales of 24.22 lakh units. 4e8744f8bc2b0fb7
Other Q4 headlines: AWL Agri +54%, Castrol +3.7%, Sanofi India -15% but beat estimates. Today’s watchlist: Bajaj Finance, Adani Power, Vedanta, Indian Bank due post-market. 7d2ebc2b
OIL ON THE BOIL: $111 CRUDE SHADOWS RALLY
The feel-good rally unfolded against a grim energy backdrop. Brent crude traded at $111.97 per barrel, up 0.63%, while WTI gained 0.81% to $100.74. Prices surged after the UAE announced its exit from OPEC effective May 1 and as US-Iran talks stalled, keeping the Strait of Hormuz closure in play. 4497bc2b
The Oil Ministry reiterated there is no proposal to hike petrol, diesel prices despite under-recoveries of ₹2,400 crore daily. ATF price cap is also likely to stay despite airline cost pressure. Rupee slipped 24 paise to 94.81 vs USD. 97e3cace
GEOPOLITICAL HEAT: STRAIT OF HORMUZ, FED JITTER
West Asia remained the market’s biggest overhang. Analysts flagged “fragile ceasefire efforts” and “deadlocked US-Iran talks” over sanctions and maritime curbs. U.S. Marines boarded a commercial ship in the Arabian Sea suspecting Iran-bound cargo. 4e8739b8
Across the Atlantic, the Fed is set to hold rates steady at what may be Jerome Powell’s final meeting, with oil-led inflation risks keeping policymakers hawkish. Kevin Warsh is poised to succeed Powell by May 15. 1da606d2
Domestically, West Bengal voted in the final phase of Assembly polls Wednesday, with the Centre asking NIA to ensure polling isn’t disrupted. 4e8739b8
SECTOR SNAPSHOT: WHO MOVED THE MARKET
- Gainers: Maruti, ITC, Tech Mahindra, Infosys, M&M, Reliance. Oil India and RIL were top HDFC Securities picks on crude beta.
- Laggards: Tata Steel, Asian Paints, ICICI Bank, Axis Bank. Hindalco, JSW Steel, Dr Reddy’s also slipped. 925fac314497
FLOW CHECK: DIIs CUSHION FII EXIT
Provisional data showed FIIs offloaded ₹2,103.74 crore Tuesday, while DIIs bought ₹1,712.01 crore. Analysts warn persistent FII outflows and a weak rupee could cap upside. 925f495d
ROAD AHEAD: RANGE-BOUND WITH AN EYE ON CRUDE
Technicals suggest Nifty may stay in a tight band with “limited directional momentum”. Gift Nifty signalled a muted start at 24,081. 51584e87
Key triggers: Brent’s move beyond $115 on Hormuz escalation, Q4 results, and Fed’s tone. As one dealing room note put it: “Energy dominates the cluster – every dollar above $105 is a tailwind for upstream India”. 44f8
For now, earnings optimism and DII buying are helping Dalal Street sidestep the oil minefield. But with crude, geopolitics and FII flows on a knife’s edge, the Street isn’t taking its helmet off yet.
