Benchmarks Rise on Earnings Boost Despite Oil Above $114

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

April 29, 2026 at 11:36 AM IST

Indian equities ended higher on Wednesday as strong stock-specific earnings reactions supported sentiment, although gains were capped by rising crude oil prices and lingering geopolitical uncertainty in West Asia. The Nifty50 advanced 0.76% to 24,177.65, while the BSE Sensex gained 0.79% to close at 77,496.36.

Markets pared a significant portion of intraday gains after Brent Crude climbed above $114 per barrel amid stalled US-Iran negotiations and reports that the US may extend its blockade of Iranian ports. Investor concerns intensified further after the UAE announced its exit from OPEC effective May 1, raising fears of additional volatility in global energy markets.

Among sectoral performers, FMCG, realty and auto stocks outperformed, while construction-related and media counters lagged. ITC, Tech Mahindra and Reliance Industries emerged as the top gainers within the Nifty50 index.

Broader markets delivered a mixed performance, with the Nifty SmallCap index gaining 0.65% while the Nifty Midcap index ended marginally lower. Investors remained cautious as elevated oil prices continued to pose risks to India’s inflation outlook, economic growth and corporate profitability.

Top Movers of the Day

Eternal gained over 4% to ₹265 after reporting a 346% YoY jump in January-March consolidated net profit, while strong growth in Blinkit and food delivery businesses boosted investor sentiment.

Maruti Suzuki rose more than 4% to ₹13, 539 despite a decline in quarterly profit, as brokerages remained optimistic on demand outlook and margin recovery.

Garden Reach Shipbuilders & Engineers surged nearly 6.9% to ₹3,074 after reporting a 24% YoY rise in January-March net profit to ₹3.03 billion, supported by strong execution and order visibility.

Bandhan Bank gained around 11.2% to ₹198 after January-March net profit rose 68% YoY to ₹5.34 billion, which improved investor confidence in the bank’s earnings outlook.

CEAT surged over 12% to ₹3,890 after reporting strong January-March earnings, with improved profitability and demand trends supporting the rally.

Bharti Airtel gained around 2.2% to ₹1,885 as investors remained positive ahead of the company’s January-March earnings announcement.

Coal India rose nearly 3% to ₹480.55 amid buying interest in energy stocks despite elevated crude oil prices.

ITC gained close to 3.79% to ₹317 as defensive buying emerged in FMCG stocks amid continued geopolitical uncertainty.

Tech Mahindra rose nearly 3.31% to ₹1,454 as bargain buying emerged in IT stocks following the recent sharp correction in the sector.

Vedanta gained 5% to ₹775.95 ahead of the record date for its demerger, as investors continued to position for the restructuring exercise.

Sapphire Foods surged around 15% to ₹201.86 after the company reported strong January-March earnings, which boosted sentiment around consumption-linked stocks.

Swiggy declined 3.0% to ₹272.50 amid continued selling pressure and heavy trading volumes despite strength in the broader market.

Indian Overseas Bank rose 4.1% to ₹36.39 after reporting a 43.3% YoY rise in Januaray-March net profit to ₹15.05 billion.

Granules India gained 1.0% to ₹715.38 after the company reported a 32.0% YoY increase in January-March consolidated net profit to ₹2.02 billion.

MCX gained 2.6% to a record high of ₹2,972 as continued momentum buying supported the stock.

Futures & Options
Nifty May 2026 futures closed at 24,232, a premium of 54.35 points over the spot Nifty 50 close of 24,177.65, indicating positive positioning in the derivatives market despite elevated crude oil prices and geopolitical uncertainty. In the cash market, the Nifty 50 gained 181.95 points or 0.76%.

Volatility eased further, with India VIX declining 3.37% to 17.44. In the F&O segment, Eternal, Reliance Industries and HDFC Bank were the most actively traded stock futures contracts. The May 2026 derivatives series will expire on 26 May 2026.

Bonds
India's government bond yields traded in a narrow range on Wednesday as investors remained cautious ahead of the US Federal Reserve’s policy decision and monitored elevated crude oil prices amid continuing tensions in West Asia. The benchmark 6.48% 2035 government bond yield ended at 6.9928%, compared with 6.9837% in the previous session.

Market participants widely expect the Federal Reserve to keep interest rates unchanged in what could be Jerome Powell’s final policy meeting as chair. Meanwhile, persistently high Brent Crude prices continued to weigh on sentiment and kept concerns around inflation and India’s fiscal outlook elevated.

Forex
Indian rupee fell to a record closing low on Wednesday as elevated crude oil prices and persistent foreign investor outflows continued to pressure the currency. The rupee ended at 94.8450 against the US dollar, down 0.3% on the day. The weakness in the rupee came as efforts to resolve the US-Iran conflict remained stalled, keeping Brent Crude prices elevated and intensifying concerns around India’s inflation outlook and external balances. Sentiment was also weighed down by continued foreign selling of Indian assets.

Crypto
Crypto markets traded with cautious optimism on Wednesday despite ongoing geopolitical uncertainty surrounding the US-Iran conflict and elevated oil prices. Bitcoin held steady near the $77,325 level, gaining 0.61% even after $263 million in spot ETF outflows ended a nine-session streak of inflows. The cryptocurrency continued to show resilience despite broader macro uncertainty and concerns around global risk assets.

Ethereum gained more than 2.0% to around $2,335, while Dogecoin rose 2.8% as buying interest strengthened across large-cap altcoins.

US Stock Futures
US stock futures traded slightly higher on Wednesday as investors awaited the outcome of the Federal Reserve’s April policy meeting. Futures linked to the S&P 500 and Nasdaq-100 moved modestly higher as markets broadly expected the Federal Reserve to keep interest rates unchanged.

Investor focus remained on the Fed’s guidance around inflation, interest rates and economic growth, as policy decisions continue to influence borrowing costs across mortgages, credit cards and corporate lending.

US Treasury Notes
Yields on US Treasurymoved slightly higher in pre-market trading on Wednesday as investors awaited the Federal Reserve’s policy announcement later in the day. The benchmark 10-year Treasury yield traded near 4.36%, while Treasury prices edged lower as markets continued to price in persistent inflation risks and geopolitical uncertainty.

Investor attention remained focused on the Federal Reserve’s expected decision to keep interest rates unchanged at 3.75%, while markets closely monitored comments from Jerome Powell regarding inflation, growth and financial conditions during what could be his final scheduled policy assessment as chair.

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