Equity benchmarks opened in positive territory on Monday morning, defying a string of headwinds including elevated crude oil prices and continued foreign institutional selling, as GIFT Nifty signalled a gap-up start for domestic indices.

The BSE Sensex, which had closed Friday’s session at ₹76,664.21, opened at ₹76,856.05 and was trading at ₹77,046.69, up ₹382.48 or 0.50 per cent, as of 9.16 am. The NSE Nifty 50, which had closed at 23,897.95, opened at 23,945.45 and was trading at 24,017.95, up 120 points or 0.50 per cent, at the same time.

Aakash Shah, Technical Research Analyst at Choice Equity Broking, noted that GIFT Nifty was trading around 24,140, up nearly 185 points ahead of market open. ...”The price action indicates that the market is undergoing a short-term corrective phase, with recovery attempts likely to face hurdles unless key resistance levels are decisively crossed,” he said.

Sun Pharma was the top gainer on the Nifty 50 in early trade, with the stock rising 3.28 per cent to ₹1,673.60, from its previous close of ₹1,620.40. The pharmaceutical sector has emerged as a defensive pocket in an otherwise cautious market, offering shelter as IT stocks bear the brunt of selling pressure following weak guidance from index heavyweights.

Adani Ports rose 1.90 per cent to ₹1,615.20 against its previous close of ₹1,585.10, while JSW Steel gained 1.47 per cent to ₹1,274.10 from ₹1,255.70. UltraTech Cement added 1.46 per cent to trade at ₹12,173, up from ₹11,998, and Kotak Mahindra Bank climbed 1.38 per cent to ₹375.95 from ₹370.85 — providing support from infrastructure, metals, cement, and banking segments.

On the losing side, Axis Bank was the sharpest decliner among Nifty 50 stocks, sliding 4.12 per cent to ₹1,309.60 from its previous close of ₹1,365.90, with over 1.1 crore shares changing hands. Shriram Finance fell 2.83 per cent to ₹982.65 from ₹1,011.30, while Bajaj Finance dipped a modest 0.28 per cent to ₹919.00 from ₹921.55. IndiGo slipped marginally by 0.07 per cent to ₹4,519.90 from ₹4,523.10.

The NBFC and private banking space remains under pressure from earnings-related selling, even as broader financials show relative resilience. Gaurav Udani, Founder of ThinCredBlu Securities, sounded a note of caution on strategy: ...”The setup suggests a range-bound but positive bias at the open. However, with resistance nearby, chasing the gap-up may not offer the best risk-reward... wait for dips near support to consider longs, while being cautious near resistance.”

Crude oil continued to remain a key pressure point. June Brent crude futures were trading at $100.31 per barrel, up 1.19 per cent, while WTI June futures stood at $95.20, up 0.85 per cent, as of 9:14 am on Monday — with no visible progress in US–Iran negotiations. On the Multi Commodity Exchange, May crude oil futures were trading at ₹8,994, up 2.01 per cent from the previous close of ₹8,817, and June futures were at ₹8,592, up 1.90 per cent from ₹8,432.

Ponmudi R, CEO of Enrich Money, a SEBI-registered trading and wealth-tech firm, flagged a structural shift in global capital flows driven by the AI trade. ...”One stock in Taiwan (TSMC) and two stocks in South Korea (Samsung and SK Hynix) account for lion’s share of the portfolio flows into these two countries... Any reversal of AI trade will also alter the direction of portfolio flows,” he said, adding that India stands to benefit when that reversal occurs.

On the institutional front, Friday’s session saw aggressive FII selling of ₹8,827 crore worth of equities, while domestic institutional investors (DIIs) provided partial support with net purchases of ₹4,700 crore. India VIX closed at 19.71 on Friday, pointing to elevated uncertainty and the likelihood of sharp intraday swings.

Technically, the Nifty faces immediate resistance at 24,200–24,300, with stronger supply seen at 24,500–24,600. Support holds at 23,900–23,800. For Bank Nifty, which was trading near 56,100, resistance is seen at 56,500–57,000, while support is placed at 55,700–55,600.

Despite near-term turbulence, analysts noted that India’s domestic fundamentals remain intact, with rising private capital expenditure pointing to underlying economic resilience even as global macro risks from energy prices and geopolitics keep markets on edge.

Published on April 27, 2026