Markets rebounded on Monday, with the Nifty 50 snapping a three-session losing streak to close 194.75 points, or 0.81 per cent, higher at 24,092.70. The BSE Sensex mirrored the recovery, ending up 639.42 points, or 0.83 per cent, at 77,303.63 — the strongest single-day gain in over a week — as beaten-down stocks attracted fresh buying across sectors.

The rally was broad-based. Every major sectoral index ended in the green, with Pharma, Realty, IT, Media, and Consumer Durables leading the charge, each posting gains of 2–3 per cent. Sun Pharma was the standout mover, surging after the company announced a large acquisition deal involving Organon, lifting sentiment across the healthcare space. IT heavyweights Infosys, Wipro, and Tech Mahindra also attracted buying after recent underperformance. Financials, however, lagged — Axis Bank and Shriram Finance ranked among the top losers, capping broader index gains.

Broader markets stole the show. The Nifty Midcap 100 jumped 1.47 per cent and the Smallcap 100 surged 1.90 per cent, outpacing the headline index by a wide margin. The BSE advance-decline ratio hit 2.42, with 407 of the Nifty 500 stocks closing in positive territory — a sign of broad-based participation rather than index-level concentration.

Market volatility cooled significantly. India VIX fell 6.77 per cent to close at 18.37, indicating reduced fear among investors. From a technical standpoint, Nifty reclaimed its 20-day EMA near 23,950 — a key short-term moving average — and closed above the crucial 24,000 mark. Nifty’s 800-point correction from the 24,600-swing high had retraced precisely 33 per cent of the prior upswing from 22,182, a classic Fibonacci retracement level, before Monday’s recovery. Immediate resistance now sits at 24,200–24,310, with support at 23,900.

On the currency front, the rupee snapped a five-session slide, gaining 6 paise against the dollar in line with a recovery in regional Asian currencies. The USD-INR pair, however, retains an upward structure on daily charts, with support at 93.80 and resistance at 94.40. Sentiment remains edgy on crude oil, which continues to hover above $106 a barrel, with geopolitical tensions in West Asia and the pace of U.S.-Iran negotiations keeping investors watchful.

“...the recovery was broad-based, with pharma, realty, and IT leading the gains, while financials remained relatively subdued,” said Ajit Mishra, SVP-Research at Religare Broking. “...with the Nifty reclaiming its short-term moving average ahead of the monthly derivatives expiry, sustaining above this mark will be crucial... any failure to maintain this level may lead to a resumption of the decline, with the next key support placed around 23,500.”

Looking ahead, markets face the twin test of the monthly derivatives expiry and a steady flow of quarterly earnings. Analysts say a sustained hold above 24,000 could pave the way for a move toward 24,600–24,800, while elevated crude prices and persistent FII outflows remain key risks to watch through the week.

Published on April 27, 2026