Markets opened on a cautious note Tuesday morning as Nifty's April derivative contracts expired amid unresolved geopolitical tensions in the West Asia, elevated crude oil prices and mixed global cues. The Sensex opened at ₹77,094.79 against its previous close of ₹77,303.63, and was trading at ₹77,173.99, down 129.64 points or 0.17 per cent, as of 9.16 AM. The Nifty 50, which closed Monday at 24,092.70, opened at 24,049.90 and was trading at 24,071.75, down 20.95 points or 0.09 per cent.

"...Nifty is expected to open slightly lower around 24,000, down nearly 120 points, indicating a cautious start amid mixed global cues...the possibility of a recovery towards higher levels remains intact...traders should avoid aggressive positions at the open," said Gaurav Udani, Founder of ThinCredBlu Securities.

Among Nifty 50 gainers, Coal India led with a 1.57 per cent rise, trading at ₹459.60 against its previous close of ₹452.50. Grasim Industries gained 1.24 per cent to ₹2,812.70, while Dr. Reddy's Laboratories rose 0.53 per cent to ₹1,341.60. Adani Enterprises added 0.47 per cent to ₹2,332.70 and Jio Financial Services edged up 0.43 per cent to ₹254.72.

On the losing side, State Bank of India fell the most, down 1.16 per cent to ₹1,098.90 from its previous close of ₹1,111.85. Sun Pharmaceutical Industries declined 0.91 per cent to ₹1,717.80. Axis Bank dropped 0.85 per cent to ₹1,312.90, Eternal Ltd slipped 0.62 per cent to ₹253.90 and Bajaj Auto fell 0.55 per cent to ₹9,608.50.

"...pharma and metal stocks showed strong momentum in the previous session and are likely to remain in focus...FMCG continues to act as a defensive pocket and may see steady buying in volatile conditions...IT stocks remain under pressure, with weak structure despite occasional pullbacks," said Aakash Shah, Technical Research Analyst at Choice Equity Broking.

The energy sector remains a pressure point for markets globally. Brent crude was trading at $102.39 a barrel, with the ongoing Iran conflict disrupting the Strait of Hormuz. CRU Group estimates that more than half of the West Asia's urea output may have been disrupted, with 55–60 per cent of production potentially halted, tightening global fertiliser supply and adding to food inflation risks for markets including India, Europe and Brazil.

"...Donald Trump and his national security team have expressed skepticism over Iran's proposal to reopen the Strait and defer nuclear negotiations," the Wall Street Journal reported, with concerns persisting over Iran's willingness to engage in good faith on nuclear enrichment demands. Iran has submitted a revised proposal to the White House through Pakistani mediators, though the US response remains uncertain.

India's macro exposure to the conflict is significant given its dependence on Persian Gulf oil imports. The rupee was trading in the 94.2–94.6 range, with elevated crude prices weighing on the external balance. "...elevated crude oil prices continue to be a key concern, with Brent trading in the $106–110 per barrel range, adding to inflationary pressures and weighing on sentiment," said Ponmudi R, CEO of Enrich Money.

Domestically, private sector capital expenditure showed signs of strength in FY26, with its share in new projects exceeding 70 per cent and investment commitments rising 51.5 per cent year-on-year to approximately ₹41 trillion. However, momentum slowed in Q4FY26, with project announcements falling to ₹8.6 trillion from roughly ₹16 trillion in prior quarters. India also signed a comprehensive free trade agreement with New Zealand, granting 100 per cent duty-free market access and an expected ₹20 billion in FDI over 15 years.

On the institutional flow front, Foreign Institutional Investors remained net sellers, offloading equities worth approximately ₹1,152 crore on Monday. Domestic Institutional Investors provided an offset with net buying of around ₹4,124 crore. India VIX eased slightly to 18.37, though it continues to signal an uncertain trading environment. "...FIIs are likely to continue selling...so long as this market momentum continues...when that happens, fairly-valued largecaps will outperform," said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments.

The Reserve Bank of India's finalised Expected Credit Loss provisioning norms, retaining the 5 per cent provisioning requirement for Stage 2 loans, are also being watched by banking sector investors. Stock-specific triggers, including Maruti Suzuki India's margin trends, Bandhan Bank's asset quality, and results from REC Limited, Dalmia Bharat, Star Health and Allied Insurance, and Go Digit General Insurance are expected to drive sectoral movement through the session.

"...corporate earnings may not yet show the full impact of the Iran conflict...forward guidance is where companies will start pricing in higher future costs," market participants noted, as investors brace for a volatile expiry session.

Published on April 28, 2026