Closing Bell: Sensex and Nifty 50 Rise 0.8%; Pharma Rally, Reliance Strength and Oil Surge Drive Markets on April 27

Market Update at 04:00 PM: Indian benchmark indices ended higher on Monday, April 27, with the Sensex and Nifty 50 both rising around 0.8 per cent, supported by a rebound in information technology stocks and strong gains in Sun Pharma after a major global acquisition announcement.

The Nifty 50 opened with a gap-up of nearly 47 points and extended gains through the session, snapping a three-day losing streak. It crossed the key 24,000 level and closed at 24,092.70, up 194.75 points or 0.81 per cent. The Sensex also advanced strongly, gaining 639.43 points or 0.83 per cent to close at 77,303.64.

Market volatility eased significantly, with the Nifty Volatility Index (VIX) falling more than 6 per cent to below the 19 mark, indicating improved investor confidence.

Crude oil prices surged sharply on Monday as peace talks between the U.S. and Iran stalled, raising concerns over potential disruptions in Middle East energy supply. Brent crude rose nearly 3 per cent, briefly touching a more than three-week high of around USD 108.5 per barrel. The spike in oil prices added fresh inflation concerns and reduced expectations of interest rate cuts by major central Banks in the near term, even as global equity markets remained broadly stable ahead of a busy week of tech earnings and policy meetings.

All 11 key sectoral indices ended the day in positive territory. Broader markets also outperformed, with the Nifty Midcap index rising 1.47 per cent and the Nifty Smallcap 100 gaining 0.90 per cent.

The Nifty Pharma index emerged as the top-performing sector, jumping 2.62 per cent to hit a one-month high. The rally was led by Sun Pharma after the company announced a landmark USD 11.75 billion acquisition of U.S.-listed drugmaker Organon, marking one of the biggest deals in Indian pharma history.

Among major stocks, Reliance Industries rebounded sharply, closing 2.86 per cent higher after recovering from earlier losses, despite missing quarterly profit estimates. The stock had declined 2.5 per cent over the previous two sessions.

Axis Bank fell 3.05 per cent following weaker-than-expected quarterly earnings, impacted by higher provisions and concerns over a proposed USD 2 billion Equity Fundraise.

Paytm slipped 1.33 per cent after the Reserve Bank of India cancelled the banking license of its payments bank unit, weighing on sentiment.

Sun Pharma surged 6.98 per cent following its announcement of the USD 11.75 billion Organon acquisition, driving strong momentum in the pharma sector.

The biggest positive contributors to Nifty 50 gains were Reliance Industries, adding 55.77 points, Sun Pharmaceutical Industries contributing 26.57 points, and HDFC Bank adding 16.47 points. On the downside, Infosys dragged the index by 65.51 points, followed by ICICI Bank with a 33.90-point impact and Tata Consultancy Services with a 27.77-point decline.

Market breadth remained firmly in favour of advancing stocks. Out of 3,449 stocks traded on the NSE, 2,550 advanced, 801 declined, and 98 remained unchanged. A total of 133 stocks hit 52-week highs, while 24 touched 52-week lows. Additionally, 108 stocks were locked in Upper Circuits compared to 67 stocks in Lower Circuits, reflecting strong underlying market participation.

Market Update at 2:20 PM: Indian equity benchmarks trimmed some of their Intraday gains as selling pressure in select financial stocks capped the upside. Shares of Axis Bank, ICICI Bank, and Shriram Finance weighed on the indices, leading to a partial pullback from the day’s highs.

The Nifty 50 was trading 0.52 per cent or 125.85 points higher at 24,015.50, while the Sensex advanced 0.52 per cent or 410.50 points to 77,079. Despite the moderation, both indices remained firmly in positive territory, reflecting underlying market strength.

Broader markets continued to outperform the benchmark indices. The Nifty MidCap index rose 1.27 per cent, while the Nifty SmallCap index gained 1.62 per cent, indicating sustained investor interest in mid- and Small-Cap stocks.

On the sectoral front, the Nifty Realty, Nifty IT, and Nifty Pharma indices led the gains, outperforming the broader benchmarks. In contrast, the Nifty Private Bank and Nifty Financial Services indices lagged, primarily due to weakness in key banking and financial stocks.

Overall, market sentiment remained positive, supported by strong participation beyond frontline indices, although pressure in financials limited sharper gains.

Market Update at 12:29 PM: Indian equity benchmarks pared some of their intraday gains but continued to trade in positive territory, weighed down by select financial stocks. Shares of Axis Bank, ICICI Bank, and Shriram Finance dragged the indices from their day’s highs.

The Nifty 50 was trading 0.52 per cent or 125.85 points higher at 24,015.50, while the BSE Sensex gained 0.52 per cent or 410.50 points to trade at 77,079.

Broader markets outperformed the benchmark indices, indicating sustained buying interest beyond Large-Cap stocks. The Nifty MidCap index was up 1.27 per cent, while the Nifty SmallCap index advanced 1.62 per cent.

On the sectoral front, the Nifty Realty, Nifty IT, and Nifty Pharma indices outperformed the benchmarks. In contrast, the Nifty Private Bank and Nifty Financial Services indices lagged the broader market.

In the commodities market, Brent crude oil pared some of its intraday gains after a report suggested that Iran may have reached out to the U.S. with a fresh proposal to reopen a key global supply route. The April contract of Brent crude was trading 1.1 per cent higher at USD 106.5 per barrel.

Market Update at 09:35 AM: Indian equity benchmarks traded higher on Monday, tracking gains across Asian markets amid hopes of de-escalation in West Asia tensions.

The Nifty 50 was trading 0.48 per cent or 115.35 points higher at 24,021.85, while the Sensex advanced 0.41 per cent or 315 points to 76,979.17.

Broader markets outperformed the benchmark indices, with the Nifty MidCap index rising 1.16 per cent and the Nifty SmallCap index gaining 1.05 per cent.

On the sectoral front, the Nifty Realty and Nifty Pharma indices led the gains and outperformed the benchmarks. In contrast, the Nifty Private Bank and Nifty Financial Services indices lagged the broader market.

In commodities, Brent crude oil trimmed some of its intraday gains after a report indicated that Iran has likely reached out to the U.S. with a new proposal to reopen a key supply waterway. The April contract was trading 1.3 per cent higher at USD 107 per barrel.

Meanwhile, precious metals saw some profit booking, with gold and silver futures trading lower by 0.59 per cent and 1.70 per cent, respectively.

Pre-Market Update at 7:38 AM: Indian benchmark indices, the BSE Sensex and Nifty 50, are likely to open on a positive note on Monday, April 27, tracking a strong rally in global markets amid renewed optimism over potential U.S.–Iran peace talks. Iran, through Pakistani mediators, has proposed a fresh plan to the United States aimed at reopening the Strait of Hormuz and ending the ongoing conflict.

The GIFT Nifty was hovering near the 24,124 mark, trading at a premium of nearly 170 points over the previous close of Nifty futures, indicating a firm start for domestic equities. Asian markets were trading in the green, while U.S. equities ended last week on a strong footing, with both the S&P 500 and Nasdaq Composite closing at record highs.

The U.S.–Iran geopolitical situation remains a key trigger. Iran’s proposal, as reported by Axios citing U.S. officials, includes reopening the Strait of Hormuz and postponing nuclear negotiations. This follows the collapse of earlier talks in Pakistan, and any progress on this front is likely to influence global risk sentiment and energy prices.

Among domestic cues, Reliance Industries reported its Q4FY26 results with a 12.6 per cent year-on-year decline in consolidated net profit at Rs 16,971 crore. However, revenue from operations rose 12.9 per cent YoY to Rs 2,98,621 crore. Consolidated EBITDA declined marginally by 0.3 per cent YoY to Rs 48,588 crore, while EBITDA margins contracted by 200 basis points to 14.9 per cent. The company declared a Dividend of Rs 6 per share for FY26.

Crude oil prices surged due to continued delays in U.S.–Iran peace discussions impacting shipments through the Strait of Hormuz. Brent crude rose 2.05 per cent to USD 107.49 per barrel, while U.S. West Texas Intermediate gained 1.88 per cent to USD 96.17 per barrel. Meanwhile, the U.S. dollar strengthened on safe-haven demand, with the dollar index rising to 98.623.

From a derivatives perspective, the Put-Call Ratio (PCR) stands at 0.67, indicating a cautious market undertone. On the Put side, significant open interest is concentrated at 23,500 and 23,000 levels, suggesting these may act as support zones. On the Call side, notable open interest addition was seen at 24,000 and 24,100 strikes, indicating strong resistance levels. Additionally, high open interest remains at 24,000 and 25,200 strikes.

Technically, 23,700 is seen as immediate support for the Nifty 50, followed by a crucial downside level at 23,500. On the upside, resistance is expected at 24,000 and then at 24,200. A sustained move above 24,200 could push the index towards 24,600.

In the derivatives segment, SAIL remains under the F&O ban list for the day.

Institutional activity showed divergent trends in the previous session. Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 8,827.87 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,700.71 crore.

On Friday, Indian markets ended sharply lower due to rising crude oil prices and escalating geopolitical tensions. The Sensex fell 999.79 points, or 1.29 per cent, to close at 76,664.21, while the Nifty 50 declined 275.10 points, or 1.14 per cent, to settle at 23,897.95.

In global markets, U.S. equities closed mixed. The Dow Jones Industrial Average declined 79.61 points, or 0.16 per cent, to 49,230.71. Meanwhile, the S&P 500 rose 56.68 points, or 0.80 per cent, to 7,165.08, and the Nasdaq Composite gained 398.09 points, or 1.63 per cent, to close at 24,836.60. For the week, the S&P 500 advanced 0.55 per cent, the Nasdaq climbed 1.5 per cent, while the Dow slipped 0.44 per cent.

Among major stocks, Nvidia surged 4.32 per cent, while AMD and Arm Holdings jumped around 14 per cent each. Amazon gained 3.49 per cent, and Microsoft rose 2.13 per cent.

In commodities, gold prices declined under pressure from a stronger dollar. Spot gold fell 0.3 per cent to USD 4,694.26 per ounce, registering a weekly loss of 2.5 per cent and snapping a four-week winning streak. Spot silver also declined 0.3 per cent to USD 75.48 per ounce.

Disclaimer: The article is for informational purposes only and not investment advice.

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