Markets held firm in midday trade on Wednesday, April 1, 2026, with gains moderating from the morning’s sharp gap-up open as investors turned cautious ahead of a key address by US President Donald Trump on Iran, scheduled for Thursday.
As of 12.30 pm, the was trading at 73,676.69, up 1,729.14 points or 2.40 per cent, while the stood at 22,842.25, gaining 510.85 points or 2.29 per cent.
Both indices had opened significantly higher — the Sensex at 73,762.43 and the Nifty at 22,899.00 — but pared some early gains through the session.
Market breadth on the BSE remained broadly positive. Of 4,277 stocks traded, 3,734 advanced and only 345 declined, while 417 remained unchanged. A total of 126 stocks hit 52-week highs against 54 at 52-week lows. Stocks in upper circuit numbered 189, compared to 116 in lower circuit.
IndiGo parent InterGlobe Aviation was the top Nifty 50 gainer, surging 7.94 per cent to ₹4,256.70, benefiting from easing crude oil prices and improved risk sentiment.
Adani Ports climbed 6.96 per cent to ₹1,403.90, while Adani Enterprises advanced 6.13 per cent to ₹1,866.70. Defence electronics firm BEL rose 5.99 per cent to ₹424.65, and retail conglomerate Trent gained 5.75 per cent to ₹3,485.20.
On the losing side, HDFC Life Insurance fell 1.63 per cent to ₹580.95 against its previous close of ₹590.60. Apollo Hospitals declined 1.40 per cent to ₹7,315.50.
Cipla dropped 1.14 per cent to ₹1,210.30, and NTPC slipped 1.08 per cent to ₹366.65. Dr. Reddy’s Laboratories shed 1.04 per cent to ₹1,241.90, as the pharma and healthcare pack faced selling pressure amid broader sector rotation.
Analysts noted that the gap-up rally lacked sustained follow-through. Vishnu Kant Upadhyay, AVP Research at Master Capital Services, pointed out that the Nifty continues to trade well below its 10-day and 21-day exponential moving averages, placed near 23,050 and 23,550 respectively, and that a decisive close above 23,550–23,600 is essential to revive bullish momentum. Immediate downside support was cited at 22,280.
Ponmudi R, CEO of Enrich Money, flagged that while crude oil has moderated toward the $105 level, it remains elevated.
Any disruption around key oil supply routes could quickly reverse sentiment, keeping the session highly event-driven. The Indian rupee, hovering near the 93–94 per dollar range, and revised STT framework were also flagged as variables influencing investor positioning through the afternoon.
COMEX Gold was trading in the $4,700–$4,750 resistance band, while MCX Gold held above ₹1,51,000 amid persistent safe-haven demand. MCX Crude Oil hovered near ₹9,650–₹9,700, with the near-term bias tilted toward buy-on-dips.
Markets remain open, with direction expected to hinge on crude oil movements and any fresh developments from Washington on the Iran situation.