opened in positive territory on Wednesday, with the gaining 358.78 points (0.47 per cent) to trade at 77,245.69 shortly after the opening bell, at 9.16 am, against a previous close of 76,886.91.
The rose 122.55 points (0.51 per cent) to 24,118.25, compared to Tuesday’s close of 23,995.70, though analysts cautioned that the gains may be short-lived given the weight of global headwinds.
led the Nifty gainers, rising 3.31 per cent to ₹13,319, from a previous close of ₹12,892, on volumes of 47,606 shares worth ₹6,291.33 lakh.
was the second biggest gainer, up 3.11 per cent to ₹260.94 from ₹253.07, on heavy volumes of over 1.80 crore shares valued at ₹47,667.09 lakh. added 1.53 per cent to ₹356.15, climbed 1.43 per cent to ₹305.60, and defence electronics maker rose 1.24 per cent to ₹441.15.
On the losing side, was the top laggard, falling 0.92 per cent to ₹1,064.40 from ₹1,074.30. slipped 0.58 per cent to ₹2,448.40, while edged down 0.46 per cent to ₹1,286. declined 0.34 per cent to ₹214.31, and shed 0.33 per cent to ₹1,802.40.
Gaurav Udani, Founder of ThinCredBlu Securities, described the market structure as range-bound. “23,900–24,000 remains immediate support, while 24,200–24,300 continues to act as the key resistance zone,” he said, adding that “traders are likely to wait for a breakout on either side before taking aggressive positions.”
The session opens against a backdrop of significant global uncertainty. Brent crude is trading around $110–113 per barrel, after BP posted quarterly profits more than double year-ago levels on the back of supply disruptions from the near-shutdown of the Strait of Hormuz.
Devarsh Vakil, Head of Prime Research at HDFC Securities, flagged that the United Arab Emirates will exit OPEC on May 1, a development that could have medium-term implications for oil supply but is unlikely to ease prices in the near term.
Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments, was direct about what rising crude means for India. “Brent crude at $110 is negative for India,” he said. “As long as crude price remains elevated, the downside risk to India’s growth and the upside risk to inflation will remain high.”
The Federal Reserve’s two-day policy meeting, which concludes today, is expected to result in a rate hold, though Fed Chair Jerome Powell’s commentary will be closely watched. Nachiketa Sawrikar, Fund Manager at Artha Bharat Global Multiplier Fund, noted that today’s meeting is the final policy statement under Powell before Kevin Warsh takes over.
He warned that an accelerated balance sheet reduction under the incoming chair “could pressure equity valuations through multiple compression and increase market volatility.”
Hitesh Tailor, Research Analyst at Choice Equity Broking, noted that on Tuesday, Nifty had formed a double inside bar candlestick pattern, “indicating consolidation and volatility contraction, suggesting indecision.” Bank Nifty, he added, was a source of concern, having closed Tuesday down 863.95 points (1.45 per cent) at 55,400.35, forming a bearish candlestick with RSI weakening to 48.44.
On institutional flows, foreign institutional investors remained net sellers on Tuesday, offloading equities worth ₹2,100 crore, while domestic institutional investors partially offset this with purchases of ₹1,712 crore. The rupee depreciated 35 paise to close at a one-month low of 94.54 against the dollar.
Earnings remain a key domestic trigger. Bajaj Finance, Federal Bank, Adani Power, and Vedanta are among the companies reporting results today. Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth, noted that Vedanta is also in focus as today marks the last day for investors to be eligible for its demerger benefits.
He cautioned that the Reserve Bank of India’s recently implemented Expected Credit Loss framework continues to weigh on public sector banks through higher provisioning requirements.
Ponmudi R, CEO of Enrich Money, summed up the mood: “Sentiment remains fragile and highly sensitive to news flow. Elevated crude prices, unresolved geopolitical tensions, currency pressures and persistent foreign outflows are likely to keep markets under pressure.”