Markets closed higher on Wednesday, with the gaining 609.45 points or 0.79 per cent to settle at 77,496.36 and the advancing 181.95 points or 0.76 per cent to end at 24,177.65 — the primary catalyst being news of the UAE’s exit from OPEC, which raised hopes of greater oil supply and softer crude prices ahead, a significant positive for an import-dependent economy like India.
The session, however, was far from one-directional. Both indices touched intraday highs — Sensex at 77,982 and Nifty at 24,335 — before profit-booking in the latter half trimmed gains. Brent crude remained elevated near $114 per barrel, with domestic crude futures surging toward ₹9,800, effectively reversing much of April’s earlier correction. The persistence of geopolitical risks around the US-Iran conflict, the unresolved Strait of Hormuz closure, and the ongoing US naval blockade continued to keep energy markets on edge.
Gainers and losers
Sectorally, FMCG led gains with a near 1.7 per cent advance, followed by Realty at around 1.3 per cent and Auto and IT each posting roughly 1 per cent gains. Heavyweights including ITC, Reliance Industries, Maruti Suzuki, and Tech Mahindra were among the top contributors. On the other side, Media slipped nearly 0.6 per cent, while PSU Banks, Financials, and Consumer Durables faced mild selling pressure. IndiGo and Dr Reddy’s ended as the session’s top laggards.
Earnings provided additional support. Bandhan Bank reported a 68 per cent year-on-year jump in net profit to ₹534 crore for Q4, with improved asset quality and steady loan growth boosting banking sentiment. Results from Maruti and other auto majors also reinforced confidence in domestic demand. The broader earnings season continues, with Bajaj Finserv, HUL, Adani Enterprises, and NSDL among key names reporting on Thursday.
On the macro front, India’s Index of Industrial Production for March 2026 rose to 4.1 per cent from 3.9 per cent year-on-year, with capital goods output surging 14.6 per cent, signalling healthy investment demand even as consumer trends remained mixed. The government is also preparing a Cabinet note for a new urea investment policy aimed at bridging a supply gap of nearly 100 lakh tonnes and reducing import dependence — a positive signal for the fertiliser sector.
In the broader market, the Nifty Midcap 100 slipped marginally by 0.07 per cent while the Smallcap 100 gained 0.65 per cent, with market breadth slightly positive as the advance-decline ratio came in at 1.01. India VIX continued to ease, suggesting some moderation in near-term fear.
The rupee weakened 30 paise to hit a record low close near 94.8 against the dollar, pressured by sustained FII outflows, elevated crude prices, and dollar demand from importers, with the Reserve Bank of India staying on the sidelines. Dealers see the USDINR trading between 94.10 and 95.15 with a positive bias for the dollar.
On gold, domestic prices declined around ₹900 to ₹1,49,100, with profit-booking and a firmer dollar keeping pressure on the metal. COMEX gold hovered near $4,600–$4,620, facing resistance at higher levels. The metal is expected to remain range-bound with support near ₹1,48,000 and resistance around ₹1,52,000.
The final phase of West Bengal elections added a political dimension to Wednesday’s trade, with exit poll outcomes expected later in the evening. Final results are due Monday, May 4, and are likely to influence early trade next week.
What lies ahead?
Looking ahead, all eyes are on the US Federal Reserve’s interest rate decision, due later Wednesday, along with Jerome Powell’s press conference — potentially his last before a leadership transition. “Steady rates aren’t necessarily negative; they provide policy clarity and allow investors to plan capital allocation with greater confidence. What truly drives volatility is not what markets anticipate, but what surprises them,” said Ashish Singhal, Co-founder, CoinSwitch.
Ajit Mishra of Religare Broking added that “markets will react to the outcome of the US Fed meeting in early trade on Thursday… elevated crude oil prices near the $110 mark, along with persistent foreign institutional outflows and a weak rupee, continued to cap the upside.”
For Nifty, a decisive close above 24,400 is needed to open further upside toward 24,600–24,800, while a break below the 20-day EMA near 23,950 could drag the index toward 23,600.