Following a brief two-day phase of profit booking, the broader market demonstrated a strong rebound. The Nifty Midcap 100 index led the charge with a gain of 1.62%, closely followed by the Nifty Smallcap index, which advanced by 0.78%.
Except Nifty IT, all other sectoral indices ended in the green with Oil and Gas index being the top performer with 3% gains. PSU Bank, Pharma and Healthcare indices followed with gains of 2% each.
Shares of Reliance Industries Ltd., the Nifty 50 heavyweight, and the oil-to-telecom-to-retail conglomerate, Contributes Nearly 40% To Nifty’s Gain. RIL Surged More Than 5% on Monday, April 28, in reaction to their March quarter results. This was the biggest single-day gain that the Mukesh Ambani-led conglomerate had since June last year. Nifty surged 280 points on Monday and nearly 40% of that gain, came via RIL.
Shriram Finance was the top Nifty loser, extending Friday’s losses on a weak Q4. Shriram Finance wrote-off Gross NPA worth ₹2,345.11 crore during the March quarter.
Shares of India’s defence companies, Garden Reach Shipbuilders, Data Patterns, Cochin Shipyard, Mazagon Dock Shipbuilders, Hindustan Aeronautics, among others have surged between 5% and 8% today. Tensions remain at the Line of Control (LoC) between India and Pakistan after the Pahalgam Terror Attack, as there were incidents of multiple ceasefire violations from across the border over the weekend.
Going ahead, market attention will shift to earnings reports from Bajaj Finance, Bajaj Finserv, Trent, BPCL, and Ambuja Cements.
The surge was driven by several factors, including the absence of any fresh developments on the India-Pakistan front over the weekend, strong earnings and positive reaction from heavyweights like RIL and Axis Bank, and positive global cues as the US and China softened their stance on tariffs and agreed to begin talks.
Additionally, consistent foreign institutional investor (FII) buying over the past few days, with cumulative inflows reaching ₹32,467 crore over the last eight consecutive trading sessions, boosted market sentiments, said Siddhartha Khemka of Motilal Oswal.
Meanwhile, both foreign investors and domestic institutional investors remained net buyers in the cash market on Monday.
What do the Nifty 50 charts indicate?
The Nifty recovered smartly, shrugging off the negativity of last week. However, the upside was limited to the recent high, keeping the consolidation phase intact.
Nagaraj Shetti of HDFC Securities believes the near-term uptrend of Nifty remains intact. “A sustainable move above 24,400 is not only going to negate the recent short-term bearish pattern, but also open sharp upside towards the next resistance of around 24,600-24,800 levels in the near term. Immediate support is placed at 24,050 levels.”
“On the higher end, 24,360 has remained a resistance level, and the Nifty might spend some more time around the current range unless 24,360 is decisively breached. Above 24,360, the index could move towards 24,550, where the 61.80% Fibonacci retracement level of the previous fall from 26,277 to 21,743 lies. On the lower end, support is placed at 24,000, below which the index might start falling towards 23,800 or even 23,350,” said Rupak De of LKP Securities.
What do the Nifty Bank charts indicate?
According to Dhupesh Dhameja of SAMCO Securities, the Nifty Bank continues to trade in a confident consolidation phase as it holds firm above its breakout neckline. Recent price action reflects a tug-of-war between buyers and sellers, and with the index hovering near its resistance, a breakout in either direction could determine the next major trend.
“As long as the index sustains above the 54,000–54,300 support zone, the broader structure remains positive. A breakout above 56,000 could rejuvenate momentum, potentially unlocking an upside move towards the 56,500 level,” Dhameja added.
