Indian markets staged a strong recovery on Wednesday, with Sensex jumping 609.45 points (0.79%) to close at 77,496.36 and Nifty 50 gaining 181.95 points (0.76%) to settle at 24,177.65. The rally was primarily driven by strong earnings-led buying and positive global cues, with the Nifty 50 opening at 24,096.90 and touching an intraday high of 24,334.70 before profit booking at higher levels. According to DSIJ, the Nifty 50 witnessed volatility but held above the 24,059.95 mark throughout the session, while India VIX slipped marginally below the 18 mark, indicating stable market sentiment despite global uncertainties. India VIX declined 3.37% to 17.44, indicating easing volatility as markets recovered from recent lows.
Several major companies announced their fourth quarter results with mixed performance across sectors. Motilal Oswal Financial Services reported a widened consolidated net loss of ₹221 crore in Q4FY26 compared to ₹65 crore in the previous year, despite achieving stellar 125% year-on-year growth in revenue from operations at ₹2,676 crore. Bajaj Finance delivered strong results with consolidated net profit rising 22% YoY to ₹5,553 crore in Q4, while net interest income increased by 20% YoY to ₹11,781 crore. Adani Power reported impressive growth with consolidated net profit surging 52% year-on-year to ₹4,017 crore in the fourth quarter, and total income increasing 10% YoY to ₹15,989 crore. Maruti Suzuki gained 2.83% after reporting Q4FY26 results, while Star Health climbed 3.08% on strong quarterly performance.
Crude oil prices remained elevated with Brent crude at $114.43, up 2.85%, and WTI crude at $103.38, up 3.45%, amid reports that the US may extend its blockade of Iranian ports, tightening global supply. As per DSIJ, Brent crude rose 2.64% to USD 114.20 per barrel on the Intercontinental Exchange amid delays in the reopening of the Strait of Hormuz due to stalled U.S.-Iran talks. The UAE announced its exit from OPEC effective May 1, with Energy Minister Suhail Mohamed al-Mazrouei stating that the timing aims to minimise disruption in global markets. Tensions between the U.S. and Iran have intensified, with former U.S. President Donald Trump reportedly directing aides to prepare for a prolonged blockade of Iran, according to media reports. The ongoing stalemate in U.S.-Iran negotiations and continued disruption in the Strait of Hormuz—a key global oil transit route handling nearly 20% of global oil trade—fuelled supply concerns and triggered one of the most significant supply shocks in recent times.
The broader markets showed strong participation beyond frontline stocks, with Nifty MidCap 100 index slipping 0.07% while Nifty SmallCap 100 rose 0.65%. According to DSIJ, 7 out of 11 major sectoral indices ended in positive territory, with the Nifty FMCG index emerging as the top performer, rising 1.75% and hitting a 2-month high. The Nifty Auto index gained 1.15%, followed by gains in IT (0.99%), Realty (1.48%), and Oil & Gas (0.71%) sectors. Market breadth remained slightly negative with 1,626 stocks advancing while 1,667 declined out of 3,394 stocks traded on NSE, while 139 stocks touched 52-week highs and 18 hit 52-week lows. Among Sensex stocks, ITC emerged as the top gainer, rising 3.86%, followed by Tech Mahindra (3.14%), Maruti Suzuki (2.82%), Reliance Industries (2.68%), and Bharti Airtel (2.30%).
