Indian equity markets are likely to open on a subdued note on Wednesday, with GIFT Nifty trading at 24,091, down 24 points from the previous close, indicating a muted start for domestic equities. According to latest market updates, the weakness comes after a relief rally in Sensex and Nifty in the previous session, as elevated crude oil prices and stalled US-Iran negotiations continue to weigh on sentiment. Earlier indications suggested a marginally positive bias, but the latest GIFT Nifty movement indicates a shift toward caution. Analysts expect markets to remain volatile and largely driven by global developments, particularly around geopolitical tensions and energy markets.
The key benchmark indices witnessed a highly volatile session on Friday, finishing lower on the monthly derivatives expiry day. The Nifty 50 index declined 97 points to close at 23,996, while the BSE Sensex fell 417 points to settle at 76,887. The Bank Nifty index crashed 863 points or 1.54% to finish at 55,400, with heavy profit booking dragging the index down from the important support zone of 55,800. The previous session's relief rally appears to have been short-lived as current market sentiment reflects renewed caution. On Tuesday, Indian markets ended lower due to profit booking in banking stocks, with the Sensex declining 416.72 points, or 0.54% to close at 76,886.91, while the Nifty 50 fell 97.00 points, or 0.40% to settle at 23,995.70.
Investor focus remains firmly on geopolitical developments after Iran reportedly proposed halting attacks on ships in the Strait of Hormuz in exchange for a complete end to the ongoing conflict. The proposal includes conditions such as lifting the US naval blockade on Iranian ports and postponing nuclear negotiations, according to media reports citing sources. Meanwhile, former US President Donald Trump has reportedly directed aides to prepare for a prolonged blockade of Iran, with tensions between the US and Iran intensifying significantly. Crude oil prices continued to trade higher amid supply concerns linked to Middle East tensions, with Brent crude rising 0.31% to USD 111.60 per barrel and WTI crude gaining 0.19% to USD 100.12. Asian markets traded lower while U.S. equities closed in the red, with the tech-heavy Nasdaq witnessing its steepest single-day fall in a month.
Foreign institutional investors (FIIs) remained net sellers, offloading equities worth ₹2,103.74 crore on April 28, 2026, according to provisional NSE data, while domestic institutional investors (DIIs) provided strong support by purchasing shares worth ₹1,712.01 crore. The US Dollar Index (DXY) strengthened slightly to 98.57 ahead of the Federal Reserve's policy decision, reflecting marginal strength in the greenback. However, the Indian rupee appreciated 0.07% to close at 94.19 against the US dollar on April 27, showing resilience despite global uncertainties. US markets closed Monday's session on a mixed note, with the S&P 500 declining 0.49% to 7,138.80 and the Nasdaq Composite dropping 0.90% to 24,663.80, while the Dow Jones Industrial Average slipped 0.05% to 49,141.93.
From a derivatives standpoint, the Put-Call Ratio (PCR) stands at 0.81, indicating a neutral-to-bearish undertone. The Nifty 50 weekly expiry option chain for May 5, 2026 shows the index hovering around the key 24,000 at-the-money level, acting as a crucial pivot. Put open interest is concentrated in the 23,000–23,500 range, suggesting strong support, while heavy Call open interest at 24,500–25,500 indicates a stiff resistance zone. The Nifty 50 is trading within a critical range, with immediate resistance at 24,206 and support at 23,814. A decisive move above 24,206 could trigger fresh upside momentum, while a breakdown below 23,814 may lead to further decline toward the 20-day moving average near 23,728 and potentially extend toward 23,400. Major companies announcing results today include Bajaj Finance Ltd, Adani Power, Indian Bank, Federal Bank, along with Capital Small Finance Bank, Fino Payments Bank, and others.
