Short covering drove April's rally across the broader market and in several stocks, with analysts identifying continued stock-specific opportunities for May. According to The Economic Times, while May may not see gains of a similar scale, stock-specific action is expected to persist. The rally was primarily fueled by short covering, which provided momentum across multiple sectors and individual stocks. 475 stocks from the BSE500 index managed to deliver positive returns in April 2026, with 95% of the top 500 stocks ending the month in green. However, broader economic indicators remain broadly intact but FIIs remained net sellers, with geopolitical uncertainties, expensive valuations to other EMs and high energy import dependence weighing on sentiment.
HFCL emerged as the standout performer, jumping 71% in April as the stock surged from ₹68 on March 30, 2026 to ₹116 on April 30, 2026. Ola Electric Mobility gained more than 60% as the stock surged to ₹37 from ₹23 during the period. Cohance Lifesciences and Cemindia Projects also posted 60% gains in the month. Among other major gainers, Suzlon Energy rose 41%, Bharat Heavy Electricals Ltd gained 44%, and Adani Green Energy jumped 44%. Oracle Financial Services Software was up 44%, while Adani Energy Solutions and Elecon Engineering Company posted 44% and 43% gains respectively. Gallantt Ispat, Welspun Corp Ltd, Adani Green Energy Ltd, Garden Reach Shipbuilders & Engineers Ltd (GRSE), Adani Power Ltd, Schneider Electric Infrastructure and Cochin Shipyard Ltd also jumped 45-55% in the previous month, with majority of these companies posting decent earnings or seeing surge in demand led by rising temperature.
Indian markets opened weak on Thursday but witnessed a partial recovery from intraday lows, although the benchmark remained in the red. According to The Economic Times, Indian markets are expected to remain sideways, with a consolidative bias amid persistent FII outflows, weak rupee, elevated crude oil prices and lack of progress in US–Iran negotiations. The India VIX rose 5.8% to settle at 18.46 levels, indicating increased market fear. Foreign portfolio investors net sold shares worth ₹8,048 crore on Tuesday, while DIIs were net buyers at ₹3,487 crore. The rupee on Thursday gained 4 paise to settle at 94.84 against the US dollar, tracking a correction in global crude prices and a weak greenback overseas.
Sun Pharma shows strong bullish momentum with a -3.3% change in open interest and 1.7% price increase in May series. As reported by Religare Broking, the stock is up nearly 12% in the past week after announcing the acquisition of Organon. Technical analysts suggest buying for a target of ₹1,960 with a stop-loss at ₹1,740. Adani Ports and SEZ demonstrates breakout potential with 2.64% change in open interest and 1.10% price increase, having broken out of a trading range that held for over two years. Analysts recommend buying May futures in the ₹1,640–1,620 range for a target of ₹1,750–1,800 with a stop-loss at ₹1,550.
ONGC made a fresh 52-week high last week amid rising Brent crude prices due to the West Asia conflict, with 0.9% change in open interest and -1.8% price change. According to JM Financial Services, the stock has recently seen a positive price-volume breakout at the ₹292 level. Analysts suggest buying May futures at ₹301–297 for a target of ₹318–329 with a stop-loss at ₹287. Sona BLW Precision Forgings hit a 52-week high on Thursday, breaching their hurdle of the ₹550–560 zone, with -1.13% change in open interest and 1.07% price increase.
