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Sensex, Nifty End Higher But Global Uncertainty Caps Gains

Indian equity benchmarks ended higher on Wednesday but gave up most intraday gains due to a sharp rise in global crude oil prices. The Nifty closed at 24,177.65, up 0.76%, while the Sensex settled at 77,496.36, gaining 0.79%. Market sentiment was weighed by Brent crude surging over 3% to $114.60 per barrel after stalled US-Iran talks and UAE's decision to exit OPEC. Despite the pullback, select heavyweights like ITC, Tech Mahindra, and Maruti Suzuki supported the indices, though broader markets showed mixed performance.

Key Points: Sensex, Nifty End Higher Amid Global Uncertainty

  • Sensex gains 609 points, Nifty up 182 points
  • Brent crude surges over 3% to $114.60
  • UAE to exit OPEC from May 1
  • ITC, Tech Mahindra, Maruti top gainers
  • Nifty FMCG and Realty lead sectoral gains
2 min read

Sensex, Nifty end higher amid global uncertainty

Indian benchmarks end higher as ITC, Tech Mahindra gain. Rising crude oil prices and geopolitical risks cap upside.

"Markets will closely track cues from the US Fed policy outcome, with sentiment likely to remain volatile amid evolving global developments and sector-specific earnings trends. - analyst"

Mumbai, April 29

Indian equity benchmarks ended higher on the Wednesday but surrendered a large portion of their intra-day gains as a sharp rise in global crude oil prices weighed on investor sentiment.

The Nifty closed at 24,177.65, up 0.76 per cent or 181.95 points, while the Sensex settled at 77,496.36, gaining 0.79 per cent or 609.45 points.

From a technical standpoint, experts said that on the upside, 24,200 remains the first resistance.

"On the downside, a breach of the 24,000-24,100 support band could weaken the structure in the short term, with 23,900 acting as the next support," an analyst stated.

Market momentum was tempered after Brent crude prices surged over 3 per cent to $114.60 per barrel on the Intercontinental Exchange.

The spike in oil prices followed stalled talks between the United States and Iran, raising concerns about supply disruptions.

Adding to the uncertainty, the United Arab Emirates announced its decision to exit the Organization of Petroleum Exporting Countries (OPEC) effective May 1, further fuelling volatility in global energy markets.

Despite the late-session pullback, select heavyweights provided support to the indices. ITC, Tech Mahindra and Maruti Suzuki India emerged as the top gainers in the Nifty, helping the benchmarks maintain their positive closing.

The broader markets, however, painted a mixed picture. The Nifty MidCap index ended marginally lower by 0.07 per cent, while the Nifty SmallCap index outperformed, rising 0.65 per cent.

Sectoral performance remained uneven. The Nifty FMCG and Nifty Realty indices led the gains, reflecting buying interest in consumption and real estate stocks.

On the other hand, the Nifty Construction Durable and Nifty Media indices underperformed, dragged down by sector-specific pressures and cautious sentiment.

Analysts said that while domestic equities managed to close in the green, rising crude prices and geopolitical developments continue to pose near-term risks, potentially capping further upside in the markets.

"Markets will closely track cues from the US Fed policy outcome, with sentiment likely to remain volatile amid evolving global developments and sector-specific earnings trends," an analyst stated.

- IANS

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Reader Comments

P
Priya S
ITC and Maruti doing well is good news for retail investors. But the midcap dip shows caution. I'm holding my mutual funds for now. Let the Fed decision pass first. 😊
J
James A
A bit surprising that the markets ended green despite crude rising 3%. UAE leaving OPEC is a seismic shift. Could mean more volatility for emerging markets like India. Let's see how long this rally lasts.
V
Vikram M
Nifty holding 24,100 is encouraging, but the resistance at 24,200 is proving tough. Retail investors should stay cautious and avoid FOMO. The broader market is not fully participating. Also, that oil spike could undo everything.
A
Ananya R
Finally some green! But the realty and FMCG gains are not sustainable if crude stays high. Common man will feel the pinch in petrol and cooking gas prices. Hope policymakers address this soon. 🤞
R
Rohit P
Tech Mahindra and Maruti are my portfolio stars today. But I'm a bit skeptical about the midcap underperformance. Usually, when smallcaps are up but midcaps fall, it's a sign of rotation. Better to wait for clarity.
K
Kavya N
UAE quitting OPEC could be good for India in the long run if it leads to more oil supply. But short term it's causing uncertainty

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