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The Indian stock market benchmarks, the Sensex and the Nifty 50, ended in the red on Tuesday, 28 April, due to profit booking in banking heavyweights, including ICICI Bank, HDFC Bank, Axis Bank, and State Bank of India, amid mixed global cues.
The Sensex closed 417 points, or 0.54%, lower at 76,886.91, while the Nifty 50 ended at 23,995.70, falling 97 points, or 0.40%. However, the mid and small-cap segments bucked the trend, ending higher. The Nifty Midcap 100 and Smallcap 100 indices rose by 0.28% and 0.42%, respectively.
OLECTRA (current market price ₹1,286)
Buy above ₹1,290, stop ₹1,240, target ₹1,395 (Multiday)
Buy above ₹470, stop ₹440 target, ₹525 (Multiday)
POLYCAB (current market price ₹8,254)
Buy above ₹8260, stop ₹8025, target ₹8895 (Multiday)
On April 28, 2026, Indian equities ended a volatile expiry session lower, giving up part of the previous day’s gains as selling pressure resurfaced across key sectors. The Nifty 50 slipped below the 24,000 mark, weighed down by weakness in financials, IT, and auto stocks. Persistent foreign fund outflows, elevated crude oil prices, and unresolved geopolitical tensions further dampened sentiment.
The Sensex fell 417 points to close at 76,886, while the Nifty declined 97 points to settle at 23,996. Broader market breadth remained weak, with widespread declines reflecting cautious positioning ahead of expiry.
Maruti Suzuki India, Axis Bank, HCL Technologies, Shriram Finance, and InterGlobe Aviation were among the top laggards, dragging indices lower. In contrast, Oil and Natural Gas Corporation, Coal India, Nestlé India, Adani Enterprises, and Reliance Industries offered some support with gains.
The session highlighted investor caution, with global uncertainties and domestic pressures keeping risk appetite subdued despite selective resilience in energy and FMCG stocks.
Bank Nifty has underperformed the Nifty, with sustained selling pressure on every rally indicating a downward bias as the index struggles to sustain higher levels. While sector rotation continues, divergence between indices is becoming more pronounced.
HDFC Bank has remained under pressure following its Q4 results, weighing on Bank Nifty sentiment. Although the index attempted to move into the upper resistance zone, momentum indicators are showing fatigue, and recent gains are stalling as bearish pressure emerges at higher levels. In the absence of fresh triggers, price action is turning range-bound, limiting the scope for a swift recovery.
Technically, a break below the 55,500 region on Bank Nifty could open the way towards 53,800. A sustained move below 53,800 would further weaken the structure, while the 59,000 level remains a key pivot for the bulls. Until this range is decisively broken, the index is likely to remain in consolidation. A move above 59,000 could revive stock-specific momentum, though sentiment across constituents remains mixed.
PSU and private banks are moving in a staggered manner, with erratic performance in private sector names making recovery in Bank Nifty difficult. This weakness could spill over into sectors such as autos, realty, and financials. Despite some recovery attempts earlier in the week, the inability to decisively clear the 60,100 mark keeps the broader outlook constrained in a shortened trading week.
Meanwhile, Nifty 50 continues to face resistance near 24,500, which also coincides with a key congestion zone and is acting as a cap on near-term upside. Open interest data suggests significant supply at higher levels, reinforcing resistance. Traders may watch for a 30-minute range breakout on Wednesday for short-term directional cues.
Overall, with indices lacking conviction to move higher, trading is likely to remain stock-specific rather than index-driven in the near term.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.