Markets rebounded on Monday, ending a three-session losing streak. The Nifty 50 closed up 194.75 points, or 0.81 percent, at 24,092.70. Similarly, the BSE Sensex rose by 639.42 points, or 0.83 percent, to finish at 77,303.63, marking the strongest single-day gain in over a week as investors engaged in fresh buying across various sectors.
The rally was widespread, with every major sectoral index recording positive performance. The Pharma, Realty, IT, Media, and Consumer Durables sectors led the upward trend, each seeing gains between 2 and 3 percent. Sun Pharma was a notable performer, soaring following the announcement of a significant acquisition deal involving Organon, which lifted overall sentiment in the healthcare sector. IT giants such as Infosys, Wipro, and Tech Mahindra attracted renewed interest after a recent period of underperformance. However, financial stocks lagged, with Axis Bank and Shriram Finance among the top losers, which limited broader index gains.
Broader market indices performed even better. The Nifty Midcap 100 increased by 1.47 percent, while the Smallcap 100 soared by 1.90 percent, surpassing the gains of the headline indices. The BSE’s advance-decline ratio reached 2.42, with 407 out of the Nifty 500 stocks closing higher, indicating widespread participation beyond the main indices.
Market volatility decreased notably, with the India VIX falling 6.77 percent to close at 18.37, suggesting reduced investor anxiety. Technically, the Nifty reclaimed its 20-day exponential moving average near 23,950, a critical short-term level, and closed above the significant 24,000 mark. The Nifty experienced an 800-point correction from the 24,600 peak, retracing approximately 33 percent of the previous upswing from 22,182, aligning with traditional Fibonacci retracement levels before the recent recovery. Immediate resistance is now positioned between 24,200 and 24,310, with support noted at 23,900.
On the currency side, the Indian rupee ended a five-session decline, appreciating by 6 paise against the dollar, responding to a recovery in regional Asian currencies. Despite this, the USD-INR pair maintains an upward trajectory on daily charts, with support at 93.80 and resistance at 94.40. Investor sentiment around crude oil remains cautious, as prices hover above $106 a barrel amid geopolitical tensions in West Asia and ongoing U.S.-Iran negotiations.
“The recovery was broad-based, with pharma, realty, and IT leading the gains, while financials remained relatively subdued,” said Ajit Mishra, Senior Vice President of Research at Religare Broking. “With the Nifty reclaiming its short-term moving average ahead of the monthly derivatives expiry, maintaining this level will be crucial. Any failure to do so may trigger another decline, with the next key support around 23,500.”
Looking ahead, markets confront the dual challenges of monthly derivatives expiry and a steady influx of quarterly earnings reports. Analysts suggest that a sustained hold above the 24,000 mark could facilitate a rise toward the 24,600 to 24,800 range, while high crude prices and ongoing FII outflows remain significant risks to monitor throughout the week.
Published on April 27, 2026.
