Markets experienced a notable rally in the midday session, with the Sensex reaching 77,948.90, up 1,061.99 points or 1.38 percent as of 12:52 PM. The Nifty 50 also saw a significant rise, standing at 24,323, gaining 327.30 points or 1.36 percent from Tuesday’s close of 23,995.70. Breadth on the Bombay Stock Exchange (BSE) was notably positive, reflecting 2,486 advancing stocks against 1,575 decliners and 169 unchanged, from a total of 4,230 stocks traded. A total of 144 stocks reached 52-week highs, compared to 21 at 52-week lows, while 167 stocks were locked in upper circuits versus 122 in lower circuits.
Maruti Suzuki emerged as a standout performer on the Nifty, trading up 4.68 percent at ₹13,495, compared to the previous close of ₹12,892. Trading volumes surged to 524,817 shares, totaling trades worth ₹70,523.12 lakh. Tech Mahindra was another strong midday mover, rising 3.69 percent to ₹1,460 from ₹1,408.10, with volumes of 1,573,945 shares valued at ₹22,806.46 lakh. Coal India climbed 3.50 percent to ₹483.35, up from ₹467, with exceptionally heavy volumes of 13,895,069 shares worth ₹66,537.93 lakh. ITC rose 3.32 percent to ₹314.55 from ₹304.45, supported by volumes of 18,248,311 shares worth ₹56,998.60 lakh. Eicher Motors also gained, rising 3.06 percent to ₹7,288 from ₹7,071.50, on volumes of 278,773 shares worth ₹20,185.01 lakh.
The market rally was broad-based, spanning various sectors including automobiles, information technology, energy, fast-moving consumer goods (FMCG), and two-wheelers — a shift from the morning session, which was primarily driven by auto and consumer stocks.
On the downside, Dr. Reddy’s Laboratories was the biggest laggard on the Nifty, falling 0.96 percent to ₹1,341.60 from ₹1,354.60, with volumes of 2,547,400 shares worth ₹34,432.19 lakh. IndiGo dropped 0.30 percent to ₹4,429.20, likely impacted by rising crude oil prices, which hovered between $110 and $113 per barrel amid ongoing disruptions in the Strait of Hormuz. NTPC dipped 0.06 percent to ₹406.60, Tata Steel decreased by 0.03 percent to ₹214.99, and JSW Steel edged down 0.02 percent to ₹1,281.40.
The resilience of the metal sector, particularly Tata Steel and JSW Steel holding near flat despite earlier weakness, indicates that the broader market rally may provide support even to sectors facing global challenges. The participation of the IT sector through Tech Mahindra is notable, especially considering morning signals from the US indicated weakness in technology stocks due to concerns regarding AI revenue growth linked to OpenAI’s performance.
Analysts have maintained caution during the morning session, with key resistance levels for the Nifty identified at 24,200–24,300. The index has since surpassed this zone, which could attract momentum buyers in the latter half of the trading session. However, the impending Federal Reserve policy decision and Fed Chair Jerome Powell’s concluding press conference in his current term, both scheduled for later today, are likely to prevent traders from making aggressive directional bets ahead of the market close. Additionally, state election exit polls anticipated this evening contribute another layer of domestic uncertainty.
Market direction will depend on the Nifty’s ability to maintain above the 24,300 mark, a level previously flagged as critical resistance.
Published on April 29, 2026.
