Barometers opens higher; breadth strong

The domestic equity indices traded with modest gains in early trade on Wednesday. The Nifty traded above the 24,100 level. Oil & gas, FMCG and pharma shares advanced, while metal and financial services shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex advanced 438.78 points or 0.57% to 77,325.69. The Nifty 50 index rallied 125.60 points or 0.52% to 24,121.30.

In the broader market, the BSE 150 MidCap Index jumped 0.68% and the BSE 250 SmallCap Index surged 0.89%.

The market breadth was strong. On the BSE, 2,227 shares rose and 797 shares fell. A total of 173 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.62% to 17.39.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,103.74 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,712.01 crore in the Indian equity market on 28 April 2026, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.01% to 6.981 compared with previous session close of 6.980.

In the foreign exchange market, the rupee lowered against the dollar. The partially convertible rupee was hovering at 94.7750 compared with its close of 94.6800 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement shed 0.12% to Rs 149,850.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 98.52.

The United States 10-year bond yield lost 0.21% to 4.344.

In the commodities market, Brent crude for June 2026 settlement lost 36 cents or 0.34% to $104.04 a barrel.

Stocks in Spotlight:

AWL Agri Business slipped 1.56%. The company reported a 53.5% year-on-year rise in consolidated net profit to Rs 292 crore in Q4 FY26, compared with Rs 190 crore in Q4 FY25. Revenue from operations increased 18% YoY to Rs 21,465 crore during the quarter, supported by 14% volume growth, driven by strong demand in the edible oil segment and expansion across channels. The company also crossed the Rs 74,000-crore mark in annual revenue in FY26.

Fedbank Financial Services added 1.02%. The company has reported 40.3% jump in net profit to Rs 100.5 crore on 17.5% increase in net total income to Rs 378 crore in Q4 March 2026 over Q4 March 2025. Net interest income (NII), the difference between interest earned and interest expended, rose 22.6% YoY to Rs 342.7 crore in Q4 FY26 from Rs 279.6 crore in the year-ago period.

Bandhan Bank surged 9.25% after the banks standalone net profit jumped 68% to Rs 530 crore on 3.2% increase in net total income to Rs 3,570 crore in Q4 March 2026 over Q4 March 2025. Net interest income (NII), the difference between interest earned and interest expended, rose 1.4% YoY to Rs 2,800 crore in Q4 FY26 from Rs 2,760 crore in the year-ago period. Net interest margin (NIM) stood at 6.2% in Q4 FY26, down 46 bps on a yearly basis and down 30 bps sequentially.

Global Market:

Asian markets traded mixed Wednesday, after Wall Street declined overnight as investors assess the latest developments concerning OPEC, as well as a report that pointed to weakness in OpenAI. Japanese markets were closed for a holiday.

The United Arab Emirates will exit OPEC on May 1, in a major blow to the cartel that coordinates production among many of the worlds largest oil producers, particularly those in the Middle East.

Optimism around tech stocks took hit after a media report stated that OpenAIs revenue and new users growth was below its own targets. The report added that CFO Sarah Friar told the company leadership that she was concerned OpenAI may not be able to pay computing contracts in the future if its top line doesnt expand fast enough.

Overnight in the U.S., The S&P 500 fell on Tuesday, weighed down by the report on OpenAI as well as a rise in oil prices. Traders await quarterly earnings from four of the Magnificent Seven stocks, as well as the conclusion of what could be Jerome Powells final policy meeting as Federal Reserve chair.

The broad market index fell 0.49% to close at 7,138.80, while the tech-heavy Nasdaq Composite shed 0.9% and ended at 24,663.80. The Dow Jones Industrial Average slid 25.86 points, or 0.05%, to settle at 49,141.93.

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