Sensex, Nifty end marginally higher as IT, oil & gas stocks gain; mid, smallcaps outperform

However, the key driver behind the recent upmove, according to experts, is the shift in stance by foreign institutional investors (FIIs). On Monday, April 28, FIIs net bought Indian equities worth Rs 2,474 crore, marking their ninth straight session of buying. With this, they have turned net buyers for April, reversing earlier outflows of nearly Rs 35,000 crore.

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Adding to market optimism, U.S. Treasury Secretary Scott Bessent indicated that India could be among the first countries to finalise a trade agreement with the United States. “Should India successfully negotiate favourable terms, such a development would likely strengthen market confidence and stimulate positive investor sentiment,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.

Among sectors, Nifty IT led the pack with a 1.2 percent gain, as stocks like Wipro, HCL Tech, TCS, Infosys and Tech Mahindra topped the charts. The Oil & Gas index rose 0.42 percent, supported by gains in Reliance, BPCL, Oil India and GAIL. On the downside, Nifty Metal and Pharma slipped 0.8 percent each, while Realty, FMCG and Auto indices fell 0.2 percent.

The broader market outperformed, with the Nifty Midcap 100 and Smallcap 100 rising 0.3 and 0.4 percent each. “Domestic flows have been the backbone of this rally,” said Rajesh Palviya of Axis Securities. He added that sectors like defence have rebounded sharply on the back of improved order flows and earlier underperformance, while fertiliser and chemical stocks have rallied on expectations of a good monsoon and strong consumption trends. Indian chemical firms, in particular, are well-positioned to benefit from global supply chain shifts and expanding export opportunities.

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In individual stock action, Tata Technologies Ltd. slumped over 6 percent after a Rs 1,094-crore block deal on the exchanges. Around 1.6 crore shares, or a 3.95 percent stake, changed hands at Rs 683 per share — nearly 3 percent below the previous close of Rs 705.60. According to CNBC-TV18, citing sources, private equity firm TPG Rise Climate was the likely seller.

TVS Motor declined 3.45 percent despite posting strong earnings for Q4FY25. Brokerages, however, remained divided in their outlook. “A concern remains over the higher investments being made in subsidiaries, including for development of the Norton bike portfolio and e-bikes,” said HDFC Securities. “We remain cautious as the shift to Euro 5+ norms could bring design and cost challenges.”

Gensol Engineering remained locked in a 5 percent lower circuit after the Enforcement Directorate (ED) conducted search and seizure operations at the company’s premises in Ahmedabad and Gurugram. The ED, operating under the Foreign Exchange Management Act, 1999 (FEMA), seized documents, electronic devices and financial records during the April 27 raids, according to a regulatory filing.

“Nifty can find support at 24,250 followed by 24,100 and 24,000. On the upside, 24,500 is immediate resistance, followed by 24,600 and 24,700,” said Hardik Matalia of Choice Broking. “Bank Nifty may find support at 55,300, 55,000 and 54,700, while facing resistance at 55,600, 55,900 and 56,200,” he added.

Top gainers on the Nifty included Bharat Electronics, Trent, Tech Mahindra, Reliance Industries, and Eternal. Major laggards were Coal India, UltraTech Cement, ONGC, Sun Pharma, ONGC, and Dr Reddy's.

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