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Informist, Tuesday, Apr. 28, 2026

 

By Arundathi A R

 

MUMBAI – The domestic equity market is expected to remain volatile in the upcoming sessions, amid uncertain global cues. Analysts see the market unlikely to follow a clear trend until the Strait of Hormuz reopens for ship traffic. Crude oil prices breaching the $110-a-barrel mark are also expected to fuel negative market sentiment. The March quarter earnings, scheduled for this week, will also influence the market direction.

 

"If the war prolongs and energy prices remain elevated for many months, there will be downgrades in sectors affected by the energy crisis," VK Vijayakumar, chief investment strategist at Geojit Investments, said. He expects earnings downgrades to happen in the June quarter and the level of downgrades to depend on the extent of the rise in oil prices.

 

US President Donald Trump's national security team is reviewing an Iranian proposal on reopening the Strait of Hormuz and delaying negotiations over Tehran's nuclear programme until after the war ends, Al Jazeera reported. Iranian President Masoud Pezeshkian has said Tehran will not enter negotiations while the US maintains restrictions on Iranian ports, according to the report.

 

Tuesday, the Nifty 50 ended at 23995.70, down 97 points or 0.4%. The BSE Sensex settled at 76886.91, down 416.72 points or 0.5%. Analysts expect the Nifty 50 to face resistance at 24200 and find support at 23800.

 

Foreign institutional investors were net sellers of shares worth INR 11.51 billion Monday, while domestic investors remained net buyers, purchasing shares worth INR 41.24 billion.

 

"Artificial intelligence stocks in the US, South Korea, and Taiwan are attracting huge portfolio flows," Vijayakumar said. "So long as this AI trade continues, FIIs (foreign institutional investors) will continue to sell." However, he said this trend is unlikely to last as AI stocks are in a bubble and FIIs can turn buyers when the AI trade ends. "This can happen early if the war ends and the prospects for India Inc's earnings growth for FY27 (2026-27(Apr-Mar)) improve."

 

The rupee ended at a four-week low against the dollar Tuesday as Brent crude prices climbed above $110 a barrel and foreign investment outflows continued. "In the near term, 94.00 is likely to act as resistance, while 95.00 remains the next key support, with the rupee expected to stay volatile and driven by crude and global risk cues," Jateen Trivedi, vice president, research analyst of commodity and currency at LKP Securities, said in a note.

 

Meanwhile, India's index of industrial growth slowed to a five-month low of 4.1% in March from 5.1% a month earlier. Industrial growth in 2025-26 was 4.1%, marginally higher than 4.0% in the previous year.

 

Bajaj Finance will announce its results on Wednesday. The non-banking finance company's net profit is expected to rise over 21% on-year to INR 54.40 billion in the March quarter. The net interest income is pegged at INR 122.80 billion, up 25% on year.  End

 

Edited by Saji George Titus

 

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