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Bulls returned to Dalal Street on April 28, as Reliance Industries surged after posting strong March quarter results, while other heavyweights like SBI also lent support. The overall market mood remained upbeat, with midcap and smallcap indices mirroring the positive trend.

At around 2:45 pm, the Sensex was up 1,007.45 points, or 1.27 percent, at 80,219.98, while the Nifty rose 279.45 points, or 1.16 percent, to 24,318.80. Market breadth was mixed, with about 1,700 shares advancing, 1,758 declining, and 146 remaining unchanged.

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Reliance Industries grabbed headlines after posting robust Q4 earnings, with its stock rallying nearly 6 percent in today’s session. Several brokerages raised their target prices for the Nifty 50 heavyweight, citing the company's strong performance across segments and better-than-expected results in its O2C (Oil to Chemicals) business.

Experts attributed the market’s resilience to strong foreign institutional investor (FII) inflows, with over Rs 32,000 crore pouring in over the past eight days. FIIs, who had been persistent sellers, have dramatically reversed course amid the relative underperformance of US stocks, bonds, and the dollar. Analysts believe that in a weakening US economy and a depreciating dollar environment, FIIs could continue supporting Indian equities.

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Adding to the positive sentiment, US Treasury official Scott Bessent recently suggested that India could be the first country to finalise a bilateral trade agreement with the United States, sidestepping the risk of President Donald Trump's reciprocal tariffs. Analysts viewed India’s non-retaliatory stance as a pragmatic move in a complex global environment.

Except for the Nifty IT index, which was down about 0.35 percent, all other sectoral indices traded in positive territory. Nifty Pharma emerged as one of the top performers, led by gains in Sun Pharma, Divi’s Laboratories, Cipla, and Dr. Reddy’s Laboratories. Nifty Metal and Bank Nifty indices also fared well, gaining between 1 percent and 2 percent intraday. Notably, the Nifty PSU Bank index saw robust buying interest, rising over 2 percent.

: Pahalgam fallout: History shows India's stock market has recovered swiftly after Indo-Pak conflicts

In the broader market, the Midcap 100 and Smallcap 100 indices gained 0.5 percent and 1.3 percent, respectively. Despite the recent rally, they remain down 5.5 percent and 11.4 percent for the year to date. "Domestic flows have been the backbone of this rally," Rajesh Palviya of Axis Securities told Moneycontrol. He noted that sectors like defence have rebounded strongly, driven by a pickup in order flows and previous underperformance, while fertiliser and chemical stocks have rallied on expectations of a strong monsoon and India's robust consumption trends. Indian chemical companies, in particular, are poised to benefit from global supply chain shifts, offering new export opportunities beyond China.

Maruti Suzuki shares also managed to recover and trade over 1 percent higher, despite reporting a dip in Q4 net profit and issuing a weak management commentary. Brokerages, including Goldman Sachs, trimmed their target prices on the automaker, citing a miss in Q4 earnings, tepid fiscal 2026 expectations, and continued margin headwinds. A recovery in the small car segment remains elusive.

Defence stocks rallied sharply, fuelled by escalating tensions between India and Pakistan after a terror attack in Jammu and Kashmir’s Pahalgam. The Nifty Defence index jumped 4.5 percent, marking its strongest intraday gain since April 15, 2025. Seventeen of its eighteen constituents were trading in the green, led by Paras Defence and Space Technologies, Garden Reach Shipbuilders & Engineers, and Data Patterns (India).

Technical analysts noted that Friday’s selloff unfolded at the top of a relentless uptrend that began on April 7. Anand James of Geojit Financial Services said the recent down move could target the 23,300-23,050 zone, with initial support at 23,670. "The support offered by the March peak, from which a pullback was staged late on Friday, lends hope for a quick resumption of the uptrend, without a prolonged correction. For this, Nifty needs to stay above 24,190. If it does, a move towards 24,500-24,850 could be back on the cards," James said.

Among the top gainers on the Nifty were Reliance Industries, SBI, Bharat Electronics, Sun Pharma, and JSW Steel. Meanwhile, Shriram Finance, HCL Technologies, Eternal, UltraTech Cement, and Bajaj Finance were the major laggards.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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