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Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, began Thursday, April 30, on a negative note, as a significant increase in oil prices weakened investor sentiment and overshadowed the positive outlook from corporate earnings. The Nifty 50 fell by 1.16% to 23,898.70, while the BSE Sensex decreased by 1.17% to 76,578.87 as of 9:23 IST.

Selling pressure was widespread, with all 16 sector indices experiencing losses. The overall market also declined, as mid-cap stocks dropped by 1.2% and small-cap stocks decreased by 0.7%. Oil prices played a significant role in dampening sentiment. Brent crude prices surged to approximately $123 per barrel following Donald Trump's discussions with oil companies regarding potential strategies to mitigate the impact of a prolonged disruption in Iranian port operations. These conversations intensified worries about supply constraints that could persist for months.

For India, the world’s third-largest crude importer, rising oil prices raise the risk of higher inflation while also putting pressure on growth and corporate profitability.

Meanwhile, the Federal Reserve kept interest rates unchanged overnight. However, escalating inflation concerns tied to the Iran conflict have led markets to dial back expectations of any rate cuts in 2026.

The session began on a strong note, with the Nifty 50 extending early gains and moving above the 24,300 level during the first half. However, the absence of sustained buying interest in the latter half triggered profit booking, leading to a partial erosion of gains. Despite this, the index maintained positive momentum and concluded the session higher, registering a gain of approximately 0.76% to close at 24,178.

On the daily chart, price action remained confined within two key short-term moving averages, with the 20 DEMA providing support on the downside and the 50 DEMA acting as immediate resistance on the upside. Despite this range-bound movement, the overall undertone continues to remain positive. However, the 24,300-24,350 zone persists as a near-term hurdle. A decisive breakout above this range could trigger upward momentum, potentially driving prices towards last week’s high near 24,600 and extending gains further. On the downside, the 20 DEMA, along with the psychological 24,000 mark, is expected to provide immediate support, followed by recent lows near 23,800, which remain a crucial pivot level. As long as these supports hold, any corrective decline is likely to be perceived as a buying opportunity.

Traders are advised to closely monitor these key levels and align their strategies accordingly. In light of ongoing geopolitical tensions and the extended weekend ahead, maintaining lighter overnight positions would be prudent. Markets could experience heightened volatility, particularly in response to developments surrounding key state election results and any emerging global cues during the break.

On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks - Chennai Petroleum Corporation Ltd, and Bharti Airtel Ltd.

Chennai Petroleum Corporation shares has been trading firmly above its key EMAs, post the resurgence from lows of 800 subzone in recent period. The prevailing technical structure remains constructive, indicating potential for continued upward momentum. The stock has witnessed a consolidation breakout and seems poised to reclaim its high. Additionally, the confluence of nearby EMAs is expected to provide strong support, effectively cushioning any short-term corrections in the sessions ahead.

Hence, we recommend a BUY in Chennai Petroleum Corporation around ₹1,120-1,110 with a Stop Loss of ₹1,020 and a Target of ₹1,240-1,275.

Bharti Airtel shares has undergone a notable recovery in the week, with prices retracing above its 20 and 50-DEMA and momentum indicators turning bullish. Recent price action suggests stabilization at lower levels, indicating emerging buying interest on the daily chart. Furthermore, the 14-day RSI has exhibited a positive crossover and the higher low formation, reinforcing the likelihood of a bullish reversal. This technical setup highlights a favorable risk-reward proposition and suggests potential for a gradual recovery in the near term.

Hence, we recommend a BUY in Bharti Airtel around ₹1,870-1,860 with a Stop Loss of ₹1,780 and a Target of ₹1,980-2,040.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players.

At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors.

Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation.

Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.

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