Market Updates: Sensex Rises 358 Points, Nifty Crosses 24,100; Eicher and Adani Ports Gain Up to 2%

April 29, 2026

In early trade, the Sensex climbed 358.92 points to reach 77,245.83, while the Nifty rose 101.2 points to hit 24,096.90. During early trading, the Rupee slipped 11 paise against the US Dollar to trade at 94.79.

Amidst positive news emerging from the geopolitical front, the Indian stock market witnessed a robust rally on Wednesday. Reports regarding a new proposal by Iran to halt military operations in the Strait of Hormuz have kindled hopes for a cessation of hostilities in West Asia; this development has bolstered investor sentiment and triggered a significant surge in domestic equity markets.

The Sensex surged by over 500 points to reach the 77,413 mark, while the Nifty 50 crossed the 24,150 level, registering gains of more than 150 points. Buying activity was observed not only in large-cap companies but also across small and mid-cap stocks. During the morning session, the Nifty Smallcap 100 index recorded a rise of 0.7 percent, while the Nifty Midcap 100 index advanced by 0.6 percent.

Top Gainers and Losers

Driven by strong quarterly earnings, shares of ‘Eternal’ the parent company of Zomato and Blinkit, surged by over 4 percent, emerging as the top gainers on the Sensex. Additionally, stocks such as Maruti Suzuki, Adani Ports, Bharat Electronics, Infosys, and Reliance Industries witnessed gains of up to 3 percent. Conversely, shares of Asian Paints, ICICI Bank, Bajaj Finserv, and Axis Bank recorded marginal declines.

Rising Crude Oil Pressures and FII Selling
Despite the current market rally, analysts are advising caution. Due to geopolitical tensions, Brent crude oil continues to hover around $111 per barrel, while WTI crude remains near $99 per barrel. According to V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments, crude oil sustaining levels at $110 serves as a negative signal for the Indian economy, as it further heightens the risk of inflation.

Selling pressure from Foreign Institutional Investors (FIIs) is also weighing on the market. According to provisional data, FIIs engaged in net selling of shares worth ₹2,104 crore on Tuesday. Vijayakumar believes that foreign investors are withdrawing capital from India and redeploying it into other markets, driven by the massive surge currently being witnessed globally in stocks related to ‘Artificial Intelligence.’

Rupee Depreciation and International Diplomacy
The high prices of crude oil and the outflow of foreign funds have had a direct impact on the Indian currency as well. In early trading, the Rupee weakened by 11 paise, slipping to the level of 94.79 against the US Dollar. According to Jatin Trivedi of LKP Securities, the Rupee is under pressure due to rising demand for the Dollar from importers. Meanwhile, on the diplomatic front, US President Donald Trump has claimed that Iran has been militarily defeated and that the country has requested the US to lift the naval blockade of the Strait of Hormuz.