Midday Report: Markets Back in Bullish Groove; Pharma Outperform Banks

Mumbai, April 27: Indian markets in its bullish groove again on Monday, with the BSE Sensex jumping 460.97 points or 0.60% to 77,125.18 and NSE Nifty 50 adding 138.35 points or 0.58% to 24,036.30 at noon erasing some losses after last week’s wild sell-off sparked by geopolitical tensions between Iran and US and escalating oil prices over $100 a barrel.

Pharma stocks led the charge higher along with metal and IT stocks.
Indian economy will sign a Free Trade Agreement with New Zealand on Monday, which will see tariffs eliminated on goods traded between the two countries, supporting market sentiment and signalling that India’s trade push will go ahead as planned despite recent escalations.

Iran War 

Iran laid out a three-phase peace proposal over the weekend after both sides failed to reach an agreement during the second round of talks in Pakistan on Saturday, breaking down amid mutual accusations of stalling. Phase 1 of the deal involves Iran calling for a cessation of hostilities and guarantees that the conflict will not resume, Phase 2 relates to the security and management of Strait of Hormuz shipping lanes, while Phase 3 tied to Iran’s nuclear programme will be addressed last, including US demands that Iran stop uranium enrichment activity and move its stockpile out of the country. It’s notable that Iran has sequenced the proposal this way: Tehran has said on numerous occasions through multiple channels that it will not negotiate on its nuclear programme until the US agrees to end the war and comes to an agreement on Hormuz. Equity markets are watching for any signs of progress between Iran and the US.

Sun Pharma Jumps 7 % After the Bell

Sun Pharma was the biggest gainer on the Sensex, rocketing 7.05% to ₹1,734.70 from its previous close at ₹1,620.40, after hours trading between a high of ₹1,766.90 and a low of ₹1,621.90 on whopping volume of over 1.83 crore shares. Behind the move? Results. Adani Ports is another major mover on the day, rising 2.77% to ₹1,629 against its previous close at ₹1,585.10, and intraday trades between ₹1,649.90 and ₹1,593. JSW Steel ticks higher by 2.33% to ₹1,285 from ₹1,255.70, making a high of ₹1,297 and a low of ₹1,268.10. Tech Mahindra climbs 2.21% to ₹2,449.90 versus previous close of ₹2,396.90, hitting a high of ₹2,451 and low of ₹2,396.90. Tech stocks were broadly in the green across the board. Tech Mahindra climbed 2.19% to ₹1,388.30 from ₹1,358.50 with a high of ₹1,396 and low of ₹1,360.20.

Shriram Finance was the Top Loser on Sensex

Shriram Finance was the top loser on Sensex, plummeting 3.76% to ₹973.25 from its previous close at ₹1,011.30, and trading between ₹963.75 and ₹1,012 — market high — on heavy volume of nearly 89 lakh shares. Axis Bank declined 3.47%, last seen trading at ₹1,318.50 against previous close of ₹1,365.90, making a high of ₹1,325 and a low of ₹1,299.90. Financial stocks continue to be under pressure as higher bond yields and slowing growth outlook weigh heavily on bank earnings. BEL was the next biggest loser, down 1.93% to ₹435.85 from ₹444.45, and hitting a high of ₹448.30 and low of ₹435.10. Coal India fell 0.92% to ₹451.80 from ₹456 with intraday trades between ₹460.65 and ₹450.65. Tata Consumer Products slipped 0.72% to ₹1,165.50 from its previous close of ₹1,174, making a high of ₹1,183.90 and a low of ₹1,165.30.

Oil Spikes Higher on Strait of Hormuz Tensions

Oil prices ticked higher on Monday, with Brent crude jumping 2.05% to $107.49 a barrel — its highest since April 7 — while WTI gained 1.88% to $96.17 a barrel. Strait of Hormuz shipments were slow to restart on Sunday after Iran sent missile-guided boats to intercept ships that travelled through the waterway on Saturday evening. International analyst Tony Sycamore of IG wrote yesterday that “Iran risks running out of storage space for oil this year” and could be forced to shut down its aging oilfields if tensions escalate further, sparking “huge shortages in supply on international markets” and forcing a diplomatic solution.

Source:

• https://www.nseindia.com/market-data/top-gainers-losers
• www.bseindia.com
• https://www.ndtv.com/world-news/iran-us-war-end-of-war-hormuz-nuclear-issue-tehrans-3-stage-proposal-for-talks-11413511
• https://www.thehindu.com/business/Economy/india-new-zealand-to-sign-fta-on-april-27-2026/article70907853.ece
• https://www.reuters.com/business/energy/oil-jumps-more-than-2-us-iran-peace-talks-stall-2026-04-26/