Markets Start Wednesday Strong; Nifty Back Above 24,000 on Firm Global Cues 

Mumbai, April 29: Indian stocks opened higher on Wednesday with benchmark indices gap up at the open despite deteriorating geopolitical situation in the Middle East.
The BSE Sensex traded at 77,305.08, up 418.17 points or 0.54% at 9:19 am after shedding value on Tuesday. Nifty 50 traded higher at 24,099.10, up 103.40 points or 0.43% at 9:22 am recovering above the 24,000 hurdle it fell below during the previous session.  

The gap-up open was supported by a firm Gift Nifty reading overnight and a relatively stable Asian market backdrop, even as Trump’s latest comments about Iran added a fresh layer of uncertainty. India VIX eased 1.93% to 17.70, a mild but welcome signal that near-term fear is receding despite the geopolitical noise.

Top Gainers and Losers

Top gainers at the open included Maruti Suzuki rising 3.85% to ₹13,388, Eternal up 1.81%, Tata Motors (TMPV) increasing 1.65%, Eicher Motors up 1.41% and Bharti Airtel up 1.31%. Hindalco declined 1.41% to ₹1,059.15, Dr. Reddy’s Laboratories fell 1.06% to ₹1,340.20, JSW Steel down 0.93%, ICICI Bank slipped 0.75% to ₹1,282.30 and Axis Bank down 0.71% to ₹1,279.90.

Broad and Sectoral Indices

Nifty Smallcap 100 was one of the top performers in the broader markets trading up 0.80% to 18,120.80 while Nifty 500 rose 0.41% to 22,858.25. Nifty Financial Services traded lower by 0.20% to 25,885.95 and Nifty Bank remained flat at 55,401.70. Sectorally, Nifty Midcap Select was up 0.45% to 14,039.60 and Nifty Midcap 100 rose 0.46% to 60,695.30 suggesting investors continued to show interest in midcap stocks. Financial services indices remained on the weaker side while banking stocks traded rangebound as participants look for new cues.

Iran War Diplomacy Gridlocks as Trump Says Iran in ‘State of Collapse’

Tensions over the two-month-old war in Iran failed to ease on Tuesday with diplomatic efforts at a stalemate. Trump took to Truth Social on Tuesday morning to say Iran had called the US and said they were in a “State of Collapse” and want the Strait of Hormuz reopened as soon as possible. This comes as Tehran’s new offer aims to put off nuclear talks until after a ceasefire has been reached – something Trump has categorically ruled out. With Iran’s supreme leader Ayatollah Khamenei killed on day 1 of the war power is now in the hands of the Islamic Revolutionary Guard Corps who don’t have a single voice to negotiate a deal with. Separately, UAE oil minister announced the UAE will officially leave OPEC+ next month on May 1 after almost six decades as a member, cutting supply of 3-4 million barrels per day from the grouping.

Crude Oil

Brent crude continued its multi-day upmove climbing higher by 0.47% to $111.78 a barrel on Tuesday on reports that US will prolong the Iranian port blockade. West Texas Intermediate crude oil was up 0.57% to $100.50 after rallying by 3.7% on the previous day. WTI has risen on 7 of the last 8 days dragging Indian import bill and inflation even higher.

Asian and US Markets

Asian markets traded mixed on Tuesday with Hang Seng rallying 1.26%, Japan’s Nikkei declining 1.02% and Indonesia’s JSX dipping 0.48%. Overnight US markets traded lower with NASDAQ losing 0.90%, S&P 500 down 0.49% while Dow Jones inching down by 0.05%.

Tuesday Session

Equities closed lower on Tuesday with benchmark indices trading deep in red as risk-on trade falters. Sensex declined 417 points or 0.54% to 76,887 while Nifty ended 97 points or 0.40% lower at 23,996 after snapping below 24,000.

Sources: 

• Nseindia.com
• bseindia.com
• https://www.reuters.com/world/asia-pacific/irans-guards-seize-wartime-power-blunting-supreme-leaders-role-2026-04-28/
• https://www.reuters.com/business/energy/oil-rises-reports-us-will-extend-iran-blockade-prolonging-mideast-supply-2026-04-29/
• https://www.reuters.com/business/energy/uae-exit-weakens-opec-power-over-oil-market-group-stay-together-sources-say-2026-04-28/