The Nifty50 closed at 23,123.65, gaining 155.40 points (+0.68%), while the Sensex ended at 74,616.58, up 507.73 points (+0.69%).
On the domestic front, all eyes are now on the RBI Monetary Policy Committee (MPC) meeting, with expectations that the repo rate may remain unchanged. However, the central bank’s commentary will be crucial in understanding the future direction of interest rates.
Broader markets showed mixed trends:
Nifty MidCap rose 0.20%
Nifty SmallCap declined 0.06%
Impact On The Stock Market
Sector-wise, the market displayed selective strength rather than a broad-based rally.
Outperforming sectors:
Nifty IT — strong rebound
Nifty Realty
Nifty Metal
These sectors benefited from a mix of global cues, currency movements, and improved earnings expectations.
Underperforming sector:
Nifty PSU Bank — saw the most decline
| Sector/Index | Performance |
| IT & BPM sector | 2.50% |
| Healthcare sector | 0.21% |
| Oil & Gas sector | 0.50% |
| Real estate sector | 1.67% |
| PSU Bank in India | -0.71% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Wipro | 204.72 | 3.77 |
| Hindalco | 954.50 | 2.92 |
| HCL Tech | 1,441.60 | 2.73 |
| TCS | 2,539.80 | 2.66 |
| Infosys | 1,339.40 | 2.54 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Dr Reddys Labs | 1,196.10 | -1.78 |
| Adani Enterprise | 1,882.10 | -1.06 |
| Interglobe Aviation | 4,268.80 | -1.01 |
| Apollo Hospital | 7,326.50 | -0.63 |
| M&M | 3,006.60 | -0.50 |
Market aftermath: Impact on stocks
Fertiliser Stocks Rally on Policy Support
Fertiliser companies continued their upward move, gaining up to 8%, after the government increased natural gas supply to fertiliser plants to 90% from 70–75%, effective April 6, 2026.
Stocks like Teesta Agro surged 8.29%, while Rama Phosphates gained 5% and Aries Agro rose 4%. Others like Zuari Agro Chemicals, RCF, and FACT also posted gains.
This move ensures stable feedstock supply ahead of peak agricultural demand, supporting urea production and supply chains. However, rising energy costs remain a concern and could push fertiliser prices higher, potentially impacting inflation.
IT Stocks Lead the Market Recovery
IT stocks emerged as the strongest performers, with Mphasis rising over 4%, Wipro gaining 3.32%, and HCLTech up 2.74%.
The Nifty IT index rose 2.5%, extending gains for the fourth straight session and gaining 7.61% over this period.
The rally is largely driven by:
- Stocks being in the oversold zone after recent corrections
- Short covering ahead of Q4 earnings
- Rupee depreciation boosting earnings outlook
Additionally, Wipro saw stock-specific buying after signing an eight-year deal with Olam Group, adding to investor confidence.
However, analysts remain cautious, expecting modest growth of around 10% YoY for IT companies, with concerns around global demand and discretionary spending still lingering.
Metal Stocks Gain on Global Tailwinds
Metal stocks like Hindalco and Vedanta rose up to 3–4% after JPMorgan upgraded both stocks and projected up to 22% upside.
- Hindalco’s target raised to ₹1,125 (from ₹875)
- Vedanta’s target raised to ₹850 (from ₹680)
The upgrade is based on expectations of:
- Sustained higher aluminium prices
- Improved profitability
- Recovery in subsidiary earnings (like Novelis for Hindalco)
Global supply disruptions, especially due to geopolitical tensions in West Asia, are expected to keep metal prices elevated. Additionally, rupee depreciation further supports export-driven companies.
Crude oil
Crude oil prices surged further, intensifying global concerns.
- Brent crude rose to $111.56 (+1.63%)
- WTI crude reached $116.15 (+3.33%)
On MCX:
- April crude traded at ₹10,864, up 2.61%
- May futures at ₹9,461, up 1.57%
The spike comes after escalating tensions between the US and Iran, with strong statements from US President Donald Trump about intensifying military action. Iran has also warned of retaliation, particularly targeting energy infrastructure in the Gulf.
The Strait of Hormuz, a key global oil route, remains at the centre of risk. Any disruption here can severely impact global oil supply.
Higher crude prices have multiple implications:
- Rising inflation
- Increased input costs for companies
- Pressure on fiscal deficit
- Potential interest rate hikes
This remains the biggest risk to the ongoing market rally.
Conclusion
The market’s fourth consecutive gain reflects resilience, but also highlights growing dependence on selective sectors.
While IT and metal stocks are driving the rally, the lack of strong participation from broader markets and weakness in PSU banks indicate that sentiment is still cautious. Investors are clearly rotating towards sectors with better near-term visibility.
At the same time, crude oil remains the biggest wildcard. With prices crossing $110 and geopolitical tensions escalating, any further spike could quickly reverse gains by impacting inflation and interest rates.
