Benchmarks Slip as Oil Above $110, RBI Norms Pressure Banks

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

By Dehuti Jani

April 28, 2026 at 11:53 AM IST

Indian equities ended lower on Tuesday as surging crude oil prices and weakness in banking stocks weighed on sentiment. The Nifty50 declined 0.4% to 23,995.70, while the BSE Sensex fell 0.54% to 76,886.91 after both indices reversed early gains ahead of the monthly derivatives expiry.

Investor sentiment weakened after Brent Crude climbed above $110 per barrel amid uncertainty surrounding US-Iran peace negotiations and continued disruptions in the Strait of Hormuz. Markets reacted cautiously after reports suggested that Donald Trump was dissatisfied with Iran’s proposal to reopen the waterway, while the blockade-related tensions continued to threaten global energy supplies.

Banking stocks came under pressure following the RBI’s final credit-loss provisioning guidelines, dragging the Nifty Bank and PSU Bank indices lower. In contrast, oil & gas and metal stocks outperformed as elevated commodity prices supported the sectors.

Broader markets remained relatively resilient despite benchmark weakness, with the Nifty MidCap and Nifty SmallCap indices gaining 0.28% and 0.42%, respectively. Investors continued to monitor developments in West Asia closely, as persistent crude oil strength raised concerns around inflation, corporate margins and India’s economic growth outlook.

Top Movers of the Day

Maruti Suzuki declined 2.51% to ₹12,890 after reporting a 7% YoY fall in January-March standalone net profit to ₹35.9 billion despite strong revenue growth, as higher costs and mark-to-market losses weighed on margins.

Sun Pharmaceutical gained over 4.0% intraday to end at ₹1,749 after announcing the acquisition of US-based Organon in an $11.75 billion deal, which improved its global growth outlook.

Axis Bank declined around 2.67% to ₹ 1,288 after weaker-than-expected January-March earnings and plans for a $2 billion equity raise disappointed investors.

One MobiKwik Systems gained 1.79% to ₹229 after the Reserve Bank of India approved the company’s NBFC licence application, boosting optimism around expansion in lending operations.

LT Foods gained intraday after partnering with KidZania to launch an immersive experience centre for its flagship Daawat brand, aimed at educating children on the basmati rice supply chain.

Websol Energy Systems hit the 5% upper circuit at ₹122.31 amid continued buying interest in renewable energy stocks despite weak broader markets.

Indus Towers gained 3% to ₹414 after the company announced that its board would consider a dividend payout for the first time in three years, boosting investor sentiment.

Vardhman Special Steels surged 13% after reporting strong January-March results and announcing a dividend, which lifted buying interest in the stock.

Tata Chemicals gained nearly 10.9% to ₹801 on strong trading volumes, significantly outperforming the broader market.

Infobeans Technologies gained 7.5% to ₹199 after strong buying momentum supported the stock during the session.

Canara Robeco Asset Management Company declined 4.25% to ₹268 after January-March earnings showed a marginal decline, which weighed on investor sentiment.

ONGC gained 5.0% to ₹302 hit a 52-week high of ₹293.20 after announcing a new oil and gas discovery in Libya along with Oil India and Indian Oil Corporation.

Piramal Finance gained 9.4% after hitting a record high of ₹2,016 amid sustained buying interest in financial stocks.

Futures & Options
Nifty May 2026 futures ended at 24,081.10, an 85.40-point premium over the Nifty 50 spot close of 23,995.70, reflecting traders' positive medium-term outlook despite a 97-point drop in the index due to higher crude prices and weaker banking stocks. Market volatility eased slightly with India VIX down 1.79% to 18.05. Reliance Industries, Eternal, and Infosys were the most traded stock futures. The May 2026 derivatives series expire on 26 May, with traders watching West Asia developments, crude movements, and US Fed signals.

Bonds
India's government bond yields extended their selling streak on Tuesday as the absence of a diplomatic breakthrough between the US and Iran continued to fuel concerns around global energy supplies and inflation. The benchmark 6.48% 2035 government bond yield rose sharply to 6.9837%, compared with 6.9418% in the previous session, reflecting sustained pressure in the bond market.

The selloff was driven primarily by the surge in Brent Crude prices toward $110 per barrel amid geopolitical uncertainty and continued disruptions in energy supply routes. Investor sentiment was further weakened by the depreciation in the rupee, which reduced appetite for sovereign debt, while traders also remained cautious as states raised ₹143.46 billion through debt auction conducted during the session.

Forex
Indian rupeeweakened further on Tuesday, nearing a one-month low as elevated crude oil prices and persistent importer hedging demand continued to pressure the currency. The rupee touched an intraday low of 94.5750 per US dollar, its weakest level since March 30, before closing at 94.54, down 0.4% on the day.

Market sentiment remained fragile as Brent Crude prices stayed elevated amid continued uncertainty around US-Iran negotiations and disruptions in the Strait of Hormuz. Importers continued to hedge against the risk of further rupee weakness toward the psychologically important 95-per-dollar level. Losses in the currency were partly limited by dollar sales from state-run banks, which traders said were likely conducted on behalf of the Reserve Bank of India to stabilise the market.

Crypto
Crypto markets turned sharply weaker on Tuesday, reversing the previous session’s rally as investors reduced risk exposure amid rising geopolitical tensions and elevated oil prices. Total crypto market capitalisation edged 0.07% lower to around $2.6 trillion. Bitcoin declined 2.93% over the past 24 hours to trade near $76,770, falling back below the $77,000 mark despite maintaining a market capitalisation above $1.54 trillion. Trading activity remained elevated, with roughly $35 billion worth of Bitcoin changing hands during the session. Ethereum underperformed and fell 4.36% to around $2,284.78 as broader altcoin weakness intensified.

US Stock Futures
US stock futures traded mixed on Tuesday after the S&P 500 and Nasdaq Composite closed at fresh record highs in the previous session, while investors continued to evaluate the latest round of corporate earnings. Futures on the S&P 500 declined 0.2%, while Nasdaq Composite futures fell 0.6% amid weakness in technology-related counters. Meanwhile, futures linked to the Dow Jones Industrial Average gained 117 points, or 0.2%. General Motors rose 3.8% in pre-market trading after reporting stronger-than-expected quarterly earnings, while UPS declined despite posting earnings beat, reflecting cautious investor sentiment around the broader outlook.

US Treasury Notes
Yields on US Treasury moved higher on Tuesday as investors balanced geopolitical risks, elevated oil prices and caution ahead of the Federal Reserve’s policy meeting. The benchmark 10-year Treasury yield rose to 4.362%, while the policy-sensitive 2-year yield climbed to around 3.83%.

Bond markets remained under pressure as stalled US-Iran diplomatic efforts and continued disruptions in the Strait of Hormuz pushed Brent Crude closer to $110 per barrel, intensifying concerns around energy-driven inflation. Investors also remained cautious ahead of the Federal Open Market Committee meeting, with markets closely watching signals from Jerome Powell during what could be his final days as chair.

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