Stock market today: Gift Nifty near 24,410 (Apr 2026)

A late sell-off capped Monday’s gains

Indian equities saw sharp intraday swings on Monday, with a visible sell-off after 3 pm even as benchmarks ended marginally higher. The Nifty 50 closed 11 points up at 24,364, while the BSE Sensex ended 26 points higher at 78,520. Bank Nifty finished marginally higher at 56,582. Weakness in IT, telecom and banking stocks was cited as a key drag into the close, despite a stronger start. The session stood out for the contrast between early optimism and late risk-off positioning.

What supported the market early in the day

Early strength was attributed to robust Q4 earnings from HDFC Bank and ICICI Bank, which helped reinforce confidence in the financial sector. YES Bank’s strong profit growth also contributed to the initial positive tone in banking. PSU banks and broader financials outperformed in the early phase, providing support to headline indices. That early cushion mattered because it helped limit the damage from the afternoon sell-off. But the market could not hold higher levels as the session progressed.

Why sentiment deteriorated after 3 pm

The late-session sell-off was described as being triggered by a combination of global and domestic factors. The article flagged mixed global cues and geopolitical uncertainty as key inputs into risk sentiment. With multiple event risks stacked close together, traders appeared to reduce exposure into the close. The result was a sharp fade from intraday levels, even though the closing prints were slightly positive.

Gift Nifty: a positive open, but with intraday caution

Gift Nifty opened higher at 24,443 but did not sustain at the top and retraced from its intraday high. By 8:35 AM, it was trading 68 points higher at 24,410, indicating a gap-up opening around the 24,400 zone. Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth, said markets are poised to open slightly positive but remain “highly event-driven”. He added that volatility could play a central role in today’s session due to weekly expiry. The Gift Nifty signal, therefore, points to a firm start but not necessarily a smooth session.

Global cues: US weakness, Asia resilient

US markets closed lower in the previous session amid renewed geopolitical tensions after a turbulent weekend that raised uncertainty over US-Iran peace negotiations. That has kept broader risk sentiment cautious. In Asia, however, markets were comparatively stronger: Japan’s Nikkei was higher by over 400 points, and South Korea’s Kospi continued to outperform, moving past its previous record highs on earnings expectations. The divergence highlights how geopolitics is weighing on US sentiment while earnings optimism is supporting select Asian equities.

US-Iran update: ceasefire deadline in focus

The US-Iran ceasefire ends on Wednesday, and President Donald Trump indicated on Monday (April 20) that the truce is unlikely to be extended. In an interview with Bloomberg, he said it is “highly unlikely” he would prolong the truce if no agreement is reached by Wednesday evening Eastern Time. The comment raised the stakes ahead of the deadline, as negotiations remain uncertain. For markets, the key takeaway is that headline risk around West Asia remains active.

Commodities: gold and silver flat; key triggers ahead

Gold and silver were described as flat in the international market, following range-bound trade in WTI crude oil. COMEX gold was around $1,825/oz, while COMEX silver was oscillating around $19.50/oz. On Monday, MCX gold settled at ₹1,53,902 per 10 gm and MCX silver ended at ₹2,52,574. Kaynat Chainwala, AVP - Commodity Research at Kotak Securities, highlighted Tuesday’s congressional testimony from incoming Fed Chair Kevin Warsh as an event to watch for policy signals and the Fed’s tolerance for energy-driven inflation pressures. She also noted that the evolving US-Iran war remains the primary driver, with any escalation expected to exert additional downward pressure on bullion prices.

Earnings watch: HCL Tech, Nestle India, Tata Elxsi

With results season in focus, stock-specific moves were expected to dominate. Companies mentioned as key result triggers include HCL Technologies, Nestle India, and Tata Elxsi, all scheduled to announce results. The market will track management commentary for demand visibility and margin outlook. These updates can influence sectoral performance, especially for IT and consumer-facing names.

India VIX at 18.7 as weekly expiry adds complexity

With weekly expiry, derivatives activity was expected to drive volatility. India VIX was cited around 18.7, indicating elevated option premiums and continued uncertainty. If volatility cools, theta decay may accelerate and erode option premiums faster. But a spike in volatility tied to global developments could lead to sharp repricing of options. The setup favours tactical, short-duration approaches rather than high-conviction directional bets.

Key technical levels: Nifty and Bank Nifty

Osho Krishan, Chief Manager - Technical & Derivative Research at Angle One, said the underlying bias remains constructive, and declines are likely to attract buying interest. He identified the 24,100 to 23,900 zone as immediate support, aligning with a recent bullish gap. For Bank Nifty, Vatsal Bhuva, Technical Analyst at LKP Securities, said selling pressure was seen near the crucial 50-day moving average, suggesting resistance at higher levels. He placed immediate support at 56,200 to 56,300, with a stronger base near 55,200 to 55,500. On the upside, 57,200 was highlighted as key resistance, and a decisive move beyond these levels could set the next directional trend.

Snapshot table: key market levels and data

Intraday ideas: eight stocks and the stated levels

Analysts from Choice Broking, Anand Rathi, and Prabhudas Lilladher shared eight intraday buy-or-sell ideas, each with entry, target and stop loss levels. The list includes a mix of industrials, cement, pharma, PSU banking, and hospitality. These are presented as trading setups and not as long-term calls.

Why today’s setup is mostly event-driven

The day’s framework combines weekly expiry volatility, geopolitical headlines around the US-Iran ceasefire deadline, and earnings-led moves in specific stocks. Gift Nifty suggests a positive start near 24,400, but Monday’s late sell-off is a reminder that risk appetite can change quickly into the close. Commodity pricing has been described as steady in the near term, but markets are watching both the Fed-related testimony and West Asia developments. For traders, the most immediate reference points remain India VIX behaviour, Nifty support near 24,100 to 23,900, and Bank Nifty’s reaction around 57,200 resistance and 56,200 to 56,300 support.

Conclusion

Benchmarks ended slightly higher on Monday despite a sharp post-3 pm sell-off, and Gift Nifty is pointing to a gap-up opening around the 24,400 zone. With weekly expiry and active global headlines, intraday volatility and stock-specific results from names such as HCL Technologies, Nestle India and Tata Elxsi are likely to set the tone through the session.

Disclaimer: The stock ideas and levels cited above are attributed to the analysts and brokerages named in the source text and are for educational purposes only. Investors should consult certified experts before taking trading decisions.