Nifty50 slips below 24,050 as Sensex falls 300

Benchmarks turn volatile, end back in red

Indian equities swung between gains and losses on Tuesday, April 28, before slipping back into the red by early afternoon. At around 2:35 pm, the BSE Sensex was down 305.71 points, or 0.40%, at 76,997.92. The NSE Nifty50 fell 66.75 points, or 0.28%, to 24,025.95, taking it below the 24,050 mark.

The choppy trade followed a mixed start to the session. Around 10:15 am, benchmarks were in the green, with the Sensex up 101.60 points, or 0.13%, at 77,405.23 and the Nifty50 up 54.75 points, or 0.23%, at 24,147.45. By 12:37 pm, the tone had turned cautious again, with the Nifty50 down about 80 points at 24,013.05 and the Sensex down about 363 points at 76,941.07.

Market participants tracked global cues, crude oil moves, and commentary around the US-Iran situation. The session also coincided with earnings-season positioning, keeping intraday swings sharp.

Crude oil and geopolitics set the risk tone

Crude oil prices climbed on Tuesday as hopes for an early resolution to the US-Iran conflict faded, according to the live update. With the Strait of Hormuz still described as largely disrupted, concerns over supply from the Middle East stayed elevated.

Gold prices were largely unchanged, with investors waiting for clarity on diplomatic efforts between Washington and Tehran. The market focus also remained on major central bank meetings scheduled for the week, as traders assessed whether geopolitical tensions could influence the interest-rate outlook.

This mix of rising crude and geopolitical uncertainty kept Indian equities from building on Monday’s recovery. Risk sentiment stayed cautious even as select pockets saw stock-specific movement.

Technical view: consolidation with defined support and resistance

Aakash Shah, Technical Research Analyst at Choice Equity Broking, said the undertone remains mixed amid concerns around US-Iran negotiations. He noted that on April 27 the Nifty 50 saw a strong recovery, closing higher by 194.75 points, which signalled buying interest at lower levels after a recent correction.

But he added that the rally looked more like a pullback within a broader consolidation rather than a fresh breakout, with resistance emerging near higher levels. In his view, the Nifty 50 is in a sideways to mildly negative short-term trend, with momentum indicators such as RSI near the neutral zone. He flagged immediate support at 23,800-23,700 and resistance at 24,200-24,300, adding that a sustained move above 24,500 would be needed to confirm bullish continuation, while a failure to hold 23,700 could renew downside pressure.

Anand James, Chief Market Strategist at Geojit Investments, said Monday’s pullback stalled near 24,140, suggesting the market may still be within a bearish structure with “eyes on 23,500.” He added that a push above 24,140 could open room for 24,421-24,470, while higher targets would require more confirmation.

Bank Nifty: relative strength, but resistance nearby

Shah said Bank Nifty outperformed in the previous session and showed relative strength, supporting the broader rally. However, he also described it as approaching resistance zones and entering a consolidation phase. In his levels, immediate support was placed at 55,400-55,300 and resistance at 56,500-56,700, with a decisive breakout above 57,000 needed for further upside.

Separately, a Bank Nifty note in the feed highlighted a consolidation band of 54,500-57,500 amid stock-specific action during the banking earnings season. It stated that a move above 56,475 could open further upside toward 57,000 and 57,500, while a breach below 55,750 could open a move toward 54,500.

Institutional flows and volatility: FIIs sell, DIIs support

Institutional activity remained a key part of the market narrative. Shah said foreign institutional investors (FIIs) were net sellers on April 27, offloading equities worth about ₹1,152 crore. Domestic institutional investors (DIIs) were net buyers of around ₹4,124 crore, helping the market hold up despite global caution.

Volatility eased slightly but stayed elevated. India VIX closed around 18.37 in the previous session, according to Shah, pointing to ongoing uncertainty and the scope for intraday swings.

Sectors to watch: pharma and metals in focus

On the sectoral front, Shah said pharma and metal stocks showed strong momentum in the previous session and were likely to stay in focus from a technical perspective. He also described FMCG as a defensive pocket that may see steady buying in volatile conditions.

He added that banking and financials, while supporting the index, were showing early signs of consolidation near higher levels. IT remained under pressure with a weak structure despite occasional pullbacks, and he said auto and energy could remain sensitive to global developments, particularly crude oil.

IPO market slows as volatility complicates pricing

The update also pointed to a slowdown in primary market activity as volatility and sentiment shifts made valuations more challenging. During the March quarter, 18 mainboard IPOs collectively raised ₹18,778 crore, compared with ₹15,723 crore in the corresponding period a year earlier.

In April so far, only one mainboard IPO was mentioned as having launched, raising ₹150 crore. Prashant Singhal, Partner and India Markets Leader at EY, said uncertainty in India’s primary market could persist for at least the next two to three months, depending on how the geopolitical situation unfolds. Nilesh Shah of Kotak Mutual Fund said there is a gap between the valuation expectations of issuers and investors.

Prime Database data cited in the update showed that as of April 17, 146 companies had received Sebi approval to collectively raise ₹211,000 crore.

Key numbers and levels to track

Gold rates in Chennai: opening levels

Bullion rates cited in the live feed for Chennai showed 22 kt gold at ₹14,100 per gram and 18 kt gold at ₹11,760 per gram. Silver was listed at ₹265 per gram.

Why the day’s move matters

Tuesday’s trade highlighted how quickly sentiment can flip when crude prices rise and geopolitics remain unresolved. The market also stayed sensitive to positioning during earnings season, with technical levels shaping near-term trading ranges.

The combination of continued FII selling, supportive DII buying, and an elevated VIX points to a market that is still searching for direction. For now, commentary in the update broadly frames the setup as consolidation, with the Nifty50 oscillating between support near 23,800-23,700 and resistance around 24,200-24,300.

Conclusion

By mid-afternoon on April 28, benchmarks were back in the red with the Nifty50 below 24,050 and the Sensex down over 300 points, as crude and geopolitical risks kept traders cautious. The next cues highlighted in the update include the trajectory of US-Iran developments, central bank events, and ongoing quarterly results that can influence stock-specific action.