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Below the Quote on Market Wrap 28th April, 2026 from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"Markets witnessed a volatile session on Tuesday, the monthly derivatives expiry day, and ended on a weaker note. After an initial downtick, the benchmark attempted a recovery in early trade; however, it failed to sustain and gradually drifted lower as the session progressed. Consequently, the Nifty settled at 23,995.70, down 0.40%.

Sectorally, the trend remained mixed—energy, metals, and select pharma stocks lent support, while banking, auto, and financials faced notable pressure. Broader markets showed resilience, with midcap and smallcap indices advancing nearly half a percent each, indicating selective participation.

The session was largely influenced by persistent geopolitical uncertainty, particularly around US–Iran negotiations, which kept crude oil prices elevated and weighed on sentiment. Additionally, pressure in banking stocks following regulatory developments related to provisioning norms further capped the upside. Despite these headwinds, buying in select index heavyweights and commodity-linked stocks, along with stock-specific earnings triggers, helped cushion the downside.

On the technical front, the Nifty is attempting to hold above its short-term moving average (20 DEMA) near the 23,950 level amid heightened volatility. However, fresh weakness in the banking space poses a risk to a sustained recovery. We recommend maintaining a cautious stance on the index and continuing with a sector- and theme-specific approach. Our preference remains for energy, metals, capital market, and pharma stocks for long positions, while keeping position sizes in check."

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