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BENCHMARKS TRADE WITH MODEST CUTS; PRIVATE BANK SHARE SLIDES

Published on Apr 28, 2026 14:43

The headline equity benchmarks traded with modest cuts in the mid-afternoon trade as investor sentiment remained cautious amid fading hopes of a swift resolution to the ongoing US�Iran conflict, which has reignited a surge in oil prices. Market volatility intensified due to the monthly Nifty 50 derivatives expiry today. The Nifty slipped below the 24,050 mark. Meanwhile, private bank stocks corrected after rising in the past trading session.

At 14:30 ST, the barometer index, the S&P BSE Sensex dropped 397.55 points or 0.52% to 76,906.08. The Nifty 50 index fell 80.75 points or 0.34% to 24,010.90.

In the broader market, the BSE 150 MidCap Index rose 0.01% and the BSE 250 SmallCap Index shed 0.02%.

The market breadth was negative. On the BSE, 1,876 shares rose and 2,276 shares fell. A total of 188 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 2.12% to 17.99.

Buzzing Index:

The Nifty private bank index fell 0.94% to 26,475.15. The index rose 0.04% in the past the past trading session.

Axis Bank (down 2.54%), IDFC First Bank (down 2.25%), IndusInd Bank (down 1.39%), ICICI Bank (down 1.08%), Federal Bank (down 0.99%) and HDFC Bank (down 0.61%) declined.

On the other hand, RBL Bank (up 3.05%), Kotak Mahindra Bank (up 0.41%) and Bandhan Bank (up 0.29%) edged higher.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.55% to 6.981 compared with previous session close of 6.943.

In the foreign exchange market, the rupee lowered against the dollar. The partially convertible rupee was hovering at 94.5150 compared with its close of 94.1500 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement fell 0.77% to Rs 150,552.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.19% to 98.50.

The United States 10-year bond yield advanced 0.51% to 4.357.

In the commodities market, Brent crude for June 2026 settlement jumped $2.14 or 2.10% to $103.83 a barrel.

Stocks in Spotlight:

Piramal Finance surged 11.26% after the company�s consolidated net profit surged 389.8% to Rs 501.77 crore on 53.7% jump in revenue from operations to Rs 4801.09 crore in Q4 FY26 over Q4 FY25.

The Phoenix Mills slipped 1.88%. The company reported a 50% rise in consolidated net profit to Rs 403.35 crore in Q4 FY26, compared with Rs 268.82 crore in Q4 FY25. Net sales stood at Rs 1,233.20 crore, registering a year-on-year (YoY) growth of 21.3%.