In the early trade, stock market losses previous day gains to open the day with losses. At open, Sensex was down 225.70 points or 0.29 percent at 77,077.93, and the Nifty was down 57.40 points or 0.24 percent at 24,035.30. Among the sectors, Nifty PSU Bank emerged as the worst-performer while the Nifty Bank and the Nifty Private Bank also weighed. Nifty Metal also rose.
On Nifty, the key gainers were Coal India, Grasim Industries, Dr Reddy's Labs, Adani Enterprises, and ONGC while the losers were Eternal, SBI, Interglobe Aviaton, Trent and Axis Bank.
GIFT Nifty was trading at 23,999, down 94 points or 0.39 percent, the weakness coming after a relief rally in Sensex and Nifty in the previous session. Elevated crude oil prices and stalled US-Iran negotiations will continue to weigh on sentiment.
In the global space, the Asian markets were hovering near record highs. However, they were trading cautiously, with Japan’s Nikkei slipping after hitting a fresh peak.
Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited said, "Indian equity markets are expected to open on a flat to mildly negative note, tracking GIFT Nifty at 24,020, down by 70 points. The undertone remains mixed amid ongoing concerns surrounding US–Iran negotiations, which continue to keep global sentiment cautious."
"In the previous session (27th April 2026), the market witnessed a strong recovery. Nifty 50 closed higher by +194.75 points, indicating buying interest at lower levels after recent correction. Despite the sharp upmove, the index faced resistance near higher levels, suggesting that the rally was more of a pullback within a broader consolidation phase rather than a fresh breakout."
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said, "It is important to understand the principal reason behind sustained FII selling in India. India underperformed hugely in 2025 and this trend is continuing in 2026, too. S&P 500 set new records this year. Kospi is up 55% YTD and Taiex is up 35% YTD while Nifty is down 7.8% YTD. The principal reason behind this underperformance is the booming AI trade which began in 2025 and is continuing this year. A few AI stocks are driving this AI trade globally. Bulk of portfolio flows are hot money that chase momentum. So long as this market momentum continues, FIIs are likely to continue selling."
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