SENSEX surges 609 points, NIFTY50 ends above 24,150 led by gains in Reliance Industries, ITC

The Indian equity benchmarks ended higher on Wednesday, April 29, as investor sentiment turned positive on the back of strong quarterly earnings posted by Indian companies even as crude oil price remained elevated and rupee depreciated against the US dollar.

The SENSEX rose as much as 1,096 points and NIFTY50 index touched an intraday high of 24,335 led by gains in index heavyweights like Reliance Industries, ITC, Bharti Airtel, ITC, Larsen & Toubro, Infosys, Maruti Suzuki and Mahindra & Mahindra.

The benchmarks, however, came off intraday highs on account of selling pressure in banking heavyweights like ICICI Bank and HDFC Bank. The SENSEX ended 609 points higher at 77,496 and NIFTY50 index advanced 182 points to close at 24,178.

Brent crude price jumped closer to $115 per barrel as the Strait of Hormuz risk looms over global market investors amid UAE’s recent move to announce an exit from the OPEC+ nations.

The United Arab Emirates (UAE) on April 28 said that it will exit the Organisation of the Petroleum Exporting Countries (OPEC+) effective May 1, 2026, as a part of the country’s long-term strategic and economic vision.

Back home, 11 of 15 sector gauges compiled by the National Stock Exchange ended higher led by the NIFTY FMCG index's 1.75% gain. NIFTY Auto, Oil & Gas, IT, Metal, Pharma and Realty indices also rose between 0.5% and 1.5%.

On the flip side, financial services, media and PSU bank indices ended lower.

Broader markets ended mixed as NIFTY Midcap 100 index fell 0.07% while NIFTY Smallcap 100 index advanced 0.65%.

ITC was top gainer in the NIFTY50 index, the stock rose 3.8% to close at ₹316 after a report suggested that the cigarette companies will hike prices by 17% next month.

A report by NDTV Profit said that channel checks showed that the expected price revision could extend beyond premium products, with similar hikes likely across value-end brands sold by both companies.

Tech Mahindra, Reliance Industries, Coal India, Maruti Suzuki, Bharti Airtel, Tata Consumer Products, Mahindra & Mahindra and Eicher Motors also rose between 1.6% and 3.3%.

On the other hand, IndiGo was trop loser in the NIFTY50 index, the stock dropped 2.3% to ₹4,340 as crude oil prices jumped in global markets.

Dr Reddy's Labs, NTPC, Bajaj Fincerv, ICICI Bank, Trent, HDFC Bank and Asian Paints were also among the top losers in the NIFTY50 index.

The overall market breadth was neutral as 1,626 shares ended higher while 1,667 closed lower on the NSE.