Market Wrap

Indian equity markets extended their decline on 24 April 2026, mirroring weak global cues and continued profit booking after the recent sharp rally. Following a negative start indicates from GIFT Nifty, the Nifty 50 opened gap-down and traded in a narrow range with a persistent bearish bias throughout the session. The index eventually closed below the 24,200 mark, down 0.84%.

The weakness comes on the back of a strong rally from 22,182 to 24,601, suggesting that markets are now entering a consolidation phase as investors lock in gains at higher levels.

Sectoral trends highlighted a defensive tilt. Pharma stocks emerged as clear outperformers, witnessing steady buying interest as investors sought stability amid rising uncertainty. On the other hand, IT stocks remained under pressure following disappointing earnings, particularly from Infosys, which dampened sentiment across the sector.

Broader markets showed mixed resilience. Midcaps managed to hold relatively better compared to frontline indices, indicating selective participation despite overall volatility.

On the global front, sentiment remained fragile. Asian markets traded lower, while European indices were largely flat with a negative bias.

Key macro concerns continue to weigh on markets :

• Rising geopolitical tensions involving Iran and the U.S.

• Brent crude hovering near $103/barrel, raising inflation concerns

• Uncertainty around global trade policies and commentary from Donald Trump

Additionally, investors remain cautious ahead of key earnings announcements, especially from heavyweight Reliance Industries, which could set the tone for the next market move.

What's Ahead

Markets are likely to remain volatile and range-bound in the near term as multiple uncertainties continue to play out.

• Key Levels : Support is placed around 24,075–23,900, while resistance is seen near 24,300–24,400

• Earnings in Focus : Corporate results and management commentary—especially from large-cap companies—will be critical in shaping sentiment

• Global Triggers : Movement in crude oil prices, bond yields, and geopolitical developments will remain key market drivers

• Sectoral View : Defensive sectors like Pharma and FMCG may continue to outperform, while rate-sensitive and IT stocks could remain under pressure unless earnings visibility improves

In the absence of strong positive triggers, markets may continue to witness profit booking on rallies, with investors adopting a cautious, stock-specific approach.

Market Snapshots

Institutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The NIFTY 50 continues to exhibit short-term weakness, closing at 24,173.05 with a second consecutive decline, reflecting sustained selling pressure across key heavyweight sectors like IT, financials, and auto. The index has now slipped closer to its immediate support zone as momentum indicators weaken, with RSI drifting towards the 50 mark signaling fading bullish strength and a shift towards a neutral-to-bearish bias. The price action indicates lack of strong buying follow-through, while lower highs on the intraday chart suggest continued supply at elevated levels. As long as the index remains below the 24,300–24,400 zone, downside risk persists. Immediate support is seen around 23,602 followed by 23,249, while resistance is placed at 24,744 and 25,097. A decisive move below support could accelerate selling, whereas a sustained recovery above resistance may revive bullish momentum.

Bank Nifty

The NIFTY BANK index remains under pronounced pressure, closing at 56,305.00 with a sharp cut of 1.43%, dragged by broad-based weakness across PSU and private banking stocks. The index has been trading with a consistent negative bias, forming lower highs and lower lows, which indicates a short-term downtrend structure. The RSI slipping below 60 further confirms the loss of bullish momentum and hints at increasing seller dominance. Weak market breadth within the banking pack reflects lack of participation on the upside, making rebounds vulnerable to selling. Technically, immediate support is placed at 54,535 followed by 53,439, while resistance levels stand at 58,075 and 59,171. Unless the index reclaims higher resistance zones, any pullback is likely to be sold into, keeping the near-term outlook cautious.

Nifty Financial Services

The NIFTY FINANCIAL SERVICES (FINNIFTY) index remains firmly under pressure, closing at 26,247.20, as heavy selling across NBFCs, insurance, and banking stocks continues to weigh on sentiment. The sharp negative breadth, with almost all constituents declining, highlights broad-based distribution and lack of buying interest. The index is showing signs of trend exhaustion after the recent rally, with price action indicating a breakdown from near-term consolidation zones. Technically, the structure remains weak unless it sustains above higher resistance levels. Immediate support is seen at 27,352 and 26,538, while resistance is placed at 29,981 and 30,794. Any bounce towards resistance is likely to face selling pressure unless supported by strong sectoral triggers.

Sensex

The BSE SENSEX closed at 77,664.00, declining over 1%, reflecting continued broad-based weakness led by financials, IT, and auto stocks. The index is currently witnessing profit booking after its recent uptrend, with price action suggesting consolidation with a negative bias. The failure to hold intraday highs and continued selling at higher levels indicates that bears are gaining control in the near term. Momentum indicators are softening, and unless there is a strong reversal signal, the index may continue to drift lower or remain range-bound. Immediate support is placed at 75,818 followed by 74,676, while resistance is seen at 79,510 and 80,652. A break below support could trigger further downside, while a move above resistance is required to restore bullish sentiment.