Nifty Reclaims 24,100 as Earnings Optimism Trumps FII Selling Pressure

Market Snapshot

The Indian equity markets witnessed a strong rebound on Wednesday, April 29, 2026, following a period of volatility. The Nifty 50 index surged 181.95 points, or 0.76%, to settle at 24,177.65. Meanwhile, the S&P BSE Sensex climbed 609.45 points, or 0.79%, to close at 77,496.36. The market breadth remained positive, though gains were somewhat capped in the afternoon session as Brent crude prices spiked.

• Top Gainers: Maruti Suzuki (+4.67%), ITC (+3.88%), Tech Mahindra (+3.30%), and Reliance Industries.
• Top Losers: InterGlobe Aviation (-2.19%), NTPC (-1.37%), and ICICI Bank (-0.86%).
• Volatility: The India VIX slipped 3.37% to 17.44, indicating a slight cooling of near-term market anxiety.

Institutional Flows: Cash Market

Provisional data for the day revealed a continued divergence between foreign and domestic institutional behavior. Foreign Institutional Investors (FIIs) maintained their selling streak, while Domestic Institutional Investors (DIIs) acted as a primary cushion for the indices.

• FII Activity: Foreign investors were net sellers, offloading equities worth ₹2,186 crore. Total purchase value stood at ₹13,713 crore against a total sell value of ₹15,899 crore.
• DII Activity: Domestic institutions remained net buyers, infusing ₹1,870 crore into the cash segment. Their gross purchases were recorded at ₹16,131 crore, while gross sales were ₹14,262 crore.

Derivatives Market Activity

Activity in the Futures and Options (F&O) segment suggested a mixed sentiment among institutional players. While FIIs showed some bullishness in individual stock contracts, their stance on the broader indices remained cautious.

• FII Derivatives: FIIs recorded a net positive activity of 761,104 contracts in the derivatives segment. Data indicates they were bullish on individual stocks but remained net short on index futures.
• DII Derivatives: DIIs showed a net negative activity of -3,804,281 in the F&O segment, primarily driven by hedging activities as they increased their cash market exposure.

Key Drivers and Outlook

The primary driver for the day’s rally was a series of strong Q4 FY26 earnings reports. Maruti Suzuki’s record annual profit and ITC’s heavy volume buying—fueled by reports of an upcoming cigarette price hike—bolstered investor confidence. Additionally, Tech Mahindra’s better-than-expected EBIT margins sparked a late-session interest in IT stocks.

However, the market remains wary of external macro pressures. Brent crude surged over 3% to $114.81 per barrel following news of the UAE’s exit from OPEC and stalled US-Iran talks. Looking ahead, the short-term trend remains positive as long as Nifty holds the 24,100 support level, but persistent FII outflows and rising energy costs could limit the upside in the coming sessions.

TAGS: FII, DII, Stock Market, Institutional Investors, Nifty, Sensex

Tags: FII DII Stock Market Institutional Investors Nifty Sensex