Post Market, 28 April 2026: Markets Slip As Weak Global Cues Weigh

Yesterday’s session had hinted at some improvement, but that did not carry through today. Markets did see some early gains, but those quickly faded.

Selling picked up as the day progressed, and the tone turned weaker.

Closing Bell

Sensex fell about 417 points to close at 76,886.91. Nifty 50 went down 97 points to settle at 23,995.70.

Broader Markets

Broader markets did relatively better than the benchmarks. The Nifty Midcap index rose around 0.3%, while the Smallcap index gained about 0.4%.

Sector-wise, the trend was mixed. PSU Bank stocks saw sharper pressure. They were down around 2%. Private banks and auto declined about 1% each. IT and realty also slipped. On the positive side, energy and metal stocks saw some gains of 1.2% and 0.5%, respectively.

Q4 Result Updates

Even as broader markets remained under pressure, earnings season continues to drive stock-specific action. Here are some key updates:

• Phoenix Mills: Revenue up 21.4% YoY at ₹1,233 crore vs ₹1,016 crore; net profit up 50% YoY at ₹403 crore vs ₹289 crore

• Jindal Steel: Net profit down 52% YoY at ₹139.4 crore vs ₹291 crore; revenue down 8% YoY at ₹4,633.5 crore vs ₹5,046.6 crore

• Vardhman Special Steels: Net profit up 73% YoY at ₹34 crore vs ₹19.7 crore; revenue up 7% YoY at ₹458 crore vs ₹428 crore

• Castrol India: Net profit up 3.7% YoY at ₹242.2 crore vs ₹233.5 crore; revenue up 9% YoY at ₹1,545 crore vs ₹1,422 crore

• Leela Palaces Hotels & Resorts: Net profit up 46.3% YoY at ₹171.7 crore vs ₹117.4 crore; revenue up 14% YoY at ₹484.4 crore vs ₹424.7 crore

• Sapphire Foods: Net loss at ₹12.6 crore vs profit of ₹2 crore; revenue up 11.4% YoY at ₹792.2 crore vs ₹711.3 crore

• Dalmia Bharat: Net profit down 11% YoY at ₹387 crore vs ₹435 crore; revenue up 3.8% YoY at ₹4,245 crore vs ₹4,091 crore

• Dhanlaxmi Bank: Net profit up 50.1% YoY at ₹43.5 crore vs ₹29 crore; net interest income up 39.4% YoY at ₹187.1 crore vs ₹134.2 crore

• Maruti Suzuki: Net profit down 7% YoY at ₹3,591 crore vs ₹3,857.3 crore; revenue up 28.2% YoY at ₹52,449 crore vs ₹40,909.6 crore

• Bandhan Bank: Net profit up 68% YoY at ₹534 crore vs ₹318 crore; net interest income up 1.4% YoY at ₹2,795.4 crore vs ₹2,756 crore

• Eternal: Net profit up 70.6% QoQ at ₹174 crore vs ₹102 crore; revenue up 6% QoQ at ₹17,292 crore vs ₹16,315 crore

What Moved The Markets Today?

Markets ended lower today, taking cues from weak global markets. The sharp fall in US markets set the tone early, and sentiment stayed under pressure through the session.

There were several factors at play. Ongoing uncertainty around the Strait of Hormuz, a major shift involving Microsoft and OpenAI, the upcoming Federal Reserve meeting, and earnings from large tech companies have all contributed to the weakness in US markets.

On the geopolitical side, tensions remain elevated. Iran has pushed back against US influence, saying Washington can no longer dictate actions, even as talks around ending the West Asia conflict continue. At the same time, concerns around maritime security are rising, with warnings that risks are becoming more widespread.

Back home, the banking index came under pressure and dragged the market lower. The sector is in focus after the new RBI Expected Credit Loss (ECL) guidelines, which have raised concerns about the near-term impact on banks.

The rupee also weakened, ending 37 paise lower at ₹94.54 against the US dollar.

Foreign flows stayed negative, with outflows of over ₹1,150 crore. Volatility, however, remained fairly contained. India VIX was around 18, still below 20, suggesting caution but not panic.

Commodities Watch: Gold And Silver

Gold and silver saw a mixed start but came under pressure as the session progressed.

At the start of the day (09:02 IST), gold opened slightly higher, up 0.09% at ₹1,50,355 per 10 grams on MCX. Silver, however, was already under pressure, down 0.35% at ₹2,50,146 per kg.

Towards the end (around 16:02 IST), both metals had slipped. Gold was trading lower at ₹1,48,592, while silver declined further to reach ₹2,37,003.

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What Should Investors Watch Next?

For now, markets are taking cues mainly from global developments. That is likely to continue in the near term. Any stability there could support a recovery, but uncertainty may keep pressure in place.

At the same time, how key sectors behave, especially banks, will be important. Continued weakness there could limit upside.

Sources:

Moneycontrol

The Economic Times

CNBC