Indian Indices Rise Amid Global Tensions and Earnings Releases

Indian Stock Market Extends Losing Streak as Global Uncertainty Persists

The Indian stock market continued its downward trend for the second consecutive session on Thursday, with the Nifty 50 index correcting 205 points to close at 24,173. The BSE Sensex crashed 852 points to finish at 77,664, while the Bank Nifty index plummeted 819 points to close at 56,305.

The sectoral weakness was primarily driven by rate-sensitive and cyclical pockets, with banking and auto stocks emerging as key drags. Union Bank of India stood out on the downside, declining sharply after weak core income, margin compression, and a significant spike in provisions raised concerns about earnings visibility in the PSU banking space.

Gift Nifty Signals a Positive Start

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Despite the overall negative trend, the Gift Nifty live chart is signalling a positive start for the Indian stock market on Friday. The index opened flat but soon gathered positive momentum, touching an intraday high of 24,262 and logging an intraday gain of around 0.50% during the early morning session.

Market Expectations

Avinash Gorakshkar, a SEBI-registered fundamental equity analyst, expects the Nifty 50 to open around 24,200 to 24,225, indicating a potential trend reversal on Dalal Street during the Friday session.

Global Developments Influence Market Psychology

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The ongoing tensions in West Asia, particularly around Iran, continue to keep risk appetite in check. The ceasefire between Israel and Lebanon has been extended by three weeks, but the underlying tensions remain a concern. This is evident in mixed trends across Asian markets, where cautious optimism is being offset by the lack of long-term clarity.

Crude Oil Price Remains a Critical Variable

Elevated crude oil prices, driven by geopolitical risks, continue to pose challenges for inflation and currency stability in import-dependent economies like India. This macro overhang is likely to limit aggressive positioning on the long side and keep markets sensitive to global headlines.

Gold and Silver Rates Under Pressure

Gold and silver rates are under pressure in the early morning Asian session, with the COMEX gold rate down by 0.80% at $4,685 per ounce and the COMEX silver rate down by nearly 1% to $74.750 per ounce.

Stocks to Watch Today

Domestically, the focus shifts to earnings, with several heavyweight companies set to drive stock-specific action. Reliance Industries will be the key stock in focus, with its Q4 results 2026 expected after market hours, often setting the tone for broader market sentiment. Alongside, IndusInd Bank and Shriram Finance will be closely tracked for insights into credit growth and asset quality trends.

Volatility Indicators Suggest Markets May Remain Volatile

Volatility indicators suggest markets may remain volatile throughout the session. India VIX is currently elevated near 18.6, indicating heightened uncertainty and the likelihood of sharp intraday swings.

Stock Recommendations

Market experts have recommended the following eight stocks for intraday trading:

Market Outlook

For day traders, the 50-day SMA (Simple Moving Average) or 24,300/78200 would act as an immediate resistance zone. Below this level, the correction wave is likely to continue. On the downside, the index could slip to 24,000/77000. Further downward movement may continue, potentially dragging the index to 23,900/76700. On the upside, a move above 24,300/78200 could lead to a bounce back towards 24,450–24,500/78500-78800.

Bank Nifty Outlook

The overall setup remains negative, suggesting a cautious stance for traders. Immediate support is placed at 55,800, aligning with the recent swing low of April 17, while positional support is seen at 55,000. On the upside, resistance is placed near the 56,500 level.