Reliance Industries surged nearly 3%, helping Sensex recover and close 118 points higher.
Rupee hit a record low of 96.96 despite broader market recovery.
Midcap stocks outperformed as value buying emerged across financial and auto shares.
Indian benchmark indices staged a late recovery on Wednesday to end in positive territory after spending most of the session in a subdued range. Strong buying in index heavyweight Reliance Industries and select large-cap stocks helped benchmark indices reverse intraday losses despite continued pressure from a record-low rupee and elevated crude oil prices.
The BSE Sensex rose 118 points to close at 75,318, while the NSE Nifty50 gained 41 points to settle at 23,659. The recovery gathered pace during the second half of the session as buying emerged in heavyweights across oil & gas, financial and automobile stocks.
1 May 2026
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The Nifty Bank index ended 153 points higher at 53,562, while broader markets outperformed benchmark indices. The Midcap index climbed 301 points to close at 61,323. Market breadth remained balanced with the advance-decline ratio at 1:1 on the NSE.
Reliance Drives Late Recovery
The major trigger behind the market turnaround was strong buying in Reliance Industries, which surged nearly 3% during afternoon trade and lifted benchmark indices from lower levels.
Shares of Reliance traded around ₹1,360 on the NSE during the latter half of the session and emerged among the largest contributors to Nifty gains. Reliance, along with Hindalco, Axis Bank and Mahindra & Mahindra, supported the broader market recovery.
Hindalco climbed more than 3% after its subsidiary Novelis reported strong quarterly results, adding further support to metals.
The sharp rebound from lower levels also highlighted a recurring trend seen over recent sessions, where investors have used market corrections as buying opportunities.
Broader indices recovered intraday losses as well. The Nifty Midcap 100 index rose more than 0.5%, while the Nifty Smallcap 100 ended marginally positive.
OMCs, Individual Stocks Add Support
Oil marketing company stocks also ended at day’s highs after strong management commentary from BPCL improved sentiment across the sector.
Among individual names, Tata Communications surged over 7%, while IRB Infrastructure climbed nearly 6% after its quarterly results. Avalon Technologies gained around 8% after Nomura initiated coverage with a buy recommendation.
Vinod Nair, Head of Research at Geojit Investments, said selective buying in large-cap stocks helped benchmark indices recover from intraday lows.
"Markets recovered from intraday lows, supported by selective buying in large cap stocks across autos, financials, and oil & gas. Autos and financials gained on relatively better Q4 earnings, while recent fuel price hikes supported sentiment for OMCs and refiners," he said.
Nair added that value buying also emerged in realty stocks following the recent correction.
Rupee Hits Fresh Record Low
Despite the recovery in equities, currency markets remained under pressure. The Indian rupee fell to a fresh all-time low of 96.96 against the US dollar during intraday trade before ending at 96.82.
The domestic currency has now fallen more than 6% since the Iran conflict began in late February as elevated crude prices and stalled US-Iran negotiations continued to weigh on sentiment.
The weakness in the rupee comes amid concerns that prolonged geopolitical tensions could keep oil prices elevated and increase pressure on inflation and the current account balance.
Nair noted that persistent rupee weakness and elevated crude prices continue to remain key risks for markets.
He said higher global bond yields and tightening financial conditions are restricting upside in equities, while Middle East tensions continue to keep crude prices near $110 per barrel.
Markets are now awaiting the release of the US Federal Reserve's April policy minutes for cues on the future interest rate outlook.
V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said rupee depreciation presents both risks and benefits.
"Rupee depreciation is partly a problem and partly a solution to the problem. Rupee depreciation boosts exports and at the same time reduces foreign exchange expenditure. But expensive dollar leads to imported inflation. That's why the RBI is trying to stabilise the rupee through intervention," he said.
