Indian Share Market Today: Nifty 50 Falls Below 24,000 as Banking Stocks Slump

April 28, 2026

Indian Stock Market Today | The Indian equity benchmark indices ended Tuesday, April 28, 2026, on a bearish note. Nifty 50 closed below the psychological support level of 24,000, pressured by a sharp sell-off in the banking sector.

Despite the volatility in large-caps, mid-cap and small-cap stocks showed resilience, outperforming the broader market.

Why did the Indian Stock Market Fall Today?

The NSE Nifty shed 97 points to end the session at 23,996 while the BSE Sensex plummeted 417 points to settle at 76,887.

Geopolitics, Crude & FII Selling

Unresolved geopolitical tensions, surging crude oil prices and consistent FII (Foreign Institutional Investor) outflows continued to dampen investor sentiment.

Bank Nifty Crash: RBI ECL Norms Trigger Sell-off

The Nifty Bank index was the primary laggard, crashing 864 points to close at 55,400. The decline was fueled by the RBI finalising the Expected Credit Loss (ECL) framework, which tightens NPA and provisioning norms for banks starting April 2027.

The Nifty PSU Bank index fell 2.15% and all Bank Nifty constituents closed in the red, with the sole exception of Kotak Mahindra Bank.

Midcap & Smallcap Outperformance

In contrast to the heavyweights, the broader markets stayed green. The NSE Midcap 100 index gained 0.3%, while the Nifty Smallcap 100 index rose 0.4%, indicating selective buying in mid-tier companies.

Technical Analysis: Nifty & Bank Nifty Levels

NIFTY 50: Opened 42.80 points lower at 24,049.90, reached a high of 24,181.80 and closed at 23,995.70.

• Immediate Support: 23,940
• Immediate Resistance: 24,060

BANK NIFTY: Opened 401.80 points lower at 55,862.50, reached a high of 56,138.05 and closed at 55,400.35.

• Immediate Support: 55,200
• Immediate Resistance: 55,700

Market Analysis: Key Nifty Indices

Sector Performance

Nifty Top Gainers & Losers

Top Trending Stocks Today

• AGI Greenpac: Stock surged 19% after Q4 revenue grew 5% YoY to ₹742 crore, while net profit jumped 19% YoY and 62% QoQ to ₹115 crore.
• Piramal Finance: Stock jumped 9% as Q4 profit skyrocketed 390% to ₹502 crore, with total AUM crossing the ₹1 lakh crore mark (up 25% YoY).
• Nippon Life India: Stock rose more than 3% after Q4 net profit rose 29% YoY to ₹384.7 crore, while revenue climbed 30% YoY to ₹738.7 crore.

Global Trends & Commodity Update

• Asian Equities: Closed mixed to slightly weak on 28 April, pressured by rising oil prices, geopolitical tensions and cautious sentiment following central bank cues.
• European Shares: Were flat to slightly positive, with gains in energy stocks offset by broader weakness amid elevated oil prices and mixed earnings.
• Crude Oil Prices: Jumped nearly 3%, as US–Iran tensions persisted and the Strait of Hormuz remained largely disrupted, tightening global supply.
• Gold Prices: Slipped to a three-week low, as inflation concerns and rate uncertainty ahead of key central bank decisions weighed on sentiment.

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