Closing Bell: Nifty, Sensex end in red | RBI finalizes ECL Framework for Banks

28 Apr 2026 , 05:41 PM

The Indian benchmark indices ended lower on April 28, 2026 with Nifty struggling to hold its 24k mark and Sensex dragged 400 points down to close at 76,886. Selling in IT and banking stocks kept the indices under pressure through most of the session. Chemicals and renewable energy bucked the trend with gains, but the overall mood stayed weak as the rupee slipped to 94.48 against the dollar.

Market Overview: Nifty, Sensex, and Bank Nifty Performance 

• Nifty 50 closed at 23,995.70, down 97.00 points (-0.40%) 

• Sensex ended at 76,886.91, down 416.73 points (-0.54%) 

• Nifty Bank settled at 55,411.80, falling 852.50 points (-1.52%) 

Top Gainers in the Nifty Index

• ONGC – closing at 302 up by 5.63%
• ADANI ENTERPRISES Ltd – closing at 2,415 up by 4.01%
• COAL INDIA Ltd – closing at 467.40 up by 3.29%

Top Losers in the Nifty Index

• AXIS BANK – closing at 1,288.80 down by 2.67%
• MARUTI SUZUKI INDIA Ltd – closing at 12,890 down by 2.51%
• HCL TECHNOLOGIES Ltd – closing at 1,199.80 down by 2.31%

 

Trending Stocks

1. Tata Chemicals Limited–  

• Closed at ₹801.00, up 10.90% 

The stock surged on the back of strong buying interest and sustained upward momentum. The move coincided with broader chemical sector optimism and improvement in global soda ash demand outlook, triggering aggressive short covering. 

 

2. Orient Green Power Company Limited–  

• Closed at ₹12.80, up 14.18% 

The renewable energy stock surged over 14%, continuing its upward momentum. The stock has recorded close-to-close price movement greater than 25% in the previous month, signalling strong speculative interest and buying in the green energy theme. 

 

3. Vendata Ltd

Vedanta Ltd announced its demerger into five independent, listed entities to unlock value and reduce debt, with a record date of May 1, 2026. Shareholders will receive 1 share in each of the four new companies for every 1 share held, creating a 1:1 entitlement.   

• Record Date: May 1, 2026. 

• Last Day to Buy: Investors must purchase shares by April 29, 2026, to be eligible, as April 30 is the effective ex-date. 

• Demerger Ratio: 1:1. For every 1 share of Vedanta Ltd held, shareholders will receive 1 share in each of the 4 new companies. 

• The 5 Entities: 

1. Vedanta Aluminium
2. Vedanta Oil & Gas
3. Vedanta Power
4. Vedanta Iron & Steel
5. Residual Vedanta (Zinc, copper, and base-metal businesses) 

4. Lux Industries Limited - 

• Closed at ₹1,519.00, down -8.34% 

The stock declined sharply due to profit booking following a strong rally in recent months, while weak short-term technical indicators and subdued sentiment in the garments segment further pressured the stock. 

 

Sectoral Performance 

Banking:  

Banking stocks were the biggest drag on markets today. The Nifty Bank fell 1.52% and Nifty PSU Bank also underperformed. The main reason banking stocks led the decline after the RBI confirmed its Expected Credit Loss (ECL) framework and final asset classification norms, raising concerns over higher provisioning. In simple terms, banks may now have to set aside more money as a safety buffer against bad loans, which could hurt their profits. This spooked investors and triggered heavy selling in banking stocks.  

Oil & Gas and Metal:   

The Nifty Oil & Gas and the Nifty Metal outperformed today, bucking the broader market weakness. Rising crude oil prices Brent crude was trading higher at $111 per barrel as the Strait of Hormuz remained shut. Metal stocks gained on global demand cues and domestic buying interest.  

Auto:  

Nifty Auto was among the top sectoral losers today. Rising crude oil prices add to input costs and hurt consumer sentiment around vehicle purchases, making auto stocks vulnerable on days when energy prices spike. 

 

Currency Market: Rupee Depreciating  

The Indian rupee fell to 94.48 against the US dollar, driven primarily by a deepening imbalance in India’s external trade. A surge in Brent crude prices to nearly $111 per barrel spurred by the ongoing blockade of the Strait of Hormuz has significantly increased the country’s import bill, forcing oil marketing companies to ramp up their dollar purchases. 

 

Summary

April 28, 2026, reflected a cautious and negative market trend: 

• Oil & Gas and Metal stocks outperformed, supported by rising crude prices and global demand cues  

• Banking stocks dragged markets sharply lower, weighed down by RBI’s new ECL norms and provisioning concerns  

• Auto stocks declined, impacted by rising input costs due to higher crude oil prices  

With Nifty down 97.00 points (-0.40%) and Bank Nifty falling 1.52%, investor sentiment remained weak amid regulatory changes, rising oil prices, and currency pressure.