India Markets Soar on UAE OPEC Exit, Rupee Hits Record Low

Indian stock markets, represented by the Sensex and Nifty, closed higher on Wednesday, April 29, 2026. The primary catalyst for the rally was the news of the UAE's departure from OPEC, which fueled optimism for increased oil supply and softer crude prices, benefiting India's import-dependent economy. The Sensex gained 609.45 points to settle at 77,496.36, while the Nifty advanced 181.95 points to end at 24,177.65.

Despite reaching intraday highs, markets experienced profit-booking in the latter half of the session. The FMCG sector led sectoral gains with a 1.7% advance, followed by Realty (1.3%), Auto, and IT (around 1%). Heavyweights like ITC and Reliance Industries contributed significantly to the upward movement. Conversely, the Media sector saw a decline, and PSU Banks, Financials, and Consumer Durables faced mild selling pressure.

Positive earnings reports provided additional support for the market. Bandhan Bank announced a 68% year-on-year increase in net profit for Q4, reaching ₹534 crore. Maruti Suzuki and other auto majors also released results reinforcing confidence in domestic demand. Meanwhile, India's Index of Industrial Production for March 2026 rose to 4.1%, with a notable surge in capital goods output, indicating healthy investment demand.

The rupee weakened by 30 paise, reaching a record low close near 94.8 against the dollar, influenced by sustained foreign institutional investor outflows and increased dollar demand from importers. Gold prices saw a decline of around ₹900 to ₹1,49,100. Investors are now focused on the upcoming US Federal Reserve interest rate decision and Jerome Powell's press conference for further market direction.