Benchmarks snap 4-day losing streak; IT stocks power market rebound

Indian stock markets reversed a four-day decline as benchmark indices rebounded. The S&P BSE Sensex climbed 382.50 points (0.52%) to 74,649.84, while the Nifty 50 rose 100.95 points (0.43%) to 23,483.55. The broader market underperformed, with mid-cap and small-cap indices advancing modestly by 0.33% and 0.50% respectively. Market breadth remained negative, as 1,573 shares fell against 2,732 gains on the BSE, while the India VIX dropped 7.17% to 15.36, signaling reduced near-term volatility expectations. India’s industrial output surged 4.9% in April 2026, up from 3.2% in March, as manufacturing grew 6.2% and electricity/gas supply rose 4.9%. The Ministry of Statistics and Programme Implementation (MoSPI) released revised IIP data with a new 2022-23 base year, reflecting updated sectoral weights. Mining contracted 5.1%, while water supply and waste management expanded 6.6%. In fixed income, India’s 10-year bond yield slipped to 7.010%, while the rupee weakened slightly to 95.3700 against the dollar. Commodities saw mixed moves: MCX Gold futures rose 0.96% to Rs 155,729, while Brent crude fell 1.19% to $93.85 per barrel. Global markets showed divergence. U.S. tech stocks drove record highs, with the Nasdaq gaining 0.42% and Nvidia’s new AI chip announcement boosting confidence. Meanwhile, U.S.-Iran negotiations added uncertainty, as President Donald Trump dismissed talks but later suggested a potential deal could materialize within a week. European stocks rose, while Asian indices tracked overnight gains, balancing AI optimism with geopolitical risks.