Brent at $110, banks drag India's stock benchmarks down

Oil India

28/04/2026 07:32

** India's stock benchmarks Nifty 50 .NSEI and Sensex .BSESN gave away early gains and traded 0.1% and 0.2% lower, as a fall in banking stocks on central bank's credit-loss guidelines weighs

** Rise in crude prices to $110 a barrel on Middle East conflict also dents sentiment O/R

** Nine of the 16 major sectors decline; high-weight banks .NSEBANK and state-owned lenders .NIFTYPSU drop 0.9% and 1.6%, respectively

** Reserve Bank of India's final rules for asset classification and provisioning by lenders, effective from April 1, 2027, is set to increase provisioning burden, especially for PSU banks, says Macquarie

** State-owned miner Coal India COAL.NS jumps 3.8%, topping Nifty 50 gainers by percentage, on quarterly profit beat

** ONGC ONGC.NS and Oil India OILI.NS gain 3.4% and 4%, as higher crude prices boost realisations and earnings for upstream oil companies

** In contrast to benchmarks, the broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 rise 0.8% and 0.4%, helped by post-results rally in constituents such as City Union Bank CTBK.NS and Piramal Finance PRIM.NS

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))