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Indian markets extend gains for second week on West Asia peace hopes
Apr-17-2026

Indian equity benchmarks ended the holiday-shortened week in green for second consecutive week, with notable gains on hopes of an end to war in West Asia. The US and Iran are likely to hold discussions for negotiation over the weekend, while Lebanon and Israel have agreed to a 10-day ceasefire. Also, the resumption of foreign investors’ buying in Indian markets supported sentiment.

Some of the major developments during the week are:

Retail inflation increases to 3.40% in March for second straight month: The retail inflation based on Consumer Price Index (CPI) rose to 3.40% (Provisional) in March 2026 as compared to 3.21% in February 2026 on higher food prices. This represents the second consecutive month of an increase in inflation.

IMD projects below normal monsoon rains in 2026 amid El Nino concerns: The India Meteorological Department (IMD) has projected that India is likely to receive below normal monsoon rains in 2026, With the anticipated emergence of the El Nino conditions.

India's WPI inflation accelerates further to 3.88% in March: India's wholesale price index (WPI) inflation accelerated further in the month of March 2026 at 3.88% as compared to 2.13% in February 2026, driven by firming prices of crude petroleum & natural gas, amid ongoing tensions in West Asia.

India sees dip in merchandise exports in March amid West Asia conflict: The commerce ministry data has showed that India’s merchandise exports slipped 7.44% to $38.92 billion in March 2026 as compared to $42.05 billion in March 2025, due to ongoing logistical disruptions arising from the West Asia crisis.

Unemployment in India grows slightly in March: Ministry of Statistics and Programme Implementation in its Periodic Labour Force Survey has showed the unemployment rate among people aged 15 and above grew slightly to 5.1% in March 2026 from 4.9% in February 2026, owed to high unemployment in urban areas.

BSE movement for the week

The Bombay Stock Exchange (BSE) Sensex surged 943.29 points or 1.22% to 78,493.54 during the week ended April 17, 2026. On the sectoral front, S&P BSE Power was up by 493.68 points or 6.78% to 7,780.28, S&P BSE Capital Goods was up by 3,931.44 points or 5.45% to 76,112.21, S&P BSE Metal was up by 1,651.15 points or 4.05% to 42,416.19, S&P BSE Consumer Durables was up by 2,126.46 points or 3.65% to 60,329.69 and S&P BSE Realty was up by 205.19 points or 3.48% to 6,095.33 were the top gainers, while S&P BSE Auto was down by 270.31 points or 0.46% to 58444.08 was the only loser on the BSE sectoral front.

NSE movement for the week

The Nifty surged 302.95 points or 1.26% to 24,353.55. On the National Stock Exchange (NSE), Nifty Next 50 gained 2632.55 points or 3.89% to 70,273.80, Nifty Mid Cap 100 increased 2054.25 points or 3.55% to 59,898.20, Nifty IT was up by 779.25 points or 2.51% to 31,809.85, and Bank Nifty was up by 652.95 points or 1.17% to 56,565.70.

FII transactions during the week

Foreign Institutional Investors (FIIs) were net buyers in equity segment in the week, with gross purchases of Rs 71,510.19 crore and gross sales of Rs 66,715.91 crore, leading to a net inflow of Rs 4,794.28 crore. They also stood as net sellers in the debt segment with gross purchases of Rs 11,340.35 crore against gross sales of Rs 12,554.83 crore, resulting in a net outflow of Rs 1,214.48 crore. In hybrid segment, FIIs stood as net buyers, with gross purchases of Rs 103.60 crore and gross sales of Rs 72.68 crore, leading to a net inflow of Rs 30.92 crore.

Industry and Economy

The International Monetary Fund (IMF), in its World Economic Outlook (WEO), has projected that India’s economy is likely grow at 6.5 per cent in 2027, despite escalating tensions in West Asia. It also noted that growth for 2026 has been moderately revised upward by 0.3 percentage points (and by 0.1 percentage point compared to the January estimate) to 6.5 per cent. This upward revision is driven by positive carryover effects from the strong economic performance in 2025 and a reduction in additional US tariffs on Indian goods - from 50 per cent to 10 per cent - which outweigh the adverse impact of the Middle East conflict. The 6.5 per cent growth projection makes India the fastest-growing major economy in 2026.

Outlook for the coming week

Indian markets ended the passing week with gains of over a percent each on value buying. Traders remained optimistic after US President Donald Trump reiterated that the war with Iran should end soon.

In the coming week, on the economy front, investors will be eyeing Infrastructure Output, which is scheduled to be release on April 20. Further, HSBC Manufacturing, Services and Composite PMI Flash, data is going to be out on April 23. Moreover, bank loan growth data, deposit growth, and Foreign Exchange Reserves data are scheduled to be release on April 24.

In the ongoing result season, traders will be eyeing earnings of prominent companies, including HCL Technologies, Nestle India, Tata Elxsi, L&T Technology Services, Tech Mahindra, Cyient, Infosys, LTM, L&T Finance, Shriram Finance, Indusind Bank and Axis Bank etc.

On the global front, investors would be eyeing few economic data from world’s largest economy, United States (US), starting with Redbook on April 21, followed by Chicago Fed National Activity Index, Initial Jobless Claims, and S&P Global Manufacturing, Services and Composite PMI Flash on April 23, Michigan Consumer Sentiment Final and Baker Hughes Oil Rig Count on April 24.

Top Gainers 

  • Adani Enterprises up by 8.71% was another top gainer on Nifty for the week - Investors turned bullish on Adani Group stocks after reports indicated that the Competition Commission of India (CCI) cleared the Group of allegations of bid rigging and abuse of dominance in large-scale solar power project allocations.
  • Adani Ports and Special Economic Zone up by 8.71% was the top gainer on Nifty for the week - Adani Ports traded higher along with other Adani Group companies after reports indicated that the CCI cleared the Group of allegations of bid rigging and abuse of dominance in large-scale solar power project allocations.

Top Losers 

  • Coal India down by 3.38% was the top loser of the week on Nifty - Coal India faced selling pressure as investors maintained the risk averse stance amid worries that the high operational costs, on account of increased prices of explosives and industrial diesel, would weigh on the company’s earnings in the upcoming quarters. The prices of key raw material from the region have surged due to the closing of Strait of Hormuz amid conflict in West Asia.
  • Sun Pharmaceutical Industries down by 2.42% was another top loser of the week on Nifty - Sun Pharma continued to remain under pressure amid reports that the company is planning to acquire Organon, a US-based pharma firm, with a binding offer of $12 billion.

Technical viewpoints

During the week, CNX Nifty touched the highest level of 24,400.95 on April 16 and lowest level of 23,555.60 on April 13. On the last trading day, the Nifty closed at 24,353.55 with weekly gain of 302.95 points or 1.26 percent. For the coming week, 23,805.78 followed by 23,258.02 are likely to be good support levels for the Nifty, while the index may face resistance at 24,651.13 and further at 24,948.72 levels.

US Market

The U.S. markets traded higher during the week amid optimism surrounding a second round of peace talks between the U.S. and Iran. Meanwhile, Donald Trump said that Israel and Lebanon had agreed to a 10-day ceasefire.

Some of the major developments during the week are:

U.S. industrial production falls in March: The Fed said industrial production fell by 0.5 percent in March after climbing by 0.7 percent in February.

Philly fed index increases in April: The Philly Fed said its diffusion index for current general activity spiked to 26.7 in April from 18.1 in March.

Weekly jobless claims in U.S. fall in the week ended April 11: Initial jobless claims fell to 207,000, a decrease of 11,000 from the previous week's revised level of 218,000.

New York manufacturing index indicates growth in April: The New York Fed said its general business conditions index surged to a positive 11.0 in April from a negative 0.2 in March.

U.S. import prices climb much less than expected in March: Import prices climbed by 0.8% in March after increasing by a downwardly revised 0.9% in February. Street had expected import prices to surge by 2.0%.

European Market

European markets exhibited mixed performance during the passing week, with investors mostly making cautious moves, digesting corporate earnings updates and regional economic data, while continuing focus on geopolitical news.

Some of the major developments during the week are:

Eurozone inflation highest since July 2024: The harmonized index of consumer prices rose 2.6% on a yearly basis in March. This was revised up from the initial estimate of 2.5% and followed a 1.9% rise in February.

Eurozone industrial production recovers: The data from Eurostat revealed that industrial production advanced 0.4%on a monthly basis, in contrast to the 0.8% decline in January. Output was expected to grow 0.3%.

Spain inflation strongest since mid-2024: The final data released by the statistical office INE showed that consumer price inflation in Spain rose to 3.4% in March from 2.3% in February. A similar higher rate was last reported in June 2024.

Italy industrial production recovers: Industrial production in Italy rose 0.5% Y-o-Y in February, in contrast to the 0.6 percent fall in the previous month. Unadjusted industrial production also grew 0.5% from the last year.

UK GDP grows 0.5% in February: The Office for National Statistics reported that gross domestic product (GDP) of UK logged a monthly growth of 0.5% in February, outpacing the 0.1% expansion in January.

Asian Market

Asian markets, barring KLSE composite index, traded higher during the passing week, as investors remained hopeful of U.S. and Iran engaging in meaningful discussions this weekend to bring an end to the ongoing conflict in the Middle East.

Some of the major developments during the week are:

Japan core machinery orders jump in February: Japan’s core machinery orders increased 13.6% month-over-month to JPY 1,115.9 billion in February 2026, reversing a 5.5% decline in the prior month and beating market expectations for a 1.1% drop.

Japan industrial production falls in February: Japan’s industrial production dropped 2.0% month-over-month in February 2026, compared with flash data of a 2.1% decline and after a 4.3% growth in the previous month. 

China’s economy grows 5% in Q1: China’s economy expanded 5.0% Y-o-Y in Q1 2026, accelerating from 4.5% in Q4 and beating forecasts of 4.8%. It marked the fastest annual growth in three quarters.

China’s exports rise 2.5% in March: China’s exports rose 2.5% year-on-year to $321.03 billion in March 2026, significantly missing forecasts of 8.3% and marking a sharp slowdown from February’s 39.6% surge.

South Korea export prices surge in March: South Korea’s export prices rose 28.7% Y-o-Y in March 2026, following an 11.1% increase in February, reflecting broad-based inflationary pressures across trade flows amid surging oil prices.
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