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Sell-off in IT stocks, surge in crude oil prices drag markets lower in passing week
Apr-24-2026

Indian markets snapped two-week gaining streak and ended lower in the passing week, as sell-off in IT stocks, persistent foreign fund outflows and rising crude oil prices added pressure on market sentiments. Further, ongoing tensions in West Asia and the continued blockade at the Strait of Hormuz, remained a concern for global energy supplies. 

Some of the major developments during the week are:

Eight key infrastructure sectors’ output growth slows to 0.4% in March: The Ministry of Commerce & Industry in its latest data has showed that eight key infrastructure sectors’ output growth slowed to 0.4% (provisional) in March 2026 as compared to 4.5% in the same month of last year (March 2025).

India's fiscal deficit may exceed budgeted target for FY27: Research firm BMI, a Fitch Solution unit, has said that India's fiscal deficit may exceed budgeted target for FY27, potentially hit 4.5% of GDP as the government's policy response to ongoing West Asia conflict could put pressure on public finances.

Select FDI companies’ net sales growth slows to 8.7% in FY25: The Reserve Bank of India (RBI) data on finances of foreign direct investment (FDI) firms has showed that select FDI companies’ net sales growth slowed to 8.7% during the 2024-25 fiscal year (FY25) as compared to 9.4% in the previous year.

Private sector growth picks up momentum in April: India's private sector activity improved in April from March slowdown.  The HSBC Flash India Manufacturing PMI surged from 53.9 in March to 55.9 in April, while HSBC Flash India Services PMI Business Activity Index rose to 57.9 in April from March’s 57.5. 

India's economy likely to grow at 6.4% in 2026, 6.6% in 2027: The United Nations (UN) Economic and Social Commission for Asia and the Pacific in its report titled ‘Economic and Social Survey of Asia and the Pacific 2026’ has said that India's economy is projected to grow at 6.4% in 2026 and 6.6% in 2027.

BSE movement for the week

The Bombay Stock Exchange (BSE) Sensex slipped 1829.33 points or 2.33% to 76,664.21 during the week ended April 24, 2026. On the sectoral front, S&P BSE Information Technology was down by 3,047.90 points or 9.93% to 27,648.74, S&P BSE TECK was down by 1,200.47 points or 7.61% to 14,567.82, and S&P BSE Auto was down by 1,762.40 points or 3.02% to 56,681.68 were the top losers, while S&P BSE Power was up by 287.21 points or 3.69% to 8,067.49, S&P BSE Fast Moving Consumer Goods was up by 380.16 points or 2.07% to 18,763.84 and S&P BSE Capital Goods was up by 976.85 points or 1.28% to 77,089.06 were the few gainers on the BSE.

NSE movement for the week

The Nifty slipped 455.60 points or 1.87% to 23,897.95. On the National Stock Exchange (NSE), Nifty IT was down by 3279.25 points or 10.31% to 28,530.60, Nifty Mid Cap 100 decreased 523.40 points or 0.87% to 59,374.80, Bank Nifty was down by 475.95 points or 0.84% to 56,089.75, and Nifty Next 50 lost 389.85 points or 0.55% to 69,883.95.

FII transactions during the week

Foreign Institutional Investors (FIIs) were net sellers in equity segment in the week, with gross purchases of Rs 73,412.69 crore and gross sales of Rs 73,960.83 crore, leading to a net outflow of Rs 548.14 crore. They also stood as net buyers in the debt segment with gross purchases of Rs 13,956.94 crore against gross sales of Rs 12,434.24 crore, resulting in a net inflow of Rs 1,522.70 crore. In hybrid segment, FIIs stood as net buyers, with gross purchases of Rs 660.70 crore and gross sales of Rs 264.43 crore, leading to a net inflow of Rs 396.27 crore.

Industry and Economy

Industry body Assocham has said that the Indian economy, largely driven by consumption, has the potential to grow at over 7 per cent in 2026-27 even if crude oil costs $90-100 per barrel amid geopolitical tensions. It noted that the growth will be supported by strong consumption, steady exports, and increasing capital investment. It said that India’s resilience to high energy costs has enhanced significantly over the years, as the country has absorbed major oil shocks while maintaining robust growth. Based on its analysis, Assocham emphasised that India has demonstrated the ability to manage elevated energy prices without compromising its economic growth trajectory. Meanwhile, the Indian economy had grown at 6.5 per cent in the previous fiscal year.

Outlook for the coming week

Indian markets ended the passing week with hefty losses dragged down by rise in crude oil prices and uncertainty caused by stalled US-Iran negotiations.

In the coming week, on the economy front, investors will be eyeing Industrial Production data, which is scheduled to be release on April 28. Further, Bank Loan Growth, Deposit Growth, Foreign Exchange Reserves, data are also going to be out in coming week.

In the ongoing result season, traders will be eyeing earnings of prominent companies, including Coal India, UltraTech Cement, Maruti Suzuki India, Bajaj Finance, Adani Ports and Special Economic Zone, Bajaj Finserv, and Hindustan Unilever etc.

On the global front, investors would be eyeing few economic data from world’s largest economy, United States (US), starting with Redbook YoY, Richmond Fed Manufacturing Index on April 28, Building Permits Prel, Fed Interest Rate Decision on April 29, Fed Press Conference, GDP Growth Rate, Initial Jobless Claims, Chicago PMI on April 30, S&P Global Manufacturing PMI Final, ISM Manufacturing PMI, Baker Hughes Oil Rig Count on May 01.

Top Gainers 

  • Nestle up by 13.03% was the top gainer on Nifty for the week - Nestle surged after its fourth quarter numbers beat street estimates. The company reported 27.18% rise in its consolidated net profit at Rs 1,110.90 crore for the fourth quarter ended March 31, 2026 (Q4FY26) as compared to Rs 873.46 crore for the same quarter in the previous year.
  • Hindustan Unilever up by 8.80% was another top gainer on Nifty for the week - Hindustan Unilever traded higher along with other Fast-Moving Consumer Goods (FMCG) stocks as investors turned bullish on the sector following strong fourth quarter performance by Nestle. Hindustan Unilever is likely to report is Q4 numbers on April 30, 2026.

Top Losers 

  • HCL Technologies down by 17.03% was the top loser of the week on Nifty - HCL Technologies faced selling pressure after its fourth quarter numbers failed to match market expectations. The company has reported 4.20% rise in its consolidated net profit at Rs 4,488 crore for Q4FY26 as compared to Rs 4,307 crore for the same quarter in the previous year.
  • Infosys down by 12.48% was another top loser of the week on Nifty - Infosys traded lower after it gave a weak revenue growth guidance for FY27 in the range of 1.5% to 3.5% in constant currency. Meanwhile, the company reported 20.87% rise in its consolidated net profit at Rs 8,501 crore for Q4FY26 as compared to Rs 7,033 crore for the same quarter in the previous year.

Technical viewpoints

During the week, CNX Nifty touched the highest level of 24,601.70 on April 21 and lowest level of 23,813.65 on April 24. On the last trading day, the Nifty closed at 23,897.95 with weekly loss of 455.60 points or 1.87 percent. For the coming week, 23,607.17 followed by 23,316.38 are likely to be good support levels for the Nifty, while the index may face resistance at 24,395.22 and further at 24,892.48 levels.

US Market

The U.S. markets traded lower during the week following the Middle East conflict continued to stoke energy worries, with both the U.S. and Iran seizing ships as the Strait of Hormuz stayed shut.

Some of the major developments during the week are:

U.S. business inventories climb in February: The Commerce Department said business inventories climbed by 0.4% in February following a revised unchanged reading in January.

Weekly jobless claims in U.S. rise: Initial jobless claims climbed to 214,000 in week ended April 18, an increase of 6,000 from the previous week's revised level of 208,000.

U.S. pending home sales jump in March: The National Association of Realtors said its pending home sales index jumped by 1.5% to 73.7 in March.

Twenty-year bond auction attracts slightly above average demand: The Treasury Department announced the results of this month's auction of $13 billion worth of twenty-year bonds, revealing the sale attracted slightly above average demand. 

Retail sales in U.S. jump 1.7% in March: Retail sales shot up by 1.7% in March after climbing by an upwardly revised 0.7% in February.

European Market

European markets remained lackluster during the passing week, amid persisting concerns about tensions in the Middle East and higher oil prices.

Some of the major developments during the week are:

Eurozone private sector contracts amid Middle East tensions: The composite output index fell to a 17-month low of 48.6 in April from 50.7 in March. The index fell below the 50.0 no change mark for the first time in 16 months in April.

German private sector slips into contraction: The flash survey data from S&P Global revealed that the composite output index dropped to a 16-month low of 48.3 in April from 51.9 in the previous month.

French private sector contracts most in 14 months: The data from S&P Global showed that the flash composite output index fell to a 14-month low of 47.6 in April from 48.8 in March. The score was forecast to fall to 48.6.

Eurozone current account surplus declines: The data from the European Central Bank showed that the current account surplus fell to EUR 25 billion from EUR 40 billion in January. In the same period last year, the surplus was EUR 19 billion.

Eurozone exports fall for second month: Exports decreased 6.7% year-on-year in February, slower than the 7.7% fall in January. Likewise, imports dropped 2.2% from a year ago, following a 7.8% decrease in January.

Asian Market

Asian markets traded mostly in green during the passing week, even as U.S.-Iran peace talks showed little progress and the Strait of Hormuz remained effectively closed.

Some of the major developments during the week are:

Japan's inflation rises to 1.5% in March: Japan’s annual inflation rose to 1.5% in March 2026 from February’s near four-year low of 1.3%, with transport costs posting the fastest increase in four months (2.1% vs 0.5% in February).

Japan trade surplus widens in March: Japan’s trade surplus increased to JPY 667.0 billion in March 2026 from JPY 529.8 billion in the same month a year earlier, marking a second straight month in surplus as export growth outpaced imports.

Japan Composite PMI eases to 4-month low: Flash data showed Japan’s S&P Global Composite PMI fell to 52.4 in April 2026 from a final 53.0 in prior month. It was the lowest reading since December.

South Korea GDP jumps 1.7% in Q1: Preliminary data showed South Korea’s economy expanded by 1.7% QoQ in the first quarter of 2026, recovering from a 0.2% contraction in the previous quarter, and surpassing the market estimate of 1.0% growth.

Hong Kong inflation steady at 1.7% in March: The annual inflation rate in Hong Kong rose to 1.7% in March 2026, unchanged from the previous month and still the highest reading since late May.
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