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Indian markets end higher on value buying; gains restricted by global headwinds
Apr-30-2026

Indian equity markets closed higher in the holiday-shortened week, supported by value buying. India’s FTA with New Zealand and improving export growth prospects, boosted sentiment. However, gains remain capped due to weak macroeconomic data and concerns over elevated crude oil prices after US President Donald Trump rejected Tehran’s peace proposal. 

Some of the major developments during the week are:

IIP growth slows to 4.1% in March: The Ministry of Statistics & Programme Implementation in its latest report has showed that Index of Industrial Production (IIP) recorded a 4.1% (Quick Estimate) Y-o-Y growth in March 2026, which is lower than 5.1% growth in February 2026. 

West Asia crisis fuels inflation risks: The Finance Ministry said the conflict in West Asia could disrupt supply and increase risks to inflation, trade, financial flows. Though, India’s strong domestic demand, supportive policies, stable financial system are likely to help protect the economy to some extent.

Exports of India surge in first three weeks of April despite ongoing West Asia crisis: Commerce and Industry Minister Piyush Goyal said that despite the continuing tensions in West Asia, the country's exports have shown a healthy increase during the first-three weeks of April so far. 

India, New Zealand ink FTA to boost bilateral trade: India and New Zealand have inked a free trade agreement (FTA) at Bharat Mandapam, New Delhi, to strengthen India’s global economic partnerships. The FTA provides duty-free access for 100% of India's exports to New Zealand.

Bank credit growth in India slows to 15% in fortnight ended April 15: The RBI has said that bank credit growth in India slowed to 14.88 per cent Y-o-Y in the fortnight ended April 15, 2026 as compared to 15.96 per cent growth recorded in the previous fortnight ending March 31, 2026.

BSE movement for the week

The Bombay Stock Exchange (BSE) Sensex surged 249.29 points or 0.33% to 76,913.50 during the week ended April 30, 2026.  On the sectoral front, S&P BSE TECK was up by 455.67 points or 3.13% to 15,023.49, S&P BSE Information Technology was up by 758.05 points or 2.74% to 28,406.79 and S&P BSE Oil & Gas was up by 645.29 points or 2.39% to 27,683.54 were the top gainers, while S&P BSE BANKEX was down by 1,481.43 points or 2.34% to 61,706.88, S&P BSE Finance was down by 227.84 points or 1.85% to 12,058.86, and S&P BSE PSU was down by 197.22 points or 0.89% to 21,879.22 were the few losers on the BSE.

NSE movement for the week

The Nifty surged 99.60 points or 0.42% to 23,997.55. On the National Stock Exchange (NSE), Nifty IT was up by 823.30 points or 2.89% to 29,353.90, and Nifty Mid Cap 100 increased 410.05 points or 0.69% to 59,784.85, while Bank Nifty was down by 1226.40 points or 2.19% to 54,863.35, and Nifty Next 50 lost 240.05 points or 0.34% to 69,643.90.

FII transactions during the week

Foreign Institutional Investors (FIIs) were net sellers in equity segment in the week, with gross purchases of Rs 54,806.20 crore and gross sales of Rs 71,686.69 crore, leading to a net outflow of Rs 16,880.49 crore. They also stood as net buyers in the debt segment with gross purchases of Rs 11,149.72 crore against gross sales of Rs 7,518.86 crore, resulting in a net inflow of Rs 3,630.86 crore. In hybrid segment, FIIs stood as net buyers, with gross purchases of Rs 316.16 crore and gross sales of Rs 255.16 crore, leading to a net inflow of Rs 61.00 crore.

Industry and Economy

Union Finance Minister Nirmala Sitharaman has said that domestic consumption continues to remain a key driver of India’s economic growth but sustained momentum will require consistent and predictable policy support. She said ‘consumption emerging out of its domestic market itself is able to sustain our growth, which is the fastest even now in the world.’ She said ‘unless our domestic manufacturing, agricultural growth, tourism, IT and related services sector are given that constant support, predictable support, India's growth story will be difficult to keep up.’ Stating that exports are also important, she appreciated the work of exporters in the last few months amid the setbacks like the US tariffs, wherein they have found newer markets while facing troubles from one.

Outlook for the coming week

In the passing week, Indian equity markets ended higher despite sustained foreign fund outflows.

On the economy front, market-participants would be eyeing the data of HSBC Manufacturing PMI Final, which scheduled to be released on May 04, HSBC Composite PMI Final, HSBC Services PMI Final going to be out on May 06. Besides, Foreign Exchange Reserves data scheduled to be released on May 08.

In the ongoing result season, traders will be eyeing earnings of prominent companies, including Godrej Properties, Coforge, Larsen and Toubro, Hero Motocorp, Mahindra and Mahindra, Bajaj Auto, Biocon, Lupin, Escorts Kubota, Titan Company etc.

On the global front, investors would be eyeing few economic data from Factory Orders on May 04, Balance of Trade, Redbook YoY, S&P Global Composite PMI Final, and ISM Services Business Activity on May 05, Initial Jobless Claims, and Consumer Inflation Expectations on May 07, Unemployment Rate, Government Payrolls, Michigan Consumer Sentiment, and Baker Hughes Oil Rig Count on May 08.

Top Gainers 

  • Dr. Reddy's Laboratories up by 8.70% was the top gainer on Nifty for the week - Dr. Reddy's traded with traction on receiving a Notice of Compliance (an approval) from the Pharmaceutical Drugs Directorate, Canada regarding its ANDS of Semaglutide Injection. The company becomes the first to receive the market authorization for generic Semaglutide Injection in Canada, ahead of Health Canada’s review target date. 
  • Coal India up by 8.40% was another top gainer on Nifty for the week - Coal India traded higher on reporting 11.15% rise in its consolidated net profit at Rs 10,839.18 crore for Q4FY26 over Rs 9751.64 crore for the same quarter in the previous year. Total income of the company increased by 7.76% at Rs 51,617.75 crore for Q4FY26 as compared Rs 47,900.71 crore for the corresponding quarter previous year.

Top Losers 

  • Shriram Finance down by 10.26% was the top loser of the week on Nifty - Shriram Finance came under pressure on account of profit booking. The company reported 40.92% jump in its consolidated net profit at Rs 3,020.94 crore for Q4FY26 as compared to Rs 2,143.77 crore for Q4FY25. Total income of the company increased by 9.36% at Rs 12,532.35 crore for Q4FY26 as compared to Rs 11,460.25 crore for Q4FY25.
  • Axis Bank down by 8.07% was another top loser of the week on Nifty - Axis Bank traded lower on reporting fall in its net profit at Rs 7,071.31 crore for Q4FY26 over Rs 7,117.50 crore for Q4FY25. However, total income increased by 1.91% Y-o-Y at Rs 38,746.64 crore for Q4FY26. During the quarter, the bank created an additional one-time provision of Rs 2,001 crore amid geopolitical uncertainties.

Technical viewpoints

During the week, CNX Nifty touched the highest level of 24,334.70 on April 29 and lowest level of 23,796.85 on April 30. On the last trading day, the Nifty closed at 23,997.55 with a weekly gain of 99.60 points or 0.42 percent. For the coming week, 23,751.37 followed by 23,505.18 are likely to be good support levels for the Nifty, while the index may face resistance at 24,289.22 and further at 24,580.88 levels.

US Market

The U.S. markets traded lower during the week after President Donald Trump said he will maintain the U.S. naval blockade against Iran until they agreed to a nuclear deal.

Some of the major developments during the week are:

U.S. consumer confidence index inches higher in April: The Conference Board said U.S. consumer confidence index crept up to 92.8 in April from an upwardly revised 92.2 in March.

Durable goods orders in U.S. rebound in March: The Commerce Department said durable goods orders climbed by 0.8 percent in March after tumbling by a revised 1.2 percent in February.  

U.S. housing starts soar in March: The Commerce Department said housing starts soared by 10.8 percent to an annual rate of 1.502 million in March after tumbling by 3.0 percent to a rate of 1.356 million in February.

Crude oil inventories in U.S. pull back sharply in week ended April 24: The Energy Information Administration said crude oil inventories plunged by 6.2 million barrels last week after climbing by 1.9 million barrels in the previous week.

Federal Reserve leaves interest rates unchanged: The Fed announced its widely expected decision to leave rates unchanged. The Fed said it decided to maintain the target range for the federal funds rate at 3.50 to 3.75 percent.

European Market

European markets remained lower during the passing week, as investors watched the latest developments in the Middle East and awaited policy updates from the European Central Bank and the Bank of England.

Some of the major developments during the week are:

Eurozone economic confidence drops in April: The results of a monthly survey by the European Commission showed that the economic sentiment index dropped more-than-expected to 93.0 in April from 96.2 in the prior month. 

Sweden economic confidence falls in April: The survey results published by the National Institute of Economic Research showed that the economic tendency index dropped to 99.0 in April from 99.6 in March. 

German inflation accelerates: The flash estimate published by Destatis showed that consumer price inflation rose to 2.9 percent in April from 2.7 percent in March. Inflation was expected to rise to 3.0 percent.

Italy consumer confidence weakens further in April: The survey results from the statistical office Istat showed that consumer sentiment dropped to 90.8 in April from 92.6 in the previous month. A score below 100 indicates a pessimistic outlook.

French consumer sentiment hits 3-year low: A monthly survey from the statistical office INSEE showed that the consumer confidence index dropped to 84 in April from 89 in the previous month. This was the lowest score since April 2023.

Asian Market

Asian markets traded mostly in green during the passing week, despite a sharp rise in oil prices amid fears of a prolonged conflict in the Middle East.

Some of the major developments during the week are:

Japan consumer confidence falls to 1-year low: Japan's consumer confidence index declined to 32.2 in April 2026 from 33.3 in March. The latest figure marked the lowest level since April 2025, with almost all components posting declines.

China factory activity growth improves: The RatingDog China General Manufacturing PMI climbed to 52.2 in April 2026 from 50.8 in March, above the expected 51. The latest reading marked the fastest expansion in the sector since December 2020.

South Korea industrial output up 0.3% in March: Industrial production in South Korea grew by a seasonally adjusted 0.3% on month in March. That exceeded expectations for an increase of 0.2%.

South Korea business confidence rises in April: South Korea’s Business Survey Index for the manufacturing sector rose to 74 in April 2026 from 71 in the previous month. This marked the highest reading since June 2024.

Hong Kong trade gap widens in March: Hong Kong’s trade deficit widened sharply to $89.1 billion in March 2026 from $45.4 billion in the same month a year earlier, marking the largest trade gap since records began in January 1952.
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