The Nifty closed 2% lower this week, falling 275.10 points to 23,897.95 on Friday, with the Sensex declining 999.79 points to 76,664.21. According to The Economic Times, the biggest spoilsport was the IT sector, which fell over 5% at the index level, while pharma, health and energy stocks were other major losers. From a technical perspective, the index failed to sustain gains after encountering resistance around its 100-day EMA on the daily chart, triggering renewed selling that dragged it below the 24,000 level. As reported by The Economic Times, the overall trend now appears weak, with the Nifty potentially drifting towards 23,500, though 24,200 remains a key hurdle.
Global markets will closely track the US Federal Reserve's policy meeting beginning Tuesday, April 28, with the outcome announced on Wednesday, April 29. According to The Economic Times, the central bank is widely expected to keep interest rates unchanged at 3.50-3.75%. US benchmark indices ended mixed on Friday as investors remained cautious ahead of the Fed decision, with the Dow Jones falling 127.88 points to 49,230.71, while the S&P 500 rose 0.80% to 7,165.08 and the Nasdaq surged 398.09 points to 24,836.60. The rate setting committee of the US Federal Reserve will meet on April 28 & 29 to mull policy moves in light of the ongoing US-Iran war, with policy outcomes to be declared on Wednesday, April 29.
More than 200 companies listed on the BSE are set to announce their Q4FY26 earnings this week. Key Nifty constituents in focus include Coal India, UltraTech Cement, Eternal, Maruti Suzuki India, Bajaj Finance, Adani Ports, Bajaj Finserv, Hindustan Unilever, and Kotak Mahindra Bank. Among widely tracked non-Nifty names, results are due from AU Small Finance Bank, Bajaj Housing Finance, Bandhan Bank, REC, GRSE, Adani Power, Motilal Oswal Financial Services, Vedanta, Waaree Energies, ACC, Central Bank of India, and Avenue Supermarts.
Ceasefire negotiations between Iran and the US have hit a stalemate, with talks scheduled over the weekend failing to materialise. According to The Economic Times, Iran indicated that its officials do not plan to engage with the US on ending the conflict that has already claimed thousands of lives and roiled global markets. The war, which began on February 27 following joint US-Israel strikes on Iran targeting its top leadership, has seen fluctuating intensity with both sides remaining far from a resolution. The trajectory of these negotiations is likely to be a key driver for global market sentiment, with developments in US–Iran negotiations remaining a key monitorable factor.
Foreign institutional investors remained heavy sellers during the week, offloading domestic equities worth ₹17,140 crore over the five sessions ended Friday. As reported by The Economic Times, total outflows in April have now risen to ₹43,967 crore, extending the 2026 exodus to a whopping ₹1,75,089 crore. On Friday alone, FIIs sold shares worth ₹8,827.87 crore, while domestic institutional investors were net buyers at ₹4,700.71 crore. The massive selling, driven by geopolitical concerns and a lack of clear sectoral leadership, led to sharp cuts in domestic indices. FIIs continue to offload Indian equities with the month-to-date selling trend continuing for the 10th consecutive months, as geo-politics dominate institutional flows.
From a technical perspective, Ajit Mishra of Religare Broking noted that the index has slipped below its crucial support at 23,900 (20-DEMA), signalling a shift in near-term bias to the downside. According to The Economic Times, immediate support is seen around 23,500, while the 24,200-24,500 zone is likely to act as a strong resistance band. The Indian rupee declined in all five trading sessions last week, logging its steepest weekly fall since September 2022, settling at 94.2475 on Friday, down 1.4% for the week. The drop was driven by concerns over the fragility of a US-Iran ceasefire and potential disruptions to energy supplies. Going ahead, institutional activity is expected to be driven mainly by global news flows, with US FOMC and Bank of Japan rate decisions scheduled for next week.
