The Indian equity markets closed Friday's session on a positive note, extending gains for the fifth consecutive day as easing West Asia tensions, softer crude prices, and a strengthening rupee kept investor sentiment constructive. According to The Hindu BusinessLine, the Sensex settled at 78,493.54, gaining 504.86 points or 0.65%, while the Nifty 50 closed at 24,353.55, up 156.80 points or 0.65%. For the week, the Nifty gained 1.3%, capping a remarkable ten-session run that has seen the index rally nearly 10% from its recent lows. As per Geojit Investments Limited, the market closed higher supported by improving prospects of a Middle East resolution and a reversal in FII flows into net buying. Latest data from Upstox confirms this as the NIFTY50 index gained 1.3% or around 302 points this week, while the BSE SENSEX rose 1.2% on a weekly basis.
The dominant theme of the session was a decisive rotation into defensives, with the Nifty FMCG index surging over 2.6%, emerging as the clear sectoral leader. After the closing bell, Hindustan Unilever Ltd led the Sensex gainers, rising 4.70%, followed by Power Grid Corporation of India Ltd, which gained 1.91%. Reliance Industries Ltd moved up 1.53%, while Bharat Electronics Ltd added 1.43%. Titan Company Ltd also ended higher, rising 1.34%. However, Sun Pharmaceutical Industries Ltd saw the sharpest fall, dropping 1.04%, while Mahindra and Mahindra Ltd declined 0.60%, HCL Technologies Ltd slipped 0.50%, Larsen and Toubro Ltd was down 0.37%, and Eternal Ltd fell 0.14% at the close. Of the Nifty 500 universe, 402 stocks ended in the green. Broader markets once again outpaced the benchmarks, with the Midcap 100 rising 1.3% and the Smallcap 100 gaining 1.5% on the day. According to Upstox, Nifty India Defence gained 6.2% this week, emerging as the biggest gainer, followed by Nifty Energy with 4.6% gains.
The geopolitical backdrop continued to ease with a 10-day ceasefire between Israel and Lebanon, combined with renewed optimism around US–Iran diplomatic engagement. According to The Hindu BusinessLine, US oil prices fell over 4.7%, slipping below the $90 mark, while Brent held below the $100 threshold. As per Geojit Investments Limited, a ceasefire between Israel and Lebanon helped keep crude below $100/bbl, easing pressure on import-dependent economies. Latest data from Investing.com shows that global benchmark Brent crude oil prices were trading 2.5% lower near $95.91 per barrel as of April 17, compared to $99.39 per bbl at the previous market close. Upstox reports that Lebanon and Israel have announced a ten-day ceasefire on the attacks on Iran while US President Donald Trump expects that the conflict is likely to end "pretty soon." India VIX declined below the 18 mark to around 17.7, its lowest since the onset of recent tensions, signalling a gradual unwinding of the conflict-driven risk premium. The rupee strengthened to 92.86 against the dollar — a gain of 28 paise, supported by a softer dollar index hovering near 98, improving risk sentiment, and expectations around India-US trade discussions.
On the technical front, the Nifty held firmly above its 50-day EMA and has now ended three consecutive weeks in the green — the first such streak since November 2025. As reported by The Hindu BusinessLine, immediate resistance sits at 24,400, followed by the more significant 24,800–24,850 zone where the 200-day EMA coincides with notable open interest build-up. FIIs turned net buyers for the second straight session, picking up ₹382 crore, marking a trend shift that markets will be watching closely. According to Geojit Investments Limited, the rupee strengthened, aided by RBI measures and softening geopolitical tensions. However, gains remained capped due to stock-specific pressure, particularly in select heavyweight names following earnings-related concerns, along with cautious positioning ahead of key results from private banking majors. Upstox reports that Nifty VIX dropped 8.7% on a weekly basis due to positive sentiment and dynamic trends, while foreign investors purchased ₹683.20 crore worth of capital market assets in a single day on Friday.
Looking ahead, market participants are closely monitoring the Q4 earnings season momentum, with results serving as a key litmus test for FY27 estimates. As per Geojit Investments Limited, as the Q4 earnings season gains momentum, results will be a key litmus test for FY27 estimates. The earnings calendar will define early trade next week, with results from HDFC Bank, ICICI Bank, and Yes Bank due on Saturday and likely to set the tone for the banking sector. According to The Hindu BusinessLine, Siddhartha Khemka of Motilal Oswal noted that "Indian equities are likely to consolidate at higher levels next week," with the critical monitorable being the second round of US–Iran diplomatic talks, with a ceasefire deadline of April 22 fast approaching. Any breakthrough — or breakdown — on that front could swiftly alter the market's carefully rebuilt composure.
