Last Updated on April 24, 2026 11:05 pm by BIZNAMA NEWS
AMN / BIZ DESK
Indian equity benchmarks closed the week sharply lower as crude oil prices surged nearly 8–10%, crossing $105 per barrel amid escalating geopolitical tensions in West Asia. The spike in oil raised concerns over inflation, import bills, and fiscal balance, while Moody’s downgrade of India’s growth outlook further dampened sentiment. Signs of moderating domestic activity and weaker consumption trends added to the pressure, with foreign institutional investors adopting a risk‑off stance and triggering heavy selling in the latter part of the week.
The Sensex fell 1,829 points or 2.33% to 76,664, while the Nifty 50 dropped 456 points or 1.87% to 23,898. Mid‑caps and small‑caps also slipped, though losses were relatively modest. The week began with modest gains, extended into Tuesday, but sharp declines from Wednesday through Friday erased earlier advances.
Economic indicators painted a mixed picture. India’s core sector output contracted 0.4% in March, pulling annual growth down to 2.6%. Moody’s cut India’s FY27 GDP forecast to 6% from 6.8%, citing weak consumption, slower industrial output, and rising energy costs. However, HSBC Flash PMI data showed resilience, with services and manufacturing activity expanding strongly in April. The government meanwhile dismissed speculation of a post‑election fuel price hike, reiterating that consumer protection remains a priority despite global volatility.
Corporate earnings drove stock‑specific action. HDFC Bank and ICICI Bank reported profit growth but saw declines in share prices. IT majors including Infosys, HCL Tech, Persistent Systems, and Tech Mahindra faced steep losses despite revenue growth, reflecting margin pressures and weaker deal momentum. In contrast, Nestle India surged over 10% on strong profit and revenue growth, while Bharat Heavy Electricals and Bank of Maharashtra posted robust results. Other notable movers included Himadri Speciality Chemical, Oracle Financial Services, and Cyient DLM, which rallied on improved profitability.
Globally, inflationary pressures and energy costs remained dominant themes. Germany’s producer prices showed the mildest fall in a year, while UK inflation accelerated to 3.3% in March amid higher fuel costs. Japan’s manufacturing PMI hit its fastest expansion in two years, and South Korea posted its strongest quarterly growth since 2020.
Overall, the combination of surging crude, macroeconomic concerns, and profit‑booking weighed heavily on Indian markets, underscoring the fragile sentiment as investors brace for continued volatility.
Stocks in the Spotlight: Earnings Divergence
The Q4 FY26 earnings season provided a mixed bag, with the IT sector bearing the brunt of the “risk-off” sentiment.
The Laggards
- IT Majors Tank: HCL Technologies plummeted 16.61% following a 6.4% fall in net income. Infosys and Persistent Systems followed suit, dropping 12.44% and 12.77% respectively, despite some strong deal wins, as margin concerns weighed heavily.
- Banking Giants: HDFC Bank (-1.80%) and ICICI Bank (-1.70%) ended lower despite reporting steady profit growth, as investors booked profits amid broader market volatility.
The Gainers
- Nestle India: Surged 10.37% on the back of a stellar 25.8% YoY jump in net profit.
- BHEL: Rallied 6.40% as its order book swelled to a provisional ₹2.4 lakh crore.
- PSU Banks: Bank of Maharashtra jumped 7.75% following a robust 35% growth in quarterly profit.
- Specialty Chemicals: Himadri Speciality Chemical zoomed 14.36% on strong bottom-line growth.
Global Cues: High Energy, High Inflation
The global backdrop remained precarious. In the UK, inflation accelerated to 3.3% in March, driven by fuel costs. Conversely, Germany saw its sharpest monthly producer price rise (+2.5%) since 2022. While Japan’s manufacturing activity hit a two-year high and South Korea’s economy expanded a robust 1.7% in Q1, the overarching fear remains that a prolonged conflict in West Asia will cement higher-for-longer inflation globally.