NIFTY CLOSES ABOVE 24,350
Continued diplomatic progress on a US–Iran ceasefire extension kept risk-on sentiment alive through Friday's session. Reports indicated both Washington and Tehran are mulling an extension to the two-week ceasefire, allowing time to negotiate a broader deal — including the possible reopening of the Strait of Hormuz. Brent crude steadied near $94.90, well below the $111 peak seen earlier this month, providing substantial macro relief to Indian equities. The rupee strengthened 28 paise to ₹92.86, its best level in recent weeks, driven by FII inflows on the back of lower oil prices and easing geopolitical risk. The pattern that has defined this market continues: every peace signal equals a rally, and every breakdown equals a reversal. For now, the diplomacy is holding — and so are the gains.
Wipro reported Q4 FY26 net profit of ₹3,502 crore, up 12% year-on-year, and announced a landmark ₹15,000 crore share buyback. However, revenue of $2.65 billion came in fractionally below consensus, and sequential guidance disappointed — with management noting headwinds from acquisition integration costs and the West Asia conflict's impact on energy and manufacturing clients. Operating margin came in at 17.3%, a 30 bps sequential contraction. Wipro emerged as a major Nifty laggard on Friday, dragging the Nifty IT index lower even as the buyback announcement provided some cushion. The contrast with HDFC Bank's clean beat and re-rating rally from Wednesday was stark — and a reminder that Q4 earnings season remains a stock-specific, not a broad-based, driver. Infosys reports on April 23 and will be watched closely for guidance tone.
Unlike Wednesday's overwhelming broad-based surge, Friday's session was more selective. HUL, Power Grid, Eternal/Zomato, and consumer discretionary names led the Sensex gainers list, while HDFC Life (down ~3% in early trade) and Wipro were notable drags. Bank Nifty attempted a move toward 57,000 but faced resistance, closing around 56,500. Midcap 100 posted a modest 0.8%+ gain reflecting steady retail participation, but breadth was not as emphatic as Wednesday's 40+ Nifty advancers session. Market participants are clearly differentiating between earnings beats and guidance quality — a healthy sign of fundamental re-engagement after weeks of macro-driven volatility. The week closed with Nifty up ~1.6% on a five-day basis — its second consecutive weekly gain after six straight weeks of losses.
Brent's stabilisation below $95 is the single most important macro development of the week for India. At $111+ on April 6, every indicator was flashing red — wider current account deficit, rupee at ₹93.33, FPI outflows, and rate-cut hopes dashed. At $94–95, the calculus reverses. India's annual import bill drops by approximately ₹45,000–50,000 crore for every $5 fall in Brent from the peak. The rupee at ₹92.86 — up 28 paise on the day — directly improves FPI returns and incentivises foreign capital inflow. FIIs turned net buyers on Thursday at ₹1,074 crore; Friday's data will be watched for confirmation of the trend reversal. The RBI's FY27 GDP forecast of 6.9% was built on an $85/bbl assumption — crude at $95 remains above that, but is meaningfully more manageable than $111. June MPC rate-cut expectations remain alive.
| Index | Close | Change | Signal |
|---|---|---|---|
| Nifty 50 | 24,353.55 | ▲ +156.80 (+0.65%) | Above 24,300 resistance — weekly gain of ~1.6% |
| Sensex | 78,493.54 | ▲ +504.86 (+0.65%) | Second consecutive weekly gain; selective session |
| Bank Nifty | ~56,500 | ▲ Positive | Faced resistance at 57,000; HDFC Life drag |
| Nifty Midcap 100 | Positive | ▲ +0.8%+ | Steady retail participation; breadth mixed |
| India VIX | ~17.50 | ▼ −3.1% | Well below 20 — fear gauge easing steadily |
| Sector | Performance | What Happened |
|---|---|---|
| Consumer / FMCG | ▲ Positive | HUL led Sensex gainers; consumer discretionary buoyant |
| Power / Utilities | ▲ Positive | Power Grid among top gainers; defensive buying continues |
| Metals | ▲ Positive | Metal index outperformed; global demand signals supportive |
| OMC / Energy | ▲ Positive | Crude below $95 — BPCL, HPCL inventory fears ease |
| Nifty Bank | ▲ Moderate | Capped at 57,000; HDFC Bank, ICICI in narrow range |
| IT (Large Cap) | ▼ Underperformed | Wipro's weak guidance dragged Nifty IT; TCS, Infosys steady |
| Insurance | ▼ Pressure | HDFC Life down ~3% early trade; sector laggard |
FIIs — Tentative Net Buyers. FIIs recorded net buying of ₹382 crore on April 16, a significant shift from weeks of sustained selling. April's cumulative outflow of ~₹48,905 crore remains large, but the marginal trend has reversed. A stronger rupee at ₹92.86 and Brent below $95 are improving the risk-return calculus for foreign capital. FII flows on April 17 will be confirmed post-settlement but the directional shift is encouraging.
DIIs — Profit Booking at Highs. DIIs saw some profit booking on April 16 (net DII outflow of ₹3,427 crore), reflecting institutional discipline — locking in gains from the Wednesday surge before the weekend. This is not bearish; it is prudent portfolio rebalancing at resistance levels. Domestic SIP flows remain structurally robust and continue to provide the foundational floor under every correction.
| Level | Value | What It Means |
|---|---|---|
| Nifty Close | 24,353.55 | Closed above 24,300 resistance — bull signal strengthening |
| Key Resistance | 24,500–24,700 | Next ceiling; sustained close above = path to 24,800+ |
| Key Support | 24,000–24,050 | Critical floor; close below = profit-booking resumes |
| 50-Day EMA | ~24,200 | Nifty above EMA for second consecutive session — constructive |
| Bank Nifty Resistance | 57,000 | Sellers emerged here; clear break needed for next leg |
| India VIX | ~17.50 | Below 18 — fear subsiding; bull case strengthens below 16 |
The pattern is relentless: every peace signal = rally; every breakdown = reversal. The ceasefire extension is not confirmed. A fresh collapse sends Brent above $100 and Nifty back toward 23,700–23,800. Status: Active — monitor every 24 hours.
Wipro's weak sequential guidance raises concerns ahead of Infosys results on April 23. If Infosys mirrors the cautious tone, IT index could face renewed selling pressure — a sector that had been a relative safe haven. Status: Watch closely.
Infosys results next week are the earnings season's next pivotal event. A revenue beat and stable guidance would be a strong positive for the IT sector and overall market sentiment, potentially setting up a fresh leg higher.
If Hormuz reopens and Brent falls decisively below $90, India's macro picture transforms sharply — CAD improves, rupee strengthens, rate cuts accelerate. Aviation, OMC, paints, and tyres all become strong structural buys.
Investors who deployed aggressively near Nifty 23,800 on Monday have gained ~2.5% in three sessions. The SIP discipline of buying corrections continues to be validated. Every dip toward 24,000 remains an accumulation zone.
Brent below $95 is relief, not resolution. The Strait of Hormuz remains at below 10% normal traffic. Any IRGC escalation or US naval action expansion sends crude back above $100 in hours. Status: Watch daily shipping data.
Indian markets have now posted back-to-back weekly gains after six consecutive weeks of losses — a meaningful technical and psychological recovery. Sensex +504.86 pts, Nifty +156.80 pts, and India VIX sliding below 18 reflect a genuine reduction in fear premium. The peace-talk optimism trade is working, and crude below $95 is providing real macro relief. But the recovery remains hostage to a geopolitical news cycle that can reverse within hours. Wipro's guidance miss is a reminder that earnings season is not uniformly constructive — stock selection matters now more than ever. The week ahead — centred on Infosys results and continued US–Iran diplomacy — will determine whether 24,300 becomes a launch pad or a ceiling. Investors should stay invested, treat 24,000 as the key stop-loss level, not over-trade the geopolitical noise cycle, and watch crude and peace-talk headlines as the primary market drivers.
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All market data, index values, price levels, and company-related information are sourced from publicly available exchange data, news, and brokerage reports as of 17th April 2026, and may be subject to revision. Investments in securities markets are subject to market risks. Past performance is not indicative of future results. Prices quoted are approximate and for reference only — please verify on NSE/BSE official websites before acting.
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