Economy and regulatory updates
- India HSBC Flash Manufacturing Purchasing Managers’ Index (PMI) rose to 55.9 in April 2026 from 53.9 in March 2026, while the HSBC Flash Services PMI came in at 57.9 from 57.5. The HSBC Flash Composite PMI rose to 58.3 from 57.0.
- India's infrastructure output, comprising eight core sectors, contracted by 0.4% in March from an upwardly revised 2.8% in February. For fiscal 2026, cumulative growth in the core sector slowed to 2.6%, compared with 4.5% in fiscal 2025.
- According to the Fitch Group, India’s fiscal deficit is projected to exceed the 4.3% target and reach 4.5% of the gross domestic product (GDP) in fiscal 2027 due to increased subsidy spending and policy support measures.
- India's economy is projected to grow at 6.4% in calendar year 2026 and 6.6% in calendar year 2027, according to the UN's Economic and Social Commission for Asia and the Pacific, which attributes the region's 5.4% growth in 2025 largely to India's strong economic performance.
- Minutes of the Reserve Bank of India’s Monetary Policy Meeting for April show that the central bank is increasingly concerned that the economy is entering a more difficult phase, with the Monetary Policy Committee warning that “the economy is confronted with a supply shock” as the West Asia conflict raises fresh risks to both inflation and growth.
- India installed a record 6.3 gigawatt (GW) of wind power capacity in 2025, according to Global Wind Energy Council data, marking the country’s highest annual wind energy addition.
- India and Singapore are collaborating on a roadmap to develop digital corridors and green shipping infrastructure, leveraging India's renewable energy resources and Singapore's maritime expertise to advance decarbonisation efforts in the global shipping sector, while creating mutual economic opportunities.
- The RBI has rescinded restrictions on specific categories of rupee derivative transactions that were implemented in April 2025 to combat the rupee’s depreciation to historic lows.
- The RBI has announced the release of a draft Master Direction on Prepaid Payment Instruments (PPIs), following a thorough review of existing guidelines.
- According to RBI data, the flow of money from overseas Indians into non-resident Indian (NRI) deposit schemes dropped 24.17% to nearly $11.04 billion between April-February FY26, from $14.56 billion during the same period in FY25.
Source: MOSPI, RBI
Indian debt market update
- The interbank call money rate ended flat at 5.11% in the week ended April 24 compared with the previous week.
- The yield on the 10-year benchmark 6.48% 2035 bond closed higher at 6.94% on April 24 as against 6.90% on April 17 tracking global cues and firm crude oil prices.
- Rising US treasury yields put upward pressure on domestic yields, while crude oil prices moving above $100 per barrel raised concerns about inflation and India’s fiscal and current account position.
- In the weekly debt sale held on April 24, the RBI auctioned 6.03% Government Security (GS) 2029, 6.68% GS 2033, 7.24% GS 2055 and New GOI SGrB 2056 for a total notified amount of Rs 32,000 crore.
Source: CIRISIL Fixed Income Database, RBI *Weighted Average Yield ^Data as of 17th Apr 2026 vs 10th Apr 2026 vs 13th Mar 2026 respectively
Source: CRISIL Fixed Income Database; *Weighted Average Yield
Indian equity market updates
- Indian equities ended lower for the week as escalating tensions in West Asia, rising crude oil prices, a depreciating rupee and sustained foreign fund outflows weighed on investor sentiment. However, losses were limited earlier in the week by optimism surrounding a potential peace deal and expectations of strong corporate earnings for the fourth quarter of fiscal 2026. The BSE Sensex and Nifty fell 2.33% and 1.87%, respectively.
- Most sectors ended lower with information technology (IT), auto and consumer durables (CD), falling the most. BSE IT, BSE Auto and BSE CD declined 9.93%, 3.02% and 2.07%, respectively.
- Weekly flows: Domestic Institutional Investors (DIIs) recorded net inflows of Rs 5,060.67 crore, while Foreign Institutional Investors (FIIs) saw net outflows of Rs 7628.79 crore.
- MTD trend: DIIs reported net inflows of Rs 39,478.67 crore, whereas FIIs registered net outflows of Rs 56,363.96 crore.
- YTD positioning: DIIs remain net buyers at Rs 2,83,034.36 crore, while FIIs stand as net sellers at Rs 2,19,993.89 crore.
Source: BSE, NSE
Source: SEBI, NSE
Global Equity market summary
- US stocks declined during the week. They rose initially on the reopening the Strait of Hormuz and the extension of ceasefire agreement.
- However, concerns over escalating conflict, ship seizures, and mixed corporate earnings dampened investor sentiment, leading to declines through the week, despite touching record highs briefly.
- Britain's FTSE Index declined marginally during the week amid geopolitical uncertainty and mixed economic signals. Brief boosts occurred on hopes of talks to end the conflict in West Asia.
- However, fading prospects of peace, domestic inflation concerns and weakness in financials ultimately weighed on the market, leading to a subdued weekly performance.
- Asian equities closed mixed this week. Japan's Nikkei ended higher, over optimism of West Asia conflict resolution. However, a sell-off in tech stocks and geopolitical uncertainties limited the gains.
- Hong Kong's Hang Seng Index ended lower during the week, as investor caution increased due to escalating tension in West Asia, despite an extended ceasefire.
- The market saw some gains following China's central bank holding key lending rates steady and introducing additional supportive measures, while optimism remained over likely talks to end the West Asia conflict.
- China's Shanghai Composite Index closed higher on signs of economic resilience and new market friendly policies, while investors cautiously watched developments in West Asia and awaited peace talks.
Source: Websites of respective stock exchanges; *Data as on Apr 23
Global Yield
- US Treasury yields rose during the week, driven by strong economic data.
- March retail sales increased around 0.6% on-month, indicating resilient consumer demand, while initial unemployment claims remained below 230,000, reflecting a tight labour market. In addition, PMI readings remained above 50, pointing to continued expansion and suggesting that economic activity remains robust.
- Crude oil prices surpassed $100 a barrel, raising concerns over inflation and reducing the likelihood of near-term rate cuts by the US Federal Reserve, which supported the rise in yields.
- The yield on the 10-year benchmark Treasury bond ended at 4.34% on April 23 from 4.26% on April 17.
Source: Financial Websites *Data as on Apr 23
Commodities and Currency
- Crude oil prices rose during the week on the NYMEX to $ 95.85 per barrel on the NYMEX on week on 23, April 2026 from $ 83.85 on 17, April, 2026 amid concerns over supply due to declining US inventories, recent attacks in the Strait of Hormuz and uncertainty over talks to end the conflict in West Asia.
- Gold prices fell this week Rs 1,51,479 per 10 grams in week on 24, April 2026 from Rs 1,51,655 per 10 grams in week on 17, April 2026 due to a strong dollar index.
- Silver prices declined to Rs 2,43,825 per kg on week on 24, April 2026 from Rs 2,49,940 per kg on week on 17, April 2026, mirroring the trend in gold, due to weak industrial demand, with the potential for larger swings if global growth concerns persist.
- The rupee closed lower at Rs 94.30 on 24, April 2026 against the US dollar this week, as risk appetite deteriorated and demand for the greenback remained firm. The pressure stemmed from renewed tension in West Asia amid uncertainty over the ceasefire expiry and uneven peace-talk signals, along with rising crude oil prices. Sustained foreign portfolio investment outflows and heavy domestic equities selling also contributed to the fall in the Indian unit.
*Data as on Apr 23, 2026 Source: Respective commodity exchanges, ibjarates.com
Source: Financial websites
Global Economic
- US S&P Global Flash Manufacturing PMI climbed to 54.0 in April 2026, compared to 52.3 in March 2026 while the S&P Global Flash Services PMI rose to 51.3 from 50.3 and the S&P Global Flash Composite PMI increased to 52 from 50.3.
- Eurozone S&P Global Flash Manufacturing PMI climbed to 52.2 in April 2026 compared to 51.6 in March 2026.
- UK annual inflation rate rose to 3.3% in March 2026, compared to 3% in each of the previous two months while annual core inflation rate eased to 3.1% from 3.2%.
- The People’s Bank of China maintained its key lending rates at record lows for an 11th straight month in April 2026. Accordingly, 1-year loan prime rate (LPR) was held at 3.0%, while the 5-year LPR remained at 3.5%.
- Japan S&P Global Flash Manufacturing PMI increased to 54.9 in April 2026 compared to 51.6 in March 2026 while the S&P Global Flash Services PMI slipped to 51.2 from 53.4 and the S&P Global Flash Composite PMI fell to 52.4 from 53.0.
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