Key Market Insights - Altifi Weekly Bulletin | April 2026

Economy and regulatory updates

• Union Finance Minister Nirmala Sitharaman said that domestic consumption is sustaining the growth momentum, and predictable policy support is essential to ensure the pace of gross domestic product expansion continues.
• India's industrial production grew by 4.1% on-year in March 2026,compared with a revised 5.1% growth in February 2026.
• The government has announced a proposal to amend the Central Motor Vehicles Rules, 1989 to formally incorporate higher ethanol-blended fuels, including E85, an 85% ethanol and petrol blend, and E100, which would allow vehicles to operate on nearly pure ethanol.
• Prime Minister Narendra Modi launched development projects of over Rs 4,000 crore in Sikkim during the closing ceremony of the state's 50th anniversary celebrations.
• Finance Minister Nirmala Sitharaman called for a unified know-your- customer system across the financial sector to eliminate repeated verification for users and urged the Securities and Exchange Board of India (SEBI) to lead the effort.
• The Maharashtra Cabinet has approved the Artificial Intelligence Policy, 2026, which aims to attract Rs 10,000 crore in investments and create 1.5 lakh new jobs in the state.
• The Reserve Bank of India (RBI) has issued final guidelines linking capital requirements to borrower risk profiles for retail, corporate and sovereign exposures, effective April 1, 2027, to optimise capital allocation across the banking system.
• The RBI issued revised directions to update the regulatory framework and registration requirements for non-banking financial companies (NBFCs) that do not access public funds and lack a customer interface, including “Type I NBFCs”.
• The RBI revamped the rules governing classification of bad loans,definition and recovery, to align with globally accepted standards, effective April 1, 2027.
• The SEBI has granted time till October 27, 2026 for debenture trustees to meet the requirement of separating activities that are not under the regulator's jurisdiction.
• The SEBI proposed revising the variable net worth requirements for stockbrokers to better align capital requirements with operational risks and protect investor interests.

Source: MOSPI, RBI

Indian debt market update

• The interbank call money rate ended higher at 5.20% in the week ended April 30, as against 5.11% in the week to April 24.
• The yield on the 10-year benchmark 6.48% 2035 paper closed higher at 7.02% on April 30 compared with 6.94% on April 24, driven by elevated crude oil prices, supply pressure and global risk aversion.
• Additionally, persistent supply from government bond auctions and a weakening rupee weighed on demand, causing yields to cross the 7% mark.
• In the weekly debt sale held on April 30, the RBI auctioned 6.68% Government Security (GS) 2040 and 7.43% GS 2076, for a total notified amount of Rs 29,000 crore.

Source: Crisil Fixed Income Database, RBI *Weighted Average Yield ^Data as of 17th April 2026 vs 10th April 2026 vs 20th March 2026 respectively

Source: Crisil Fixed Income Database, *Weighted Average Yield

Indian equity market updates

• Indian equities ended marginally higher for the week, supported by stronger-than-expected quarterly earnings and steady industrial production data. However, elevated crude oil prices, renewed tensions in West Asia and hawkish signals from the US Federal Reserve (US Fed) limited the gains. The BSE Sensex and Nifty 50 rose 0.33% and 0.42%, respectively.
• Most sectors ended higher with information technology (IT), oil and gas and healthcare gaining the most. The BSE IT, BSE Oil & Gas and BSE Healthcare indices rose 2.74%, 2.39% and 2.29%, respectively.
• Weekly flows: Domestic Institutional Investors (DIIs) recorded net inflows of Rs 16,285.91 crore, while Foreign Institutional Investors (FIIs) saw net outflows of Rs 14,551.51 crore.
• MTD trend: DIIs reported net inflows of Rs 51,063.87 crore, whereas FIIs registered net outflows of Rs 62,087.60 crore.
• YTD positioning: DIIs remain net buyers at Rs 2,94,619.56 crore, while FIIs stand as net sellers at Rs 2,25,717.53 crore.

Source: BSE, NSE

Source: SEBI, NSE

Global Equity market summary

• US stocks rose on a weekly basis mainly due to strong earnings and AI-driven growth, which outweighed concerns around inflation, oil prices, and interest rates.
• Britain's FTSE index ended flat during the week starting with declines due to stalled US-Iran talks and sector losses. It rebounded on strong earnings from BP, Rolls-Royce, and Glencore, with steady interest rates from the Bank of England, amid ongoing geopolitical and economic uncertainties.
• Asian equities ended mixed this week. Japan's Nikkei ended lower during the week due to surging oil prices, mixed earnings and a stronger yen, despite some support from strong tech earnings
• Hong Kong's Hang Seng ended lower, pressured by the US Fed's inflation concerns, persistent geopolitical uncertainty and softer manufacturing Purchasing Managers’ Index data despite some support from strong corporate earnings
• China's Shanghai Composite Index closed higher driven by technology and rare earth stocks, as investors looked beyond Politburo meeting statements and focused on solid industrial profit growth and renewed AI enthusiasm

Source: Websites of respective stock exchanges

Global Yield

• US Treasury yields trended higher during the week amid rising crude oil prices, which heightened inflation concerns and decreased the likelihood of near-term rate cuts.
• Yields remained rangebound at the start of the week. However, they rose following the US Fed’s steady policy stance and cautious tone on inflation, which reinforced expectations of a relatively higher-for-longer interest rate environment.
• However, persistent geopolitical uncertainty boosted haven appeal of US Treasuries, which restricted the upside in yields.
• The yield on the 10-year benchmark Treasury bond ended at 4.40% on April 30, up from 4.31% on April 24.

Source: Financial Websites

Commodities and Currency

• Crude oil prices rose during the week on the NYMEX to $ 105.07 per barrel on the NYMEX on week on 30, April 2026 from $ 94.40 on 24, April 2026 on concerns over prolonged supply disruptions due to stalled talks to end the West Asia conflict and a larger-than-anticipated decline in US crude stockpiles.
• Gold prices fell this week Rs 1,50,263 per 10 grams in week on 30, April 2026 from Rs 1,51,479 per 10 grams in week on 24, April 2026 due to a strengthening US dollar.
• Silver prices declined to Rs 2,40,331 per kg on week on 30, April 2026 from Rs 2,43,825 per kg on week on 24, April 2026, mirroring the same trend in gold, due to weak industrial demand.
• The rupee closed lower at Rs 95.24 on 30, April 2026 against the US dollar this week, pressured by rising global crude oil prices and escalating tensions in West Asia. The currency's weakness was further compounded by hawkish comments by the US Fed policymakers and a slight rise in US bond yields, as the Federal Open Market Committee left the federal funds rate target range unchanged.

Source: Respective Commodity exchanges, Ibjarates.com

Source: Financial Websites

Global Economic

• The Federal Reserve kept the federal funds rate unchanged at a target range of 3.50% to 3.75% for a third consecutive meeting in April 2026.
• Eurozone Consumer Inflation Expectations increased to 49.10 points in April 2026, compared to 43.50 in March 2026.
• UK Retail Sales rose 1.7% in March 2026, compared to a 1.8% increase in February 2026.
• China industrial profits surged 15.5% in Q1 2026, accelerating compared to a 15.2% gain in the first two months of the year.
• Japan annual inflation rose to 1.5% in March 2026 compared to 1.3% in February 2026 while the core inflation rate rose 1.8% from 1.6%.
• Japan Industrial Production increased 2.3% in March 2026 compared to 0.4% gain in February 2026.
• The Bank of Japan maintained its short-term policy rate at 0.75% in its April meeting, the highest since September 1995. The decision was 6-3, with dissenters Hajime Takata, Naoki Tamura, and Junko Nakagawa advocating for an increase to 1.0%.

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