Indian equity benchmarks made flat-to-negative start on Friday. Markets soon turned volatile and were struggling for direction amid weak global cues. Sensex and Nifty edged slightly higher in early deals, supported by foreign investment inflows. Foreign portfolio investors purchased Indian equities worth Rs 382.36 crore on Thursday, marking a second consecutive session of buying. Market participants also took note of reports that India and New Zealand are set to sign a free trade agreement (FTA) on April 27. The pact is expected to grant tariff-free access to the island nation’s market for Indian exporters and could attract investments worth $20 billion over the next 15 years. However, upside remained capped as some caution prevailed ahead of further developments regarding upcoming U.S.-Iran talks. Also, investors are closely monitoring Q4 earnings and management commentary for clear direction during the ongoing results season.
On the global front, Asian markets were trading mostly lower on account of profit booking ahead of the weekend even as United States President Donald Trump expressed optimism over a deal to secure a permanent ceasefire in Iran. Back home, in stock specific development, Wipro traded under pressure amid weak guidance. The company gave a tepid outlook for the first quarter (April-June/Q1) of 2026–27 (FY27), projecting a degrowth of up to 2% or flat revenue at best.
The BSE Sensex is currently trading at 78123.92, up by 135.24 points or 0.17% after trading in a range of 77726.23 and 78169.61. There were 19 stocks advancing against 11 stocks declining on the index.
The top gaining sectoral indices on the BSE were FMCG up by 1.22%, Capital Goods up by 1.10%, Industrials up by 0.91%, Power up by 0.63% and Utilities up by 0.53%, while Metal down by 0.44%, TECK down by 0.37%, IT down by 0.37% and Realty down by 0.03% were the few losing indices on BSE.
The top gainers on the Sensex were Maruti Suzuki up by 1.97%, Hindustan Unilever up by 1.38%, Adani Ports &Special up by 1.14%, Trent up by 1.04% and ITC up by 0.91%. On the flip side, HCL Technologies down by 0.79%, Tata Steel down by 0.59%, Infosys down by 0.37%, ICICI Bank down by 0.37% and Interglobe Aviation down by 0.32% were the top losers.
Meanwhile, amid the West Asia crisis, S&P Global Ratings has stated that India is likely to grow at 6.3% even if oil prices average $130 per barrel in the current fiscal year (FY27). Citing the country’s long-term political commitment to fiscal consolidation, it noted that the fiscal strain caused by higher energy prices is unlikely to affect India’s sovereign credit rating.
Yee Farn Phua, Director of Sovereign and International Public Finance Ratings at S&P, said that under a baseline assumption of crude oil at $85/barrel, India’s growth is projected at 7.1% in FY27. He added that this remains a very strong figure compared to other major economies. Even in an alternative scenario where oil averages $130/barrel, growth is still expected to be around 6.3%, which would likely remain the highest among major economies.
The rating agency warned that disruptions to energy supplies - leading to fuel rationing or shortages of related products such as fertilisers - pose a significant risk. It noted that India could face a weaker current account balance, rising input costs that squeeze producer margins, higher consumer prices that erode purchasing power, and fiscal pressures as the government steps in to shield consumers from the impact.
Phua said ‘The government's fiscal consolidation efforts continue to be very strong... India has a lot of physical flexibility on the spending side, especially on infrastructure. So, in case some of the areas where they have to spend more, for example, the subsidy bill, they might cut in other places to make sure that they will still hit the fiscal deficit target’.
The CNX Nifty is currently trading at 24219.90, up by 23.15 points or 0.10% after trading in a range of 24096.05 and 24235.60. There were 30 stocks advancing against 20 stocks declining on the index.
The top gainers on Nifty were Maruti Suzuki up by 2.03%, Hindustan Unilever up by 1.42%, Adani Ports & SEZ up by 1.09%, Trent up by 1.05% and ITC up by 0.89%. On the flip side, HDFC Life Insurance down by 3.71%, Wipro down by 3.21%, Hindalco down by 1.24%, Bajaj Auto down by 0.87% and HCL Technologies down by 0.79% were the top losers.
Asian markets were trading mostly in red; Nikkei 225 slipped 485.34 points or 0.82% to 59,033.00, Hang Seng declined 300.26 points or 1.15% to 26,094.00, Taiwan Weighted lost 249.83 points or 0.68% to 36,882.19, KOSPI dropped 37.76 points or 0.61% to 6,188.29, Shanghai Composite fell 12.1 points or 0.3% to 4,043.45 and Straits Times was down by 11.84 points or 0.24% to 4,995.99, while Jakarta Composite was up by 20.07 points or 0.26% to 7,641.45.
