Equities Continue to Rise as Oil Prices Drop, Hopes for a Ceasefire Increase

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

By Dehuti Jani

April 17, 2026 at 11:35 AM IST

Indian equities ended higher on Friday, marking a second consecutive weekly gain, as easing crude oil prices and optimism around renewed US-Iran talks supported sentiment. The Nifty50 rose 0.65% to 24,353.55, while the BSE Sensex gained 0.65% to 78,493.54, with both indices advancing about 1.3% for the week, extending last week’s strong rally.

The positive momentum was driven by a 10-day ceasefire between Israel and Lebanon and expectations of further diplomatic progress, with Donald Trump indicating that US-Iran talks could resume over the weekend. Lower crude prices also supported markets, with Brent Crude easing below recent highs, improving the outlook for inflation and corporate margins. Among index heavyweights, Hindustan Unilever, Nestlé India, JSW Steel and Power Grid Corporation of India led the gains.

Broader markets outperformed benchmarks, with mid-cap and small-cap indices rising 1.27% and 1.48%, respectively, indicating strong participation across segments. Sectorally, FMCG, oil & gas and media stocks outperformed, while IT stocks lagged amid continued earnings-related concerns. Despite the gains, global cues remained mixed, with Asian markets declining and investors staying cautious ahead of the next round of US-Iran negotiations, which could determine the sustainability of the ongoing rally.

Top Movers of the Day

Wipro declined 3.7% to ₹202.5 as weak Q1 guidance and soft Q4 earnings weighed on sentiment and concerns over slower deal conversion and growth outlook persisted.

HDFC Life Insurance Company declined 2.4% to ₹616 despite steady earnings as decline in new business value weighed on investor sentiment.

HCL Technologies declined 0.5% to ₹1,443 tracking weakness in IT stocks on cautious sector outlook led to selling pressure.

Reliance Industries gained 1.6% to ₹1,364 as index heavyweights supported the market as stable crude prices aided sentiment.

Indigo (InterGlobe Aviation) shares gained 0.5% to ₹4,634 as aviation stocks rallied as softer crude prices improved margin outlook.

JSW Steel gained 2.0% to ₹930 as it signed a 50:50 JV with POSCO to set up a 6 MTPA plant as the strategic expansion strengthens long-term capacity growth.

Kolte-Patil Developers gained 12.2% to ₹388.3 as strong buying momentum lifted the stock; sustained demand in real estate supported sentiment.

Rail Vikas Nigam Limited gained 6.0% to ₹345 after emerging as the lowest bidder for a ₹9.68 billion railway order and strong order inflow boosted visibility.

Bajaj Consumer Care gained 9.1% to ₹468.2 as Q4 profit surged over 105% YoY to ₹0.64 billion and strong earnings drove investor interest.

CRISIL gained 6.2% to ₹4,383 as Q4 profit rose 46% YoY to ₹2.33 billion, the robust performance supported buying.

Waaree Renewable Technologies gained 10.7% to ₹1,172.6 as renewable stocks rallied on strong sector outlook and order visibility supported gains.

Angel One gained 3.0% to ₹301.2 as the stock saw steady buying interest on improving retail participation supported sentiment.

Futures & Options
Nifty April 2026 futures closed at 24,394, trading at a premium of 40.45 points to the spot Nifty 50 close of 24,353.55, indicating a strengthening bullish bias in the derivatives segment. The index gained 0.65% or 156.80 points in the cash market, supported by broad-based buying.

Volatility declined further, with India VIX falling 4.86% to 17.21, signalling reduced near-term uncertainty as market sentiment improved. In the F&O segment, HDFC Bank, Wipro and Infosys were the most actively traded stock futures, indicating continued participation in key index heavyweights. The April series is set to expire on 28 April 2026, with positioning likely to remain constructive as volatility cools and optimism around global developments persists.

Bonds
India's government bond yields remained largely steady with a slight upward bias on Friday, as elevated crude oil prices and fresh debt supply weighed on sentiment. The benchmark 6.48% 2035 bond yield inched up to 6.9064% from 6.8884% in the previous session.

The cautious tone comes as Brent Crude hovered near $100 per barrel, sustaining inflation concerns, while markets absorbed a ₹320 billion bond auction. Demand dynamics remained in focus, with the RBI setting cut-off yields at 6.6075% for the 5-year bond and 7.5870% for the 40-year paper, shaping yield movement across the curve.

Forex
Indian rupee strengthened on Friday, supported by measures from the Reserve Bank of India aimed at curbing dollar demand from state-run oil companies. The currency rose 0.3% to close at 92.9250 against the US dollar, after touching a one-week high of 92.66 during the session.

The appreciation extends the rupee’s recovery from its record low of 95.21 hit in late March, as the central bank deployed crisis-era tools to stabilise the currency amid foreign outflows and current account concerns. The latest move has helped narrow the rupee’s underperformance, with improved liquidity management and targeted interventions supporting near-term stability.

Crypto
Crypto markets showed a tentative recovery, supported by improving geopolitical sentiment, though gains remained uneven. Bitcoin traded near $74,818, down marginally by 0.28% over the past 24 hours, indicating consolidation after recent volatility.

Ethereum declined 1.18% to $2,332.75, underperforming despite broader stability. Market sentiment was supported by optimism around a potential US-Iran peace deal and a fragile ceasefire between Israel and Lebanon, which triggered a sharp short-covering rally, leading to over $537 million in liquidations and wiping out more than 180,000 bearish positions. Solana emerged as a key gainer, rising over 3%, highlighting selective strength within the market.

US Stock Futures
US stock futures edged higher on Friday, supported by improving sentiment after Donald Trump indicated that the Iran conflict could be nearing an end. Futures on the S&P 500 rose 0.2%, while Nasdaq-100 futures gained 0.1% and Dow Jones Industrial Average futures advanced 172 points, or 0.35%. The uptick follows reports of a 10-day ceasefire agreement between Israel and Lebanon, which has helped ease geopolitical concerns in West Asia. Markets are responding positively to signs of de-escalation, with investors regaining risk appetite amid expectations that the conflict’s impact on global growth and energy markets may begin to moderate.

US Treasury Notes
Yields on US Treasury held steady as improving geopolitical sentiment reduced safe-haven demand and supported risk appetite. The benchmark 10-year Treasury yield eased to around 4.299%, reversing earlier gains as markets reacted to signs of a potential ceasefire between Israel and Lebanon.

The policy-sensitive 2-year Treasury yield also declined to near 3.772%, reflecting expectations that easing tensions in West Asia could help moderate energy prices and inflation. This has strengthened the case for potential Federal Reserve rate cuts, keeping downward pressure on yields as investors reassess the interest rate outlook.

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