Equities End Flat as US-Iran Ceasefire Uncertainty Caps Gains

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 20, 2026 at 11:35 AM IST

Indian equities ended largely unchanged on Monday, as earnings-driven gains in banking stocks were offset by rising geopolitical concerns in West Asia. The Nifty 50 inched up 0.05% to 24,364.85, while the BSE Sensex gained 0.03% to 78,520.30, with both indices closing at their highest levels since early March.

Markets remained range-bound through the session, with volatility driven by uncertainty around the US-Iran ceasefire, which is nearing expiry. Escalation risks increased after reports of a US naval action involving an Iranian vessel, raising doubts over further diplomatic engagement. Brent Crude rose to around $95 per barrel, keeping concerns around inflation and macro stability in focus for India.

Sectorally, PSU banks and media stocks outperformed, while IT and realty lagged. Among index constituents, Jio Financial Services, Hindalco Industries and Tata Motors were among the top losers. Broader markets underperformed, with mid-cap and small-cap indices declining 0.2% and 0.5%, respectively. Meanwhile, the India VIX surged 10.5% to 19.01, reflecting heightened uncertainty and cautious investor positioning amid evolving geopolitical developments.

Top Movers of the Day

ICICI Bankgained 2.0% to ₹1,370 as strong Q4 earnings and improved asset quality boosted sentiment and lower provisions and steady growth supported buying.

HDFC Bank declined 0.6% to ₹795 as margin concerns weighed despite stable earnings and softer net interest margins led to cautious investor reaction.

Trent gained 3% to ₹4,235 as the company considered a bonus issue as corporate action expectations supported sentiment.

Jio Financial Services declined 2.98% to ₹236 as profit decline weighed on sentiment and margin pressures offset revenue growth.

Indian Energy Exchange (IEX) declined 6.7% to ₹126.55 as selling pressure persisted as weak sentiment in power trading stocks weighed on the counter.

Adani Power gained 2.7% to ₹203.65 as the stock hit an all-time high on strong momentum and sector tailwinds supported buying.

Mastek declined 5.0% to ₹1,662 after Q4 results on weak earnings performance triggered selling pressure.

Apollo Micro Systems gained 4.2% to ₹294.8 as defence stocks remained in focus and sustained order visibility supported sentiment.

Refex Industries gained 3.0% to ₹240 after securing a ₹0.32 billion order; fresh order inflow boosted investor interest.

Le Travenues Technology declined 2.2% to ₹174.99 after a ‘Hold’ rating initiation and limited upside guidance capped sentiment.

Adani Ports and Special Economic Zone gained 1.2% to ₹1,592.2 as port stocks remained firm on stable trade outlook supported sentiment.

Futures & Options
Nifty April 2026 futures closed at 24,312, trading at a discount of 52.85 points to the spot Nifty 50 close of 24,364.85, indicating a cautious to bearish undertone in the derivatives segment. The index was largely flat in the cash market, gaining just 0.05% or 11.30 points.

Volatility rose sharply, with India VIX jumping 9.21% to 18.79, reflecting heightened uncertainty amid geopolitical tensions. In the F&O segment, HDFC Bank, SBI and ICICI Bank were the most actively traded stock futures, highlighting continued focus on banking heavyweights. The April series is set to expire on 28 April 2026, with positioning likely to remain defensive as volatility rises and global risk factors continue to influence sentiment.

Bonds
India's government bond yields edged lower on Monday, supported by renewed buying interest as investors assessed mixed signals from crude oil and geopolitics. The benchmark 6.48% 2035 bond yield eased to 6.8901%, down from 6.9049% in the previous session.

The decline in yields reflects expectations that softer oil prices could ease inflation and reduce pressure on India’s import bill, improving macro stability. However, gains remained limited as Brent Crude rebounded sharply by over 6% after fresh disruptions in the Strait of Hormuz, highlighting persistent uncertainty around the US-Iran ceasefire and keeping bond markets cautious.

Forex
Indian rupee posted its steepest one-day decline in a week on Monday, pressured by rising uncertainty ahead of the potential end of the US-Iran ceasefire. The currency weakened 0.2% to close at 93.1275 against the US dollar, reversing early gains as sentiment turned cautious.

The decline was driven by increased dollar demand from state-run and foreign banks, likely on behalf of importers and foreign investors, along with buying interest from a large domestic conglomerate. With geopolitical tensions in West Asia resurfacing, the rupee remains sensitive to risk sentiment and capital flows in the near term.

Crypto
Crypto markets declined as renewed tensions in West Asia dented risk appetite, following disruptions around the Strait of Hormuz and a sharp rise in oil prices. Bitcoin slipped below the $75,000 mark to trade near $74,499, as investors reduced exposure to riskier assets amid escalating uncertainty.

Ethereum fell over 2% to around $2,280, additionally weighed by a reported $292 million KelpDAO hack, which further impacted sentiment. The broader crypto market followed suit, with total market capitalisation declining about 1.25% to $2.52 trillion, reflecting a broad-based pullback driven by macro stress and risk aversion.

US Stock Futures
US stock futures declined on Monday as renewed tensions between the US and Iran dampened investor sentiment and raised concerns over a breakdown in peace talks. Futures on the Dow Jones Industrial Average fell 0.4%, while S&P 500 and Nasdaq-100 futures also dropped around 0.4%, reflecting a broad-based risk-off move.

The decline follows a sharp escalation over the weekend, including US naval action against an Iranian vessel and disruptions in traffic through the Strait of Hormuz. The developments have heightened geopolitical uncertainty in West Asia, with investors turning cautious amid fears of further disruptions to global trade and energy flows.

US Treasury Notes
Yields on US Treasury moved higher on Monday as renewed geopolitical tensions in West Asia dampened sentiment and pushed crude oil prices sharply higher. The benchmark 10-year Treasury yield rose over 2 basis points to around 4.27%, while the policy-sensitive 2-year yield climbed more than 3 basis points to approximately 3.73%.

The uptick in yields reflects concerns that a spike in oil prices—driven by disruptions around the Strait of Hormuz—could reignite inflationary pressures. Rising energy costs are prompting investors to reassess expectations for Federal Reserve rate cuts, keeping upward pressure on yields amid heightened global uncertainty.

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