Equities Snap Six-week Losing Streak on Ceasefire Relief

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 10, 2026 at 11:36 AM IST

Indian equities surged on Friday, snapping a six-week losing streak and posting their strongest weekly gain in over five years, as easing crude oil prices following a US-Iran ceasefire lifted sentiment. The Nifty 50 rose 1.16% to 24,050.50, while the BSE Sensex gained 1.20% to 77,550.25, with both indices climbing nearly 6% for the week. The sharp rally was supported by a 12% drop in Brent Crude prices this week, eased concerns around inflation, growth and corporate margins, although the fragile ceasefire continued to show signs of strain with renewed tensions in West Asia.

Broader markets outperformed significantly, with mid-cap and small-cap indices gaining 1.52% and 1.65% on the day, and rising 7.8% and 7.6% respectively for the week, as all 16 sectoral indices ended in positive territory. Among Nifty constituents, Asian Paints, Eicher Motors, Bajaj Auto and Shriram Finance led the gains. Sectorally, IT stocks outperformed, while auto, banking and financial services lagged relative to the broader rally.

Investor sentiment was further supported by a positive macro-outlook, with the Asian Development Bank raising India’s FY27 GDP growth forecast to 7.3%, citing reforms, improving trade dynamics with Europe and expected government spending boosts. While markets welcomed easing energy prices, participants remain cautious as geopolitical developments in West Asia continue to pose risks to the sustainability of the rally.

Top Movers of the Day

Axis Bank gained 2.4% to ₹1,351 as banking stocks rallied on improved sentiment; easing crude prices supported risk appetite.

SBI gained 2.4% to ₹1,066 tracking strength in PSU banks; sectoral rotation into financials supported buying.

Reliance Industries gained 1.5% to ₹1,350 as index heavyweights supported the rally; stable crude prices aided sentiment.

Shriram Finance gained 3.0% to ₹1,025 as NBFCs saw strong buying interest; improved liquidity outlook supported the sector.

InterGlobe Aviation gained 2.7% to ₹4,569 as aviation stocks recovered; easing crude prices improved margin outlook.

Aditya Birla Real Estate gained 6.9% to ₹1,378.5 as realty stocks saw strong buying interest; improved sentiment and momentum buying supported the rally.

Coal India declined 6.0% to ₹427.5 as the company cut coal reserve prices in e-auctions; rising input costs added pressure on margins.

Sun Pharmaceutical declined 5.0% to ₹1,644 as investors booked profits amid reports of a $12 billion Organon acquisition; deal size raised concerns on capital allocation.

Eicher Motors gained 3.4% to ₹7,386.2 as auto stocks saw selective buying; continued demand resilience supported sentiment.

Allied Blenders and Distillers gained 10.0% to ₹513.2 after launching a new product under its ZOYA portfolio; product expansion boosted growth expectations.

Groww gained 5.0% to ₹196.9 as momentum buying continued; the stock extended gains after a sharp rally over the past few sessions.

RailTel Corporation of India gained 2.8% to ₹290.4 after receiving a ₹23.8 crore order; steady deal wins supported sentiment.

Futures & Options
Nifty April 2026 futures closed at 24,110, trading at a premium of 59.40 points to the spot Nifty 50 close of 24,050.60, indicating continued bullish positioning in the derivatives segment. The index gained 1.16% or 275.50 points in the cash market, supported by broad-based buying. Volatility declined sharply, with India VIX falling 7.72% to 18.85, signalling easing near-term risk perception amid improving sentiment. In the F&O segment, TCS, Infosys and HDFC Bank were the most actively traded stock futures, reflecting strong participation in index heavyweights. The April series is set to expire on 28 April 2026, with positioning likely to remain constructive as volatility cools and global cues stabilise.

Bonds
India's government bond yields were largely stable on Friday, with a downward bias over the week, even as concerns around elevated oil prices and supply pressures persisted. The benchmark 6.48% 2035 bond yield eased to 6.9119% from 6.9601% in the previous session, marking its biggest weekly decline since February 2022. However, upside pressure on yields emerged after the RBI announced plans to drain liquidity through a ₹2 trillion seven-day variable rate reverse repo auction, pushing the 10-year yield briefly higher by around 4 basis points towards the 7% mark. The move signals a shift towards tightening liquidity conditions, with surplus banking system liquidity still elevated, keeping yields sensitive to policy actions despite the broader easing trend.

Forex
Indian rupee ended marginally lower on the day but capped a second consecutive week of gains, supported by easing crude oil prices and unwinding of arbitrage positions. The currency settled at 92.7550 against the US dollar, down 0.1% for the day after a volatile session that saw it touch a three-week high of 92.4150. On a weekly basis, the rupee gained 0.4%, marking its strongest two-week performance in six months, as softer oil prices following the US-Iran ceasefire improved external balance outlook. However, intraday volatility reflects lingering caution, with global cues and geopolitical developments in West Asia continuing to influence currency movements.

Crypto
Crypto markets remained resilient with a mildly bullish bias, even as global uncertainty persisted around the fragile US-Iran ceasefire and elevated oil prices. Bitcoin held steady above the $71,000-mark, trading at $71,897, as strong support near $70,000 cushioned downside despite resistance around $73,000 limiting further upside. Ethereum edged up 0.54% to $2,191.86, while broader market sentiment remained positive, with the global crypto market capitalisation rising 1.26% to $2.44 trillion. Select altcoins outperformed, with Hyperliquid gaining over 5%, indicating continued risk appetite in pockets despite macro-driven volatility.

US Stock Futures
US stock futures edged lower on Friday, giving up some recent gains as investors remained cautious over the fragile two-week US-Iran ceasefire. Futures linked to the S&P 500 declined 0.15%, while Nasdaq-100 futures slipped 0.16% and Dow Jones Industrial Average futures fell 106 points, or 0.22%. The pullback reflects fading risk appetite after a strong rally, as markets reassess the sustainability of the truce and monitor developments in West Asia. Elevated oil prices and geopolitical uncertainty continue to cap upside, keeping investors in a cautious, wait-and-watch mode.

US Treasury Notes
Yields on US Treasury remained largely unchanged as investors awaited the release of key March CPI data, which could shape the near-term policy outlook. The benchmark 10-year Treasury yield held steady around 4.289%, while the 2-year yield edged slightly higher to 3.793%, reflecting cautious positioning ahead of the inflation print. Market sentiment remains finely balanced, with optimism from recent US-Iran ceasefire developments supporting risk assets, while rising crude oil prices near $100 per barrel are fuelling concerns of elevated inflation. This tug of war between easing geopolitical tensions and energy-driven price pressures is keeping bond market movements contained.

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