April, the first month of FY27, saw a sharp recovery across the board for Indian equities, despite benchmark indices down nearly 0.75 per cent on Thursday.
The Nifty and the Sensex surged around 7 per cent while Nifty Defence, Nifty Realty and Nifty Capital Market indices were resilient by skyrocketing 21-25 per cent in April. The Nifty IT was under pressure due to weak results but even that index closed 1 per cent higher in April.
FPIs pulled out over ₹60,000 crore worth shares in April and the rupee breached the 95-per-dollar mark for the first time, as prolonged Iran war continues to worry investors.
Crude oil price also crossed $110 a barrel, making import-dependent Indian economy more vulnerable.
Downgrades
The gain was despite global financial advisories, such as HSBC, JPMorgan and Bernstein, downgrading Indian equities.
However, PL Capital has pegged a target of 27,080 for the Nifty 50, driven by an expected 15 per cent earnings CAGR over FY26–FY28, even as global uncertainties and rising crude prices cloud the near-term outlook.
The US Federal Reserve held interest rates steady but maintained a firm policy stance, supporting the US dollar and tightening financial conditions for emerging markets.
Strong performers
Broader indices outperformed the benchmarks in April. The Nifty SmallCap 100 spiked 18.5 per cent, Nifty Midcap 100 jumped 13.5 per cent and Nifty Next50 gained 15.4 per cent.
The stars of April were MTAR Technologies, which surged nearly 86 per cent, followed by HFCL (71 per cent), Websol Energy (71 per cent), Sterlite Tech (67 per cent) and Lloyds Enterprises (65 per cent).
Among the prominent stocks that scored handsome gains included Ola Electric that jumped over 60 per cent, Cohance Lifesciences (60 per cent) and 63 Moons Technologies (58 per cent).
HCL Technologies, Mangalore Refinery, Infosys and United Breweries were among the top losers, falling between 5 per cent and 10.60 per cent.
Vinod Nair, Head of Research, Geojit Investments Ltd, said, “Despite weak global cues, elevated crude prices and a depreciating INR, India’s equity markets rebounded from recent lows as investors used the correction to add exposure, supported by better-than-expected earnings despite geopolitical uncertainty.”
The earnings momentum and domestic inflow of funds are likely to support falls in the market, but volatility might be witnessed on account of FII selling, higher crude prices and global uncertainties, cautioned Vikram Kasat, Head Advisory, PL Capital.
Published on April 30, 2026