Back-to-Back Weekly Gains: Nifty Closes 24,353 as Hormuz Reopens, VIX Slides to 17, Q4 Earnings Begin
Cautiously OptimisticIndian equity markets logged their second consecutive weekly gain in a holiday-shortened four-day week (Ambedkar Jayanti holiday on April 14), with the Nifty 50 advancing 1.26% to close at 24,353.55 and the Sensex rising ~1.3% to 78,493. The primary catalyst was Iran's Foreign Minister announcing the Strait of Hormuz fully open to commercial traffic, triggering Brent crude's sharpest single-day fall in months — plunging 9% intraday to $90.38/bbl on April 17 before rebounding to ~$93/bbl on Friday. India VIX fell a further 10% to 17.21, now at its lowest level since before the Hormuz crisis escalated in early March. The Q4 FY26 earnings season commenced with HDFC Bank announcing results on Saturday April 18, while IT stocks lagged as rupee appreciation to 92.70 pressured export margins. Midcap and smallcap indices outperformed the Nifty, and DIIs absorbed FII outflows for the eighth consecutive week.
Key Points This Week
- 1Nifty 50 gained 1.26% to close at 24,353.55 in a 4-day holiday-shortened week (Ambedkar Jayanti on April 14) — the second consecutive weekly advance after six brutal losing weeks. Sensex rose ~1.3% to 78,493. Friday's session ended strongly with market breadth at 40:10 advance-decline; Nifty gained 156.80 points (+0.65%) on the day, led by FMCG (+2.65%), metals, and healthcare. Market cap recovery from the recent lows now exceeds ₹15 lakh crore.
- 2Iran's Foreign Minister declared the Strait of Hormuz fully open to commercial traffic, causing Brent crude to plunge 9% intraday to $90.38/bbl on April 17 — the sharpest single-day fall since the crisis began. Brent rebounded to ~$93/bbl on Friday as Iran's messaging flip-flopped. The ceasefire remains fragile but this marks the first sustained period below $100/bbl since February. Every $10/bbl decline saves India ~$15 billion annually in crude import costs, directly helping CAD and the rupee.
- 3India VIX fell ~10% to 17.21 this week — the lowest reading since early March before the Hormuz crisis escalated. FIIs remained net sellers but at significantly reduced intensity; April cumulative FII outflows stand at approximately ₹45,000 crore. DIIs have absorbed selling for eight consecutive weeks. Rupee strengthened to 92.70 from 93.09 as lower crude demand reduced dollar outflows — a clear positive for inflation trajectory and RBI's June MPC decision.
- 4Q4 FY26 earnings season kicked off this week. HDFC Bank announced results on Saturday April 18. Wipro tumbled 2.83% on Friday on earnings disappointment, while Asian Paints (+4.0%) and Eicher Motors (+3.9%) posted strong numbers. ICICI Bank, Infosys, and other Nifty heavyweights are scheduled to report in the coming week. Broad Q4 earnings expectations are modest — elevated crude costs through January-March likely capped margin recovery, and Nifty's ~21x P/E leaves little room for negative surprises.
- 5Sector rotation was visible this week: FMCG led with HUL (+4.72%), Nestle (+2.20%), and Asian Paints (+4.0%) outperforming. Metals strengthened with JSW Steel (+2.20%). IT lagged with Wipro (-2.83%) and HDFC Life (-2.41%) as rupee appreciation at 92.70 hurt export-sector sentiment. Midcap and smallcap indices outperformed the Nifty for the second consecutive week as domestic buying and easing geopolitical fears supported broader market recovery.
- 6Global macro: Gold MCX at ₹1,54,200/10g remained near record highs heading into Akshaya Tritiya (April 19). Bitcoin fell to ~$76,287 and Ethereum slipped to ~$2,364 as the US 10-year Treasury yield stayed elevated at ~4.42%, reflecting persistent oil-driven inflation concerns. Silver also eased before the festive buying season. Next week's key events: ICICI Bank and Infosys Q4 results, RBI MPC minutes, and any fresh US-Iran ceasefire developments.
SIP Investor Advice
Two consecutive weekly gains after six punishing weeks of losses — and every SIP investor who stayed disciplined is now watching those discounted units appreciate. The Nifty has recovered over 1,600 points from the recent low of 22,713, and the VIX at 17.21 signals that peak fear has passed. The Hormuz reopening, however fragile, has broken the one-way upward pressure on oil that defined February and March. Q4 earnings season will now introduce fresh volatility — results from ICICI Bank, Infosys, and other heavyweights will create intraday swings over the next 3-4 weeks. But no quarterly earnings cycle changes the 15-year SIP compounding math. Rupee cost averaging worked silently while markets fell; now those same units are compounding at higher NAVs. Continue your SIPs without interruption. If you paused during the correction, restart immediately — the recovery is under way but the compounding journey is measured in years, not weeks. Speak to your Relationship Manager to review whether your current SIP amount still reflects your long-term financial goals.
Market data shown is illustrative/sample only. Not real-time. All information is for educational purposes and should not be construed as investment advice. Past performance does not guarantee future returns.