Indian Market In April: RBI’s Neutral Stance, $11.75 Billion Acquisition By Sun Pharma & More
- Share.Market
- 8 min read
- 08 May 2026
April saw a turn in market sentiment as domestic indices shrugged off global volatility to post healthy gains. While the RBI’s neutral stance sent the realty sector higher, IT remained a notable laggard.
Indian companies saw significant high-stakes action, ranging from Sun Pharma’s global expansion to HAL’s defence deal, providing a strong fundamental backbone even as the Rupee hit record lows.
Interestingly, we saw a rare synchronized rally, where safe havens like gold and silver climbed alongside equities, signalling that investors are still hedging against global volatility.
Sector Radar
All sectoral indices closed in the green in April.
- Nifty Realty emerged as the top gainer primarily due to the Reserve Bank of India’s (RBI) neutral stance.
- Nifty Energy’s surge was fueled by a structural re-rating of renewable energy companies. Mid-cap “Green Energy” players reported stellar Q4 FY26 earnings and have a strong order pipeline.
- Nifty Media gained as the mid-month US-Iran ceasefire acted as a primary catalyst, bringing buyers back to high-beta sectors.
- Nifty Healthcare and Nifty Pharma saw tempered growth compared to the broader market. While the domestic formulations business remained robust (growing at ~15% YoY), the gains were capped by pricing pressures in the US generics market.
- Nifty IT was the notable laggard despite the general market rally. The market was deeply focused on the structural threat posed by Generative AI to traditional IT services.
Precious Metals
Corporate Moves
DRREDDYDr. Reddy’s Laboratories became the first company to receive market authorisation for generic Semaglutide Injection in Canada, expanding its global product portfolio.
Sun Pharmaceutical Industries Ltd.
SUNPHARMASun Pharmaceutical Industries announced the $11.75 billion acquisition of Organon & Co. The deal will push Sun Pharma into the top 25 global pharma firms with ~$12.4 billion revenue.
JIOFINJio Financial Services announced that it entered a 50:50 joint venture with Allianz Group in India’s general and health insurance space, boosting growth prospects.
HCLTECHHCL Technologies fell sharply after it reported weaker-than-expected results and subdued growth guidance. Its Q4FY26 profit came in at ₹4,488 crore, up 10.1% QoQ but just 4.2% YoY, with revenue growth remaining muted. Margins fell sharply to 16.5% due to weak discretionary spending, deal delays, and a decline in software revenue.
HALHindustan Aeronautics Ltd. and GE Aerospace reached a technical agreement to jointly manufacture F414 jet engines in India, marking a first-of-its-kind arrangement for both sides.
TATAPOWERTata Power’s subsidiary, Tata Power Renewable Energy approved entry into a new line of business, solar PV ingot and wafer manufacturing, with an investment of around ₹6,500 crore.
RELIANCEReliance’s subsidiary Reliance Retail acquired Priyanka Chopra’s haircare brand, Anomaly, to expand its beauty portfolio.
Macro View
- The Indian Rupee hit a record low of 95.33$ amid concerns over rising crude prices and their impact on inflation and growth.
- India’s Manufacturing PMI rose to 55.9 in April, indicating stronger factory activity. Higher output, orders, exports, and hiring point to improving demand, though cost pressures remain elevated.
- India’s 10-year G-Sec yield rose to 7.1%, the highest since May 2024. Inflation concerns have intensified, raising expectations of potential rate hikes by the Reserve Bank of India.
- Net FDI into India turned positive in February after six straight months of negative readings, with inflows exceeding outflows by $4.6 billion. This was the highest net FDI print in nearly four years, according to RBI data.
- The Federal Reserve held rates steady at 3.50%–3.75% in its latest policy decision, citing high uncertainty from the Middle East conflict and rising energy-driven inflation pressures.
- India’s textile exports grew 2.1% in FY26 to ₹3.16 lakh crore, supported by steady global demand. Ready-made garments remained the largest contributor, rising 2.9% YoY.
- Apple announced that Tim Cook will step down as CEO from September 1, ending a 15-year tenure, with hardware engineering chief John Ternus set to take over.
The Spotlight
Navigating market volatility through the Nifty-to-Gold Ratio
Generally, gold and equity move in opposite directions. However, the current scenario is a rare time when both equities and gold are witnessing high volatility.
As global headlines are dominated by tensions in West Asia, the Indian markets are facing a familiar foe: uncertainty.
In such a scenario, the noise of flashing red screens and conflicting expert opinions can be deafening. However, seasoned analysts often look toward a single, elegant metric to cut through the chaos: The Nifty-to-Gold Ratio.
FII vs DII Trends
| FII (₹ in Cr) | DII (₹ in Cr) | |
| April 2026 | -70,135.46 | 51,063.87 |
| March 2026 | -122,540.41 | 142,960.37 |
FII Activity: A Sharp Deceleration in Exits
- Foreign Institutional Investors (FIIs) significantly dialed back their selling intensity in April 2026, recording a net outflow of ₹70,135.46 crore, a notable 42.76% reduction in selling activity compared to the offloading of ₹1,22,540.41 crore witnessed in March.
- While the streak of exits extended to its tenth consecutive month, the “selling fatigue” was evident.
DII Activity: Steady Support Amid Consolidation
- Domestic Institutional Investors (DIIs) remained the reliable backbone of the market, serving as consistent net buyers with an infusion of ₹51,063.87 crore.
- Although this represents a 64.28% decrease from the unprecedented ₹1,42,960.37 crore support seen in March, the domestic appetite for equities remains structurally sound.
- The moderation in buying suggests that fund managers transitioned into a more calculated, stock-specific mode as the Q4 FY26 and annual earnings season unfolded.
IPO Watch
Mainboard IPOs — Companies That Went Public (Market Cap> ₹1,000 Cr)
| Company | Issue Size | Market Cap | Gains Since Listing |
| Amir Chand Jagdish Kumar (Exports) | ₹440Cr | ₹1,352Cr | -38.26% |
| Powerica | ₹1,100 Cr | ₹6,252Cr | 21.84% |
| Sai Parenterals | ₹409 Cr | ₹2,162Cr | 30.08% |
That’s a wrap for April!
From sector moves to macro trends and market risks, we’ve covered what mattered.
See you next month. Till then, stay informed and invest intelligently with Share.Market.
