Indian stock markets closed with robust gains on Friday with the NIFTY index reaching 23,850, as buying activity increased across all sectors.The trading session ended with the Sensex climbing 1,508.91 points (1.96%) to 78,553.20, while the NIFTY rose 414.45 points (1.77%) to 23,851.65.
This rally contributed to the market's largest weekly gain in over two years. The positive momentum was strengthened by a reversal in foreign institutional investor (FII) flows, though questions remain about whether this trend will continue. Market optimism persists due to anticipated favourable outcomes from US-India trade talks and minimal impact expected from US-China trade tensions. Additionally, inflation trending toward more comfortable levels has further boosted investor sentiment.
The trends of the major indices in the course of the week's trading are given in the table below:
News
India extended the deadline for its auction of deep-sea blocks containing critical minerals essential for electric vehicle (EV) batteries and other technologies until 1st May. The initial auction, launched in November, includes 13 offshore blocks comprising lime mud, construction sand and polymetallic nodules. In separate positive news, India's organic product exports witnessed a significant surge of 34.6% in FY24-25, reaching US$665.96mn (million), up from US$494.8mn in the previous year. This growth was driven by increased demand for items like pulses, essential oils and fresh produce in developed countries, with volume shipments also rising by over 4% to 368,155 tonnes.
India's exports of agricultural and processed food products increased by a healthy 13% in FY24-25, reaching US$25.14bn (billion), compared to US$22.25bn in the previous year. While overall exports grew marginally, farm produce shipments experienced a significant 20% surge. Rice, including basmati and non-basmati varieties, remained the top contributor, reaching US$12.47bn, a substantial increase from US$10.41bn. Other key drivers included meat, dairy and poultry products (US$5.09bn) and fruits &vegetables (US$3.87bn).
China's economy demonstrated unexpected resilience in the first quarter, registering gross domestic product (GDP) growth of 5.4%, exceeding analysts' forecasts. This performance was driven primarily by robust consumption and industrial output. However, concerns linger about future momentum, particularly with the potential impact of elevated US tariffs on Chinese goods.
India's crude oil imports from the US have surged to their highest level in 27 months, reaching approximately 700,000bpd (barrels per day) in April. This increase comes as State-run Indian oil companies are capitalising on competitively priced US crude, even as overall crude oil prices remain elevated.
Gensol Engineering plummeted following a directive from the Securities and Exchange Board of India (SEBI). The market regulator has barred the company and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the equity markets with immediate effect. SEBI's action stems from concerns over alleged fund diversion and governance lapses, indicating that the promoters were reportedly managing the listed public entity as if it were their own private firm. SEBI had also put a halt on Gensol Engineering's proposed stock split of 1:10. The regulator stated that allowing the split at this stage might not be in the best interest of investors, especially given the serious allegations of financial impropriety.
India's infrastructure financing will shift towards domestic lenders as the weakening rupee inflates the servicing costs of dollar-denominated loans. The Indian Railway Finance Corporation (IRFC) is leading this trend, aiming to refinance up to Rs20,00 crore (US$2.4bn) in foreign loans for railway projects in several states. The rupee's 4% depreciation against the dollar since February has made existing dollar-denominated loans 8%-9% more expensive annually for some infrastructure borrowers. Multilateral agencies, while offering competitive rates initially, often come with stringent conditions.
Dr Reddy's Laboratories refuted media reports alleging a significant cost-cutting drive involving a 25% reduction in workforce costs and the departure of high-earning executives. The company issued a statement to stock exchanges clarifying that the information is ‘factually incorrect’ and categorically denying the claims.
RateGain Travel Technologies announced a partnership with US-based low-cost carrier, Sky Airline. Sky Airline will implement RateGain's AirGain, a sophisticated pricing intelligence platform.
HCL Technologies embedded Nvidia's artificial intelligence (AI) enterprise and omniverse platforms into its GenAI offerings. This integration aims to expedite the adoption of AI for businesses by optimising software development and enhancing engineering productivity.
Zydus Lifesciences received final approval from the United States Food and Drug Administration (US FDA) to manufacture and market Jaythari (Deflazacort ) tablets in various strengths (6mg, 18mg, 30mg and36 mg). This medication is a cortico-steroid used for the treatment of duchenne muscular dystrophy (DMD) in patients aged five years and older.
Biocon Biologics, a subsidiary of India's Biocon, reached a settlement with Regeneron, clearing the path for its aflibercept biosimilar, Yesafili , to be launched in the US market. The agreement resolves pending patent litigation, allowing Biocon to introduce the eye medicine, used for conditions like macular degeneration, in the latter half of 2026 or potentially earlier.
Oil India (OIL) successfully secured nine exploration blocks in the latest open acreage licensing policy (OALP) round-9 bidding.This acquisition significantly expands OIL's total exploration acreage from 60,000sqkm (square kilometres) to 110,000sqkm, marking an 83% increase.
Bajaj Electricals entered into an exclusive collaboration agreement with SEAK sro, a Slovak company specialising in lighting control electronics and software. Under this agreement, SEAK will manufacture and supply lighting control products utilising its proprietary power line control technology. Bajaj Electricals will then use these products for resale and for its tunnel lighting projects across India. This includes the supply, installation, testing and commissioning of these systems.
Aster DM Healthcare secured approval from the competition commission of India (CCI) for its acquisition plan which includes a share swap acquisition of equity in Quality Care India Limited (QCIL) from BCP Asia II Topco IV Pte Ltd and Centella Mauritius Holdings Limited, followed by the amalgamation of QCIL into Aster DM Healthcare through a merger by absorption, with the consideration for the amalgamation being the issuance of Aster's equity shares to QCIL's shareholders.
Orders
Tata Power Renewable Energy Ltd (TPREL), a subsidiary of Tata Power, secured a Rs4,500 crore order from NTPC Ltd to develop a 200MW firm and dispatchable renewable energy (FDRE) project.
Transrail Lighting, an engineering-procurement-construction (EPC) player in the transmission & distribution (T&D) sector, received fresh domestic orders valued at Rs1,085 crore within its core T&D segment which includes railways, poles, lighting and civil infrastructure.
Investment/ Acquisition / Stake Stale
Home First Finance Company India Ltd successfully raised Rs1,250 crore through a qualified institutional placement (QIP), marking its first equity fund-raising since its initial public offering (IPO) in 2021.
Havells India announced an investment of Rs600 crore (US$72mn) to acquire a minority stake, ranging from 8.90% to 9.24%, in Goldi Solar, an Indian solar module manufacturer. This move comes as part of Goldi Solar's larger fund-raising efforts, aiming to garner up to Rs1,300 crore.
Indian companies raised over US$50bn through external commercial borrowings (ECBs) in the fiscal year to February, according to central bank data. Tata Steel led the pack, followed by non-banking finance companies (NBFCs). February alone saw US$2.63bn in ECB registrations, totalling US$50.1bn for the April-February period.This surge comes as domestic lending faces a slowdown due to higher risk weights assigned to certain sectors by local banks. Consequently, NBFCs and other firms are increasingly looking to overseas markets for competitive borrowing rates to fund expansion and refinance existing debt, particularly for infrastructure projects.
KFin Technologies will acquire a majority 51% stake in Singapore-based Ascent Fund Services for US$34.7mn. The deal involves a combination of subscribing to new shares and purchasing existing shares, with plans to acquire the remaining 49% over the next five years, reaching 100% ownership by 2030. Ascent Fund Services, established in 2019, is an independent fund administrator with a growing global presence, operating across 18 countries and managing funds for over 260 asset managers.
Earnings
In Q4FY24-25, Indian Renewable Energy Development Agency (IREDA) reported 37% increase in revenues and 49% increase in net profit compared to that in Q4FY23-24.
In Q4FY24-25, Wipro’s sales increased 1.3% year-on-year (y-o-y), while operating profit rose 5.56% y-o-y, leading to an improvement of 0.82bps (basis points) in operating profit margin. Net profit surged 26% y-o-y, with net profit margin improving by 310bps.
In QFY24-25, Angel One's sales decreased by 22.03% y-o-y to reach Rs1,056 crore, while operating profit decreased by 35.28% y-o-y to reach Rs343 crore and net profit crashed by 48.53% y-o-y to reach Rs175 crore.
In Q4FY24-25, Waaree Renewables' sales increased by 74.00% y-o-y to reach Rs477 crore, while operating profit increased by 67.55% y-o-y to reach Rs126 crore and net profit increased by 82.70% y-o-y to reach Rs93.9 crore.
In Q4FY24-25, Swaraj Engines sales increased by 29.34% y-o-y to reach Rs454 crore, while operating profit increased by 28.69% y-o-y to reach Rs61.9 crore and net profit increased by 29.09% y-o-y to reach Rs45.4 crore.
In Q4FY24-25, E2E Networks’ sales increased by 13.95% y-o-y to reach Rs33.5 crore, while operating profit decreased by 12.50% y-o-y to reach Rs13.3 crore and net profit increased significantly by 285.55% y-o-y to reach Rs13.6 crore, due to high other income of Rs25 crore.
Top gainers and losers of the major indices for the week are given in the table below:
