Amid the current geopolitical trends and volatile movement of financial indicators, several high-stakes developments kept the week buzzing for the global economy and domestic market.
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The last week of April witnessed a host of significant developments that could shape the next few weeks of the new fiscal 2026-27 (FY27). Amid the current geopolitical trends and volatile movement of financial indicators, several high-stakes developments kept the week buzzing for the global economy and domestic market. Some of these were the US-Iran ceasefire, heatwave conditions in India, state exit poll results, April auto sales data, and a more. In global markets, benchmark Brent crude hit a record high and the US stock market ended the week on a positive note over Iran’s Strait of Hormuz-led updates.
Here’s a recap of the week that was:
Markets on home turf
Domestic equity benchmarks Sensex and Nifty 50 partly recovered from March’s steep selloff with gains in April, but Thursday’s decline highlighted lingering fragility as surging oil prices and a weakening rupee hurt sentiment. Nifty 50 fell 0.74% to 23,997.55 and BSE Sensex shed 0.75% to 76,913.50, while the rupee hit a record low after a jump in crude prices and a hawkish US Federal Reserve. Still, Nifty and Sensex rose 7.5% and 6.9% in April, logging their best month since December 2023, partly recovering from March’s more than 11% slump despite record foreign fund outflows.
Heatwave in India
Light to moderate rainfall on Wednesday and Thursday brought an end to a week-long spell of heatwaves in most parts of north and central India, the first of the season. However, another heatwave spell is unlikely for the next two weeks at least, according to the latest forecast by the India Meteorological Department (IMD). Temperatures might remain high, not just in the summer months but extending into the monsoon, and thereafter. That means several heatwave spells could be possible in the coming months.
UAE Exits OPEC
The United Arab Emirates announced its exit from both OPEC and OPEC+, dealing a significant setback to the oil producers’ bloc and its de facto leader, Saudi Arabia, at a time when the Iran war has triggered a historic energy shock and rattled the global economy. The exit came into effect from May 1. The development comes as Gulf producers face mounting challenges in exporting crude via Strait of Hormuz, a critical passage through which one-fifth of global oil and LNG supplies transit. The move is also being viewed as a strategic win for Donald Trump, who has repeatedly criticised OPEC for inflating oil prices.
Exit Poll Results 2026
Ahead of the state election results, poll of exit polls show the Trinamool Congress winning 146 seats in West Bengal, while the BJP and allies are likely to win 140 seats. West Bengal has 294 seats. In Tamil Nadu, DMK and allies may win 128 seats, while the AIADMK and allies could take home 86 seats. Actor Vijay’s new party TVK is forecast to win 17 seats. In Kerala, exit poll results show the UDF winning 78 seats in Kerala, while the LDF is likely to win 58. Kerala has a total of 140 seats.
US Fed Policy
The US Federal Reserve kept its key lending rates on hold, as the US-Iran war and resultant strain in energy supplies as sparked inflation concerns. Accordingly, it retained the benchmark lending rates, or the federal funds rate, in the range of 3.5%-3.75%. “Inflation is elevated, in part reflecting the recent increase in global energy prices,” said the statement issued by the Federal Open Market Committee (FOMC) following the conclusion of its two-day meeting on Wednesday.
