Indian markets have witnessed selling over the last few months, mainly due to geo-political issues. While Nasdaq Composite and S&P 500 are trading at all-time highs, NSE Nifty is still 2,000 points lower than the all-time highs. Can Iran-Israel truce give the Indian markets a renewed push towards the highs or we might see another selling before we go higher? Indian markets have been mainly following the global market trends but Indian economy faces bigger risks due to rising energy prices. NSE Nifty was trading marginally higher in today's session with stock specific action. Some of the stocks are looking good at current levels for short term buy.

Nasdaq has been pushing higher during April as investors are optimistic about Iran-US deal to end the war. The global equity landscape struck an optimistic tone on Thursday, with Wall Street benchmarks scaling fresh peaks while Indian markets mirrored the positive sentiment, albeit with selective sectoral divergence. Investors appeared to price in a potential de-escalation in geopolitical tensions, particularly surrounding the US-Iran conflict, which has been a key overhang on risk assets. Against this backdrop, corporate earnings announcements drove stock-specific action across sectors, with strong performances in insurance and renewable energy contrasting with weakness in metals and IT. The broader market maintained resilience, supported by mid- and small-cap participation and steady domestic liquidity flows.

Global Optimism Lifts Markets to Record Territory

A wave of optimism swept across global markets as the US equity indices, notably the Nasdaq and the S&P 500, touched fresh intraday record highs. The rally was underpinned by expectations that tensions between the United States and Iran could ease in the near term, alleviating concerns over energy supply disruptions and broader geopolitical instability.

This positive sentiment spilled over into Indian equities, where benchmark indices edged higher. The BSE Sensex advanced by 156 points, while the NSE Nifty posted a modest gain of 28 points. The move reflected a cautious yet constructive stance among investors, balancing global cues with domestic earnings momentum.

Sectoral Rotation Defines Market Breadth

Market participation remained uneven, with sectoral indices painting a mixed picture. Services, power, and automobile stocks attracted buying interest, suggesting continued confidence in domestic consumption and infrastructure-linked growth themes.

Conversely, metal and IT stocks faced selling pressure, indicating profit booking and sensitivity to global demand signals. This divergence highlights a broader trend of sectoral rotation, where capital flows are increasingly selective and driven by near-term earnings visibility.

The broader market indices reinforced this resilience. The BSE 150 Midcap index rose 0.2%, while the BSE 250 SmallCap index outperformed with a gain of 0.8%, signaling sustained investor appetite for high-growth segments despite macro uncertainties.

Currency Markets Reflect Stability Amid Volatility

In the currency market, the Indian rupee traded at Rs 92.2 against the US dollar, reflecting a relatively stable trajectory. While global uncertainties persist, the rupee’s movement suggests a balanced interplay between capital inflows and external pressures, particularly from energy prices and geopolitical developments.

HDFC Life Insurance: Steady Growth Anchored in Core Segments

Shares of HDFC Life Insurance came into focus following the company’s Q4 FY26 earnings announcement, which underscored consistent operational performance and strategic execution.

The insurer reported a 4% year-on-year increase in net profit, reaching Rs 4.96 billion compared to Rs 4.77 billion in the corresponding quarter last year. While the growth appears modest, it reflects stability in a competitive and evolving insurance landscape.

More notably, the company’s annualized premium equivalent (APE) rose 8% year-on-year, supported by a robust two-year CAGR of 12%. This indicates sustained traction in core business lines.

For the full fiscal year, the value of new business (VNB) stood at Rs 40.34 billion, with margins at a healthy 24.2%. These metrics underscore the company’s ability to generate profitable growth while maintaining cost discipline.

A standout performer was the protection segment, where retail protection grew 46% in Q4 and 43% for the full year. This sharp expansion reflects increasing consumer awareness and demand for risk coverage products.

Additionally, the company’s assets under management (AUM), including its pension subsidiary, reached approximately Rs 5,300 billion, reinforcing its scale and market positioning.

Alok Industries: Losses Widen Despite Revenue Uptick

In contrast, Alok Industries delivered a mixed performance for the quarter ended March 2026. The company reported a net loss of Rs 1.93 billion, significantly higher than the Rs 0.74 billion loss recorded in the same period last year.

Despite the widening losses, revenue showed marginal improvement, rising 3.15% year-on-year to Rs 9.83 billion. This suggests that while demand conditions may be stabilizing, profitability challenges persist, likely due to cost pressures and operational inefficiencies.

On an annual basis, however, the company managed to narrow its net loss to Rs 7.44 billion, compared to Rs 8.16 billion in the previous year. This indicates gradual progress in restructuring efforts, though a sustained turnaround remains elusive.

Waaree Renewable Technologies: Stellar Growth Powers Rally

One of the standout performers of the day was Waaree Renewable Technologies, whose shares surged over 13.5% intraday following a robust earnings release.

The company reported an impressive 66.08% year-on-year jump in net profit, reaching Rs 155.72 crore for Q4 FY26. Sequentially, profit rose by nearly 30%, reflecting strong execution and demand momentum.

Revenue growth was even more striking, with operations generating Rs 1,102.4 crore, marking a 131.3% year-on-year increase. This surge highlights the accelerating pace of renewable energy adoption in India.

Operational efficiency also improved, with Ebitda rising to Rs 206.82 crore, compared to Rs 126.33 crore a year earlier. However, margins moderated slightly to 18.76%, reflecting a shift in project mix and scaling dynamics.

Strategically, the company is expanding into Battery Energy Storage Systems (BESS) and data centers, positioning itself at the intersection of energy transition and digital infrastructure.

Its unexecuted order book of 2.83 GWp provides strong revenue visibility over the next 12–15 months, while a bidding pipeline exceeding 36 GWp underscores long-term growth potential.

Renewable Energy Momentum: A Structural Growth Story

Management commentary reinforced the broader narrative of India’s renewable energy expansion. The country’s total installed renewable capacity has crossed 274 GW, with solar contributing over 150 GW as of March 2026.

During FY26, solar capacity additions surged to over 44 GW, a sharp increase from 24 GW in the previous year. Notably, solar accounted for approximately 82% of total renewable capacity additions, cementing its role as the primary driver of the energy transition.

This structural tailwind provides a favorable backdrop for companies like Waaree Renewable Technologies, which are well-positioned to capitalize on policy support, technological advancements, and rising demand.

Market Leaders and Laggards: A Snapshot

Among the day’s top performers, Maruti Suzuki, Hindustan Unilever (HUL), and ITC led the gains, reflecting strength in consumption-driven sectors.

On the downside, Tata Steel, HCL Technologies, and TCS emerged as notable laggards, weighed down by sector-specific concerns and global demand uncertainties.

Short Term Takeaways for Investors

The current market environment underscores a few critical themes for investors:

Geopolitical developments remain a key driver of global risk sentiment, with potential de-escalation acting as a catalyst for equity markets.
Sectoral rotation is intensifying, favoring domestic-facing and structural growth sectors over globally sensitive industries.
Earnings quality and visibility are paramount, as evidenced by the divergence between companies like HDFC Life and Alok Industries.
Renewable energy continues to offer compelling long-term opportunities, supported by strong policy backing and accelerating capacity additions.