Dear Policyholder,
Nifty surged 7.5% in April 2026, recovering from steep sell-off of March 2026 despite the ongoing US-Iran conflict, a weak rupee and rising crude oil prices. Mid-cap and small-cap indices outperformed the large-cap index and gained 13.5% (Nifty Midcap 100) and 17.1% (Nifty Smallcap 250). Among sectors, Nifty IT (+1%) was the worst performer, as concerns over AI-driven revenue compression weighed on the sector. The Nifty underperformed the Morgan Stanley Capital International (MSCI) Emerging Markets Index (+11.3%) and the MSCI World Index (+11.5%). India underperformed most other EMs during the month, except for China (+0.2%). During April, Foreign Portfolio Investors (FPIs) sold US$6.5bn in Indian equities in the secondary market, whereas Domestic Institutional Investors (DIIs) bought Rs 51063.87cr. The INR came under depreciation pressure as crude oil prices surged. Indian promoters have been sizeable net sellers in equity markets over the last two years, with aggregate sales of US$56bn across CY24/25. Reversing the trend of heavy promoter selling over the past two years; promoters of select companies have turned buyers in CY26. These transactions include open market purchases, participation in rights issues, and stake acquisitions from existing strategic investors aggregating to more thanUS$4bn.