Markets Daily India

Small Caps Lead as India’s Stock-Market Rally Widens

Nifty 50’s breadth signals a new bull market, according to Macquarie.

The National Stock Exchange of India building in Mumbai.Photographer: Dhiraj Singh/Bloomberg

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By Alex Gabriel Simon and Rajesh Mascarenhas

April 22, 2026 at 2:47 AM UTC

This article is for subscribers only.

Good morning...

I’m Alex Gabriel Simon, with a mid-week pulse check as the market recovery gathers steam.

Bulls have regained momentum in India’s market, with both small- and large-cap stocks rebounding sharply, despite lingering uncertainty over how long the tensions in the Middle East will persist. In the latest twist, US President Trump has announced that he is extending the ceasefire with Iran indefinitely, a day before it was set to expire, even as plans for a fresh round of talks between the two countries fell apart. Market reaction has been mixed — US equity futures are up while a benchmark of Asian shares is trading lower. Meanwhile, the world’s top oil traders have warned that the ongoing closure of the Strait of Hormuz is increasing the risk of a global recession as fuel demand takes a hit. Stock traders in Mumbai will be watching earnings from Trent and Tech Mahindra today for clues on the health of the fast-fashion and software sectors.