Tech Selloff, Fears of Fresh Rupee Curbs Cast Shadow on Indian Stocks

NewsletterMarkets Daily IndiaTech Selloff, Fears of Fresh Rupee Curbs Cast Shadow on Indian StocksThe NSE Nifty IT Index slumped to its lowest since June 2023.FacebookXLinkedInEmailLinkGiftExpand500 rupee banknotes.Photographer: Prakash Singh/BloombergFacebookXLinkedInEmailLinkGiftGift this articleContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowFacebookXLinkedInEmailLinkGiftBy Ashutosh Joshi and Pratigya VajpayeeApril 27, 2026 at 2:46 AM UTCBookmarkSaveLock This article is for subscribers only.Good morning... I’m Ashutosh Joshi in Mumbai, with a quick pulse check on markets. A report that Iran has offered the US a new proposal regarding the reopening of the Strait of Hormuz has sparked a rally in Asian stocks on Monday. That could help bring some respite for India’s benchmark Nifty 50, which capped its worst week since mid-March on Friday as high oil prices, a weakening rupee and a selloff in tech shares sapped sentiment. Still, volatility is likely to remain elevated in this holiday-shortened week (markets are closed on May 1), as several factors vie for traders’ attention. Geopolitics aside, central bank meetings are a key focus as the Federal Reserve, European Central Bank and peers in Japan, the UK and Canada are all scheduled to decide on policy. While they are all expected to leave interest rates unchanged, investors are keen to know how officials view the inflation threat posed by the oil shock stemming from the US-Iran conflict. At home, it’s a busy stretch for earnings. Companies like UltraTech Cement and Coal India are due to report early in the week, followed by heavyweights such as Hindustan Unilever, Adani Ports, Adani Enterprises and Bajaj Finserv later. Shares of Reliance Industries will be in focus today as the country’s most-valuable firm reported a year-on-year drop in its March-quarter profit after the close of trading on Friday. In today’s newsletter, we write about: