Indian markets eye US-Iran talks, Q4 earnings; Nifty at 24,353, Sensex at 78,493 hold key levels

Indian stock markets are likely to closely track developments around US-Iran peace talks, crude oil prices, and Q4 FY26 earnings, as these factors are expected to guide market direction in the coming days.

Global cues support sentiment

Easing tensions in the Middle East and softer crude oil prices have improved global sentiment. Temporary stability in the Strait of Hormuz has eased supply concerns, lending support to equity markets. Lower crude prices are particularly positive for India, as they help contain inflation and strengthen the overall economic outlook.

Benchmark indices — Nifty 50 and BSE Sensex — rose over 1% each, closing at 24,353 and 78,493 respectively. While markets remained slightly volatile, they extended gains for the second consecutive week. Broader markets outperformed large-cap stocks, with strong participation from mid- and small-cap segments.

FII and DII trend

Foreign institutional investors (FIIs) showed early signs of returning, turning net buyers in the last three sessions. However, on a weekly basis, flows remained slightly negative at around ₹250 crore.

In contrast, domestic institutional investors (DIIs), who had been supporting the market, booked profits and turned net sellers, with weekly outflows of approximately ₹6,300 crore.

Market outlook

Nifty is currently trading within a narrow range of 24,100–24,400. Immediate resistance is placed near 24,400, while support lies around 24,000.

A sustained breakout above 24,400 could push Nifty towards the 24,800–25,000 range. For Bank Nifty, the 56,800–57,000 zone remains a key resistance level, and a breakout above this could drive it towards 58,000.

Sector outlook

Energy and metal stocks are expected to remain strong, supported by global trends. Other sectors may see movement on a rotational basis. Experts advise focusing on fundamentally strong large-cap stocks, while being selective in mid- and small-cap investments.

Key data to watch

On the macro front, investors will monitor infrastructure output data on April 20 and PMI data (Manufacturing, Services, and Composite) on April 23, which will offer further insights into the health of the Indian economy.