Weekly Market Recap | Volatility, Tariffs and Top Performers

Weekly Recap

Investors had to brace for another week of high volatility in the markets, with the Nifty ultimately closing in the red once again. Here's our take on this week gone by, some stories you might have missed out on, and our thoughts on what to do going ahead, in your weekly stock market report.

Expecting the unexpected

• Indian markets wrapped up the week with marginal losses, as tariff war concerns kept things shaky. But just when things seemed grim, a surprise pause on tariffs from the US President gave investors a bit of a breather on the last day. 
• Broader indices performed in line with the main indices, with the BSE Large-cap, Mid-cap and Small-Cap indices shedding between 0.2-0.5%.
• Volatility seems to be the name of the game lately and last week didn’t disappoint. The India VIX (fear gauge) shot up by 46% compared to last Friday, as the Nifty moved in all directions ultimately closing 0.33% lower.

“Be cool”...?

• The rollercoaster of tariff decisions from the Trump administration has been a major driver of the global chaos in equity and bond markets.
• While the president told investors to "be cool" and announced a 90-day pause on tariffs, world markets are still bracing for potential growth hits—and maybe even a recession—this year.
• Also read: How the 90-Day Tariff Pause Could Affect You

The winners

• The FMCG sector came out on top last week, with Britannia Industries and Hindustan Unilever leading the charge, both showing impressive gains.
• The sector was buoyed by the RBI’s interest rate cut and a more positive inflation outlook for FY26, which is great for consumer spending and eases some of the margin pressure on these companies. 

The losers

• Trent took a big hit last week, dropping 14% and hitting the lower circuit after a major miss on its Q4 FY25 numbers, leading to analyst downgrades.
• Tata Steel wasn’t much better, losing 4.9% as production volumes fell and its UK-based Port Talbot plant was shut down.

Meanwhile…

• The RBI joined the ranks of central banks cutting repo rates, becoming the second after the US tariffs were announced. The move was aimed at supporting growth, with inflation still looking manageable. More details here: RBI Repo Rate Cut: Impact on Investments & Market Outlook
• US 30-year Treasury yields shot up past 5% last week as investors keep ditching federal bonds due to growing macro concerns—before the tariffs, they were sitting at 4.45%.

Market Brief

Market Outlook

Our take

• Investors around the world are getting ready for more volatility as the Trump administration and China continue their back-and-forth with escalating tariffs. The intensity of the trade war will be closely watched, with the potential to offset the impact of the current tariff pause on other emerging markets.
• In India, the earnings season has kicked off with fairly muted expectations. Early results from IT giant TCS reflect the toll of trade tensions, with a delay in discretionary spending expected. 
• The market texture is highly volatile and uncertain right now, driven more by sentiment rather than technical indicators. Nifty is expected to remain volatile this week, likely swinging between 22,400 - 23,050 levels. 
• Indian markets will remain open for only three days this week due to the Ambedkar Jayanti and Good Friday holidays.

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