Equities, rupee and bonds: Key asset classes shine bright in April

Indian equities, the rupee, and bonds posted strong gains in April, weathering global uncertainty triggered by US retaliatory tariffs, now largely on hold. The Sensex rebounded nearly 10 per cent from the month’s lows to close 3.7 per cent higher, reversing an over 7 per cent drop. The Nifty Midcap 100 rose nearly 5 per cent. India’s market capitalisation jumped by ₹10 trillion to ₹423 trillion ($5 trillion).

 

The rupee extended its recovery from February’s record low of 87.95 a dollar, rising 2 per cent in March and 1.16 per cent in April. It is up 1.33 per cent in 2025. On Wednesday, it logged its biggest daily gain in over two years, closing at a five-month high of 84.49.

 

Foreign inflows of ₹30,000 crore in late April lifted markets, aided by stronger manufacturing, falling crude oil prices, a softer dollar, and expected RBI rate cuts. The 10-year India bond yield fell 23 bps to 6.36 per cent amid the central bank’s liquidity measures.

 

Gold gained 5 per cent during the month, amid a safe-haven rush because of global uncertainty.