H1 FY26 — Resilience
India secured landmark trade deals with the US and EU. US tariffs on Indian goods fell from ~50% to ~18%. The RBI delivered 125 bps of cumulative rate cuts. FDI surged, GDP hit 8.2% in the September 2025 quarter. Result: Nifty held its ground. Strong macro, strong earnings, strong flows.
H2 FY26 — Shock
The Iran-US war sparked a crude oil surge (Brent >$100), FII exodus, and rupee collapse to a record 95.21 intraday. Nifty fell 13–15% in March alone. India VIX surged to 27.17 — highest since June 2024. Biggest Losers: Nifty Realty −21% · IT −20% · FMCG −13%
Click below to download and read the full report.