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Daily Market Commentary for April 23rd 2026 By Siddhartha Khemka - Motilal Oswal Financial Services Ltd

Markets are expected to remain under pressure in the near term, with stalled US–Iran negotiations, continued naval blockades, and Iran's seizure of two ships keeping risk sentiment fragile. Until there is credible de-escalation, the overhang on crude, the rupee, and institutional flows is unlikely to lift. After the recent upmove, markets are likely to consolidate with profit booking taking precedence. Indian markets came under pressure on Thursday, as escalating tensions in West Asia continued to weigh on sentiment. Brent crude rose for the fourth straight session to USD 103.8/barrel, while the rupee extended its losing streak for the fourth consecutive session, slipping 34 paise to 94.12 against the dollar. Naval confrontations in the Strait of Hormuz, Iran's seizure of two ships, and renewed warnings of potential strikes added to the risk-off tone globally. On the institutional front, both FIIs and DIIs turned net sellers simultaneously — FIIs offloaded Rs.2,078 crore while DIIs sold Rs.1,048 crore — the first such instance in 54 sessions, a meaningful signal of caution. On the positive side, India signed a new defence industrial cooperation roadmap with Germany. The framework is expected to open Germany’s defence procurement market to Indian companies in a structured manner, while discussions are in final stages for an estimated USD 8 billion submarine manufacturing project in India. South Korean President Lee Jae-myung’s India visit resulted in 21 strategic outcomes, with a strong focus on shipbuilding, maritime logistics, and port development. India’s planned procurement of over 400 vessels worth around rupees 2.2 lakh crore and opportunities in the port public-private partnership pipeline could support the domestic capital goods, defence and infrastructure ecosystem. Key economic data due today include US Initial Jobless Claims and Global PMI. Key results tomorrow include Reliance Industries, Hindustan Zinc, Shriram Finance, Lodha Developers, and L&T Finance — to drive stock-specific action.

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