The Nifty 50 closed flat on April 20 after gaining 1.3% last week on hopes of easing US-Iran tensions and a ceasefire. But the hotheads seem to be winning, with the US Navy’s seizure of an Iranian-flagged cargo ship in the Gulf of Oman. This has reignited uncertainty, and Iran has refused to join proposed peace talks with the US this week, saying that the US has violated the ceasefire.

Global energy markets reacted, with Brent crude rising as the “war risk premium” returned. Concerns over supply disruption added to pressure, as no new ships crossed through the Hormuz Strait.

On the domestic front, macro signals were mixed. The March 2026 Wholesale Price Index (WPI) rose sharply to 3.9% from 2.1% in February, driven by higher crude petroleum prices. On the other hand, the IMF raised India’s FY27 GDP growth forecast to 6.5% from 6.4%, while flagging rising global recession risks, underlining India’s relative macro resilience despite external headwinds.

Vinod Nair, Head of Research at Geojit Investments, said, “Looking ahead, near-term direction hinges on Middle East peace progress, crude stability below $100, and foreign flows. Sustained de-escalation may ease inflation and currency pressures, improving risk appetite for import-sensitive markets like India."

The primary market remains active despite volatility, with two new issues open for subscription. Three companies are scheduled to debut on the exchanges, after one listing last week.

Single listing last week: Om Power debuted at a premium

Om Power Transmission, a power infrastructure construction company, made its stock market debut on April 17. The Rs 150.1 crore IPO, which was subscribed 3.3X, listed at a 6.3% premium over its issue price of Rs 175. Investors were particularly drawn to the company’s robust order book of over Rs 744 crore and its specialised expertise in high-voltage transmission lines and substations across several Indian states.

Om Power Transmission continues its upward trend post-listing 

The company plans to use the proceeds to fuel its next phase of growth, allocating Rs 55 crore for long-term working capital and Rs 11.2 crore for capital expenditure to purchase new machinery. Additionally, Rs 25 crore will be used for the repayment of existing debt to strengthen its balance sheet. The stock is currently trading 16% above its issue price, supported by strong revenue visibility and the ongoing national push for grid modernisation.

Two SME listings set for April 24 debut

Two IPOs are scheduled to list this week, with no offerings from the mainboard segment.

Property Share Investment Trust, India’s first Small and Medium Real Estate Investment Trust (SM REIT), closed its Rs 245 crore IPO for its "PropShare Celestia" scheme on April 16. The offering, consisting entirely of a fresh issue of 2,330 units, saw a moderate overall subscription of 1.3X, with high-net-worth (HNI) individuals showing the most interest at 4.8X subscription. The proceeds are designated for the acquisition of "Project Celestia," a premium commercial office space in Ahmedabad. The units are scheduled to list on April 24.

Mehul Telecom and Property Share see strong HNI demand 

Mehul Telecom, a Gujarat-based mobile retail chain, is currently in the final stages of its Rs 27.7 crore IPO, which will close tomorrow, April 21. As of today, April 20, the issue has seen strong traction with an overall subscription of 9X, led by the HNI segment. The issue comprises a fresh sale of 28.3 lakh shares at a price band of Rs 96 to Rs 98. The company plans to use the capital for incremental working capital and general corporate purposes. The company will list on April 24.

From InvIT to engineering: IPO pipeline builds for next week

Citius TransNet Investment Trust, an infrastructure investment trust, is set to close tomorrow, April 21. The Rs 1,105 crore issue is priced at Rs 99–100 per unit. As of today, the issue is subscribed 1.2X. The trust plans to use the proceeds to acquire stakes in 10 road projects covering ~3,400 lane-kilometres. The units are scheduled to list on April 29.

Citius TransNet Trust profit up 46% in FY25 on modest revenue growth 

Two SME firms are also set to open for subscription.

Adisoft Technologies, a Pune-based industrial automation and robotic solutions provider, will open its Rs 74.1 crore IPO for subscription from April 23 to April 27. The price band is set at Rs 163–172 per share. The issue is entirely a fresh issue of 43.1 lakh shares, with the company planning to use the proceeds to set up a new integrated manufacturing unit, repay existing debt, and fund its increasing working capital requirements. The company will list on April 30.

Leapfrog Engineering Services, an infrastructure developer and technical service provider, will open its Rs 88.5 crore IPO from April 23 to April 27. The price band is set at Rs 21–23 per share. The issue includes a fresh issue of Rs 79.6 crore and an offer for sale of Rs 8.91 crore. The funds are earmarked for working capital and general corporate purposes. The stock will list on April 30.