The Nifty 50 closed higher on April 27, recovering from declines over the last three trading days. Gains were led by Sun Pharma, which rallied after announcing its plan to acquire US-based Organon for $11.8 billion. However, Axis Bank capped the enthusiasm after its mixed Q4FY26 results revealed pressure on its core operating margins.

Iran has reportedly submitted a three-phase peace proposal to the US via Pakistani mediators. The proposal offers to end the "chokehold" on the Strait of Hormuz in exchange for the removal of the US naval blockade. But Brent crude surged as traders remained sceptical of a quick resolution, especially with the collapse of previous deal discussions, and the US administration insisting that zero nuclear enrichment be part of any deal. Consequently, the Indian Rupee fell to a four-week low against the US Dollar.

On the domestic front, India signed a Free Trade Agreement (FTA) with New Zealand. The agreement is strategically timed to diversify trade routes and provide duty-free access to around 70% of Indian goods, offering a long-term buffer against ongoing shipping disruptions in West Asia.

Looking ahead, the trading week will be truncated, with markets closed on May 1st for Maharashtra Day. Vinod Nair, Head of Research at Geojit Investments, said, "The US Fed’s rate decision and commentary will be the key catalyst, as a hawkish stance could prolong pressure on emerging markets."

IPO activity continues this week, with three new issues opening and two companies set to list, after two listings last week.

Two SME IPOs debuted last week; no mainboard activity

Mehul Telecom, a Gujarat-based multi-brand mobile retail chain, delivered a strong performance on its debut on April 24. The Rs 27.7 crore IPO was a hit with investors, seeing a total subscription of 41.8X, fueled by high-net-worth individuals at 105.1X. The stock listed at a 10.2% premium over its issue price of Rs 98. Backed by a scalable hybrid retail model and a network of 80 stores, the company successfully converted high retail buzz into a solid listing gain, even as it navigates the thin margins and high competition of the consumer electronics sector.

Mehul Telecom extends gains; Property Share pares losses 

Property Share Investment Trust, India’s first Small and Medium REIT, made a muted stock market debut on April 24. The Rs 245 crore "PropShare Celestia" scheme was listed at Rs 9,99,900, a 4.8% discount to its issue price of Rs 10,50,000. The issue saw a subscription of 1.3X, largely driven by non-institutional investors. The proceeds will be used for the acquisition of a premium commercial office space in Ahmedabad. The stock is currently trading 1.4% above its issue price.

Investor demand supports upcoming listings

Citius TransNet Investment Trust, a transport-focused Infrastructure Investment Trust (InvIT), closed its Rs 1,105 crore IPO on April 21. The offering, consisting entirely of a fresh issue of 11.1 crore units at a price band of Rs 99 to Rs 100, saw a strong response with an overall subscription of 20.4X. The trust intends to use the proceeds for the acquisition of securities in five special purpose vehicles (SPVs), including road assets. The units will list on April 29.

Citius TransNet Investment sees strong subscription led by QIBs

In the SME segment, Adisoft Technologies, a Pune-based industrial digital automation solutions provider, closed its Rs 74.1 crore IPO on April 27. The issue saw significant traction with an overall subscription of over 66.3X, led by the high-net-worth individuals segment. It comprises a fresh sale of 43.1 lakh shares within a price band of Rs 163 to Rs 172. The capital raised is earmarked for the construction of a new factory unit, repayment of existing borrowings, and meeting working capital needs. The company will list on April 30.

IPO pipeline broadens with three issues across sectors

OnEMI Technology Solutions, the parent company of digital lending platform Kissht and credit app Ring, will open its Rs 925.9 crore IPO for subscription from April 30 to May 5. The price band is set at Rs 162–171 per share. It is a combination of a fresh issue of 5 crore shares and an offer for sale (OFS) of 44.4 lakh shares. The company plans to infuse Rs 637.5 crore of the fresh proceeds into its subsidiary to strengthen its capital base for future lending. The stock will list on May 8.

OnEMI Technology sees sharper fall in revenue than profit 

The SME segment will see two new IPOs open for subscription.

Amba Auto Sales and Services, a Bengaluru-based retailer of vehicles and consumer electronics, opened its Rs 65.12 crore IPO today, April 27, and will close on April 29. The price band is set at Rs 130–135 per share. It is entirely a fresh issue of 48.2 lakh shares. The company plans to use the proceeds to set up new showrooms, renovate existing ones, and meet its working capital needs. The shares of the company will list on May 5.

Value 360 Communications, an integrated marketing agency, will open its IPO for subscription from May 4 to May 6. The price band is set to be announced. It features a fresh issue of 38.3 lakh shares and an offer-for-sale of 4.3 lakh shares. The company will use the funds for working capital, technological infrastructure for content production, and an investment in the influencer marketing platform ClanConnect. The stock will list on May 11.