Weekly Market Update: Reliance Q4, Pahalgam Attack & May 1 Holiday

Last week’s markets were shaken by news of the Pahalgam terror attack. On April 22, militants ambushed tourists in Kashmir, killing 26 people. Investors turned cautious: Indian stock indices fell sharply and ended the week roughly 0.7–0.9% lower​, while the rupee slipped about 0.2% against the dollar. Bond yields ticked up modestly as traders braced for any escalation of India-Pakistan tensions.

Amid the turmoil, Reliance Industries (RIL) delivered solid quarterly results on April 25. RIL reported net profit of ₹19,407 crore for Q4 FY25​(about 2% higher than last year), topping estimates. The company’s consumer businesses led the way: Reliance Jio’s net profit jumped ~26% to ₹7,023 crore​ thanks to higher ARPU and millions of new subscribers. RIL also announced a generous ₹5.50/share dividend. Those results helped steady sentiment after the early-week selloff.

Looking ahead to early May, traders should note that Thursday, May 1 is a stock market holiday in India (Maharashtra Day), so NSE trading will be closed. Importantly, the exchange has moved all index weekly F&O expiries. Anyone trading short-dated options should adjust their positions accordingly, since the next weekly expiry is Monday.

On the global front, keep an eye on major economic releases for April 28–May. In the U.S., we’ll get first-quarter GDP, the Fed’s preferred core PCE inflation reading, factory ISM data and April PMI numbers, plus the monthly jobs report China’s April PMI surveys (Caixin and official) and Eurozone flash PMI updates are due as well. There are also central bank meetings (for example, Bank of Japan policy on Apr 29). Any surprises in these reports could stir volatility in forex and equity markets. In short, expect swings: stay nimble as fresh data rolls in and be ready to adapt your trades.