GreyOak Market Pulse | 20 April 2026 Global markets are sending mixed signals again. Wall Street ended Friday at record highs, with the S&P 500 up 1.20%, Nasdaq up 1.52%, and Dow Jones up 1.79%. Asia has started the week on a firmer note, with the Nikkei up about 1% and Hang Seng higher by about 0.8%, even as US stock futures and European futures softened. The tone is not risk-off, but it is clearly more cautious than it was at the end of last week. The biggest macro development is back in commodities. After Friday’s sharp drop, oil has rebounded hard on renewed uncertainty around the ceasefire and traffic through the Strait of Hormuz. Brent is back near $95–97 and WTI near $90. Gold has eased slightly and the dollar has firmed, showing that inflation anxiety has returned faster than safe-haven panic. Back home, India starts the week with a stronger cushion than many peers. The NIFTY 50 closed Friday at 24,353.55 and Sensex at 78,493.54, both up 1.3% for the week. GIFT Nifty indicated a higher start, helped by stronger-than-expected March-quarter results from HDFC Bank and ICICI Bank. The rupee is also expected to open firmer around 92.70–92.80 after closing Friday at 92.9250, although oil volatility remains the key swing factor. Foreign investors remained net buyers on Friday. GreyOak View (inference): The setup is better, but it is not a full risk-on reset. Strong bank earnings and recent FII buying are giving the market support, but crude is back at the centre of the story. If oil stays elevated, concerns around inflation, margins, and the external balance can return quickly. In that environment, market leadership is likely to stay selective rather than broad-based, with financials, earnings-backed leaders, and high-quality compounders remaining in focus. The real test is not the opening print. It is whether domestic strength can absorb another round of global energy volatility. For informational purposes only. Markets involve risk. #GreyOakCapital #MarketPulse #IndianMarkets #Nifty #GlobalMarkets #Banking #CrudeOil #Rupee #Investing