Best of the Week: Markets end FY26 on a weak note

India’s equity markets wrapped up FY26 with their weakest performance since the covid-19 pandemic, as global shocks rattled sentiment. The Nifty 50 fell 5% and the BSE Sensex dropped 7%, dragged by the West Asia war, a weakening rupee, and heavy foreign outflows.

A sharp selloff on the final trading day deepened losses, with broader markets and all sectors ending in the red. Foreign investors pulled out ₹1.12 trillion in March, even as domestic institutions cushioned the fall with record buying.

Rising crude prices, currency volatility, and persistent geopolitical risks have made investors cautious, with concerns of slower growth and higher inflation ahead.

Still, valuations offer some comfort. The Nifty now trades below its long-term average, suggesting limited downside if the war escalates, though near-term volatility is likely to persist.

On to, the best of Mint's work from this week:

Diesel curbs spark farmer concerns

As India heads into peak wheat harvest, farmers are flagging a new worry: restricted access to diesel. Curbs on loose fuel sales, triggered after the Hormuz blockade, are making it harder to store diesel in portable containers, a long-standing practice in rural areas. Groups like Sanyukt Kisan Morcha warn that repeated trips to fuel stations during a narrow harvest window are impractical and could disrupt operations. Diesel demand typically surges in April as tractors and harvesters hit the fields. With wheat output expected to be record-high, farmers are now seeking temporary relaxations to ensure uninterrupted fuel access and avoid costly delays.

India turns to Angola for gas

India is scrambling to secure fuel supplies as the Strait of Hormuz disruption hits imports, with Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and GAIL in talks with Angola's Sonangol. The companies are exploring long-term deals for LPG and LNG as nearly 90% of India’s LPG imports face disruption. With heavy reliance on West Asia, the crisis has triggered urgent diversification efforts. Angola, already an LNG supplier, could emerge as a key alternative, with faster shipping timelines than the US. While talks remain preliminary, the move signals a broader shift in India’s energy strategy as geopolitical risks force countries to rethink supply security.

Calling out faulty drugmakers

In a first, India is considering publicly disclosing inspection findings of drug manufacturers to boost transparency and accountability. The Central Drugs Standard Control Organization may publish details of inspected firms and audit recommendations, as scrutiny intensifies after India-made cough syrups were linked to over 140 deaths globally. While the move could strengthen quality oversight in the $50 billion pharma sector, officials remain cautious over legal risks and potential misinterpretation. Industry players broadly support the plan but want safeguards to protect proprietary data and ensure findings are contextualised before being made public.

Plot holes in the urban story

India’s cities promise jobs and better living, but the reality is fraying. A report by Janaagraha flags worsening congestion, poor air quality, and unplanned sprawl pushing people farther out. The core issue isn’t funding, but weak planning and fragmented governance, with multiple agencies slowing decisions and diluting accountability. Even data, critical for urban planning, remains patchy and underused. As a result, cities are expanding without direction, straining infrastructure and limiting productivity gains. The challenge now is urgent: can India fix how its cities are built and governed before dysfunction starts to outweigh the economic promise of urbanisation?

The creator identity crisis

In today’s booming creator economy, where does authenticity end and packaging begin? The recent debate around influencer Pujarini Pradhan has reignited questions about how much of a creator’s voice is truly their own, and how much is shaped behind the scenes. Talent agencies insist they amplify, not manufacture. They scout talent, secure brand deals, and help creators monetise, often taking a 15–25% cut. For many creators, this partnership brings consistency, growth, and bigger paydays. But as agencies increasingly “engineer” influence using data and algorithms, are creators becoming too similar?

Boardroom U-turn

In just 72 hours, Sundaram Clayton Ltd delivered a corporate plot twist, accepting its company secretary’s resignation, only to reverse it days later. What triggered this sudden rethink? Venu Srinivasan stepped back in as chair, replacing R. Gopalan, raising eyebrows over governance and decision-making. Behind the scenes, questions around reporting structures and oversight, flagged by MD Lakshmi Venu, appear to have played a role. The episode leaves shareholders wondering if this was a course correction or confusion.

The great consulting reset

Is it AI, the war, or both reshaping consulting careers? India’s top consulting and audit firms, including McKinsey & Company, Boston Consulting Group and Deloitte, are quietly tightening hiring and trimming teams. The double whammy is weak client demand due to West Asia tensions and AI rapidly replacing roles in research and production teams. These back-end functions, once talent-heavy, are now increasingly automated. But this isn’t a full-blown slowdown. Hiring is becoming sharply selective, with demand shifting toward AI, data, and client-facing roles.

Aditya Puri on banking, AI & big bets

What does it take to build a world-class bank from scratch, and stay relevant decades later? Aditya Puri says the answer lies in people, culture, and clarity of purpose. Reflecting on his journey at HDFC Bank, Puri highlights a mantra: customer focus, transparency, and empowered teams. Would he choose banking again today? Absolutely. With India still under-penetrated in financial services, the opportunity remains massive. On AI, he strikes a balanced note, transformative, yes, but overhyped in parts. It’s not replacing jobs overnight; it’s reshaping them. And India’s growth story? Strong fundamentals, better infrastructure, and a manufacturing push keep him optimistic.

Scaling beyond clicks

What happens when an online-first brand steps into the real world? Lifelong Online Retail is finding out. Fast. From impulse buys on quick commerce to walk-in store discoveries, Lifelong is now playing across channels, ecommerce, offline retail, and rapid delivery. The strategy? Stay value-driven, but scale smartly. With over 450 products and ₹1,000 crore in sight, growth is no longer the challenge, execution is. But as it moves upmarket and expands offline, can it maintain its “value-for-money” DNA? Add to that rising competition and after-sales hiccups, and the road ahead looks exciting, but complex.