From Pahalgam Terror Attack To Pope's Death — The Week That Was

It has been something of a tragic week for many — marked by grief, shock and mourning.

A deadly militant ambush in Kashmir’s Pahalgam valley left 26 dead this week, triggering nationwide alarm. The latest: Union Home Minister Amit Shah on Friday directed all states to ensure no Pakistani national overstays beyond the official exit deadline, sources told PTI. 

Gold smashed through the Rs 1 lakh mark, Pope Francis passed away on Easter Monday, and Prime Minister Narendra Modi cut short his visit to Saudi Arabia after the terror attack in Kashmir.

FMCG big shots Hindustan Unilever Ltd., Nestle India Ltd. and Tata Consumer Products Ltd. led a packed earnings week that also featured HCLTechnologies Ltd., Tata Communications Ltd., and Waaree Energies Ltd., while the RBI released minutes from its latest policy meeting.

The Nifty gained 0.80% but still closed in the red at 24,039.35. The Sensex rose 0.84% over the week and ended lower at 79,212.53.

Spot gold prices on the Multi Commodity Exchange rose 0.8%, trading between Rs 98,713 and Rs 94,629. However, international gold prices slipped nearly 1%, moving in a range of $3,500 to $3,260.

The rupee depreciated by 7 paise over the week, closing at 85.45 against the dollar.

Tankup Engineers Ltd. was the only IPO to open this week. It was an SME issue, with no mainboard listings seen. This was the third straight week without any new IPOs in the mainboard segment

In a brutal reminder of the region's unresolved volatility, gunmen opened fire on tourists in the picturesque valley of Pahalgam in Kashmir on Tuesday, killing at least 26 people — 25 Indian nationals and one Nepali citizen. The attack, which took place in an area accessible only on foot or horseback, was claimed by the Resistance Front.

Eyewitnesses described how the attackers singled out men and fired at close range. Some survivors told local media the gunmen accused their victims of supporting Prime Minister Narendra Modi.

This is the deadliest assault on civilians in the region since the Modi government scrapped Jammu and Kashmir’s special status in 2019.

India blamed Pakistan for the assault, promptly downgrading diplomatic ties and suspending a key water-sharing treaty called the Indus Waters Treaty. Pakistan denied any role, warning that any attempt to divert water would be considered an "act of war". Modi vowed to hunt down those responsible "to the ends of the earth".

While the UN urged both countries to exercise "maximum restraint", the timing and nature of the attack — after a lull — highlight the persistent threat of terrorism in the region.

Gold hit the Rs 1,00,000 per 10 grams on the MCX this week — a level once dismissed as fantasy. A Rs 1,800 single-day jump took the yellow metal to new highs, fuelled by a potent cocktail of pre-Akshaya Tritiya demand, wedding-season buying, and global jitters.

Since its debut in 2003, the gold futures contract has now jumped by more than 17 times. April alone saw a 41% year-on-year surge. And this time, it wasn’t just the Indian buyers. A Trump-sized tantrum against the Federal Reserve has sent the dollar tumbling and investors scurrying for cover.

The June contract touched Rs 99,358 on April 22, but it was the August series that closed in on the Rs 1 lakh milestone. Analysts say the metal’s appeal is now about more than tradition — it’s a hedge, a refuge, and, increasingly, a statement.

Three major companies posted their third quarter results this week that did not really wow the Street. 

Hindustan Unilever posted its March-quarter results on Thursday, meeting expectations but offering little to cheer beyond that. As the country’s largest fast-moving consumer goods maker, HUL is often seen as a bellwether for the broader sector — and this quarter’s readout reflected cautious optimism.

Standalone net profit rose 4%, in line with Bloomberg’s estimate. Volume growth picked up slightly, however, rising raw material costs crimped profitability, prompting management to revise near-term operating margin guidance.

Brokerages including Goldman Sachs and Nirmal Bang saw the lower margin outlook as a clear signal that the company is choosing to chase volume-led growth, even if it comes at the cost of near-term profitability.

Nestlé India, the maker of Maggi noodles and Nescafé coffee, also posted results on Thursday. March-quarter profit fell 5% year-on-year, with margins weighed down by input cost inflation. The cost of materials consumed rose nearly 13% compared to a year ago. While the results met expectations, analysts flagged concerns over steep valuations even as they noted early signs of margin resilience and volume recovery.

Tata Consumer Products, the Tata Group’s flagship food and beverages arm, reported results on Wednesday that beat Bloomberg consensus on both revenue and profit.

Performance was supported by a low base and exceptional gains, though rising tea costs dragged on margins. A newly disclosed 6% underlying volume growth helped push the topline higher. Brokerages including Citi, Jefferies, JPMorgan and Nuvama called the print solid, highlighting the strong revenue traction.

US Vice President JD Vance wrapped up a four-day visit to India this week with an announcement that both countries have agreed on the terms for a new trade framework. The deal is seen as an effort to avoid a 26% reciprocal tariff imposed by President Trump, which is currently paused until July.

Speaking in Jaipur, Vance called Modi a "tough negotiator", adding that the US hopes to deepen ties across trade, defence and energy. The proposed agreement, Bloomberg reported, will cover 19 sectors including agriculture, e-commerce, data storage and critical minerals.

Pope Francis, the first non-European pontiff in nearly 1,300 years and a reformist voice for compassion, passed away at the Vatican on Easter Monday at age 88.

The Vatican confirmed the cause of death as cerebral stroke and subsequent heart failure. He had been battling multiple health issues, including pneumonia in both lungs.

India announced a three-day state mourning. President Droupadi Murmu will attend the funeral in Vatican City on Saturday, marking the country's highest-level participation in the ceremony. 

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