News from Home — April 7, 2026

Headlines

Dated Brent crude hits all-time record at $144 a barrel. The spot price surged as Trump's deadline for Iran to reopen the Strait of Hormuz approaches with no deal in sight. Futures are trading around $109-113, but the premium for immediately available barrels tells the real story. Morgan Stanley calls the current premiums "exceptional." If you're wondering why petrol prices back home are climbing — this is why.
RBI MPC meets today — rate decision tomorrow morning. Governor Sanjay Malhotra is chairing the first bi-monthly policy review of FY27. Markets widely expect the repo rate held at 5.25% with a neutral stance. The committee is weighing oil shock inflation against slowing growth. The press conference is at noon IST on April 8.
New Income Tax Act 2025 is now in effect. As of April 1, the Income Tax Act 1961 has been replaced entirely. The new act uses simplified language and restructured sections. Form 16 is now Form 130. Rule 9 introduces new methods for estimating NRI India-linked income where exact amounts can't be determined. If you file Indian taxes, the form numbers you memorised are all different now.
NRI deposits fall 26% year-on-year. Total inflows dropped to around $10.6 billion, driven mainly by reduced interest in FCNR accounts as global interest rates stabilise and exchange rate volatility eases. NRE FD rates remain at 6.5-7.25% for 1-3 year tenures — still competitive, but not enough to stem the outflow.
Reports of US-Iran ceasefire talks lift sentiment. Multiple mediators are reportedly discussing terms for a potential 45-day ceasefire. Nothing confirmed, but enough to pull markets off their lows today. The Strait situation remains the single biggest variable for Indian inflation and the rupee.

Weather

Delhi: Partly cloudy with chances of light rain and thunderstorms. Western disturbances continue bringing intermittent showers and moderate temperatures. A brief reprieve before the real heat sets in.
Mumbai: 34°C, warm and humid. Partly cloudy skies with coastal humidity making it feel hotter. Classic pre-monsoon Mumbai.
Bengaluru: Mild to warm with possible afternoon thunderstorms. The city continues its tradition of ignoring the calendar.
Chennai: Hot and humid, typical early summer along the eastern coast. Low rainfall chances with possible cloud build-up later in the day.

Markets

Sensex: 74,617 (+0.69%) — recovered 510 points on ceasefire talk hopes
Nifty: 23,124 (+0.68%) — volatile session, 1,400-point intraday swing
USD/INR: 93.08 — rupee steadying after RBI curbs on speculative FX trading
GBP/INR: 123.18
CAD/INR: 66.81
Brent crude: Futures at $109-113, but spot at $144 — the gap tells you everything about supply stress

IT stocks led the recovery — Wipro (+3.8%), HCL Tech (+2.7%), TCS (+2.7%), Infosys (+2.6%). FIIs sold Rs 8,167 crore while DIIs bought Rs 8,088 crore, almost perfectly offsetting. The ceasefire reports did the heavy lifting. Nobody is calling this a bottom — the RBI decision tomorrow and the Hormuz deadline are both still live wires.

Sports

RR crush MI by 27 runs in a rain-shortened 11-over contest in Guwahati. Yashasvi Jaiswal smashed an unbeaten 77 as RR posted 150/3. MI collapsed early — Rohit and SKY out cheaply — and never recovered, finishing at 123/9. Jaiswal named Player of the Match. If you set an alarm for a full match and got 22 overs, at least they were entertaining overs.
KKR vs PBKS washed out in Kolkata. Both teams share points. PBKS climb to number one on the points table. RCB sit second after hammering CSK by 43 runs yesterday.
Two months of compromised sleep remaining. If you're in North America, the IPL survival guide has timezone strategies.

Featured Guide

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