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The GIFT Nifty, an early indicator of Nifty's performance, declined to trade at 22,566. On Friday, the Sensex slumped 2.3%, or nearly 1,700 points, to close near 73,600. The Nifty fell 2.1% to end at 22,819.60.
Last week, Indian equity benchmarks declined for the fifth straight week, marking their longest weekly losing streak since the week ending August 10, 2025. In the holiday-shortened week, the Sensex fell 1.2% and the Nifty dropped 1.3%.
Nifty Bank was the worst-performing sectoral index, down 2.1%.
On the other side, Nifty Metal was the top gainer, up 0.4%.
Sensex declined as much as 1,180 points, or 1.6%, to 72,043.
Sensex fell more than 2,000 points ahead of the open.
The brokerage said LPG supply constraints pose a short-term challenge and could have a temporary impact on the company’s performance in Q4.
Morgan Stanley said the issue is an external headwind. It added that if the constraints continue for longer, especially during the IPL season, the impact could extend into Q1.
Citi maintained its Buy rating on Apollo Hospitals with a target price of Rs 9600. It said revenue from the existing and new hospital business is expected to grow 16-17% in FY27 and FY28, with margins of 24-25%.
The brokerage said hospital expansion remains on track and new capacity could break even by the end of FY27. It expects positive EBITDA contribution of 8-10% by FY28.
Citi said the impact from disruption in the Middle East is minimal and recovery is expected in the coming quarters. It also said Bangladesh volumes are recovering, Apollo 24/7 is nearing break-even by Q1FY27, and HealthCo is growing at about 17-18%. It added that the Keimed merger and a future listing could unlock value, and Apollo remains its preferred pick in the Indian hospitals space.
Tata Motors Passenger Vehicles is in focus after saying the disruption at JLR is short term.
Sun Pharma is in focus after the Gliostar trial failed to meet its primary endpoint.
Dilip Buildcon is in focus after winning a Rs 698 crore Narmada project.
KNR Construction is in focus after receiving a Rs 1,734 crore order from NHAI.
Kotak Securities has initiated coverage on Emmvee Photo with an Add rating and a target price of Rs 250.
The brokerage said the company is one of India’s integrated solar cell and module manufacturers and expects delivery to stay on track. It expects profit after tax to grow at a 44% CAGR over FY25-30.
Kotak said growth could be supported by capacity expansion, higher backward integration and better capacity utilisation. It added that higher competition may affect margins and return ratios from FY28.
RailTel is in focus after winning orders worth Rs 444 crore and reporting an order book of Rs 10,166 crore.
Dredging Corp is in focus after highlighting a Rs 1,400 crore order book and major growth plans.
JNK India is in focus after bagging an order valued in the Rs 300 crore to Rs 600 crore range.
Ceigall India is in focus after winning a Rs 603 crore project from NHAI.
Nomura said the government has activated fiscal support by cutting fuel excise duties. It estimated the move could cost the Centre about Rs 1.6 lakh crore to Rs 1.8 lakh crore, or about 0.5% of GDP.
JPMorgan said the excise duty cut could result in a revenue loss of about Rs 1.75 lakh crore, or around 0.5% of GDP, in FY27. It added that if crude prices stay high, the government may need to cut excise duty further or eventually raise pump prices.
JPMorgan said valuations across many financial stocks look attractive after the recent correction.
The brokerage said earnings impact is yet to be fully reflected and sees estimate cuts over the next few months depending on how long the conflict lasts.
JPMorgan said investors should buy the sector selectively with a focus on quality. It prefers companies with a strong record in handling macro pressure and a strong liability franchise, while remaining cautious on NBFCs and selective on higher-yielding and wholesale-funded names.
Jefferies said discussions with 12 NBFCs and housing finance companies pointed to healthy business and asset quality trends, with limited impact from the conflict so far in Q4.
The brokerage said a prolonged conflict could affect asset quality and growth, and added that April collections will give a clearer picture of any stress.
Jefferies said marginal cost of funds is up 20-30 basis points for most companies, though many expect average net interest margins to stay steady year-on-year in FY27. It said valuations have corrected and continues to prefer Bajaj Finance, Shriram Finance and Chola Finance. It added that housing finance companies may see more resilient asset quality.
On Friday, the Sensex dropped 2.3%, or nearly 1,700 points, to close near 73,600. The Nifty fell 2.1% to end marginally above 22,800.
Japan’s Nikkei 225 was down 4.65%, while South Korea’s Kospi fell 3.51%.
Hong Kong’s Hang Seng declined 1.84%, Australia’s ASX 200 dropped 1.18%, and Shanghai slipped 0.67%.
Oil prices moved higher after Yemen’s Houthis fired missiles at Israel and after the US President Donald Trump said that he wants to seize Iran’s oil.
The developments added to concerns over risks to energy flows from the Middle East.
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