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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%. On Friday, the Sensex slumped 2.3%, or nearly 1,700 points, to close near 73,600. The Nifty fell 2.1% to end marginally above 22,800.
Meanwhile, Oil prices fell as tensions eased in the conflict that has lasted nearly a month. West Texas Intermediate crude dropped 1.5% to $93.07 a barrel, while Brent crude futures fell 0.7% to $100.57 a barrel. Elsewhere in Europe, The pan-European Stoxx 600 fell 0.8%, tracking losses in Aisan markets earlier in the day and overnight Wall Steet's slump. Germany's DAX opened 0.9% lower, while France's CAC 40 dropped 0.5%. The UK's FTSE 100 also opened lower, down 0.35%.
It ended the week at a record low of 94.75 per dollar.
On Friday, the Sensex slumped 2.3%, or nearly 1,700 points, to close near 73,600. The Nifty fell 2.1% to end marginally above 22,800.
All NSE sectoral indices closed lower, with Nifty PSU Bank leading the losses with a 3.9% fall.
The broader market also ended lower. Nifty Midcap 150 fell 1.5% for the week and closed in the red for the fifth week in a row, while Nifty Smallcap 250 lost nearly 1% and declined for the sixth straight week. IDBI Bank and Gujarat Gas were the top losers in Nifty Midcap 150, both down over 11%. Firstcry and Chennai Petro were the top losers in Nifty Smallcap 250, both down over 10%.
All sectoral indices ended lower for the week except Nifty IT. Nifty India Defence was the worst-performing sector, down over 4%, with GRSE and BDL falling over 9%. Nifty IT rose over 1% and gained for the second week in a row, led by Coforge and Oracle Fin, both up over 5%.
Nifty Realty fell for the seventh straight week. Nifty Bank, Nifty Fin Service and Nifty FMCG declined for the fifth week in a row, while Nifty Oil & Gas fell for the fourth straight week and Nifty Pharma ended lower for the third consecutive week. Nifty FMCG marked its lowest weekly close since April 2023, while Nifty Realty posted its lowest weekly close since November 2023.
The update puts the port operator in focus.
Nifty PSU Bank was the worst-performing sectoral index, falling 3.8%.
Nifty Realty, Nifty Bank, Nifty Auto and Nifty Fin Service were also among the main losers.
Reliance Industries was the biggest drag on the Nifty, pulling down the index by 95.83 points. HDFC Bank, SBI, ICICI Bank and Bajaj Finserv also weighed on the index, with contributions of 88.14, 29.52, 27.14 and 23.66 points respectively.
Sensex declined as much as 2.2%, or 1,652 points, to 73,621.17.
Sensex declined as much as 2%, or 1,480 points, to 73,792.52.
Germany’s DAX opened 0.9% lower, while France’s CAC 40 dropped 0.5%.
The UK’s FTSE 100 also opened lower, down 0.35%.
Japan’s Nikkei 225 fell 0.43% to 53,373.07 and South Korea’s Kospi declined 0.40% to 5,438.87.
Australia’s ASX 200 also closed lower, down 0.11% at 8,516.30.
Oracle Financial Services Software and Sammaan Capital saw short covering.
NBCC (India) and PG Electroplast saw long unwinding.
Tata Motors Passenger Vehicles and Sona BLW Precision Forgings saw short build-up.
The update came after the earlier dispute over the Olymviq brand name.
The company expects the washeries to become operational by 2030.
Total coal washeries capacity will be 21.5 million tonnes a year.
Puri said the government is monitoring developments in energy, supply chains and essential commodities in real time.
He said steps are being taken to ensure uninterrupted availability of fuel, energy and other critical supplies, and added that India is prepared to handle emerging challenges.
Incred said ACME Solar is moving from a mid-sized solar developer to a firm and dispatchable renewable energy player. It said 49% of the portfolio is in firm and dispatchable renewable energy.
The brokerage said the case rests on positioning in firm and dispatchable renewable energy, execution, return improvement, pipeline visibility and valuation. It expects EBITDA to grow at a 63% CAGR over FY25-28.
Incred said ACME has about 5 GW under construction or development, with about 80% of that mix in firm and dispatchable renewable energy. It expects capacity addition of 450 MW in FY26, 1.5 GW in FY27 and 1.5 GW in FY28.
The brokerage said higher energy prices could weaken India’s macro position and has lowered earnings growth forecasts by a cumulative 9 percentage points over the next two years. It also expects consensus earnings estimates to be cut over the next two to three quarters.
Goldman Sachs said it prefers banks, staples, telecom, defence and energy. It has turned cautious on autos, consumer durables, NBFCs and oil marketing companies.
Read the full report here.
HEG gained as much as 14.2% to Rs 574.70, while ONGC rose up to 4% to Rs 281. HEG’s volume was 40 times its 20-day average and ONGC’s was 67% above its 20-day average.
On the downside, Reliance Power fell as much as 6.5% to Rs 21.20 and HDFC Bank declined up to 3.1% to Rs 758.10. Reliance Power’s volume was 54% above its 20-day moving average, while HDFC Bank’s was 16% above its 20-day moving average.
Source: Bloomberg
The revised allocation includes the existing 50% supply and an additional 20% now being provided. The government said the 70% level also includes the extra 10% linked to steps taken by states to promote piped natural gas.
The additional allocation will prioritise labour-intensive sectors such as steel, automobiles, textiles, dyes, chemicals and plastics, especially industries that use LPG for specialised heating and cannot shift to natural gas.
The ministry has also asked states to push registration compliance, encourage PNG connections where applicable, and circulate the Natural Gas and Petroleum Products Distribution Order, 2026.
The added capacity has been commissioned at the arm’s unit in Tamil Nadu.
He said the market could see another 5-7% downside from current levels and added that the Street has already priced in a cut in GDP growth.
Maheshwari said it is a good time to start accumulating from the market, but added that many traders may look to short at current levels. He also said he does not expect the RBI to raise rates in the near term and suggested avoiding the market for now.
Japan’s Nikkei 225 fell 0.43% to 53,373.07 and South Korea’s Kospi slipped 0.40% to 5,438.87.
Australia’s ASX 200 was also lower, down 0.11% at 8,516.30.
The board has approved the appointment of Shreehas Pradeep Tambe, currently chief executive officer and managing director of Biocon Biologics, as an additional director from April 1, 2026 and as chief executive officer and managing director for five years from that date, subject to shareholder approval.
Biocon also said interim chief financial officer Mukesh Kamath will step down from the role at the close of business on March 31, 2026 to take up another role within the Biocon Group. He will also cease to be a key managerial personnel and senior management personnel.
Nifty SmallCap 100 declined 1.90% to 15,594.85.
Both indices underperformed the Nifty 50, which was down 1.54%.
India's stock market resumed its decline on Friday, snapping a two-day positive run, tracking global cues as the Iran war and higher oil prices weighed on sentiment. The Nifty 50 and BSE Sensex both fell 1.5% during the session.
The blue-chip indices are set to log their fifth consecutive weekly loss, the longest stretch since August. The conflict in the Gulf, high energy prices and a weaker rupee have taken a toll on Dalal Street.
Oracle Financial Services Software and Oil & Natural Gas Corporation saw short covering.
Housing & Urban Development Corporation and Godrej Properties saw long unwinding.
Tata Motors Passenger Vehicles and Shriram Finance saw short build-up.
The hotel will have 103 keys.
The property is scheduled to open by the fourth quarter of 2027.
The update comes after the Delhi High Court on Wednesday directed the company to pause the launch and sale of Olymviq over similarity with Novo Nordisk’s Ozempic.
The court had said the name could lead to confusion and asked the company to clarify whether it would drop the brand name.
The orders include a float glass plant in Gujarat and a manufacturing facility for a two-wheeler company in Andhra Pradesh. The company will execute civil, steel, mechanical, electrical, plumbing and related works under the projects.
L&T also said it has received add-on orders in existing projects. The company classifies a significant order as one valued between Rs 1,000 crore and Rs 2,500 crore.
Jaguar Land Rover has temporarily suspended production on some vehicle lines at its Solihull plant in the UK due to a parts supply issue.
JLR said the disruption is linked to a supplier problem and is expected to be resolved in less than two weeks. The affected period also includes a pre-planned shutdown for the Easter holidays.
Zaidi said Gulf Cooperation Council countries do not have a united position on the conflict and added that Iran is not under pressure to agree to the US position at this stage.
He said Iran will not give up its uranium stock and added that Donald Trump is now trying to end the war. Zaidi also said Iran’s warnings on infrastructure attacks are being taken seriously.
The company said Paisabazaar was alleged to be the beneficial owner in transactions with certain vendors.
Sensex declined as much as 1.4%, or 1,084 points, to 74,189.
Trading activity was strong in both stocks. Graphite India’s volume was nearly 12 times its 20-day average, while HEG’s volume was more than 20 times its 20-day average, according to Bloomberg data.
Canara Bank fell 3.35%, Bank of Baroda dropped 3.30% and PNB declined 2.84%.
IndusInd Bank and HDFC Bank also weighed on the index, falling 2.26% and 2.10% respectively.
The company said the project has a revenue potential of Rs 700 crore.
Canara Bank led the decline, falling 3.63%. Bank of Baroda dropped 3.52%, Union Bank fell 3.45%, and PNB declined 3.42%.
Bank of India was also among the main losers, down 3.17%.
Infosys rose as much as 1.2% to Rs 1,295 after announcing two acquisitions worth $560 million, or Rs 5,247 crore.
The company will acquire Optimum Healthcare IT for $465 million and Stratus Global for up to $95 million. The deals deepen Infosys’ presence in the US healthcare and insurance segments and are expected to close by Q1FY27. With these transactions, Infosys now has three acquisitions pending closure, including the earlier Versent deal.
The stock also found support from the rupee hitting a record low. A weaker rupee typically helps IT companies because they earn a large share of revenue in US dollars, while a significant part of their costs is in rupees.
IOC fell 1.65%, HPCL was down 0.68%, and BPCL declined 0.63% in trade.
The buyers and sellers were not known immediately.
The buyers and sellers were not known immediately.
Nifty PSU Bank was the worst-performing sectoral index, falling 2.3%.
Nifty IT was the only sectoral gainer, rising 0.9%.
Infosys was the top positive contributor, adding 10.24 points to the Nifty. TCS, HCL Tech, ONGC and Tech Mahindra also supported the index, contributing 8.26, 4.65, 1.97 and 1.02 points respectively.
Sensex declined as much as 1.1%, or 835 points, to 74,437.
Sensex declined 0.6%, or 500 points, to 74,765.
The local currency fell as much as 94.17 at the open.
The court directed Dr Reddy’s to pause the launch and sale of Olymviq till Friday.
The company has been asked to inform the court whether it will drop the name. The court said similar brand names could lead to confusion.
He said petrol prices for customers may remain unchanged despite the duty move.
Surana said the government’s step is aimed at supporting the sustainability of oil marketing companies, with the government and OMCs sharing the impact of the situation.
The MoU covers the expansion of manufacturing units in Karnataka.
The estimated investment for the project is Rs 2,856 crore, according to an exchange filing.
The resolution amount for the acquisition is Rs 700 crore, according to an exchange filing.
The board has also approved the transfer of the licensing content business to its arm ZI-IPR.
Zee will invest Rs 500 crore in ZI-IPR through optionally convertible debentures and Rs 20 crore to acquire a 51% stake in CORE Pvt.
The company said the award has been issued to a consortium of SEAMEC and Supreme Hydro, according to an exchange filing.
Morgan Stanley maintained its Equal-weight rating with a target price of Rs 1760. It said the Optimum Healthcare IT and Stratus deals could account for 1.2% of FY27 revenue and may be neutral to slightly dilutive to earnings due to lower EBIT margins and amortisation costs. It added that Optimum Healthcare IT is still awaiting regulatory approval.
Citi maintained its Neutral rating with a target price of Rs 1395. It said the two acquisitions could add 1.6% to annualised revenue, but flagged the need to assess profitability, the sharp jump in Optimum’s CY25 revenue after a decline in CY24, and integration risks.
The brokerage expects revenue, EBITDA and profit after tax to grow at a CAGR of 19%, 21% and 25% over FY25-28.
Anand Rathi said the company’s valuation is supported by focused expansion, an asset-light model and cash flow. It added that a technology-led supply chain and hub-and-spoke distribution support execution.
The brokerage said Vishal Mega Mart plans to add 80-100 stores every year, with South and West India still underpenetrated. It also said private labels remain central to growth, while the company’s focus on lower- and middle-income consumers and its presence in tier-2 and tier-3 markets support growth.
The brokerage expects revenue to grow at a CAGR of 15% over FY26-28, while profit after tax is seen rising at a 16% CAGR over the same period. It expects EBITDA margins to remain above 70%.
Motilal Oswal said the company is placed to benefit from growth in India’s mutual fund industry and expects mutual fund quarterly average assets under management to grow at a 17% CAGR over FY26-28.
It added that yields remain stable despite the telescopic TER structure and a larger asset base, supported by a steady equity mix, performance and distribution discipline.
The government has reduced the special additional excise duty on petrol to Rs 3 per litre from Rs 13 per litre.
The special additional excise duty on diesel has been cut to nil from Rs 10 per litre.
Ola Electric has launched a campaign and is offering electric vehicles at Rs 49,999.
Power Mech Projects is on the watchlist after its order book was reduced by Rs 1,563 crore.
Tolins Tyres, Shree Tirupati Balajee, Saatvik Green Energy, Gujarat Kidney & Super Speciality and Gaudium IVF are on the watchlist as their lock-in period ends.
The deals deepen Infosys’ presence in the US healthcare and insurance segments and are expected to close by Q1FY27. With these transactions, Infosys now has three acquisitions pending closure, including the earlier Versent deal.
Optimum Healthcare IT is a healthcare IT digital transformation company serving US hospitals and payers. Infosys said the deal will expand its healthcare presence, add new clients and bring more than 1,600 experts. Optimum reported CY25 revenue of $275.9 million.
Stratus Global serves property and casualty insurers and focuses on insurance technology. Infosys said the deal will strengthen its insurance business and support AI-led digital transformation. Stratus reported CY25 revenue of $42.8 million.
The two deals are expected to add to revenue growth, though both may be marginally dilutive to earnings per share in the initial years. Infosys’ three pending acquisitions are estimated to contribute 2.0% to 2.5% inorganic growth in FY27.
The company said the reports of buying Iranian oil are entirely baseless.
The brokerage said the business did not scale as management had expected at the time of the 2023 acquisition and had weighed on margins and cash flow.
Morgan Stanley said the exit fits management’s framework for non-strategic businesses and sees the transaction as slightly positive, adding 1.5-2% to market value.
The brokerage said injectable prices are in the Rs 1,290-4,500 a month range. Natco and Glenmark are at the lower end, while Dr Reddy’s and Torrent are priced higher. It added that Torrent alone is selling the oral form at smaller discounts.
Jefferies said most brands are sold out online due to supply mismatch and tighter regulation. It added that strict prescribing norms favour companies such as Sun Pharma, Lupin and Torrent.
The brokerage said if the conflict continues for longer, it could affect net interest margins, growth and asset quality, in that order.
It said working capital demand has risen, while some capex is slowing. Jefferies added there has been no move on moratoriums with the RBI so far, as the impact is not yet broad. It said collections in April will be important to watch and reiterated that Nifty Bank price-to-book is near lows, offering attractive risk-reward.
The brokerage said one month of no work for L&T in the Middle East could mean a 6-8% hit to annual earnings per share.
Jefferies said NTPC and JSW Energy could see upside from a recovery in power demand and execution. It added that margin expansion could support Siemens Energy and Hitachi Energy, while Cummins offers visible FY25-28 earnings growth and return ratios.
In defence, Jefferies said Bharat Electronics remains a core holding, while some contra investing has started in Hindustan Aeronautics. It added that KEI stands out for its exposure to multiple end markets.
The brokerage has cut its earnings growth forecast for India by a cumulative 9 percentage points over the next two years and said consensus estimates could see meaningful cuts over the next two to three quarters. It also lowered its 12-month Nifty target to 25,900 from 29,300.
Goldman Sachs said near-term investor sentiment could stay soft and prefers defensive sectors over cyclical ones. It is overweight on banks, staples, telecom, defence and energy, while downgrading cyclicals and downstream sectors such as durables, autos, NBFCs and OMCs.
The brokerage said macro risks may rise in early FY27 and expects the recovery to remain slow and uneven. It said management commentary on Middle East impact, total contract value trends and AI will be in focus.
Citi said margin trends need monitoring, though a weaker rupee could help in the near term. It remains cautious on the sector and prefers Infosys and HCL Tech among large-cap names.
In the Asia Pacific ex-Japan relative-return portfolio, the weighting in Australia and India has been cut by two percentage points each.
The weighting in Taiwan has been increased by four percentage points.
It said the reward-risk balance looks better for the medium term.
Kotak added Coforge, Embassy REIT, Eureka Forbes, Federal Bank, Home First, Jubilant Food and Vishal Mega Mart to its mid-cap portfolio. It added DLF, Godrej Consumer and Info Edge to its large-cap portfolio.
The brokerage reduced weight on Reliance Industries and increased weight on M&M.
The brokerage said companies are passing on cost increases in phases, which should help ease near-term cost pressure.
Nomura said strong summer demand remains the key factor to track, as the outlook for demand and margins will depend on the season.
West Texas Intermediate for May delivery dropped 1.5% to $93.07 a barrel.
Brent crude futures fell 0.7% to $100.57 a barrel.
Australia’s ASX 200 was down 0.79% at 8,458.10.
Hang Seng index futures were at 24,782, below the last close of 24,856.43.
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