Stock Market Crash News Today Live Updates: Nifty Falls Near 23,700, Sensex Down Nearly 400 Points; Infosys, ICICI Bank Top Losers

Nifty slipped as much as 0.4% to 23,716 in early trade.

The Sensex fell up to 0.5%, or 384 points, to 75,631.77 at the open.

• Nifty 50 was down 0.43% or 101.35 points at 23,714.50 in pre-market trade.
• The Sensex slipped 0.26%, or 195.35 points, to 75,819.93, signalling a weak start for Indian equities.

• The rupee opened at a record low on Tuesday.
• The local currency weakened by as much as 24 paise to 95.55 against the US dollar in early trade.

• Morgan Stanley maintained an Underweight rating on Canara Bank with a target price of Rs 103. It said Q4 performance was supported by a beat in net interest income, though core pre-provision operating profit missed estimates due to lower core fee income.
• The brokerage flagged a sharp rise in slippages quarter-on-quarter, while higher non-core fees and lower provisions drove a 23% profit beat. Morgan Stanley said the stock could face near-term pressure amid stronger results at peer public sector banks and cited low core return on assets and macro risks.

Bharat Petroleum Corporation may report lower earnings for the March quarter, according to Bloomberg estimates, despite support from inventory gains and stronger refining margins. Net revenue is expected to dip 0.4% year-on-year to Rs 1,17,300 crore, while Ebitda may fall 33% to Rs 7,789 crore and net profit may decline 20% to Rs 6,043 crore. Ebitda margin is seen at 6.6% versus 9.9% a year earlier.

Bloomberg estimates point to inventory gains from higher crude prices and stronger diesel cracks supporting refining earnings, with Singapore GRMs averaging about $9.4 per barrel. However, higher freight and insurance costs, along with losses in petrol, diesel and LPG retailing, are expected to weigh on performance. Blended marketing margins are estimated to turn into a loss, while LPG under-recoveries are seen rising during the quarter.

Investec maintained a Hold rating on Godrej Consumer and cut its target price to Rs 1,130, citing near-term raw material pressure, weakness in soaps and Indonesia, while flagging portfolio changes and category expansion as long-term growth drivers.

Jefferies reiterated a Buy rating with a target price of Rs 1,400, pointing to faster growth in selected categories, steady base business performance and improvement in cash flows and Africa margins. Morgan Stanley kept an Equal-weight rating and lowered its target price to Rs 1,109, highlighting portfolio transformation and double-digit growth expectations over the medium term. Citi maintained a Buy rating with a target price of Rs 1,300, citing improving growth visibility across regions, while flagging some margin sensitivity to commodity inflation.

Dr Reddy’s Laboratories may report lower revenue and profit for the March quarter, according to Bloomberg estimates, due to weakness in its US business and erosion in gRevlimid sales. Revenue is estimated to fall 3.2% year-on-year to Rs 8,248 crore, while net profit may decline 45% to Rs 871 crore. Ebitda is seen down 24.5% at Rs 1,507 crore, with margin at 18.3% versus 23% a year earlier.

Bloomberg estimates indicate the US business may drop about 35% year-on-year amid the gRevlimid patent cliff, portfolio weakness and inventory adjustments, with some estimates showing no gRevlimid contribution in the quarter. India formulations are expected to grow 14–17%, while Russia, CIS and Europe may support performance. Management commentary on semaglutide approvals and biosimilar plans will be in focus.

Dixon Technologies may report pressure on profit and margins in the March quarter, according to Bloomberg estimates, due to weak mobile phone volumes and operating leverage. Revenue is seen rising 2% year-on-year to Rs 10,478 crore, while Ebitda may fall 9% to Rs 399 crore, with margin at 3.8% versus 4.3% a year earlier. Net profit is estimated to decline 54% to Rs 182 crore.

Bloomberg estimates noted that the year-ago quarter included fair value gains of Rs 250 crore from investments in Aditya Vision. Investors will watch for updates on the proposed joint venture with Vivo, for which approvals are still pending.

• Tata Power may post lower profit for the March quarter, according to Bloomberg estimates, due to the shutdown of the Mundra plant and pressure on engineering, procurement and construction margins.
• Revenue is seen falling 6.2% year-on-year to Rs 16,020 crore, while net profit may decline 36.8% to Rs 825 crore. Ebitda is estimated to rise 4.2% to Rs 3,198 crore, with margins at 20% versus 18% a year earlier. Bloomberg estimates indicate no generation at the Mundra plant during the quarter, while higher commodity prices continued to weigh on third-party EPC margins.

• Citi said Q4 earnings have been modestly below expectations so far, with EBITDA and profit growth at about 9% year-on-year. It noted EBITDA beats in materials, consumer and healthcare, and a miss in energy. Company commentary pointed to rising inflation risks from geopolitical developments, with limited disruption so far.
• The brokerage said consumption trends remain steady to improving across autos, staples and discretionary. Citi inducted utilities into its sector overweight and continued to favour financials, telecom, defence and healthcare. It set a Nifty target of 27,000 for December 2026, based on 19 times forward earnings.

Citi maintained a Buy rating on PB Fintech with a target price of Rs 2,275, citing market share gains across insurance segments, product-led growth and investments in new platforms such as Pension Bazaar. The brokerage flagged multiple levers to manage commission-related risks.

Macquarie retained its Outperform rating with a target price of Rs 1,945, highlighting continued market dominance, a shift towards a value-partner model and a recalibration at Paisabazaar to improve profitability. Jefferies kept its Buy rating with a target price of Rs 1,950, pointing to operational drivers, value-added services and capital strength. Morgan Stanley maintained an Underweight rating with a target price of Rs 1,215, focusing on higher customer engagement, app-led retention and a gradual recovery in Paisabazaar profitability.

Morgan Stanley retained its Equal-weight rating on Indian Hotels with a target price of Rs 700, citing steady Q4 performance and reiteration of its double-digit revenue growth guidance for FY27. The brokerage flagged stronger-than-expected standalone RevPAR in the quarter.

Macquarie maintained its Outperform rating with a target price of Rs 770, noting a strong Q4 supported by domestic traffic, but said FY27 revenue growth guidance has been lowered by 100 basis points. Jefferies kept its Buy rating with a target price of Rs 800, citing strong domestic demand, 15% EBITDA growth in FY26 and guidance for 12–14% revenue growth in FY27.

Citi maintained its Buy rating on Nuvama Wealth and raised its target price to Rs 2,050 from Rs 2,000.

The brokerage cited strong business momentum, steady yields and healthy wealth flows, and raised its FY2028–29 profit estimate by 2% on higher wealth revenue assumptions.

• Key market actions include the Nifty expiry and the release of CPI data for India and the United States. A lock-in expiry is scheduled for Billionbrains Garage Ventures, while Borosil Renewables and SBI are set to consider fund-raising.
• Earnings are due from Dr. Reddy’s Laboratories, Tata Power and Dixon Technologies, while global results are expected from Siemens Energy, Bayer and Thyssenkrupp.

• Global cues remained mixed as US–Iran diplomacy stayed unresolved, pushing oil prices higher and lifting gold prices. Asian markets opened mixed, while US futures were steady ahead of key inflation data.
• On the domestic front, risk-off sentiment continued with foreign investors remaining net sellers in the cash market for a fifth session. Nifty cues weakened, pressure was seen on the rupee and bond yields, and expectations of a petrol and diesel price hike remained in focus.

• Avalon Technologies, Black Box, Elpro International, Firstsource Solutions, MIRC Electronics and Paramount Communications have been shortlisted under the short-term ASM framework.
• Orient Technologies has been excluded from the ASM framework.

Afcons Infra emerged as the lowest bidder for a Europe project worth Rs 7,544 crore, while HG Infra Engineering received a Rs 3,931 crore road project order. Bharat Forge signed a long-term supply agreement with Embraer, and HFCL secured export orders worth Rs 184 crore. MRF got relief after a Chennai tax authority set aside a Rs 182 crore tax order, while Canara Bank raised MCLR by 5 basis points across tenures from May 12.

Graphite India raised its stake in Graftech to 9.79%, and Windsor Machines signed an MoU to sell its Thane property for Rs 162 crore. Vodafone Idea said it has received no communication from Vodafone Group on any stake sale. Adani Ports appointed Niraj Bansal as CEO–Ports from June 1, while TeamLease Services’ board will consider a buyback on May 20.

Other updates include Voltas winning its Qatar appeal case with payments and guarantees ordered in its favour, United Spirits amending the RCB share sale agreement with new investors, and NHPC’s stake in Chenab Valley Power Projects declining to 50.86% after dilution.

Earnings are in focus for Bharat Bijlee, Berger Paints India, Bliss GVS Pharma, Borosil Renewables, Bharat Petroleum Corporation, Clean Max Enviro Energy Solutions, Cohance Lifesciences, Dixon Technologies India, Dr Reddy’s Laboratories, Elantas Beck India, Ethos, Gopal Snacks, Huhtamaki India, Indraprastha Medical Corporation, INOX India, Sai Silks Kalamandir, Kalpataru, KPR Mill, Sri Lotus Developers and Realty, Max Financial Services, MTAR Technologies, Nazara Technologies, Neuland Laboratories, NIIT Learning Systems, Novartis India, Park Medi World, Pfizer, Religare Enterprises, Keystone Realtors, Sagility, Seshasayee Paper and Boards, SKF India, Industrial Stove Kraft, Tata Power Company, Texmaco Rail Engineering, Thomas Cook India, Torrent Power, Ventive Hospitality, V-Guard Industries and Vinati Organics.

• Oil prices moved higher after US President Donald Trump said the ceasefire with Iran was under strain following the rejection of Tehran’s counterproposal to end the conflict.
• Brent crude futures for July rose 0.30% to $104.51 a barrel, while US West Texas Intermediate futures for June gained 0.31% to $98.40 per barrel.

S&P 500 futures were marginally higher, while Nasdaq 100 futures rose 0.1%. Dow Jones Industrial Average futures gained 24 points, or less than 0.1%.

• Japan’s Nikkei 225 rose 0.2%, while the Topix gained 0.54%. South Korea’s Kospi advanced over 2% after closing at a record high on Monday, while the Kosdaq rose 0.62%.
• Australia’s S&P/ASX 200 was flat. Hong Kong’s Hang Seng futures traded at 26,421, above the index’s previous close of 26,406.84.

GIFT Nifty traded at 23,737.50, below Monday’s Nifty 50 close of 23,815.85. The early indicator pointed to a lower start for Indian equities.