Stock Market News Today Live Updates: Nifty Near 24,200, Sensex Down 1%; HDFC Bank, ICICI Bank Top Drags

HSBC said Indian equities are now "less attractive" than its North East Asian peers like South Korea in the current macro environment. 

The brokerage has upgraded Korea to 'neutral' from 'underweight' as heavy foreign positions have unwound and some crowded trades have eased. Moreover, supportive domestic flows and strong earnings led by AI-driven demand underpin the outlook.

Korea's benchmark Kospi index has surged 51% year-to-date, compared to a 6.7% decline in India's blue-chip Nifty 50 index.

Anil Rai Gupta, Chairman of Havells India, told NDTV Profit that the ongoing Middle East conflict is expected to be temporary in nature. He expressed confidence that the company will see better growth in the coming year despite near-term challenges.

Gupta also said that price hikes are likely in the near future as the Middle East crisis has begun to push up input and logistics costs.

The company makes cables, fans and other cooling products. These use petroleum derivatives imported into India. 

In other news, the government on Thursday denied news reports suggesting a price hike in petrol and diesel due to higher international crude oil prices. A research report by Kotak Institutional Equities, widely quoted in media, mentioned that the current freeze in fuel prices due to ongoing elections in different states is not sustainable as oil marketing companies (OMCs) are facing heavy losses. Fuel costs in India may rise sharply by Rs 25–28 per litre after the elections conclude.

Last week, crude oil prices hovered around $120 per barrel, putting pressure on the pricing system. Business Today cited the Kotak report to underline the gap between crude futures and actual oil supply, showing continued supply stress. If prices are not revised soon, the financial burden on fuel companies could increase further, it said.

"There are some news reports suggesting a price hike of petrol and diesel. It is hereby clarified that there is no such proposal under consideration by the Government. Such news items are designed to create fear and panic amongst the citizens and are mischievous and misleading," the Ministry of Petroleum and Natural Gas said in a post on X.

L&T Technology Services expects the company to grow at a compound annual growth rate (CAGR) of 13–15 per cent over the next three years, Amit Chadha, MD & CEO, told NDTV Profit. The company said the number of AI-related patents has increased, reflecting a stronger focus on advanced technologies. It also expects its continuing business to post sequential growth going forward.

L&T Tech Services reported large deal wins worth $855 million. Management indicated that, thematically, the second half of the year is expected to be better than the first half.

The technology segment has performed well and contributed significantly to overall growth. The company also said it has divested a part of its business as part of its strategic realignment.

• Nifty futures open interest increased in the latest session.
• Futures participation stayed active as traders rolled positions into the next series.
• The move signals continued positioning around expiry week.

• FIIs remained net short in index futures in the latest session.
• Client positions stayed on the opposite side, showing mixed market bets.
• Traders are tracking institutional flows ahead of weekly expiry.

• Naukri, Marico and Page Industries were among stocks showing fresh short build-up.
• Cholamandalam, IOC and Alkem also featured in the list.
• Prices fell while open interest increased in these counters.

• Sun Pharma, Polycab and Coal India were among stocks showing short covering.
• Torrent Power, Lupin and Laurus Labs also featured in the list.
• Prices rose while open interest declined in these counters.

• HCLTech, Titan and Indigo were among stocks witnessing long unwinding.
• Havells, HAL and Hero MotoCorp also appeared in the list.
• Prices declined alongside lower open interest in these names.

• Glenmark, Lupin and Mankind were among stocks showing accumulation in futures.
• National Aluminium, Hindustan Unilever and Oil India also featured in the list.
• Prices rose with higher open interest in these counters.

• Bank Nifty total open interest rose sharply since the last expiry.
• Call and put segments both saw strong additions across key strikes.
• Traders are tracking expiry-led moves in banking stocks.

• The 57,500 strike saw the highest call open interest in Bank Nifty weekly options.
• Additional call positions were visible at 57,000 and 57,400 strikes.
• Upside resistance is building in the higher strike zone.

Cipla US arm gets FDA approval for Albuterol Sulfate Inhalation Aerosol, an equivalent of Ventolin, marketed by GSK. The drug is used to treat bronchospasm.

Source: Exchange Filing

• Brent crude futures slipped 15 cents to $101.76 a barrel after settling above $100 for the first time in over two weeks in the previous session.
• West Texas Intermediate futures also eased, down 14 cents to $92.82 in trade.

• Since the last expiry, Sensex call open interest rose sharply across major strikes.
• Put open interest also increased, showing fresh positioning ahead of weekly expiry.
• The build-up reflects higher derivatives activity in the index.

• Asian equity markets declined in trade, with losses seen across major indices. Japan’s Nikkei fell over 1% after retreating from its recent record high.
• Australia’s ASX 200, Hong Kong’s Hang Seng, South Korea’s Kospi and China’s Shanghai Composite were also in the red, indicating broad-based weakness across the region.

• US equity futures traded lower. S&P 500 futures fell 0.63%, while Nasdaq 100 futures declined 0.71%.
• Futures linked to the Dow Jones Industrial Average were down 353 points, or 0.71%, indicating a weaker start for US markets.

• The 24,000 strike carried the highest put open interest in Nifty weekly options.
• Heavy put positions were also seen at 24,200 and 23,500 strikes.
• The setup points to support near lower strike levels.

• The 25,000 strike held the highest call open interest in Nifty weekly options.
• Strong call positions were also visible at 24,500 and 25,200 strikes.
• The structure indicates sellers remain active near higher levels.

• The 77,000 strike had the highest put open interest in Sensex weekly options.
• Put positions were also strong at 78,000 and 77,500 strikes.
• Traders are tracking lower strikes as immediate support zones

• The 79,000 strike carried the highest call open interest in Sensex weekly options.
• Strong call positions were also visible at 78,800 and 78,700 strikes.
• The setup suggests a near-term resistance band for expiry trade.

• Auto stocks traded mostly lower in early trade. Ashok Leyland fell about 3.27%, while TVS Motor declined around 2.89%.
• M&M slipped 1.75%, Samvardhana Motherson was down 1.60%, and Bharat Forge fell about 1.15%.
• Tube Investments was the lone gainer in the pack, rising about 3.25%.


 

• Nifty Pharma stocks traded higher, led by Dr Reddy’s Laboratories, which rose about 6.24%, and Piramal Pharma, up around 6.05%.
• Cipla, Glenmark and Mankind Pharma also gained between 3% and 3.4%, supporting the sector’s rise.
• Alkem Laboratories was the only stock in the pack to trade lower, down about 1.62%.


 

• Larsen & Toubro said its Building and Factories division has secured new orders in the range of Rs 1,000 crore to Rs 2,500 crore. One of the orders has been awarded by Oberoi Realty, according to an exchange filing.

Havells India

• Stock fell as much as 5.8% to Rs 1,271
• Trading volume was 13 times its 20-day average

Krishna Institute of Medical Science
Stock fell as much as 5.5% to Rs 644.50
Trading volume was almost eight times its 20-day average

Bharat Coking Coal

• Stock fell as much as 4.9% to Rs 34.06
• Trading volume was almost triple its 20-day average

Sterlite Technologies

• Stock fell as much as 5% to Rs 276.05
• Trading volume was 18% above its 20-day average

Indiqube Spaces

• Stock rose as much as 12.6% to Rs 187.75
• Trading volume was more than triple the 20-day average

Websol Energy System

• Stock rose as much as 10% to Rs 106.79
• Trading volume was more than triple its 20-day average

• Eleven of the 15 sectoral indices on the NSE traded lower in early trade.
• Nifty Auto was the top laggard, down 0.9%, followed by financial services, consumption and bank indices, which also traded in the red.
• On the upside, Nifty Pharma rose 0.5% and was the top gainer, while Nifty Energy also traded higher.


 

Trent traded in a narrow but volatile range after announcing its Q4 results, dividend and bonus share issue. The stock moved between Rs 4380.20 and Rs 4460 in early trade.

The share was last seen at Rs 4433.50, nearly unchanged from its previous close of Rs 4434.50.

• ICICI Bank and HDFC Bank were the biggest drags on the Nifty 50, contributing 27.67 points and 26.21 points, respectively, to the index’s decline.
• M&M, Reliance Industries and Bajaj Finance also weighed on the index, with negative contributions of 12.77 points, 11.42 points and 10.03 points.
• On the positive side, Dr Reddy’s added 5.14 points, ONGC contributed 4.4 points and TCS added 2.39 points.


 

Indian equity benchmarks opened lower, extending losses for a second straight session. The Sensex fell as much as 823 points, or 1.05%, to 77,693, while the Nifty dropped 1% and slipped below the 24,200 mark in early trade.

Indian equity benchmarks came under sharp selling pressure in the pre-market trade. The Nifty fell close to the 24,200 mark, while the Sensex declined by more than 1,400 points.

The rupee opened lower against the US dollar, extending its decline for a fourth straight trading session. The local currency weakened by as much as 20 paise, or 0.22%, to 94 in early trade.

• Indian Oil Corp said supplies of petrol, diesel and LPG remain normal across Jammu and Kashmir and Ladakh. The company said stocks are adequate to meet public demand.
• It also said its refineries are operating at higher capacity to meet rising requirements and prevent any shortages.

Source: PTI

• HSBC Asia Equity Strategy downgraded India to Underweight from Neutral, citing potential inflation and demand pressures that may affect earnings growth.
• The brokerage said it is concerned about the durability of the current earnings recovery and expects consensus 2026 earnings growth forecasts of 16% year-on-year to be revised lower in the coming months.
• It said valuations have corrected from peak levels but may still look elevated if earnings estimates are cut. HSBC added that India appears less attractive than North East Asian peers in the current macro environment.

• Paper stocks including JK Paper, ITC, West Coast Paper and Andhra Paper are in focus after paper prices rose over the past three to four months amid lower import pressure.
• Domestic mills are planning a Rs 2 per kg price hike for maplitho paper from May 2026 and a Rs 3 per kg increase for copier paper from the same month.
• JK Paper management has said timber prices have started to soften and may ease further over the next two years. Timber accounts for about 50-55% of paper raw material cost, while inventory levels at mills and dealers are currently low.

• Mayuresh Joshi of MarketSmith India told NDTV Profit that Trent delivered a strong operational performance in Q4 and said its margin was ahead of analyst estimates. He said demand trends need close tracking and flagged cautious consumer demand due to the war as a risk for the company.
• He also said the stock’s valuation remains expensive.

• Matt Orton of Raymond James Investment Management told NDTV Profit that investors still want to diversify and said earnings in India’s financial sector have shown strength.
• He also said many ships remain stuck in the Persian Gulf, while the global build-up in AI remains insulated from geopolitical developments.

• Jefferies maintained its Hold rating on Havells with a target price of Rs 1290. It said growth in cables and wires offset a decline in consumer products, while Lloyd posted an EBIT loss for a fourth straight quarter.
• Macquarie maintained its Outperform rating with a target price of Rs 1588. It said cables continued to lead growth, but flagged near-term demand and margin risks from macro uncertainty linked to the Middle East conflict.
• Jefferies expects EPS CAGR of 20% over FY26-28 and said valuations are 5% above the 10-year average. Macquarie said Havells’ product mix, brand and premium positioning remain key supports.

• Indian markets are set for a mixed opening, with trade expected to remain in a consolidation phase as uncertainty in the Middle East continues.
• Asian cues are mixed, with the Kospi and Nikkei at record highs, supported by strong macro data from Japan and South Korea. Oil has risen for a fourth straight session, while gold and the dollar remain volatile.
• Foreign institutional investors were sellers in the cash market for a third day, with short positions at 78% versus 77% earlier. Trent and SBI Life remain in focus after their Q4 results.

• Stocks in focus today include Infosys, Adani Transmission, Cyient, LTM and IEX ahead of Q4 earnings. Balrampur Chini Mills, SPML Infra and Cyient are also on watch for fund-raising moves, while Rolex Rings is in focus for its buyback.
• Other events for the day include Sensex expiry, the share lock-in expiry of Shadow Fax, and HSBC PMI data for India.
• Investors will also track the start of voting in the state elections in Tamil Nadu and West Bengal, along with US initial jobless claims.

• Morgan Stanley kept its Overweight rating on Trent with a target price of Rs 4835, citing a margin beat in Q4. It said consumer sentiment was stable, though discretionary spending moderated, while raw material inflation and labour tightness were managed through sourcing.
• Citi maintained its Sell rating and raised its target price to Rs 4100 from Rs 3800. It said execution remained strong but flagged risks to margin sustainability, adding that gross margin may have benefited from a reversal in inventory provisioning.
• Jefferies kept its Hold rating and increased its target price to Rs 4675 from Rs 4575. It said Q4 growth was supported by store additions and improving like-for-like growth, while operating leverage and internal measures lifted operating EBITDA.

• BofA said it remains cautious on capital goods stocks, citing valuations close to upcycle levels despite what it sees as mid-cycle earnings growth.
• The brokerage expects capex CAGR of 10% over FY26-28, below the Street estimate of 15%, and said the market may be underestimating the indirect impact of the Iran conflict on private, central and state government capex.
• BofA said stretched valuations and risks to earnings growth could leave the sector exposed in any broader market sell-off. It said it still sees selective opportunities in power, data centres, shipbuilding and defence.

• JPMorgan maintained its Neutral rating on L&T Technology Services and raised its target price to Rs 3600 from Rs 3500. It said the company is starting FY27 on a clean slate, with sustainability expected to maintain growth momentum and auto likely to return to growth.
• Nomura also kept its Neutral rating and raised its target price to Rs 3510 from Rs 3300. It said business restructuring is complete, deal wins remain strong and the pipeline is robust.
• Both brokerages said the exit from low-margin businesses could support margin expansion. Nomura said Project Lakshya targets revenue CAGR of 13-15% and EBIT margin around the mid-16% level, though acquisitions could dilute margins.

• Asian markets were mixed in early trade. South Korea’s Kospi rose 1.01%, while China’s CSI 300 gained 0.35% and the Shanghai Composite edged up 0.02%.
• Japan’s Topix fell 0.97% and the Nikkei 225 declined 0.86%. Hong Kong’s Hang Seng was down 0.65%.
• Australia’s S&P/ASX 200 also traded lower, falling 0.78%.

• Japan’s Nikkei index crossed the 60,000 level for the first time, supported by gains in technology stocks after improved risk sentiment following an extension of the US ceasefire with Iran.
• The index later gave up early gains in choppy trade and declined over 1%. It touched a record high of 60,013.98 at its peak.

With inputs from Reuters.

• Oil prices rose for a fourth straight session as tensions over the Strait of Hormuz continued after the US and Iran did not meet in Islamabad for a new round of talks.
• Brent crude traded close to $102 a barrel after rising nearly 13% over the previous three sessions. West Texas Intermediate was around $93. Intraday, Brent had surged as much as 4.2% to $106.5 a barrel.

• E2E Networks reported a quarter-on-quarter rise in revenue to Rs 95.6 crore from Rs 70 crore and EBITDA to Rs 58.1 crore from Rs 39.6 crore. EBITDA margin improved to 60.7% from 56.6%, and the company posted a net profit of Rs 6.4 crore versus a loss of Rs 5.7 crore. Its board approved a 1:10 stock split.
• SML Mahindra reported Q4 revenue of Rs 898 crore, up 16.4% year-on-year, while EBITDA was flat at Rs 90.38 crore and margin fell to 10.06% from 11.72%. Profit rose to Rs 54.2 crore from Rs 53 crore, and the board recommended a final dividend of Rs 23.5 per share. PNB Housing’s total income rose to Rs 2,172 crore from Rs 2,037 crore, while net profit increased to Rs 656 crore from Rs 551 crore. Its board recommended a final dividend of Rs 8 per share.
• Indosolar’s revenue fell to Rs 83 crore from Rs 192 crore, while EBITDA rose to Rs 64.3 crore from Rs 50.2 crore and net profit increased to Rs 42 crore from Rs 40 crore. The company also appointed Abhishek Pareek as CFO and reappointed Shachindra Nath as vice chairman and managing director

• Iran’s navy said it has taken control of two container vessels in the Strait of Hormuz after the US extended its ceasefire. State media reported that the Revolutionary Guard Navy cited alleged maritime violations and said the ships were moved to Iranian shores.
• The development followed reports from UK maritime authorities that two ships had come under attack in the strait. Iranian media also said a third vessel was targeted.

• US stock futures were little changed on Wednesday night in New York after the S&P 500 and Nasdaq Composite closed at fresh record highs in the regular session. S&P 500 futures slipped 0.1%, while Nasdaq 100 futures were near flat.
• Futures tied to the Dow Jones Industrial Average fell 173 points, or 0.4%.

• US markets closed higher overnight, with the S&P 500 and Nasdaq ending at record levels after President Donald Trump extended the US ceasefire with Iran. The S&P 500 rose 1.05%, while the Nasdaq gained 1.64%.
• The Dow Jones Industrial Average added 340.65 points, or 0.69%, in the session.

• Asian markets traded mixed in early trade, excluding India. South Korea’s Kospi rose 1.65%, the strongest gain among major indices shown.
• Hong Kong’s Hang Seng fell 0.79%, while Australia’s ASX 200 declined 0.58% and Japan’s Nikkei slipped 0.35%.
• China’s Shanghai Composite traded marginally higher, up 0.11%.

GIFT Nifty traded at 24,230, indicating a weaker start for the Nifty 50. This compares with Wednesday’s Nifty close of 24,378.10.