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Indian equity benchmarks closed higher on Wednesday, extending gains to a second consecutive trading session. The BSE Sensex ended 1.6% or nearly 1,200 points higher at 75,273 and the NSE Nifty 50 rose as much as 1.7% to 23,306.
The broader markets outperformed the benchmarks with the Nifty Midcap 150 and Nifty Smallcap 250 adding over 2%. More than 2,800 stocks on the BSE ended in green and nearly 1,300 in red.
HDFC Bank and Larsen and Toubro added the most points to the Nifty. Shriram Finance and UltraTech Cements were the top gainers on the blue-chip counter.
All 12 sectoral indices on the NSE ended higher. The Nifty PSU Bank and NSE Realty gained the most.
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The rupee closed 10 paise weaker at 93.97 against the dollar, a new record closing low.
Source: Bloomberg
The Nifty and Sensex ended higher for a second consecutive session as geopolitical tensions seemed to ease over Iran.
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LG Electronics India has signed power purchase agreements with Sunsure Energy and Hinduja Renewables to source solar power for its manufacturing facilities in Greater Noida and Pune. Under the agreements, the company will procure 11 MWp of solar power for its Greater Noida unit and 9.8 MWp for its Pune manufacturing facility, as part of its efforts to increase the use of renewable energy in its operations.
Source: Exchange filing
The UK’s FTSE 100 rose 0.9%, Germany’s DAX gained 1.6%, and France’s CAC 40 was up 1.4%.
Italy’s FTSE MIB also traded 1.4% higher.
South Korea’s KOSPI gained 1.59% to 5,642.21, Hong Kong’s Hang Seng rose 1.09% to 25,335.95, and Shanghai advanced 1.30% to 3,931.838.
The Lok Sabha has cleared the Finance Bill, 2026
Oil prices are extending losses, while value buying in small- and mid-cap stocks is also supporting sentiment.
The rupee is trading marginally below 94 against the US dollar, while gold and silver prices have rebounded.
The bank said Q4 is set to reach 90% of its 9M FY26 referral loan disbursements. It had reported Rs 700 crore in referral loan disbursements in 9M FY26.
Fino Payments Bank said the increase reflects traction in rural credit demand and added that it remains on track for Rs 1,300 crore in referral loan disbursements in FY26.
"Following instructions from the Municipal Corporation of Panchkula, Kotak Mahindra Bank initiated a detailed reconciliation of fixed deposits and linked bank accounts maintained by the Municipal Corporation. As part of this exercise, the Bank has confirmed, based on records examined so far, that all account opening processes, KYC documentation, authorised signatories and instructions received from the Municipal Corporation were in order, and that the accounts and transactions were handled in strict adherence to due process and applicable banking norms.
"A significant portion of the amounts under review has already been reconciled with the Municipal Corporation, and the reconciliation process is continuing in an orderly manner. Further, in keeping with its governance standards and to ensure that the matter is examined independently and comprehensively, the Bank has filed a formal complaint with the Panchkula Police. The Bank is cooperating fully with the Municipal Corporation, government authorities and law enforcement agencies in this process.”
Nifty PSU Bank was the top-performing sectoral index, rising 3.1%.
Nifty Fin Service, Nifty Bank, Nifty Rural and Nifty Consumption were also among the stronger gainers.
Senior officers from the Ministry of Petroleum and Natural Gas, Ministry of External Affairs, Ministry of Information and Broadcasting, and Ministry of Shipping will brief the media.
The update keeps energy, shipping and foreign policy-related developments in focus.
Sitharaman added that the Bill supports sectors such as maritime and nuclear.
Biocon Ltd. is expected to be the biggest beneficiary as major pharma players exit European insulins market. On Tuesday, reports said Eli Lilly and Co. is phasing out select insulin products across parts of Europe for commercial reasons, with regulators emphasising that the move is not linked to safety or quality concerns. The withdrawals, which vary by country, are expected to be completed before the second quarter of 2027. The company is a major player in the insulin market.
Last year, Novo Nordisk stopped marketing some of selected presentations of insulins due to commercial reasons.
HDFC Bank led the gains in the index with a contribution of 88.89 points.
L&T, ICICI Bank, SBI and M&M also supported the Nifty, contributing 31.43, 31.07, 28.6 and 23.7 points respectively.
The buyers and sellers were not known immediately.
Sensex gained as much as 2.2%, or nearly 1,700 points, to 75,735.59.
TVS Holdings will pay an interim dividend of Rs 86 per share, according to an exchange filing.
The proposed changes focus on easing the income tax framework, while also giving the tax department wider powers to reopen assessment cases based on orders from courts and appellate tribunals. Older cases may also be revisited if backed by judicial findings or directions.
The amendments also propose a defined response window for tax notices, with a minimum of 30 days and a maximum of three months. They seek to protect approvals granted by tax officials from technical challenges during litigation.
On tax incentives, the proposal includes extending SEZ deduction benefits to 20 years in certain cases, including IFSC units under Section 80LA, and capital gains relief for beneficiaries under the Andhra Pradesh land pooling scheme.
Sammaan Capital and Kaynes Technology India saw short covering.
There was no stock in the third category marked as NA.
United Spirits and Oil India saw short build-up.
The brokerage said Mphasis remains largely dependent on the US BFSI outlook and lacks broader diversification within and beyond the segment.
CLSA said deal wins have shown some promise, but this has been offset by weakness in the base business. It added that the company runs at a stable mid-teen EBIT margin, with limited operating leverage.
The company said it will sell IPL franchise Royal Challengers Bengaluru to a consortium led by the Aditya Birla Group for Rs 16,660 crore.
The deal is subject to closing conditions and approvals, including from the BCCI and the Competition Commission of India, according to an exchange filing. Royal Challengers Sports owns the RCB teams in the IPL and Women’s Premier League.
Sensex gained as much as 1.5%, or 1,162 points, to 75,230.45.
He said AI risks and layoffs are adding to stagflation trends, while fertiliser and energy costs are likely to stay elevated.
Sanger said Iran could continue to influence oil flows even after the war ends. He added that the risk to markets could rise if the Strait of Hormuz remains closed in April and that risk assets may see downside in that scenario.
In its March 23 filing, the company said it has met the required minimum public shareholding after promoters sold 26,38,747 shares through an offer for sale on March 19.
In simple terms, the promoter stake has come down to 89.90%, while public shareholding has increased to 10.10%. The revised shareholding stands at 4,73,61,253 shares with promoters and 53,20,897 shares with the public.
Anant Raj led the gains in the index, rising 4.25%. Phoenix Mills gained 3.88% and Signatureglobal rose 3.86%.
Brigade Enterprises and DLF were also among the top gainers, both up 3.65%.
Tech Mahindra was the top drag in the index, down 2.19%. Persistent Systems fell 0.84%, Infosys declined 0.69%, HCL Tech was down 0.36% and Mphasis slipped 0.32%.
On the other hand, Coforge rose 0.53%, Oracle Financial Services gained 0.46% and Wipro was up 0.21%.
The RBI also waived the public notice period and approved the indirect change of control of wholly owned subsidiary Sammaan Finserve, according to an exchange filing.
Under the deal signed last October, Avenir will invest Rs 8,850 crore through a preferential issue to acquire a 41.23% stake. The company will issue over 33 crore shares at Rs 139 apiece to raise Rs 4,587 crore, with the balance to come through two tranches of warrants.
The company said room air-conditioner production has almost normalised.
PG Electroplast said the LPG issue has been addressed to a large extent for the time being.
Infosys was the biggest drag on the Nifty, pulling down the index by 6.62 points. Tech Mahindra, HCL Tech, Coal India and ONGC also weighed on the index, with contributions of -5, -2.16, -0.92 and -0.73 points respectively.
Nifty Realty was the top gainer, rising 2.9%.
Nifty IT was the only sectoral loser, down 0.7%.
Sensex gained more than 500 points ahead of the open.
It later extended losses and depreciated as much as 7 paise to 93.95 against the US dollar.
UBS assumed Neutral on Aurobindo Pharma from Sell and raised the target price to Rs 1400 from Rs 1200. It said the risk-reward is balanced, with diversification likely to be gradual from a high base. It added that business diversification may contribute more from FY28-29.
UBS assumed Sell on Zydus Life and cut the target price to Rs 800 from Rs 850. It flagged earnings volatility risk as an exclusive agreement ends in September 2027, though it said the domestic business remains placed well with focus on generic semaglutide.
UBS assumed Neutral on Cipla from Buy and cut the target price to Rs 1400 from Rs 1750. It said medium-term growth drivers remain in place, but near-term supply issues in Lanreotide could weigh on the outlook. UBS also assumed Sell on Lupin and cut the target price to Rs 1800 from Rs 2050, citing a fall in one-off gains over the next two years and high profit concentration, while noting the India business and balance sheet remain supportive.
JPMorgan said Royal Challengers Sports contributed 4% of consolidated revenue and 8% of consolidated EBITDA and profit after tax in FY25. It also said the women’s IPL team was acquired in January 2023 for Rs 900 crore, payable in 10 equal instalments, and that the remaining instalments may now move to the new owners.
CLSA maintained its Hold rating on United Spirits with a target price of Rs 1300. It said the RCB franchise sale at $1.8 billion is above its valuation of $1.2 billion and sees the deal as a step towards greater focus on the core portfolio through the sale of a non-core asset.
Investors will track US existing home sales data, US crude stocks data and the Bank of Japan monetary policy meeting minutes.
On the corporate side, V2 Retail will trade ex-split in a 10:1 ratio. MM Forgings and HFCL are scheduled for fund-raising related action, while VMS TMT remains in focus due to share lock-in expiry.
The market will also watch the finance minister’s address on the Finance Bill and the cabinet meeting scheduled for 1 pm.
Global markets are rallying for a second day, crude is extending its fall, Asian markets have opened in the green, risk-off sentiment is easing, and global yields continue to cool off.
The rupee is expected to strengthen at the open. FII short positions stand at 86% versus 85%, while foreign institutional investors remain cash market sellers for a 19th straight day.
New India Assurance, HDFC Life, CRISIL and ICICI Pru Life are on the watchlist after tax demand notices.
VMS TMT is on the watchlist due to share lock-in expiry.
Waaree Energies shares will be in focus today after the company's board approved a capex plan of Rs 3,900 crore.
Samman Capital is on the watchlist after RBI approval for IHC to acquire a stake.
United Spirits has sold RCB for Rs 16,700 crore to an Aditya Birla Group consortium.
The brokerage said Bajaj Finserv is expanding across the financial services ecosystem through lending, general insurance, life insurance and other subsidiaries.
It said Bajaj Finance remains the group’s lending business, Bajaj General Insurance is scaling up, and Bajaj Life Insurance is working to improve its position. It added that emerging subsidiaries are widening the group’s presence across financial services.
The brokerage said the company offers a healthcare-focused technology platform and sees outsourcing demand supporting growth as payer margin pressure continues.
Nomura said Sagility could benefit from AI-led efficiency gains and expects earnings per share to grow at a 20% CAGR over FY26 to FY28.
The brokerage said housing disbursement growth has been soft, with slower growth at the lower end, though Q4 year-to-date momentum has been good. It added that lower rates should help stabilise demand.
Jefferies said large housing finance companies face spread compression that can weigh on earnings. It added that growth at affordable housing finance companies has moderated and valuation premia have normalised, making select names more attractive as growth stabilises and company-specific pressures ease.
Jefferies said it prefers Home First and added that prime housing finance companies’ asset quality should be more resilient if the Middle East conflict lasts longer.
The brokerage said the latter month could be the highest ever by volumes and expects listed property developers to report 10-15% sales growth in Q4. It said this could take FY26 sales growth to more than 20%.
Jefferies said sentiment impact from the Iran conflict could lead to lower FY27 guidance. It added that valuations are now closer to long-term lows on PNAV and below 20 times reported price-to-earnings.
The brokerage said company guidance may include a cushion for uncertainty linked to the Middle East.
It also said foreign exchange provides support for profitability and EPS expectations for FY27, and that Infosys could perform better than Wipro.
Futures tied to the Dow Jones Industrial Average advanced 318 points, or 0.7%.
Bernstein has initiated Adani Power with an Outperform rating and a target price of Rs 177. It has also started JSW Energy with Outperform and a target price of Rs 575, and Tata Power with Outperform and a target price of Rs 443.
The brokerage has initiated NTPC Green with an Underperform rating and a target price of Rs 80.
Bernstein said India’s energy security has been tested by disruption around Russian oil and the Iran war. It said the stronger opportunities are in thermal, nuclear, storage and grid-linked names, rather than pure renewable plays alone.
The brokerage said Bajaj Finserv is building a wider financial services platform across lending, general insurance, life insurance and other financial businesses.
It said Bajaj Finance remains the key lending business, Bajaj General Insurance is expanding, and Bajaj Life Insurance is working to improve its position. It added that the group’s other subsidiaries are widening its presence across financial services.
The review will include the fourth and final tranche of methodology changes linked to Nifty Bank. The Nifty Next 50 will see six inclusions and six exclusions.
Bharti Airtel, Tata Motors CV, Cummins, Union Bank and HDFC AMC are set to see the highest inflows. ICICI Bank, ICICI Lombard, Info Edge, HDFC Bank and Havells are set to see the highest outflows.
The bank said the arrest is linked to program managers and not to GST compliance.
Fino Payments said the chief executive has filed a bail plea before the Special Judge for Economic Offences. The bank added that operations remain stable and deposits have reached Rs 2,900 crore.
The RBI has also waived the public notice period for the transaction.
Avenir will infuse Rs 8,849 crore through a preferential issue. Its stake will rise to 41.23% and may increase to 63.36% after the open offer.
The Dow Jones Industrial Average lost 84.41 points, or 0.18%, to settle at 46,124.06.
The Nasdaq Composite dropped 0.84% to end at 21,761.89.
Japan’s Nikkei 225 rose 3.05% to 53,847.76, while South Korea’s Kospi gained 3.23% to 5,733.23.
Australia’s ASX 200 also moved up 2.04% to 8,550.20.
Brent crude futures fell nearly 6% to $98.31 a barrel, while US West Texas Intermediate futures dropped 5% to $87.65 a barrel.
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