Stock Market News Today Live Updates: Nifty Near 24,400, Sensex Slides 500 Points; HCLTech Tumbles 8% After FY27 Guidance Cut

Lupin said it has launched dapagliflozin and metformin hydrochloride tablets in the US market. The products are used for the treatment of diabetes, according to an exchange filing.

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Indian equity benchmarks declined, ending a three-session rise. The Nifty fell as much as 0.5% to 24,434, while the Sensex dropped up to 494 points, or 0.6%, to 78,779.

• Jefferies downgraded HCL Tech to Underperform from Hold and cut its target price to Rs 1165 from Rs 1390, citing a worsening growth outlook.
• The brokerage cut EPS estimates by 1–2% after a Q4 miss and weaker-than-expected FY27 revenue growth guidance of 1–4%. It also reduced the target valuation multiple to 16x from 18x.
• Jefferies expects organic revenue CAGR of 3% and EPS CAGR of 8% over FY26–28, and said weaker growth expectations may weigh on the stock despite a valuation premium to TCS.

Indian equity benchmarks declined in pre-open trade. The Nifty slipped close to the 24,500 level, while the Sensex was down about 300 points, indicating a weak start to the session.

The rupee opened lower against the US dollar and extended its decline for a second straight session. The local currency weakened by as much as 21 paise to 93.71 in early trade.

Dalmia Bharat said the PMLA Tribunal has reduced the proceeds of crime amount to Rs 92.5 crore from Rs 793 crore, according to an exchange filing. The company said it will file an appeal against the order related to the revised amount.

• Ajanta Pharma said the US FDA completed an inspection at its Paithan unit.
• The inspection ran from April 13 to April 21, and the regulator issued five observations, according to an exchange filing.

• Standard Chartered’s Steve Englander told NDTV Profit that reports of a higher US military presence on the ground and reports that Iran is restocking weapons have raised market fears of an imminent resumption of war.
• He also said Iran is setting several pre-conditions to restart talks. Englander added that Kevin Warsh said nothing that would disqualify him.

Reliance Infrastructure said the Adjudicating Authority under the PMLA has confirmed the provisional attachment of assets worth Rs 670 crore. The company said it will file an appeal against the order, according to an exchange filing.

• Stocks in focus for the day include SBI Life Insurance, Trent, Tech Mahindra, L&T Technology Services and Havells India ahead of their Q4 earnings.
• Defence Minister Rajnath Singh is visiting Germany, while the RBI will conduct Treasury bill auctions.
• Global earnings to watch include Tesla, IBM and Boeing.

• Stocks with fresh triggers include HDFC Life after Vibha Padalkar’s reappointment as MD and CEO, BEML after a Rs 590 crore order from the Ministry of Defence, PNC Infratech after emerging as L1 bidder for a Rs 3483 crore NHAI order, and Hindustan Zinc ahead of a board meeting on April 24 to consider an interim dividend.
• Sonata Software said it completed an AWS migration, Jayaswal Neco will hold a board meeting on April 24 on a QIP fund raise, OneSource Specialty Pharma saw Fidelity buy 20 lakh shares, and KNR Constructions signed a settlement agreement with NHAI.
• On the downside, 360 One received a Rs 360 crore tax demand, JSW Energy and CRISIL also received tax demands, and Reliance Infrastructure said the PMLA authority has provisionally attached assets worth Rs 670 crore.

• Jefferies kept its Buy rating on 360 One and raised its target price to Rs 1300 from Rs 1190.
• It said profit for the March 2026 quarter was ahead of estimates, helped by better carry income, while assets under management fell 2% quarter-on-quarter due to mark-to-market losses as net flows returned to normal levels.
• Jefferies expects revenue CAGR of 15% and PAT CAGR of 18% over FY26-29. It also sees support from the integration of B&K’s business, ET Money monetisation and the ramp-up of the HNI franchise.

• Morgan Stanley kept its Equal-weight rating on Nestle and raised its target price to Rs 1461 from Rs 1370. Goldman Sachs kept its Neutral rating and lifted its target price to Rs 1425 from Rs 1275. Citi maintained Buy and raised its target price to Rs 1675 from Rs 1600.
• Investec upgraded the stock to Hold from Sell and raised its target price to Rs 1426 from Rs 1341. Jefferies kept Hold and increased its target price to Rs 1325 from Rs 1300. Macquarie maintained Neutral and raised its target price to Rs 1400 from Rs 1260. Kotak Securities kept Reduce and lifted its target price to Rs 1265 from Rs 1200.
• Brokerages cited revenue growth, volume growth, margin expansion and management’s focus on growth. Some also said valuation remains a constraint at current levels.

• Citi kept its Neutral rating on HCL Tech and cut its target price to Rs 1385 from Rs 1400. It said weak Q4FY26 results and FY27 revenue guidance may weigh on the stock in the near term, while its industry view remains bearish.
• Investec kept its Hold rating and cut its target price to Rs 1350 from Rs 1680. It said the weak quarter was driven by client-specific issues across multiple segments and expects these revenue headwinds to continue into Q1FY27.
• Investec said this led to FY27 revenue growth guidance of 1-4%, below its earlier estimate of 3-6%. Citi said HCL Tech remains relatively better placed over the medium term within its peer group.

Persistent Systems (Q4, Consolidated, QoQ)

• Revenue up 7.4% at Rs 4,056 crore versus Rs 3,778 crore.
• Ebit up 4.2% at Rs 659 crore versus Rs 632 crore.
• Ebit margin down 40 bps at 16.3% versus 16.7%.
• Net profit up 20.4% at Rs 529 crore versus Rs 439 crore.
• Note: Final dividend of Rs 18 per share.

360 ONE WAM (Q4, Consolidated, QoQ)

• Revenue down 5.6% at Rs 1,115 crore versus Rs 1,181 crore.
• Ebitda down 8.6% at Rs 663 crore versus Rs 725 crore.
• Ebitda margin down 190 bps at 59.5% versus 61.4%.
• Net profit down 11.8% at Rs 289 crore versus Rs 327 crore.
• Note: Interim dividend of Rs 6 per share.

Cyient DLM (Q4, Consolidated, YoY)

• Revenue down 13.8% at Rs 369 crore versus Rs 428 crore.
• Ebitda down 24.9% at Rs 43 crore versus Rs 57.4 crore.
• Ebitda margin down 170 bps at 11.7% versus 13.4%.
• Net profit down 27.7% at Rs 22.4 crore versus Rs 31 crore.

Tata Elxsi (Q4, QoQ)

• Revenue up 4.2% at Rs 994 crore versus Rs 953 crore.
• Ebit up 11% at Rs 221 crore versus Rs 199 crore.
• Ebit margin up 140 bps at 22.3% versus 20.9%.
• Net profit up at Rs 220 crore versus Rs 109 crore.
• Note: Dividend of Rs 75 per share.

Rajratan Global (Q4, Consolidated, YoY)

• Revenue up 25% at Rs 314 crore versus Rs 251 crore.
• Ebitda down 14.2% at Rs 28.6 crore versus Rs 33.3 crore.
• Ebitda margin down 420 bps at 9.1% versus 13.3%.
• Net profit up 1.5% at Rs 15.4 crore versus Rs 15.2 crore.

Tata Investment Corp (Q4, Consolidated, YoY)

• Revenue down 30.98% at Rs 39.98 crore versus Rs 57.92 crore.
• Ebitda down 37.92% at Rs 29.59 crore versus Rs 47.67 crore.
• Ebitda margin down 829 bps at 74.01% versus 82.3%.
• Net profit down 15.33% at Rs 63.83 crore versus Rs 75.39 crore.
• Note: Dividend of Rs 3.4 per share.

Powerica (Q4, Consolidated, YoY)

• Revenue up 8.3% at Rs 763 crore versus Rs 704 crore.
• Ebitda down 4.5% at Rs 78 crore versus Rs 81.7 crore.
• Ebitda margin down 140 bps at 10.2% versus 11.6%.
• Net profit up at Rs 95.8 crore versus Rs 27.8 crore.

Sunteck Realty (Q4, Consolidated, YoY)

• Revenue up 64.5% at Rs 3,390 crore versus Rs 2,060.5 crore.
• Ebitda up 35.5% at Rs 751 crore versus Rs 554.5 crore.
• Ebitda margin down 475 bps at 22.15% versus 26.9%.
• Net profit up 26.5% at Rs 63.8 crore versus Rs 50.4 crore.

Central Mine Planning & Design Institute (Q4, Standalone, YoY)

• Revenue up 11.7% at Rs 827 crore versus Rs 740 crore.
• Ebitda down 28.6% at Rs 238 crore versus Rs 333 crore.
• Ebitda margin down 1623 bps at 28.78% versus 45.01%.
• Net profit down 32.2% at Rs 188 crore versus Rs 277 crore.

HCLTech (Q4, Consolidated, QoQ)

• Revenue up 0.3% at Rs 33,981 crore versus Rs 33,872 crore.
• Ebit down 10.6% at Rs 5,620 crore versus Rs 6,285 crore.
• Ebit margin down 210 bps at 16.5% versus 18.6%.
• Net profit up 10.1% at Rs 4,488 crore versus Rs 4,076 crore.
• Note: Interim dividend of Rs 24 per share.

• S&P 500 declined 0.63%, while Nasdaq Composite fell 0.59%.

• Dow Jones Industrial Average lost 293 points, or 0.59%.

• S&P 500 Futures and Nasdaq 100 Futures both gained 0.4%.

• Dow Jones Industrial Average Futures rose 190 points, or 0.4%.

• The move points to a higher start for US markets.

• Brent crude declined 0.68% to $97.81 per barrel.

• West Texas Intermediate fell 0.29% to $89.04 per barrel.

• Both key oil benchmarks traded lower in early deals.

• Nikkei 225 fell 0.01% to 59,345.14, pulling back from its record high.

• KOSPI declined 0.32%, while S&P/ASX 200 dropped 0.71%.

• GIFT Nifty gained 0.4% to 24,444.50 in early trade.

• The level remained below Tuesday’s Nifty 50 close of 24,576.

• The move indicates a negative start for Indian equities.