Stock Market News Today Highlights: Nifty, Sensex Halt Three-Day Gaining Streak; HDFC Bank, HCLTech Top Losers

• Indian equity benchmarks snapped a three-day gaining streak, with the Nifty ending below 24,400, down over 0.8% for the session. HCL Tech led the decline on the Nifty, falling nearly 11%.
• Broader markets outperformed the benchmarks. The Nifty Midcap 150 rose over 0.2% and closed higher for a second straight session, led by gains in IREDA and Exide Industries. The Nifty Smallcap 250 gained over 1%, also ending in the green for the second day, with Amara Raja rising over 16%.
• Sectoral performance was mixed. Nifty Energy was the top gainer, up nearly 1.5%, led by Adani Energy and Reliance Power. Nifty IT was the worst performer, down almost 4%, weighed down by HCL Tech.

• Indian equity benchmarks declined, ending a three-session rise. The NSE Nifty 50 fell 0.8% to 24,378.10, while the BSE Sensex slipped 0.9% to 78,516.49.
• The fall in the benchmarks was led by declines in HDFC Bank and ICICI Bank.

• US equity futures were higher in early trade. S&P 500 futures rose 0.55%, while Nasdaq 100 futures gained 0.73%.
• Futures linked to the Dow Jones Industrial Average added 207 points, or 0.44%, indicating a positive start for US markets.

Looking To Diversify Mining Vertical To Aid Growth  
Mining Vertical To Grow At Around 5% YoY  
Crucial To Buildup FY27 Orderbook By 70-80%  
 Bulk Production For Most Rail & Metro Proj In FY27  
3-4 Major Metro Orders To Be Finalised In FY27
Aim To Increase Share Of International Orders 
Rail & Metro Segments To Be Key Growth Drivers  
 Latest Govt Order Strengthens Our Combat Segment

• Cables EBIT Up 35.9% At Rs 351 Crore Vs Rs 259 Crore
• Lloyd Consumer Revenue Down 18.8% At Rs 1,521 Crore
• To Pay FY26 Final Dividend Of Rs 6 Per Share

• Switchgears saw growth of 6%
• Cables growth at 14%
• Lighting & Fixtures growth at 1.5%
• Consumer durable saw degrowth of 2%
• Lloyd Consumer degrew 18.8%

Havells India Q4 Highlights (Cons, YoY)

• Net Profit Up 39.6% At Rs 723 Crore Vs Rs 518 Crore
• Revenue Up 2.5% At Rs 6,705 Crore Vs Rs 6,544 Crore
• EBITDA Down 3.6% At Rs 729 Crore Vs Rs 757 Crore
• EBITDA Margin At 10.9% Vs 11.6%
• Cables Revenue Up 14% At Rs 2,474 Crore Vs Rs 2,169 Crore

Brent crude oil prices moved back above $100 a barrel after rising 1.8% in trade.

• Tech Mahindra’s CFO Rohit Anand said FY26 marked the end of the company’s stabilisation phase, with margins expanding for the tenth consecutive quarter despite a challenging macro environment.
• He said the company increased dividends by over 13% in line with its capital allocation framework, taking total dividends for FY26 to Rs 51 per share, the highest declared by the company so far.

Tech Mahindra’s CEO and MD Mohit Joshi said the company is accelerating its transition to an AI-led organisation, with AI being embedded across services to enhance value delivery for clients. He said this is reflected in the company’s highest deal wins in recent years, including consecutive quarters with deal wins exceeding USD 1 billion.

Joshi said the company remains focused on disciplined scaling and is on track to deliver its FY27 commitments.

• Tech Mahindra reported Q4 profit of Rs 1,354 crore, below estimates of Rs 1,521 crore, while revenue beat estimates at Rs 15,076 crore. EBIT came in at Rs 2,084 crore, above estimates, with EBIT margin at 13.8%.
• On a quarter-on-quarter basis, profit rose 20.7% and revenue increased 4.7%. New deal wins total contract value stood at $1.0 billion, up 34.5% year-on-year and down 2.1% sequentially. The company recorded its highest-ever deal wins of $3.8 billion in FY26.
• BFSI led growth with an 8% sequential rise, while the retail and logistics segment declined 5.3%. Regionally, Europe and rest of the world gained share, while the Americas saw a sequential dip.

Tech Mahindra’s board has recommended a final dividend of Rs 36 per equity share for the financial year ended March 31, 2026, subject to shareholder approval at the upcoming annual general meeting. This is in addition to an interim dividend of Rs 15 per share paid in November 2025.

Tech Mahindra (Consolidated, QoQ)

• Revenue at Rs 15,076 crore versus Rs 14,393 crore (Bloomberg estimate: Rs 14,784 crore)
• Profit at Rs 1,354 versus Rs 1,122 crore (Bloomberg estimate: Rs 1,511 crore)

...and Here's how stock is reacting.

HCLTech launches Gemini Enterprise Business Unit to accelerate Agentic AI adoption.
 

• Co gets Rs 350 crore export orders for defence products
• Export orders to deliver defence products over 2 years

Source: Exchange filing

• Indian equity benchmarks traded lower, with the Nifty holding near 24,400. Broader indices were more resilient, with the Nifty Midcap 150 remaining in positive territory, while Bank Nifty recovered to trade flat.
• Nifty IT fell the most among sectors after HCL Tech’s Q4 results. HCL Tech slipped to a 22-month low, while Tech Mahindra traded about 6% lower ahead of its Q4 earnings.
• On the upside, BEML gained over 3% on an order win, ABB India surged after reporting 26% year-on-year growth in Q1 order inflows, and Nestle hit a 52-week high after Q4 results. Battery stocks advanced, with Amara Raja rising 14%, its best single-day gain in 23 months.

• Jefferies maintained its Buy rating on Global Health with a target price of Rs 1440, citing improving performance at the Noida unit, where losses appear to have peaked in the December quarter.
• The brokerage expects the EBITDA drag to moderate to about 2% by FY27 as utilisation and operating leverage improve. It said capacity expansion through FY27 will be brownfield-led, with greenfield projects planned post FY28.
• Jefferies said stable mature assets and ramp-up at Lucknow and Patna should support margins, limiting downgrade risk. The stock trades at about 21x FY28E EV/EBITDA.

• JPMorgan maintained its Overweight rating on Maruti with a target price of Rs 16,130 and placed the stock on a positive catalyst watch.
• The brokerage said expectations of a revival in the first-time buyer segment and a strong order book could support market share as new capacity ramps up in H1FY27.
• JPMorgan expects Maruti’s monthly domestic run-rate to improve by 10–15% over the next three months.

• Jefferies downgraded HCL Tech to Underperform from Hold and cut its target price to Rs 1165 from Rs 1390, citing a worsening growth outlook.
• It cut EPS estimates by 1–2% to reflect the Q4 miss and weaker-than-expected FY27 constant-currency revenue growth guidance of 1–4%. The brokerage also lowered its 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 could weigh on the stock despite its valuation premium to TCS.

• ICRA said a repo rate hike is likely only in the latter part of FY27 and does not expect a hike in the near term, based on comments at a webinar on the banking sector outlook.
• The rating agency said the overall outlook for the banking sector in FY27 remains stable, though it expects higher fresh slippages and a rise in credit costs compared with FY26.
• ICRA said credit growth in FY27 is likely to stay healthy but lower than FY26, while lagging deposit growth remains a key challenge. It also sees India’s economy growing at 6.5% in FY27, with downside risks from war.

Source: Informist

• HCL Tech’s MD and CEO told NDTV Profit that the FY27 guidance does not factor in the impact of the HPE and Jaspersoft acquisitions, which are expected to add about 1.5% to growth.
• He said soft discretionary spending was a key drag on Q4 earnings, with weakness persisting, while AI-led disruption was offset by about two-thirds in Q4.
• North America business remains strong, while trends in Europe are weak. Deal conversions in H1 FY27 are expected to add to revenue in H2, with a focus on new business areas to support growth.

Infosys’ board is likely to discuss an extension for CEO Salil Parekh at its meeting on April 23, sources said. Parekh’s current term ends in March 2027.

Sources said a two-year extension is under consideration, instead of a full five-year third term, to signal stability and continuity amid a challenging environment. Infosys has not commented on the matter.

Supriya Life said the US FDA has issued a Voluntary Action Indicated status for its Maharashtra manufacturing unit. The regulator had issued one observation during its inspection in February 2026, according to an exchange filing.

• Maharashtra Scooters reported a sharp year-on-year decline in Q4 net profit to Rs 4 crore, down 92.2% from Rs 51.6 crore. The company said Q4 FY25 had included a one-time gain of Rs 57.7 crore.
• Revenue for the quarter declined 9.3% to Rs 6 crore from Rs 6.7 crore in the year-ago period.


 

ONGC has cancelled its jack-up rig tender, citing concerns around competitive integrity and pricing anomalies, according to Informist. The company said the decision was taken after reviewing issues related to the bidding process.

• Capital inflows into the Indian real estate sector rose 72% year-on-year to a record $5.1 billion in January–March, CBRE said. This was also 53% higher than the previous quarter.
• The inflows were led by developers and REITs, which together accounted for over 80% of investments, with REIT investments crossing USD 2 billion. Domestic investors formed 96% of total inflows, while Bengaluru, Mumbai and Delhi-NCR together accounted for about 65% of the investments.

IIFL Capital said ABB’s India unit could report order inflow growth of 30–32% in rupee terms. It said this would mark a significant beat compared with Street estimates for the period.

• ABB Global said order inflows from India rose 26% year-on-year in Q1CY26, well above analyst estimates of 7–9% growth. The company said India is now tied as its fourth-largest market.
• ABB also said it plans to invest about $75 million in Indian manufacturing and research and development to support growth in India and strengthen its ability to serve other regional markets.

• HCLTech, Infosys and Tata Elxsi were among stocks showing fresh short positions.
• Delhivery, Coforge and M&M also featured in the list.
• Prices fell while open interest increased in these counters.

IIFL Capital said it is not aware of any discussions with Fairfax for a preferential allotment. The company added that there is no event requiring disclosure at present, according to an exchange filing.

• PNB Housing, Adani Energy and Lodha were among stocks showing short covering.
• SAIL, HAL and Canara Bank also featured in the list.
• Prices rose while open interest declined in these names.

• Crompton, Titan and IEX were among stocks witnessing long unwinding.
• PI Industries, Dixon and Tata Technologies also appeared in the list.
• Prices declined alongside lower open interest.

Indian equity benchmarks extended losses in trade. The Nifty fell as much as 0.9% to 24,352, while the Sensex dropped up to 830 points, or 1.05%, to 78,442.

• Bosch, Nestle India and OFSS were among stocks showing fresh long positions.
• AB Capital, Indian Bank and VBL also featured in the accumulation list.
• Prices rose with higher open interest in these counters.

• Bajaj Finance total open interest rose 22.98% since the last expiry.
• Wipro gained 163.97%, while Persistent Systems rose 233.45%.
• The move highlights strong derivatives activity in select stocks.

• HCL Tech reported a constant-currency revenue decline of 3.3% quarter-on-quarter in Q4, its largest degrowth in the last 20 quarters. FY26 constant-currency revenue growth came in at 3.9%, below the guided 4–4.5%.
• The company said AI-led deflation could impact topline by 2–3%. It guided for FY27 revenue growth of 1–4% in constant currency, citing market volatility and a wider guidance band.
• Management said project delays in March weighed on Q4 performance and may spill over into Q1. It also flagged two client-specific issues in retail and manufacturing impacting guidance by about 50 basis points, and said lower discretionary spending in telecom is affecting services revenue.

• Since the last expiry, Nifty 50 call open interest rose 61.56%.
• Put open interest increased 59.10%, while total open interest climbed 59.07%.
• The data reflects sharp build-up in index derivatives positions.

• In monthly options, the 25,000 strike remained the largest call open interest base.
• Heavy call writing was visible at 24,500 and 24,800 strikes.
• The structure suggests sellers remain active on rallies.

• Nifty futures open interest increased by 1,106 contracts in the latest session.
• Rollover spread stood at 136.5, showing active expiry positioning.
• Traders are watching futures participation around rollover week.

• The 24,000 strike carried the highest put open interest in Nifty weekly options.
• Put positions were also strong at 24,500 and 24,400 strikes.
• Traders are tracking these levels as immediate support areas.

• The 57,000 strike had the highest put open interest in Bank Nifty options.
• Strong put positions were also visible at 56,500 and 57,100 strikes.
• The setup points to support near lower strike levels.

• Fresh call writing was highest at the 57,500 strike in Bank Nifty monthly options.
• Additional call build-up was visible at 57,400 and 58,000 strikes.
• Upside resistance is building in the higher strike band.

• Fresh call additions were highest at the 24,500 strike in Nifty weekly options.
• Strong call writing was also seen at 24,400 and 24,600 strikes.
• The data signals a near-term resistance zone for the index.

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.

• FMCG stocks traded mixed. Nestle rose about 2%, the top gainer in the pack, while Tata Consumer Products added around 1.4%.
• Varun Beverages, HUL and United Breweries were also higher, gaining between 0.7% and 0.8%.
• On the downside, ITC slipped about 0.9%, Radico Khaitan fell 0.8%, and Britannia declined nearly 0.7%, while United Spirits and Patanjali Foods traded marginally lower.


 

• All major IT stocks were down in trade. HCL Tech fell about 9%, the steepest decline among peers.
• Tech Mahindra dropped nearly 4%, while Persistent Systems and Coforge declined over 3% each.
• Infosys was also lower, down about 2.5%, as the sector remained under pressure.


 

• HCL Tech shares fell as much as 10% to hit the lower circuit at Rs 1,297 on the NSE after the company cut its FY27 guidance. The stock declined despite a marginal rise in quarterly revenue.
• In Q4, revenue rose 0.3% to Rs 33,981 crore, while EBIT fell 10.6% to Rs 5,620 crore and EBIT margin dropped 210 basis points to 16.5%. Net profit increased 10.1% to Rs 4,488 crore.


 

• Bank Nifty traded lower in early intraday trade after a volatile opening. The index hit a high of 57,400.25 and a low of 57,055.25.
• Bank Nifty was last seen near 57,333, down about 0.07% from the previous close of 57,371.45


 

• Nifty IT fell 3%, the sharpest sectoral decline, while pharma dropped 0.46% and financial services slipped 0.19%. Banks, oil and gas, and realty also traded lower.
• On the upside, FMCG rose 0.79%, media gained 0.3%, and private banks advanced 0.25%. PSU banks, infrastructure and consumption stocks also moved higher, while auto was flat.


 

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.