Stock Market News Today Live Updates: Nifty Above 23,900, Sensex Gains 500 Points; TCS Shares Fall 2% After Q4 Results

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• Nifty rose as much as 0.7% to 23,948.
• Sensex gained as much as 0.6%, or 489 points, to 77,121.

• TCS Managing Director and Chief Executive Officer said the company had one of its best order books in Q4 and signed three mega deals during the quarter.
• He said macro and geopolitical overhang may continue, while new acquisitions added 40 basis points to revenue growth. He also said the company has a well-defined five-pillar strategy and that progress on AI technology has been favourable.
• TCS Chief Operating Officer said the company’s AI ecosystem has been evolving well and added that progress on the HyperVault initiative has been strong.

• Manav Medewala of Mirae Asset Sharekhan said AI-linked revenue contributes 7-8% of TCS’ total revenue.
• He said revenue growth is now the key area of focus for TCS, while EPS growth is not expected to get support from margins.
• Medewala said TCS margins are likely to stay stable over the next few quarters and added that the deal pipeline shows the company’s ability to win large orders. He said management commentary on AI will remain in focus.

• Santosh Rao said market fundamentals point to a stronger second half, with global growth expected to improve.

• He said India remains well positioned amid the geopolitical conflict, with markets expecting H2 to be better than H1 FY26.

• He flagged oil above $100 per barrel as a key risk and said trading during geopolitical events remains difficult.

• He added that uncertainty remains high, while noting recent developments around US and Iran.

• The rupee opened higher against the US dollar.
• The local currency appreciated as much as 17 paise to 92.48.

• Nifty traded above 23,900 in pre-open trade.
• Sensex gained 500 points in pre-open trade.

• Wipro, JSW Steel, Godrej Properties, IRB Infrastructure, HDFC Life, Eicher Motors, BSE, Poonawalla Fincorp, Ashiana Housing and Saatvik Green are on the watchlist on business updates, fund-raising plans, launches and order wins. GHV Infra, Prestige Estates, Container Corp, Goldiam International, Sandur Manganese and Godfrey Phillips are also in focus on company-specific developments.

• TCS is in focus after its FY26 dollar revenue fell for the first time since listing. KEC is also on the downside watchlist after receiving a Rs 46 crore tax demand from the Income Tax Department.

• Among other updates, Prestige Estates has entered a joint venture with ABIL Group with gross development value of Rs 9,000 crore, while Godfrey Phillips said the plaintiffs have unconditionally withdrawn the suit filed against the company.

• Morgan Stanley has maintained its Underweight rating on Wipro with a target price of Rs 242.
• The brokerage said a potential buyback has been anticipated by the market and sees scope for a $2 billion buyback, equal to about 8.5% of the company’s current market capitalisation.
• It said Wipro outperformed the Sensex after a formal buyback announcement in four of the last five instances over one week and in three of the last five over one month. Morgan Stanley said any positive stock reaction may be limited to the short term, with investor focus likely to return to fundamentals.

• Macquarie said firm prices in the March quarter are likely to support Ebitda across metal companies and said it prefers ferrous names.
• The brokerage maintained Outperform on Tata Steel, JSW Steel and Jindal Steel, while raising target prices to Rs 241 from Rs 222, Rs 1,353 from Rs 1,319 and Rs 1,321 from Rs 1,193, respectively.
• Macquarie maintained Neutral on Hindalco and raised the target price to Rs 1,080 from Rs 979. It kept Neutral on Coal India with a target price of Rs 445, saying the stock has limited downside after recent outperformance.

• Macquarie said India has underperformed Emerging Markets by 50% since 2025 due to persistent foreign selling.
• The brokerage said the building blocks for a near-term reversal are still missing and has moved back to a guarded stance after earlier turning mildly optimistic for 2026.
• It said sustained market outperformance will require an improvement in India’s aggregate earnings profile, with the usual 500 basis point EPS growth premium to Emerging Markets needing to return.

• HSBC has maintained its Hold rating on Delhivery and raised the target price to Rs 500 from Rs 470.
• The brokerage said Delhivery’s share price has remained resilient despite concerns around fuel inflation and demand linked to the Middle East conflict.
• HSBC said domestic pump prices have not risen so far and noted that Delhivery had managed fuel cost spikes in 2020-22. It also said near-term demand remains robust and raised its FY28 EBITDA estimate by 2% on higher Q4 volumes.

• CLSA said it is turning constructive on Indian equities after 18 months, citing improved risk-reward and valuations below long-term averages.

• It raised overweight on financials and cut IT to underweight, indicating a shift in sector preference.

• The brokerage said market sentiment had turned bearish and may have crossed peak stress linked to the Iran conflict.

• It made portfolio changes, adding Varun Beverages, Mahindra & Mahindra and Larsen & Toubro, while exiting ITC, Bajaj Auto and NTPC.

• It said Bajaj Finance offers better risk-reward than IndusInd Bank and prefers Vedanta over Ultratech Cement.

• JPMorgan cut its Nifty 50 base case target to 27,000 from 30,000; bull and bear case targets stand at 30,000 and 20,500.

• It trimmed FY27 earnings estimates across sectors by 2–10% and lowered India GDP growth forecast by 50 basis points.

• The brokerage flagged risks from higher crude, a weaker rupee and foreign investor outflows.

• It expects Q4FY26 Nifty earnings growth at 4% YoY, with margins expanding, but sees pressure building into Q1FY27.

• Jefferies’ Chris Wood said India could benefit on a relative-return basis if AI capital expenditure peaks this year.
• He said India fits the reverse AI trade and added that foreign investors have already sold a large amount of stocks.
• Wood said downside risks remain, including a renewed conflict in Iran and a sudden stop in domestic mutual fund inflows.

• Investec has maintained its Buy rating on TCS and cut the target price to Rs 3,020 from Rs 3,700.
• The brokerage said the quarter was in line on revenue, EBIT margins and earnings, while deal wins remained robust.
• Investec said its EPS estimates remain largely unchanged, but it has cut the price-to-earnings multiple by 20% as it now assumes long-term growth of 5%. It said the risk-reward remains favourable.

• Citi has maintained its Sell rating on TCS with a target price of Rs 2,250.
• The brokerage said Q4 EBIT was in line and expects low single-digit revenue growth to continue.
• Citi said the quarter and management commentary included points supporting both positive and negative views, but it remains cautious due to high competitive intensity, the impact of AI-led productivity in existing business and GCC-related pressure. It said Infosys and HCL are its preferred large-cap picks.

• Jefferies has maintained its Underperform rating on TCS and cut the target price to Rs 2,275 from Rs 2,350.
• The brokerage said Q4 revenue was in line with estimates, while margins missed. It also pointed to weak growth in BFSI and flat year-on-year deal bookings.
• Jefferies said AI-led revenue deflation in application managed services could keep growth under pressure, while margins may remain range-bound without stronger revenue growth. It expects EPS CAGR of 5.5% over FY26 to FY29.

• Tata Consultancy Services reported its first year-on-year decline in US dollar revenue since its 2004 listing. FY26 dollar revenue fell 0.5%, while revenue in constant currency declined 2.4%.
• The company had maintained annual growth even during FY21, when dollar revenue had risen 0.6%. In four of the five years before FY26, growth had already slowed to single digits.
• The FY26 performance was affected by AI-led pricing pressure and one-off costs, including restructuring expenses of Rs 1,388 crore, labour code-related costs of Rs 2,128 crore and legal expenses of Rs 1,010 crore.

• TCS said growth was broad-based across verticals, with strong deal momentum in Q4.

• Annualised AI revenue crossed $2.3 billion, with FY26 marked as a key year for AI scale-up.

• The company said it has completed its restructuring programme and reported no one-off impact in Q4.

• It expects some SG&A costs to remain elevated and remains positive on FY27 and international business.

• The company said it is working with Anthropic and will announce a partnership soon.

• Net profit rose 28.72% QoQ to Rs 13,718 crore, above estimates of Rs 13,430 crore; revenue increased 5.38% to Rs 70,698 crore, also beating estimates.

• Ebit rose 5.8% to Rs 17,870 crore, while margin stood at 25.27%, in line with estimates.

• Deal wins came in at $12 billion versus estimates of $10 billion, with four large clients added.

• Revenue grew 1.2% in constant currency terms in Q4, while FY26 revenue declined 2.4%.

• Annualised AI revenue rose to $2.3 billion from $1.8 billion in Q3.

• Headcount increased by 2,356 after declines over the previous three quarters.

GIFT Nifty traded near 23,915.50, indicating a higher start compared with the previous close of 23,775.10 on the Nifty 50.