Sensex, Nifty 50 | Stock Market Highlights: Sensex ends 852 pts lower, Nifty below 24,200 as oil soars; Trent top loser

Netflix on Thursday said its board authorized an additional $25 billion share repurchase program, on top of a buyback approved in December 2024, with no expiration date.

Shares of the streaming giant rose 1.5% in premarket trading.

Netflix had previously said it planned to resume share repurchases while investing about $20 billion this year in films and television, after walking away from a deal to buy Warner Bros Discovery assets. (Reuters)

Vinod Nair, Head of Research, Geojit Investments Limited said:

"Domestic equities witnessed a broad-based decline, as elevated crude prices above $100 per barrel, amid the impasse in US-Iran negotiations, continued to weigh on sentiment. The risk-off mood was further intensified by weak global cues, persistent FII outflows, and a depreciating INR alongside higher US Treasury yields.

While the domestic composite PMI signalled continued expansion in business activity, its positive impact was overshadowed by concerns around rising input costs, margin pressure, softer export demand, and weakening forward-looking confidence, limiting meaningful buying interest. Sector performance was largely skewed to the downside, with defensives, particularly pharma and healthcare, standing out as relative safe havens amid the broader selloff."

The cumulative market capitalisation of BSE-listed firms dropped to slightly above ₹466 lakh crore from more than ₹469 lakh crore on 22 April, making investors poorer by about ₹3 lakh crore in a single session.

Street estimates Infosys to report a net profit of ₹7,600 crore in the March quarter, registering a growth of 14% from ₹6,666 crore in the previous quarter.

The IT major’s revenue is expected to rise 2% to ₹46,389 crore from ₹45,479 crore, quarter-on-quarter (QoQ). US Dollar revenue is estimated to fall 0.2% to $5,087.8 million from $5,099 million, impacted by seasonal furloughs, with BFSI remaining stable.

At the operational front, brokerage firm Nuvama Institutional Equities expects EBIT to grow 2.9% to ₹9,926 crore from ₹9,644 crore in the December quarter, while EBIT margin to improve by 20 bps to 21.4% from 21.2%, sequentially, driven by project Maximus and forex tailwind, partly offset by visa costs.

Infosys is expected to provide FY27 organic revenue growth guidance of 2% – 5% CC YoY and margin guidance of 20% – 22%.

The Indian rupee weakened 0.3% to 94.11 against the U.S. dollar as of 3:30 PM IST, compared with its previous close of 93.7950.

Broader markets outperformed with the Nifty Midcap 100 index down 0.6% and Nifty Smallcap 100 idex down 0.4%

Sensex ended 905 points or 1.15% lower at 77,611.25, while Nifty settled 205 points or 0.84% lower at 24,173.

Shares of Tata Communications climbed more than 5% to an intraday high of ₹1,604 on the NSE on Thursday, outperforming a weak broader market after the company reported better-than-expected Q4FY26 results.

On a consolidated basis, the company posted a net profit of ₹263 crore for the March quarter, marking a sharp 65.44% YoY decline from ₹761 crore, impacted by higher costs and one-off factors. On a sequential basis, profit fell 28% from ₹364.28 crore in Q3FY26.

Revenue from operations stood at ₹6,554 crore, rising 9.4% YoY from ₹5,990 crore in the same period last year.

Shares of KP Energy surged 7.7% on the BSE, hitting an intraday high of ₹381 on Thursday after the company secured a key regulatory approval.

The stock gained after the company received an inter-state electricity trading licence (Category V) from the Central Electricity Regulatory Commission (CERC), allowing it to expand into nationwide power markets.

With this approval, KP Energy can now trade electricity across state boundaries and participate in national power exchanges, significantly enhancing its market reach and trading capabilities.

The licence is expected to strengthen the company’s presence in the power trading segment by enabling access to a broader customer base and improving operational flexibility.

Auto stocks came under pressure on Thursday, with the Nifty Auto index falling 2% amid profit booking triggered by rising crude oil prices. The index has now declined nearly 3% over the past two sessions, after rallying 12% in April till April 21, 2026. In comparison, the Nifty 50 was down 0.8%.

TVS Motor Company, Ashok Leyland and Samvardhana Motherson International dropped around 4% each in intraday trade on the NSE. Mahindra & Mahindra, Hero MotoCorp, UNO Minda, Sona BLW Precision Forgings and Eicher Motors declined 2–3%.

The sell-off follows a sharp jump in crude prices, with Brent rising from $90.38 per barrel last Friday to $101.91 on April 22, 2026, amid tensions near the Strait of Hormuz.

According to Choice Institutional Equities, if the Strait reopens by April-end, Brent could average $95 per barrel in April–June 2026 and $82 per barrel in FY27.

State-owned Union Bank of India On Thursday reported 6.64 per cent rise in standalone profit after tax (PAT) to ₹5,316 crore for three months ended March 2026.

The bank had posted a PAT of ₹4,985 crore in the same quarter of the preceding fiscal year.

Net Interest Income (NII) or core income declined by 1.14 per cent year-on-year to ₹9,406 crore during the quarter under review.

Total income dropped to ₹31,851.15 crore in the quarter under review from ₹32,752.67 crore in January-March 2025, the lender said in a stock exchange filing.

However, asset quality improved with Gross Non-Performing Assets (GNPAs) declining to 2.82 per cent in the March quarter from 3.6 per cent in the year-ago period. Net NPAs also eased to 0.48 per cent from 0.63 per cent.

Also, the board recommended a dividend of ₹5 per equity share of ₹10 each for financial year 2025-26. The payment is subject to shareholders' approval. (PTI)

V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said:

"With excessive speculation in the currency markets curbed by RBI’s actions, rupee is likely to move in tandem with fundamentals. The fundamental factor behind rupee’s weakness is the rising current account deficit caused by high crude prices and the sustained FPI outflows from India. So long as these factors remain the same rupee will remain weak and if crude price rises again due to escalation of the conflict, rupee will depreciate further. The low of ₹93.50 to the dollar reached on March 30 is unlikely to be reached in the near-term since currency speculation is under check. Rupee will move inversely in tune with crude prices. Currently depreciation stands the risk of getting aggravated if FPIs turn big sellers."

Shares of Jio Financial Services climbed nearly 4% on Thursday after the company announced a binding agreement to form a 50:50 primary insurance joint venture with Germany-based Allianz Group.

The stock rose to ₹247.42 in early trade following the announcement. In an exchange filing on Wednesday, the company said it has entered into an agreement with Allianz’s wholly owned subsidiary Allianz Europe B.V, formalising a partnership that was first announced in July 2025.

The proposed joint venture will focus on the general insurance and health insurance segments in India, marking a key step in Jio Financial’s expansion into the insurance space.

In a press release, the company said the partnership brings together two established financial services brands to deliver customer-focused insurance solutions tailored to Indian consumers and businesses. It added that the venture will leverage Jio Financial’s digital reach and understanding of the domestic market, along with Allianz’s global expertise in insurance products and services.

Shares of SBI Life Insurance slipped around 3% on the BSE, hitting an intraday low of ₹1,827.05 on Thursday after the company reported its Q4FY26 results post market hours on Wednesday.

The insurer reported a 1.09% YoY decline in net profit to ₹804.6 crore for the March quarter, compared with ₹813.5 crore in the same period last year.

However, net premium income rose 16% YoY to ₹27,684 crore, up from ₹23,860.7 crore in Q4 FY25. The company’s annualised premium equivalent (APE) increased 5.5% YoY to ₹5,750 crore.

Value of new business (VNB) declined to ₹1,630 crore from ₹1,670 crore a year ago, while the VNB margin stood at 28.35% compared with 30.6% in Q4 FY25.

Shares of Oracle Financial Services Software climbed around 7% on the BSE on Thursday, hitting an intraday high of ₹8,708.75 after the company reported its Q4FY26 results post market hours on Wednesday.

Around 11 AM, the stock was trading 7.07% higher at ₹8,708.75, outperforming the broader market, with the BSE Sensex down 0.87% at 77,834.28.

For the March quarter, the company reported a net profit of ₹841.7 crore, marking a 30% YoY increase from ₹644 crore. On a sequential basis, profit rose 38%.

Revenue for the quarter stood at ₹2,065.2 crore, up 20% YoY, while growing 5% QoQ.

The board also declared a second interim dividend of ₹270 per equity share of face value ₹5 for FY26. The record date for the dividend has been set as May 7, 2026.

HSBC has downgraded Indian equities to “underweight” from “neutral” — its second downgrade in less than a month — citing rising energy prices due to the West Asia war as a key risk to earnings recovery.

Brent crude has surged 42% since late February and is currently trading above $100 per barrel, raising concerns around inflation and growth for India, the world’s third-largest oil importer.

“India now looks less attractive than North East Asian peers in the current macro setting,” HSBC said, noting that benchmark indices have also underperformed, with the Nifty 50 and Sensex down 6.7% and 7.9% so far this year.

The brokerage expects oil and gas markets to remain tight through the June and September quarters, which could lead to downward revisions in FY26 earnings estimates, currently pegged at 16% YoY growth. HSBC added that a 20% rise in crude prices could shave off 1.5 percentage points from earnings growth.

It also cautioned that while valuations have corrected, they could look expensive again if earnings downgrades materialise.

Oil prices extended their gains on Thursday, rising more than $1 in the wake of stalled peace talks between Iran and the United States and as both nations maintained restrictions on the flow of trade through the Strait of Hormuz.

Brent crude futures rose $1.26, or 1.2%, to $103.17 a barrel at 0630 GMT, after settling above $100 for the first time in more than two weeks on Wednesday. West Texas Intermediate futures were also up $1.20, or 1.3%, at $94.16.

Both benchmarks closed more than $3 higher on Wednesday after larger-than-expected gasoline and distillate stock draws in the U.S., and over the lack of progress on Iran peace talks. (Reuters)

Shares of Fujiyama Power Systems surged 6.54% to ₹276.27 on Thursday after Motilal Oswal Financial Services initiated coverage with a “Buy” rating and a target price of ₹340, indicating strong upside potential.

The brokerage highlighted the company’s solar arm, UTLSOLAR, as an integrated B2C play well-positioned to benefit from India’s rooftop solar push, with the country targeting nearly 100GW capacity by FY30. UTLSOLAR is scaling up with a planned ₹3 billion capex to expand manufacturing at its Ratlam facility, taking capacities to 3.7GW (panels), 3.7GW (inverters), and 3.8GWh (batteries).

A key growth driver is backward integration into solar cell manufacturing. In January 2026, UTLSOLAR commissioned a 1GW DCR cell facility, delivering gross margins of around 51%, positioning it to benefit from policy tailwinds.

Motilal Oswal expects strong financial growth, projecting a 56% CAGR in revenue and 65% CAGR each in EBITDA and PAT over FY25–28, valuing the stock at 15x FY28 estimated earnings.