Sensex, Nifty 50 | Stock Market Highlights: Sensex ends 757 pts lower, Nifty below 24,400; IT stocks crash

OmniScience Capital estimates the FY27 Nifty 50 EPS (earnings per share) to be around INR 1280 to INR 1320. With P/E multiples ranging from 22 to 24, the Nifty 50 is expected to be in the 28000 - 31000 range by the end of March 2027, implying a 15% to 25% upside from the current levels.

Nifty’s upward trajectory is fundamentally supported by earnings expansion, with growth estimated at 10%–13% for FY27. OmniScience Capital also expects a potential re-rating driven by easing geopolitical tensions, moderating crude prices, a strengthening INR, and a softer inflation outlook. These factors could enable the RBI to hold interest rates steady and also support renewed FII inflows. In the last 25 years, Nifty 50 has delivered ~14.26% CAGR incl. dividends exhibiting a sustained long-term uptrend, punctuated by sharp but relatively short-lived drawdowns, reflecting the underlying growth in earnings and liquidity support over time.

Vikas V Gupta, CEO & Chief Investment Strategist, OmniScience Capital said, “Market is significantly undervalued and even at moderate earnings growth rate returns are likely to be quite rewarding for the long-term investors who can tolerate volatility.”

The Indian rupee fell for the third consecutive session on Wednesday, as optimism about an end to the Iran war remained muted despite the U.S. indefinitely extending a ceasefire. The rupee closed at 93.7950, down 0.3% from the previous close and hovering near its weakest level in three weeks.

"The Indian rupee continued its three-day slide as crude oil prices held firm following President Trump's extension of the U.S.-Iran ceasefire. This geopolitical tension, alongside the RBI's move to ease part of currency restrictions and a general "risk-off" sentiment, has kept the rupee under pressure.

Technically, spot USDINR has resistance at 94.15 and support at 93.40," said Dilip Parmar, Research Analyst, HDFC Securities.

"Global markets remained in a risk-off mode despite the ceasefire extension, as uncertainty around US–Iran talks and ongoing shipping disruptions kept investors cautious. The rebound in crude prices to ~$100/bbl, coupled with persistent geopolitical uncertainty, led investors to book profits after the equity market’s sharp ~10% rise from recent lows. The Nifty IT index lagged on cautious commentary and conservative FY27 guidance, reflecting weak discretionary demand and near-term visibility concerns. Nonetheless, the broader market showed resilience, supported by valuation comfort and selective buying at lower levels."

Sensex settled 757 points or 0.95% lower at 78,516, while Nifty 50 ended the day 198 points or 0.8% lower at 24,378

Shares of Tata Elxsi fell more than 4% to ₹4,454 on the BSE on Wednesday after the company’s March quarter performance failed to impress investors despite healthy profit growth.

The company reported a 28% YoY rise in net profit at ₹220 crore for Q4 FY26, compared with ₹172 crore in the same quarter last year. However, the earnings were seen as underwhelming relative to expectations.

Revenue from operations stood at ₹994 crore, marking a 9% YoY increase from ₹908 crore in Q4 FY25.

At the operating level, EBITDA came in at ₹244.6 crore, registering a 10% sequential growth, with EBITDA margin at 24.6%. Profit before tax (PBT) stood at ₹268 crore, up 11% QoQ and 21% YoY, while PBT margin was reported at 25.6%.

The board recommended a dividend of ₹75 per equity share for FY26, subject to shareholder approval at the upcoming AGM.

Multibagger small-cap stock Premier Explosives gained 10% in Wednesday’s intraday trade, 22 April, hitting a day’s high of ₹545.40 apiece, defying the weak market trend. The rally comes after the company secured a significant export order, boosting its revenue outlook.

In a regulatory filing today, the company informed investors that it has received export orders worth ₹350.23 crore for the supply of defence products, to be executed over a period of two years.

The company did not disclose the client but said the order is from an international entity. In a separate filing, it also announced the cancellation of an earlier export order worth ₹18.90 crore for the supply of defence explosives, which had been received on March 18.

IT major Tech Mahindra on Wednesday, 22 April, reported around 19% year-on-year (YoY) rise in its March quarter (Q4FY26) consolidated profit to ₹1,356 crore. In the same quarter last year, the company's profit was ₹1142 crore. Sequentially, or on a quarter-on-quarter (QoQ) basis, the company's profit rose by 21% from ₹1118 crore in Q3FY26.

HCL Tech's consolidated revenue from operations for the quarter under review grew by 12.6% YoY to ₹15,076 crore from ₹13,384 crore in Q4FY25. QoQ, revenue advanced 5% from ₹14,393 crore in Q3FY26.

It also recommended a final dividend of R s 36 per share.

Small-cap under ₹100 Websol Energy System share price hit 10% upper circuit at ₹96.85 on the BSE on Wednesday after ace investor Vijay Kedia picked up a stake in the company during the March quarter (Q4 FY26), boosting investor sentiment.

As per the shareholding pattern as of March 31, 2026, Kedia acquired more than 44.44 lakh shares, translating into a 1.02% stake in the solar cell and module manufacturer. With this, he emerged as one of the prominent public individual shareholders, after Amit Mishra, who holds a 2.13% stake or 92.45 lakh shares in the company.

The exact price at which Kedia accumulated the shares remains undisclosed, as companies are required to reveal shareholder names only when their holding crosses the 1% threshold.

Waaree Energies is set to announce its Q4 FY26 results on April 29, as the solar PV module manufacturer prepares to release its latest financial performance for the quarter and full year ended March 31, 2026.

In an exchange filing, the company said its board of directors will meet on Wednesday, April 29, 2026, to consider and approve the audited standalone and consolidated financial results.

The company also reiterated that, in line with its Insider Trading Code under SEBI regulations, the trading window for dealing in its securities remains closed for directors, key managerial personnel, designated employees, and their immediate relatives.

The trading window has been shut since April 1, 2026, and will reopen 48 hours after the announcement of the financial results.

Vodafone Idea, Jaiprakash Power Ventures (JP Power), Billionbrains Garage Ventures (Groww), Suzlon Energy, Rolex Rings, Adani Power, Ola Electric Mobility, and YES Bank were among the most traded stocks, or most active stocks in terms of volume, on the NSE on Wednesday. Reliance Power, Bank of Maharashtra, HFCL, Filatex Fashions, Tata Silver Exchange Traded Fund, Tata Gold Exchange Traded Fund, Urban Company, ITI, GTL Infrastructure, Nippon India ETF Nifty IT, HCL Technologies, and Samvardhana Motherson International were also among the most traded stocks on the NSE. Read more

Shares of Rolex Rings rallied as much as 9% to hit an intraday high of ₹176 on the BSE on Wednesday, ahead of a key board meeting scheduled on April 23 to consider a share buyback.

The stock has seen strong momentum in recent sessions, gaining about 35% in just six trading days and rising 26% since the buyback proposal was first announced.

In a recent exchange filing, the company said its board will evaluate a proposal to buy back fully paid-up equity shares. If approved, this would mark the first share buyback in the company’s history.

So far, Rolex Rings has undertaken limited corporate actions, with its only major move being a stock split in October last year, when it split one equity share of face value ₹10 into 10 shares of Re 1 each.

Shares of Tata Investment Corporation rose more than 5% to hit an intraday high of ₹762 on the BSE on Wednesday after the company reported strong March quarter earnings and announced a dividend for shareholders.

The company posted a 69% YoY jump in net profit at ₹63.83 crore for Q4 FY26, compared with ₹37.72 crore in the same quarter last year.

Revenue from operations more than doubled, surging over 143% YoY to ₹39.98 crore from ₹16.43 crore in Q4 FY25, driven by higher dividend income and gains from investments.

The board also announced a dividend of ₹3.4 per share, adding to the positive sentiment around the stock.

Bitcoin rose to near $77,400 on Tuesday, driven by a sharp move in the derivatives market that sparked widespread liquidations.

In the past 24 hours, around 114,045 traders were liquidated, with total liquidations reaching $330.56 million. The world’s largest Bitcoin was last trading close to $77,465.

Shares of BEML Limited jumped as much as 8% on Wednesday, touching an intraday high of ₹1,910 on the NSE after the company announced a fresh order win from the Ministry of Defence.

The company secured a contract worth ₹590 crore for the supply of trawl assemblies, reinforcing its position in India’s defence manufacturing segment.

Nestle India share price gained over 3% to hit its record high of ₹1,424 on BSE on Wednesday, April 22, after the FMCG major posted strong results for the quarter ended March 2026 (Q4FY26). FMCG major Nestle India reported a strong performance for the March quarter on April 21, with standalone net profit rising around 26% YoY to ₹1,114 crore, compared with ₹885 crore in the same period last year.

After delivering a strong March quarter with double-digit volume growth and margin expansion, Nestle India has drawn mixed views from brokerages. While earnings momentum remains robust, analysts are divided on whether current valuations fully capture future growth, making the risk-reward equation less straightforward for investors.

Tata group stock Trent, parent of fashion retailer Westside and Zudio, has seen strong investor interest this week ahead of the board meeting to consider its first-ever bonus issue, along with dividend and Q4 earnings.

Trent shares dipped marginally today, 22 April, to ₹4340.30 on the BSE amid a broader market weakness and as investors booked gains following a five-day rise. In this week alone, the Tata group stock has risen 7% and remains 32% higher on a year-to-date basis.

This rise follows a sharp 40% decline last year, turning it into the worst-performing Nifty 50 counter in 2025, after 11 annual back-to-back gains. The stock had come under pressure amid higher valuations and slowing sales growth owing to weak LFL (in non-cluster stores) amid weak discretionary demand, rising competition in metro/tier 1 markets and its entry into lower-tier markets, which take time to reach desired productivity levels.

Multibagger small-cap stock Transformers and Rectifiers (India) (TARIL) share price tanked 12% on Wednesday, April 22, after the small-cap stock posted weak results for the quarter ended March 2026 (Q4FY26).

TARIL reported a steady sequential improvement in its March quarter performance, with profitability and revenue both moving higher.

Net profit (PAT) rose 9.06% QoQ to ₹77.47 crore in Q4 FY26, compared to ₹71.03 crore in Q3 FY26. On a YoY basis, however, growth remained muted, with PAT increasing just 1.15% from the same quarter last year.

Meanwhile, revenue from operations came in at ₹752.33 crore, up 6.83% QoQ from ₹704.21 crore, while registering a stronger 16.22% YoY growth, indicating improved execution and demand momentum.

Sensex tanks 831 points or 1% to its day's low of 78,442.30, while Nifty 50 lost 224 points or 0.9% to its intra-day low of 24,352.90.