Stock Market Today Live Updates: GIFT Nifty signals positive start for Sensex, Nifty; oil prices rise as US-I

Shares of Union Bank of India fell another 2 per cent on Friday, taking the stock’s two-day decline to around 10 per cent after the bank’s fourth-quarter FY26 earnings failed to impress market participants.

For the January-March quarter, the state-owned lender reported a net profit of Rs 5,316 crore, reflecting a year-on-year increase of 6.6 per cent.

However, net interest income—a key measure of core banking performance—edged down by more than 1 per cent from a year earlier to Rs 9,406 crore during the quarter.

The bank also reported a sharp rise in provisions. These climbed to Rs 1,055 crore in the March quarter, up from Rs 322 crore in the preceding December quarter, representing an increase of nearly three times.

Despite the higher provisioning, asset quality showed further improvement. Gross non-performing assets declined to 2.82 per cent, while the net NPA ratio eased to 0.48 per cent during the quarter.

Alongside its quarterly results, Union Bank recommended a dividend of Rs 5 per equity share for FY26, subject to the required approvals.

The bank has not yet announced the record date for determining shareholder eligibility for the proposed dividend.

Asian equity markets traded mostly lower on Friday, mirroring overnight weakness on Wall Street, while oil prices continued to climb as negotiations aimed at ending the conflict between the United States and Iran remained at a standstill.

US stock futures also edged lower after Wall Street retreated from record highs.

In Japan, the Nikkei 225 bucked the broader regional trend, rising 0.6 per cent to 59,504.22. The advance was driven largely by strong buying in technology shares. Notably, the index had touched an all-time intraday high above the 60,000 mark on Thursday.

Elsewhere, markets across Asia were under pressure. Hong Kong’s Hang Seng Index fell 0.8 per cent to 25,714.99, while China’s SSE Composite Index declined 0.5 per cent to 4,071.52.

South Korea’s KOSPI slipped 0.4 per cent to 6,452.33.

In Australia, the S&P/ASX 200 dropped 0.6 per cent to 8,745.00.

Taiwan stood out as a major outperformer. The TAIEX surged 2.5 per cent, supported by a more than 4 per cent jump in shares of Taiwan Semiconductor Manufacturing Company, which carries significant weight in the benchmark index.

Infosys reported a muted Q4 top line, with revenue declining 1.3% q/q cc due to seasonality and slower decision making in March, however, LTM large deal TCV for FY26 came in at $14.9bn (55% net new, +28% y/y), with Q4 contributing $3.2bn (40% net new; +23% y/y) across 19 deals. EBIT margins came in at 21% (+20bps q/q). FY26 volume growth was largely flat, and revenue growth was driven more by higher realisation, with Project Maximus (mix of value-based selling, lean automation and operational improvements). Management guided for FY27 top-line growth of 1.5-3.5% with EBIT margins in the range of 20-22%. H1 FY27 to be stronger than H2, consistent with seasonality. Management expect growth acceleration in Financial Services (28% mix) and EURS (13.2%) in FY27 versus FY26. At the lower end of the guidance, management has assumed higher deterioration in the macro environment, while the upper end assumes an improved environment

Deal Momentum & Pipeline: Q4 saw 19 large deals with TCV of $3.2bn, distributed across 5 each in financial services and manufacturing, 4 in retail, 2 each in life sciences and communications, and 1 in Europe; region-wise, 11 deals were signed in Europe, 5 in the Americas, and 3 in the rest of the world. Pipeline continues to remain strong heading into FY27, and with pricing discipline, with Infosys walking away from deals which were return dilutive.

FY27 Guidance in a Tighter Band: Infosys guided FY27 cc revenue growth at 1.5% to 3.5% (including ~25bps impact from Stratus acquisition, excl. Versent JV and Optimum Healthcare IT acquisitions that are yet to close). Guidance bakes in 75-100bps impact due to lower revenue from a large European manufacturing client, amid a challenging macro environment & Infosys walking away from an unattractive deal. Potential Middle East resolution, strengthening of underlying economic indicators, and continued AI traction can be growth catalysts.

AI-led Growth > Compression: AI-led initiatives, large deals & vendor consolidation engagements are seeing increasing traction, but this is being offset by compression from AI-led productivity pass-throughs & client caution in parts of the portfolio. However, Infosys assured that growth continues to exceed AI-led compression in the overall portfolio. AI services projects come with better pricing & better margins than the core business, although they carry higher costs because the required talent is more premium. Infosys has formed collaborations with Anthropic & OpenAI for software development, modernization, & agent building

Outlook & Valuation: We have revised our FY27/28e Revenue and PAT estimates by -0.3/-1.1%, and -1.2/-4.0%, respectively with FY26-28e adj. EPS CAGR of 5.2% and arrive at a TP of Rs1,478, implying a ~19.1% upside from CMP. At CMP, the stock trades at FY27/28e P/E of 15.8x/15.0x.

Risks: AI-led revenue compression may accelerate beyond current estimates; higher sub-con cost with H1-B visa restriction; competitive intensity on pricing could intensify further; European manufacturing client drag could worsen.

The rupee extended its losing streak for a fifth consecutive session on Friday, slipping by 24 paise to 94.25 against the US dollar in early trading.

The domestic currency remained under pressure amid sharp fluctuations in crude oil prices, continued strength in the US dollar, and growing uncertainty over the prospects for peace in West Asia.

Market participants noted that, although a ceasefire between the United States and Iran remains in place, shipping activity through the Strait of Hormuz continues to face uncertainty. Concerns intensified after the US military seized another Iranian oil tanker on Thursday, escalating tensions and unsettling global energy markets.

Adding to the unease, US President Donald Trump directed the military to take aggressive action against small Iranian boats accused of deploying mines that could disrupt maritime traffic through the strategic waterway.

Persistent foreign fund outflows from Indian equities further weighed on sentiment. Heavy selling by overseas investors in the stock market added pressure on the rupee, according to forex traders.

In the interbank foreign exchange market, the rupee opened at 94.25 against the dollar and remained at that level in early deals, down 24 paise from its previous close.

Shares of Infosys fell sharply on Friday, dropping as much as 3.72 per cent to an intraday low of Rs 1,194.50 on the NSE, even after the company reported a strong rise in quarterly earnings. Its American depositary receipts also ended about 4 per cent lower.

For the quarter ended March 31, 2026, Infosys posted a consolidated net profit of Rs 8,501 crore, representing a year-on-year increase of 21 per cent from Rs 7,033 crore in the corresponding period last year.

Revenue from operations for the fourth quarter came in at Rs 46,402 crore, up 13.4 per cent from Rs 40,925 crore a year earlier.

Compared with the previous quarter, profit after tax rose 28 per cent from Rs 6,654 crore recorded in Q3 FY26. Revenue also advanced 2 per cent sequentially from Rs 45,479 crore in the October-December period.

The company reported an operating margin of 21 per cent for the quarter. This was unchanged from the same period last year, but improved by 260 basis points over the preceding quarter.

In dollar terms, revenue stood at $5,040 million. This represented a sequential increase of 6.6 per cent, though it was 1.2 per cent lower than the year-ago quarter.

Looking ahead to FY27, Infosys has projected constant-currency revenue growth in the range of 1.5 per cent to 3.5 per cent. It has also retained its operating margin guidance at 20 per cent to 22 per cent.

The sharp rise in global crude prices following the US-Iran conflict has sparked a surge in retail participation in India’s oil derivatives market, leading to a substantial increase in futures and options trading on domestic exchanges.

Trading volumes in crude oil futures on the Multi Commodity Exchange of India rose dramatically in March. Average daily traded lots climbed to 125,662, nearly four times higher than February’s 32,183 lots, marking a month-on-month jump of about 290 per cent, according to data from Mirae Asset Sharekhan quoted by ET.

Although activity cooled somewhat in April, futures volumes remained significantly elevated. As of April 21, average daily trading stood at 101,168 lots, still far above the levels seen before the conflict.

The surge was equally evident in mini crude contracts. Average daily volumes in crude oil mini futures soared 473 per cent between February and March, reaching 356,672 lots. In April, this figure moderated slightly to 324,383 lots, but continued to remain robust.

Options trading in mini crude contracts also recorded a sharp upswing. Average daily volumes increased to 70,58,572 lots in April, up from 39,23,338 lots in March and 27,80,379 lots in February.

Brokerages noted that much of this increased retail activity was concentrated in short-duration trades, especially in the options segment, highlighting the speculative nature of investor participation.

According to Mehul Koradia, Chief Strategy Officer and Director at Mirae Asset Sharekhan, retail involvement in crude oil contracts has risen sharply, with overall trading volumes running 50 to 60 per cent higher than pre-conflict levels.

This heightened participation came despite a significant tightening in trading conditions. Margin requirements on crude oil contracts rose to nearly 48 per cent, compared with the usual 20 to 25 per cent range. Even so, traders continued to commit larger amounts of capital in an attempt to benefit from short-term price swings.

Open interest data reflected this trend. Average daily open interest in crude oil futures increased 14 per cent from February to March. In contrast, options open interest declined 6 per cent over the same period, likely due to rising option premiums amid heightened market volatility.

The spike in derivatives activity coincided with an extraordinary rally in international oil prices. Brent crude futures surged more than 63 per cent in March, the steepest monthly gain ever recorded, with prices touching a high of $119.5 per barrel during the month.

“Market has been continuously responding to bad news and hopes emanating from a potential deal on the West Asia conflict. A mid to long-term market direction will emerge only from clarity on the conflict resolution, particularly on the opening of the Hormuz Strait. Till then crude price will continue to fluctuate impacting the market in the process.

This week Brent crude is up 18% to above $106. Another negative trend from the market perspective is that FPIs have again turned sellers this week after buying for three days last week. This, along with the spike in crude, has again dragged the rupee down to 94.11 level. If this trend of FPI selling continues large caps will continue to be weak. Poor guidance from IT majors indicate that large cap IT stocks will continue to be weak despite the low valuations.

Market trends indicate that investors are prepared to pay premium price to stocks which show growth and good long-term prospects. That’s why there is lot of activity in the broader market,” says VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Infosys, India’s second-largest software services exporter, delivered stronger fourth-quarter earnings than most of its peers in FY26, posting robust growth in both revenue and profit.

For the January-March quarter, consolidated net profit climbed 20.8 per cent year-on-year to Rs 8,051 crore. On a sequential basis, profit rose an even sharper 27.7 per cent.

Revenue for the quarter stood at Rs 46,402 crore, marking an increase of 13.4 per cent from the same period a year earlier and a 2 per cent rise over the preceding December quarter.

While the company exceeded market expectations on profitability, its revenue came in slightly below Street forecasts.

Infosys’ American depositary receipts, or ADRs, were trading 5.5 per cent lower at $12.74 at the time of reporting, according to Bloomberg data.

For FY27, the company projected constant-currency revenue growth in the range of 1.5 per cent to 3.5 per cent. This represents a wider guidance band compared with its earlier outlook of 3 per cent to 3.5 per cent, reflecting heightened uncertainty arising from the conflict in West Asia.

The broader IT sector continues to face multiple challenges, including revenue pressure linked to artificial intelligence adoption and unusually intense competition for large deal wins.

Notably, Infosys had raised its FY26 revenue guidance twice during the previous financial year.

According to an ET survey of seven brokerages, analysts had expected sequential revenue growth of 2.7 per cent to Rs 46,723 crore. Net profit, meanwhile, was projected to increase 12.7 per cent to Rs 7,501 crore.

“Indian equity markets are expected to open on a flat to slightly positive note on April 24, as indicated by GIFT Nifty hovering around 24,214, up approximately 51 points, suggesting a mildly optimistic start. However, the previous session reflected underlying weakness.

The Nifty index opened lower by 175.75 points at 24,202.35 and traded within a narrow range, touching a high of 24,310.20 and a low of 24,134.80 before closing down 205.05 points at 24,173.05. The formation of a Gravestone Doji-like candlestick pattern indicates selling pressure at higher levels. Immediate support is placed in the 23,950–24,000 zone, while resistance is seen at 24,350–24,400. The RSI stands at 53.24, suggesting neutral momentum, whereas India VIX rose 1.58% to 18.59, pointing to a slight increase in market volatility and uncertainty.

Similarly, the Bank Nifty index showed notable weakness, opening sharply lower by 515.50 points at 56,608.95 due to pressure in banking stocks. Although it attempted a recovery and reached 56,868.70, it failed to sustain gains and slipped to a low of 56,217.15 before settling at 56,305.00, down 819.45 points or 1.43%. The bearish candlestick formation reflects continued selling pressure. Key support levels are seen at 55,700–55,800, while resistance lies at 56,850–57,000. The RSI at 53.40 indicates weakening yet still neutral momentum.

On the institutional front, foreign institutional investors (FIIs) extended their selling streak for the fourth consecutive session on April 23, offloading equities worth Rs 3,254 crore. In contrast, domestic institutional investors (DIIs) provided partial support by purchasing equities worth over Rs 941 crore.

Given the prevailing global uncertainties and elevated volatility, a cautious and selective investment strategy is recommended. Investors may look to accumulate fundamentally strong stocks during market corrections. Fresh long positions should ideally be initiated only after the Nifty decisively breaks above and sustains the 24,500 level, which would signal improving sentiment and the possibility of a more sustained bullish trend,” says Hitesh Tailor, Research Analyst, Choice Equity Broking Private Limited.

The Reserve Bank of India stepped up in a significant way its dollar purchases in February, signalling a renewed focus on rebuilding the country’s foreign exchange reserves after the rupee steadied following the announcement of the US-India trade agreement earlier that month.

Although the central bank made substantial purchases in the spot market, its net forward sales remained elevated at $77.7 billion, underscoring its continued dependence on the forward market for currency management. While February offered a favourable window to replenish reserves, a considerable portion of those gains was eroded in March when the rupee came under renewed pressure after the US-Iran conflict erupted on February 28.

Data published in the RBI’s April Bulletin showed that the central bank was a net buyer of $7.4 billion in the over-the-counter market during February. It purchased a gross $21.4 billion and sold $14 billion, resulting in a liquidity infusion of Rs 66,881 crore into the banking system.

In the futures market, the RBI maintained a neutral stance, recording no net intervention. At the same time, it reduced its outstanding net short forward position to $522 million.

The scale of intervention represented a notable increase from January, when the RBI had been a net buyer of $2.5 billion.

The index formed a bearish candlestick pattern signalling consolidation with corrective bias for the second session in a row after recent strong up move. Bank Nifty in the last two sessions witnessed profit booking after rallying more than 7500 points in just 3 weeks which has pushed the daily and weekly stochastic oscillators into overbought territory. Hence, some consolidation at current level cannot be ruled out. We expect the index to consolidate in the range of 54,000-57,500.

On the higher side only a breakout above the key resistance area of 57,500 will infuse further momentum and will open upside towards 58,500-59,000 levels in the coming weeks being the previous breakdown area and key retracement of previous decline. From a short-term perspective, support is placed in the range of 54,500–54,000 zone, being the confluence of the last week low and 38.2% retracement of the last 3 weeks pullback (49,955-57,456).

Global equity markets largely ended lower on Thursday, giving up recent gains as investor optimism over a swift resolution to the Middle East conflict began to fade.

The renewed uncertainty pushed oil prices higher, with Brent crude climbing further above the $100-a-barrel mark. The move reignited concerns that elevated energy costs could fuel inflationary pressures worldwide and potentially slow economic growth.

On Wall Street, the major indices closed in negative territory after a choppy trading session. The decline mirrored weakness across most European and Asian markets, as investors turned increasingly cautious.

According to Art Hogan of B. Riley Wealth Management, US investors appeared more focused on rising oil prices than they had been in recent sessions, especially after the market’s strong rally since late March.

“There continues to be a push and pull between solid fundamentals — including better-than-expected corporate earnings — and the lack of encouraging developments from the Strait of Hormuz,” Hogan told AFP.

Despite an extension of the fragile ceasefire, the United States and Iran showed little progress toward restarting meaningful peace negotiations.

Iran has maintained that it will not reopen the Strait of Hormuz — a vital maritime route through which roughly one-fifth of the world’s oil supply passes — for as long as the United States continues to block its ports.

The sharp rise in energy prices has unsettled economies across the globe. Even so, equity markets have managed to recover much of the ground lost following the US and Israeli strikes on Iran in late February.

In Thursday’s session, Foreign institutional investors remained net sellers, offloading equities worth Rs 2,078.36 crore on Wednesday, according to exchange data. Meanwhile, the Indian rupee weakened for a fourth consecutive session, ending 33 paise lower at 94.11 against the US dollar.

Meanwhile, India VIX, often referred to as the market’s fear gauge, rose 1.6 per cent to close at 18.59, reflecting heightened nervousness among investors.

The index formed a bearish candlestick pattern signalling consolidation with corrective bias for the second session in a row after recent strong up move. Nifty in the last two sessions witnessed profit booking after rallying more than 2400 points in just 3 weeks which has pushed the daily and weekly stochastic oscillators into overbought territory. Index in the last two sessions has reacted lower from the key resistance area of 24,650-24,800 being the confluence of the previous breakdown area, 200 days EMA and the 61.8% retracement of the entire decline 26,373 to 22,183.

Hence, some consolidation at current level cannot be ruled out. We expect the index to consolidate in the range of 23,600-24,800. Stock specific action will continue to remain in focus as we progress through the quarterly earning session. Short-term support is positioned around 23,600–23,500 range being the confluence of last week low and 38.2% retracement of the last 3 weeks pullback (22,183-24,601).

Stock markets markets extended their losses for a second straight session on Thursday, as a fresh surge in crude oil prices and escalating geopolitical uncertainty weighed heavily on investor sentiment.

The benchmark indices came under pressure after Brent crude climbed back above the $100-per-barrel mark amid stalled negotiations between the United States and Iran.

The 30-share BSE Sensex fell 852.49 points, or 1.09 per cent, to close at 77,664. During intraday trade, it had dropped as much as 942.31 points, or 1.20 per cent, to 77,574.18. The broader NSE Nifty 50 declined 205.05 points, or 0.84 per cent, to settle at 24,173.05.

Market breadth remained weak, with 2,517 stocks declining on the BSE, while 1,762 advanced and 170 ended unchanged.

The broader market also ended lower, with the BSE MidCap Select index declining 0.39 per cent and the SmallCap Select index slipping 0.34 per cent.