UPDATE 2-BYD posts steepest profit drop in six years as Chin...
28 Apr 2026
The BSE Sensex advanced 639.42 points, or 0.83 per cent, to close at 77,303.63. During intraday trade, it had climbed as much as 755.83 points, or 0.98 per cent, to touch 77,420.04. The NSE Nifty also posted a robust gain, rising 194.75 points, or 0.81 per cent, to settle at 24,092.70.
Among Sensex constituents, Sun Pharma emerged as the top performer, surging 7 per cent after announcing the acquisition of US-based Organon & Co in an all-cash transaction valued at $11.75 billion, making it one of the largest overseas acquisitions by an Indian company. Reliance Industries also delivered a strong performance, climbing 2.88 per cent.
Other notable gainers included Adani Ports, Tech Mahindra, Mahindra & Mahindra, NTPC, HCL Technologies and Tata Consultancy Services. On the other hand, Axis Bank, Bharat Electronics, Trent and ICICI Bank were among the key laggards.
According to Hariprasad K, Research Analyst and Founder of Livelong Wealth, a major factor behind the market’s strength was the improvement in global risk sentiment. Reports suggesting a possible easing of tensions between the United States and Iran around the Strait of Hormuz helped calm concerns over supply disruptions, thereby supporting investor confidence.
He also noted that broad-based sectoral participation helped sustain the rally. The pharmaceutical sector saw strong momentum, led by Sun Pharma’s sharp rise following its acquisition announcement. Information technology stocks, too, rebounded after a recent phase of underperformance.
On Monday, the benchmark index Nifty began the trading session on a strong note with a gap-up opening. However, after the initial thrust, the index largely remained range-bound and traded within a relatively narrow band of 194 points throughout the session. Despite the lack of strong follow-through buying, the index managed to hold onto its gains and settled near the crucial 24100 level, registering a healthy gain of 0.81% for the day. The price action resulted in the formation of a bullish candle on the daily chart, indicating sustained buying interest at lower levels. Importantly, Nifty again managed to closed above its 20-day EMA.
Sun Pharma and Jio Finance emerged as the top gainers among the Nifty constituents, providing meaningful support to the index. On the contrary, Shriram Finance and Axis Bank witnessed selling pressure and ended the session as top losers, somewhat capping the upside in the headline index. Sectorally, the overall market breadth remained supportive as all sectoral indices closed higher. However, relative underperformance was observed in Nifty Pharma and Nifty Healthcare, which lagged compared to other sectors despite ending in the green.
Market volatility cooled off significantly, with the India VIX declining by 6.74% during the session. The sharp drop in volatility reflects increasing comfort among market participants and points towards reduced fear in the near term, which is generally constructive for equities.
The broader markets clearly outperformed the frontline indices. Both Nifty Midcap 100 and Nifty Smallcap 100 indices registered strong gains and continued to trade comfortably above their respective key moving averages. Notably, these moving averages are in a rising trajectory, underscoring the strength of the ongoing uptrend in the broader market space. The market breadth was decisively positive, with the advance-decline ratio heavily skewed in favour of advancing stocks. From the broader Nifty 500 universe, as many as 407 stocks ended the session in positive territory, highlighting widespread participation and healthy underlying market structure, says Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.
Global equity markets mostly moved higher on Monday, while Brent crude prices surged by about $2.50 a barrel as efforts to secure an end to the conflict with Iran remained deadlocked.
Japan’s Nikkei 225 climbed to a fresh record, extending gains after US equities closed last week at all-time highs.
According to two Middle Eastern officials, Iran has indicated a willingness to ease its control over the Strait of Hormuz without addressing its nuclear programme, while seeking an end to the US blockade. The proposal was reportedly conveyed to Washington through Pakistan. However, President Donald Trump is unlikely to accept the offer, as he continues to insist that any broader agreement to end the conflict must include the dismantling of Iran’s nuclear programme.
Since the conflict began, disruptions to shipping through the Strait of Hormuz have driven oil prices sharply higher.
Brent crude for July delivery rose $2.46 to $101.59 a barrel, while US benchmark crude gained $2.20 to reach $96.60 a barrel.
Investors are also closely watching this week’s monetary policy decisions from major central banks, including the US Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England.
In early European trading, Germany’s DAX advanced 0.3 per cent to 24,193.27. France’s CAC 40 edged up 0.1 per cent to 8,165.07, while Britain’s FTSE 100 slipped 0.1 per cent to 10,374.51.
US stock futures pointed to a softer start, with futures linked to the S&P 500 down 0.1 per cent and those tied to the Dow Jones Industrial Average lower by 0.2 per cent.
Across Asia, Japan’s Nikkei 225 jumped 1.4 per cent to 60,537.36 after touching a new intraday peak of 60,903.95. South Korea’s Kospi rallied 2 per cent to 6,615.03.
Hong Kong’s Hang Seng index slipped 0.1 per cent to 25,964.27, while China’s Shanghai Composite gained 0.2 per cent to close at 4,086.34.
Australia’s S&P/ASX 200 declined 0.2 per cent to 8,766.40.
Taiwan’s Taiex rose 1.8 per cent, supported by renewed buying in technology stocks amid continued enthusiasm around artificial intelligence. India’s Sensex also advanced, gaining 0.8 per cent.
Shares of RBL Bank fell about 5 per cent on Monday after the lender announced its financial results for the January-March quarter of FY26. The bank reported a sharp jump in net profit, which rose more than threefold to Rs 230 crore, compared with Rs 69 crore in the same quarter last year.
Despite the strong rise in profit, the bank’s net interest margin narrowed to 4.41 per cent, its lowest level in the past five quarters. This compares with 4.63 per cent in the preceding quarter and 4.89 per cent in the corresponding period of the previous year.
Net interest income, however, increased 7 per cent year-on-year to Rs 1,671 crore. Operating profit also posted healthy growth, rising 11 per cent from a year earlier to Rs 955 crore during the quarter.
The bank’s asset quality showed further improvement. Its gross non-performing asset ratio declined to 1.45 per cent from 1.88 per cent in the previous quarter and 2.60 per cent a year ago. Similarly, the net NPA ratio improved to 0.39 per cent, down from 0.55 per cent in the December quarter. In the year-ago quarter, the corresponding figure stood at 0.29 per cent.
RBL Bank’s annualised return on assets remained unchanged on a sequential basis at 0.55 per cent, according to an ET report.
Alongside its quarterly earnings, the bank also announced a dividend of Rs 1 per share on equity shares with a face value of Rs 10 each.
Managing Director R Subramaniakumar said the ongoing West Asia crisis has not had any material impact on the bank’s business so far.
Infosys, long regarded as one of India’s most dependable wealth creators in the equity market, is now undergoing a significant revaluation by investors. So far this year, the company has seen more than Rs 2 lakh crore wiped off its market capitalisation and has dropped out of the list of India’s 10 most valuable listed firms. The shift reflects mounting concerns over its growth outlook, client spending trends, and the longer-term implications of artificial intelligence.
Investor selling gathered pace after the company released its latest quarterly results.
On Friday, Infosys shares tumbled nearly 7 per cent in a single trading session, taking the stock’s losses for the year to around 30 per cent. Its market capitalisation has now fallen to roughly Rs 4.9 lakh crore—a notable decline for a company that has long been viewed as a benchmark for India’s IT industry and a key constituent of the Nifty index.
This decline has also reshaped the broader market rankings. Life Insurance Corporation of India has moved into the top 10 most valuable companies, with a market value of about Rs 5.1 lakh crore. Tata Consultancy Services, too, has slipped in the rankings, dropping out of the top five, highlighting the wider re-rating underway in the information technology sector.
The latest wave of selling was triggered less by the company’s reported performance and more by its forward-looking outlook. For the March quarter, Infosys posted revenue of Rs 46,402 crore, marking a 13 per cent increase from a year earlier. Net profit rose to Rs 8,501 crore, surpassing market estimates.
However, its revenue growth guidance for FY27, projected at 1.5 per cent to 3.5 per cent in constant currency terms, disappointed investors. The outlook has reinforced expectations that the company may remain in a slower growth phase for some time.
Shares of Sun Pharmaceutical Industries rose as much as 4.2 per cent on Monday, touching an intraday high of Rs 1,688 on the NSE, after the company announced its acquisition of Organon & Co. in a deal valued at $11.75 billion. Under the agreement, Sun Pharma will purchase all outstanding shares of the US-based drugmaker for $14 per share in cash.
In a stock exchange filing issued on Monday, Sun Pharma said it has signed a definitive agreement with Organon, describing it as a global leader in women’s healthcare. Organon has a portfolio of more than 70 products and biosimilars, which are marketed across 140 countries. Its key markets include the United States, Europe, China, Canada, and Brazil. The company also operates six manufacturing facilities across the European Union and several emerging markets.
Sun Pharma said the acquisition will be financed through a mix of its existing cash reserves and committed funding from banks. The transaction will be completed through the merger of Organon with a wholly owned subsidiary of Sun Pharma, with Organon continuing as the surviving entity after the merger.
The company added that the deal is expected to be completed in early 2027, subject to the fulfilment of customary closing conditions.
The rupee weakened by 11 paise to 94.27 against the US dollar in early trading on Monday, pressured by sustained demand for the greenback and a broader move by investors toward safe-haven assets.
Currency market participants said the rupee has been under pressure, extending its losses for a fifth straight session. The decline has been driven by a mix of factors, including the Reserve Bank of India’s softer approach to currency management and the rise in crude oil prices amid global geopolitical tensions.
Investor sentiment has also turned cautious, with foreign institutional investors resuming their selling after a brief phase of net buying, as geopolitical uncertainties continue to weigh on markets.
In the interbank foreign exchange market, the rupee opened at 94.25 against the US dollar before slipping further to 94.27 in early deals, down 11 paise from its previous close of 94.16 on Friday.
Meanwhile, the dollar index, which tracks the US currency against a basket of six major peers, edged down 0.09 per cent to 98.44.
Shares of Adani Power and Tata Power climbed nearly 4 per cent on Monday, continuing their strong upward momentum as rising temperatures across the country boosted expectations of higher electricity demand in the coming days.
Adani Power gained about 3.5 per cent in early trade, touching a new 52-week high of Rs 220.29 per share. Since its low of Rs 149.20 on March 30, the stock has surged roughly 48 per cent. Over this period, the company’s market capitalisation has expanded by nearly Rs 1.4 lakh crore, taking its overall valuation to around Rs 4.25 lakh crore.
Tata Power also advanced close to 4 per cent during Monday morning trade, reaching a fresh 52-week high of Rs 452 per share. The stock has risen around 20 per cent over the past month, adding nearly Rs 24,000 crore to its market value and lifting its market capitalisation to about Rs 1.45 lakh crore.
Shares of One 97 Communications, which owns fintech platform Paytm, slumped by as much as 8 per cent on Monday, touching an intraday low of Rs 1,057 on the NSE. The decline followed the Reserve Bank of India’s decision to revoke the banking licence of Paytm Payments Bank, after which the company said it would wind down the subsidiary.
In a regulatory filing issued after market hours on Friday, Paytm stated that the RBI had effectively withdrawn the banking licence of Paytm Payments Bank. The company emphasised that it has no financial exposure to the associate entity and does not offer any services jointly with it. It also noted that Paytm Payments Bank functions as an independent organisation.
Oil prices moved higher on Monday, while global equity markets delivered a mixed performance, as the United States and Iran remained far from resolving their eight-week-long conflict. Investor hopes for a diplomatic breakthrough weakened after US President Donald Trump called off a planned trip by American envoys for peace discussions over the weekend.
Expectations that negotiations in Pakistan might produce progress were effectively dashed on Saturday when Trump said there was little value in continuing talks without meaningful movement.
Speaking to Fox News, he remarked that the United States held the upper hand and that Iran could initiate contact whenever it wished. He also indicated that he had instructed his team not to undertake further long-distance travel merely for unproductive discussions.
Trump later told reporters that Iran submitted a revised proposal shortly after the trip was cancelled. According to him, the initial document fell short of expectations, but a substantially improved version was received within minutes of his decision to withdraw the delegation.
He did not provide details of the revised proposal.
When asked separately whether the cancellation signalled a return to military confrontation, Trump said no such decision had been made and that the matter had not yet been considered.
Even before the trip was scrapped, the outlook for direct negotiations remained uncertain. Iranian state television had reported that Foreign Minister Abbas Araghchi had no plans to meet US officials in person, and that Islamabad would instead serve as an intermediary for exchanging proposals between the two sides.
"With the geopolitical situation showing no improvement and crude inching higher the implications for India’s macros and markets continue to be negative in the near-term. Markets will continue to remain volatile responding to news.
Even though geopolitics and energy crisis are dominating the news a major factor impacting stock markets continues to be the AI trade. The US market, driven by AI trade, is at record highs and Nvidia has crossed market cap of $ 5 trillion. AI leaders like South Korea and Taiwan are attracting huge FPI flows at the cost of emerging markets like India. It is important to understand that one stock in Taiwan (TSMC) and two stocks in South Korea ( Samsung and SK Hynix ) account for lion’s share of the portfolio flows into these two countries. This is unlikely to continue for long. Any reversal of AI trade will also alter the direction of portfolio flows.
In the current state of total uncertainty, investors can wait and watch the geopolitical developments and take decisions as clarity emerges. Despite the macro threats emerging from the energy crisis India’s growth momentum is showing resilience and optimism as indicated by the recent rising private capex numbers,” says VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
"Indian equity markets are expected to open on a positive note, tracking firm cues from GIFT Nifty, which is currently trading around 24,140, up by nearly 185 points, indicating a gap-up start for domestic benchmark indices. Notably, GIFT Nifty is trading with gains despite escalating global tensions and stalled US–Iran negotiations, which continue to weigh on overall risk sentiment globally.
In the previous session (24th April 2026), benchmark indices remained under pressure and failed to sustain higher levels, highlighting continued selling interest near resistance zones. The price action indicates that the market is undergoing a short-term corrective phase, with recovery attempts likely to face hurdles unless key resistance levels are decisively crossed.
From a technical perspective, the Nifty 50 continues to trade with a negative to sideways bias in the short term. The index is struggling to sustain above short-term moving averages, while momentum indicators like RSI are hovering near 49.21 the neutral zone, indicating lack of strong directional strength. Immediate support is placed around 23,900–23,800 levels. On the upside, resistance is seen at 24,200, with a stronger hurdle placed near 24,500–24,600. A sustained move above 24,200 is necessary to revive bullish momentum, while failure to hold 23,800 could lead to further downside pressure.
Bank Nifty is showing relative resilience but is also entering a consolidation phase after its recent outperformance. The index is facing resistance at higher levels, and momentum indicators are flattening, suggesting limited upside in the near term. Immediate support is seen around 55,700 while stronger support is placed near 55,600. On the upside, resistance is placed at 56,500–56,600 levels. A decisive move above 57,000 will be required for further strength, while a breakdown below support could trigger extended consolidation.
On the institutional front, 24th April 2026 saw aggressive FII selling, with foreign investors offloading equities worth ₹8,827 crore, while DIIs provided partial support with net buying of ₹4,700 crore. This divergence reflects continued caution from global investors, even as domestic institutions absorb selling at lower levels. Volatility remains elevated, with India VIX closing at 19.71, indicating increased uncertainty and the likelihood of sharp intraday swings. The rise in volatility, along with neutral momentum indicators, suggests a choppy trading environment.
Overall, the technical setup indicates a gap-up opening followed by range-bound to mildly volatile trade. The immediate range for Nifty is seen between 23,800 and 24,200. While the broader trend remains positive, the short-term structure suggests limited upside unless the index sustains above resistance levels,” says Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited.
"The big uncertainty surrounding the West Asia conflict and the consequent gyrations in crude prices had its impact on FPI flows also. FPIs turned buyers on three days in the third week of April on strengthening of the rupee and news of decline in crude prices. But soon this trend was reversed in the fourth week when FPIs turned sellers again.
Total FPI selling through 24th April through the cash market stood at Rs 46298 crores. FPIs invested Rs 3391 crores through the primary market during this period. The total FPI selling for 2026, so far, stands at Rs 187439 crores.
An important trend in FPI activity is that they have been buying selectively in many mid and small caps even while selling in large caps across sectors. The global trend of buying in AI stocks which was dominant last year is continuing this year too. Consequently, markets like Japan, South Korea and Taiwan are attracting huge inflows. This was evident in April FPI activity too, says VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Sun Pharmaceutical Industries announced on Monday that it will acquire US-based Organon & Co. in an all-cash transaction valued at an enterprise worth of $11.75 billion.
Under the definitive agreement signed by the two companies, Sun Pharma will purchase all outstanding shares of Organon at $14 per share. The deal, which will be settled entirely in cash, values Organon at an enterprise valuation of USD 11.75 billion, the company said in an official statement.
Organon is a global healthcare company that was created in 2021 following its separation from Merck & Co., known as MSD outside the United States and Canada.
Once the acquisition is completed, Sun Pharma is expected to rank among the world’s top 25 pharmaceutical companies. The combined entity will have revenues of approximately USD 12.4 billion and will hold a strong position in the established brands and branded generics segments.
Commenting on the deal, Sun Pharma Executive Chairman Dilip Shanghvi said the acquisition marks an important step in advancing the company’s mission of reaching more patients and improving lives. He added that Organon’s product portfolio, capabilities, and global footprint complement Sun Pharma’s existing strengths, and that the combination is expected to create a broader, stronger, and more diversified business platform.
"Indian equities closed last week lower, weighed down by a combination of global and domestic headwinds. Geopolitical tensions in West Asia, stalled US–Iran talks, and crude oil crossing $100 per barrel kept sentiment under pressure. Simultaneously, the rupee weakened further on persistent FII outflows amid rising US bond yields. Domestically, the RBI flagging early signs of an economic slowdown, softer forward-looking business confidence, and foreign brokerages' downgrade on the Indian equity outlook overshadowed an otherwise expansionary PMI reading.
IT stocks were the biggest laggards, impacted by weak earnings and cautious management guidance. In contrast, power and allied segments attracted buying interest, supported by a strong demand outlook amid an intense summer. FMCG and pharma also attracted defensive buying amid broader risk aversion.
Looking ahead, the upcoming week carries a dense macro calendar that will materially shape near-term direction. The US Fed’s rate decision and accompanying commentary will be the key catalyst, as a hawkish stance could prolong pressure on emerging markets via a stronger dollar and sustained FII outflows, while the BoJ’s policy decision adds an additional layer of global liquidity sensitivity, says Vinod Nair, Head of Research, Geojit Investments Limited.
Foreign Institutional Investors (FIIs) continue to offload Indian equities; FIIs remained net sellers during last week as it sold ₹171.4 bn based on provisional exchange data. On the other hand, Domestic Institutional Investors (DIIs) provided strong support to the market, emerging as net buyers during last week with investments totalling ₹97.8 bn based on provisional exchange data.
The month-to-date trend remain same for the 10th consecutive months with FIIs in the month of April till date have pulled out a substantial ₹563.6 bn from Indian equities, while DIIs have infused ₹394.8 bn during the same period as per provisional exchange data.
Geo-political news continues to dominate Institutional flows with President Donald Trump extending the US–Iran ceasefire until Tehran presents a unified proposal to end the conflict with the U.S. and Israel. It has briefly reduced concerns about geopolitical escalation but is likely to keep uncertainty elevated over a longer period. FIIs remained net sellers for all the five trading sessions last week, with quantum of selling increasing in the second half of the week.
Nifty snapped its two weeks winning streak and closing down by around 2% with sharp decline seen in the second half of the week. Market sentiment remained cautious as clarity on the geo-political tension and the trajectory of negotiations is still lacking. Brent crude prices remained high amid persistent supply concerns, particularly around the critical Strait of Hormuz, keeping energy markets in focus.
Looking ahead, institutional activity is expected to be driven mainly by global news flows, with developments in US–Iran negotiations remaining a key monitorable due to their potential impact on geopolitical stability and global energy markets. US FOMC and Bank of Japan rate decision followed by central bank commentary are also scheduled for next week which will also have an impact on the global equity market and institutional activity, says Pabitro Mukherjee, Associate Vice President – Research Bajaj Broking.
