News Overview

Indian benchmark indices ended sharply lower with Nifty slipping below 23,900 and Sensex losing nearly 1000 points. Heavy selling in IT stocks after weak earnings, a weakening rupee, and rising global tensions pushed markets into a risk-off mode.

Adani Green Energy posted robust Q4 results with higher profits, steady revenue growth, and aggressive renewable capacity expansion, strengthening its path toward a 50 GW target.

Hong Kong equities rebounded with the Hang Seng Index closing higher, driven by strong gains in technology and semiconductor stocks. Alibaba, Baidu, and SMIC led the rally, while healthcare and tourism trends added to improving market sentiment despite weakness in mainland China markets and auto stocks.

Indian benchmark indices declined sharply following disappointing earnings from major IT firms. Shares of Reliance Industries also slipped ahead of its Q4 results, where analysts expect moderate growth led by Reliance Jio, offset by weakness in O2C and retail segments.

Markets declined over 1% with Nifty slipping below 24,200 and Sensex near 76,600, led by a sharp fall in Infosys which dropped 5% to a 52-week low of ₹1,176.40. Despite strong Q4 earnings, weak FY27 guidance and IT sector concerns weighed heavily. Adding to the pressure, the rupee weakened to 94.25 amid FII outflows, crude volatility, and geopolitical tensions.

Markets ended in the red on April 23, 2026, as Nifty fell 205 points to 24,173.05. Pharma stocks rallied strongly, led by Dr. Reddy’s (+8.87%) and Cipla (~6%), while losses in banking, NBFCs, and IT weighed on sentiment. Jio Financial gained 4% on Allianz partnership, while Union Bank dropped 8% after weak Q4 results.

Union Bank of India reported stable Q4 FY26 and full-year results with improved profitability and asset quality. However, shares declined 6.6% as investors reacted to rising provisions, stagnant revenue growth, and pressure on core income.

Websol Energy System surged to its 10% upper circuit for the second straight session after ace investor Vijay Kedia bought a 1.02% stake in Q4 FY26, triggering strong retail interest and momentum buying.

Jio Financial Services stock gained over 3% after confirming a strategic partnership with Allianz Group to launch a joint venture in India’s insurance sector, focusing on accessibility, innovation, and financial inclusion.

Pharma stocks are witnessing strong momentum, led by Dr. Reddy's Laboratories with a sharp 7% gain. As NIFTY Pharma climbs 2.33%, the rally reflects sector-wide institutional buying driven by rupee weakness and a shift toward defensive plays amid broader market weakness.