News Overview

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.

Indian markets closed in the red as IT stocks dragged benchmarks lower and FII outflows pressured sentiment. However, FMCG, defence, sugar, and energy stocks saw selective buying, while the rupee weakened to 93.8 against the US dollar amid broader risk-off sentiment.

Amara Raja Energy & Mobility jumped over 14% as investors reacted to its ambitious EV plans, including lithium-ion cell production, a Telangana gigafactory, and a ₹9,500 crore long-term investment strategy.

Tech Mahindra posted a margin-driven earnings beat with strong profit growth and improved EBITDA margins, but muted constant currency revenue growth and weak demand in the Americas led to a negative market reaction despite a higher dividend announcement.

Indian drone and defence stocks jumped sharply, led by Paras Defence, ideaForge, and Zen Technologies, as global tensions and increased military drone adoption boosted investor sentiment in the sector.

The Nifty IT Index fell 4.95% to 30,159.45, led by sharp declines in HCLTech, Infosys, Tech Mahindra, and other IT stocks after weak Q4FY26 earnings and subdued growth guidance.