Domestically, a risk-off sentiment affected equities. The BSE Sensex and Nifty 50 dropped nearly 1%, while the rupee edged closer to 94 against the dollar. IT stocks took the lead in losses following a disappointing performance from HCLTech, although Tech Mahindra provided some stability by meeting projections.
On the policy front, the India-US trade negotiations entered their third day in Washington, concentrating on tariff matters and potential rebates. In corporate news, Jio Financial Services and Allianz formalized a 50:50 insurance joint venture, while the Godrej Group announced a goal for a ₹5 lakh crore market capitalization.
In other developments, Trent exhibited robust Q4 growth, while a settlement shadow hovered over the National Stock Exchange with the SEBI. Political attention is shifting to the upcoming polls in Tamil Nadu and West Bengal, even as PM Narendra Modi commemorated the anniversary of the Pahalgam attack.
Trump extends Iran ceasefire, maintains US blockade on portsUS President Trump indicated he would extend the ceasefire with Iran while instructing US forces to continue enforcing the blockade of Iranian ports, as Washington awaits a “unified proposal” from Tehran.
Read more
Crude oil prices near $100; Strait of Hormuz shutdown risks 1.5 bn barrelsCrude oil prices have risen 55% since the beginning of the West Asia conflict, with a 3% overnight increase and levels approaching $100 per barrel due to the closure of the Strait of Hormuz. Stalled US-Iran discussions and supply interruptions have led to what the International Energy Agency describes as the worst energy crisis, with up to 1.5 billion barrels at stake.
Read more
Also watch: Day 3 of India-US trade talks in Washington | Ongoing Section 301 probe, tariff framework on agenda
Closing Bell | Markets snap three-day rally as IT stocks sink; midcaps hold firmIndian benchmark indices closed significantly lower on April 22, ending a three-day rally, with substantial selling in IT stocks impacting the market. The Sensex dropped 757 points to finish at 78,516, while the Nifty decreased by 199 points to close at 24,378, falling below the 24,400 level.
Read more
Also Read: Rupee plunges 31 paise to 93.75 against US dollar in early trade
IT stocks on the Nifty 50 lose over ₹1 lakh crore in market cap after HCLTech sell-offIndian IT firms emerged as the biggest losers in the market on Wednesday, April 22. The Nifty IT index fell over 1,300 points during today’s session. Companies listed on the Nifty 50 index collectively lost more than ₹1 lakh crore in market capitalization as a result of the sell-off.
Read more Jio Financial Services, Allianz to form 50:50 insurance JV
Jio Financial Services Ltd (JFSL) and the German insurer Allianz SE have signed a binding agreement to create a 50:50 joint venture in India’s primary insurance sector, covering both general and health segments.
Read more
Trent Q4 profit, margins jump; board clears 1:2 bonus and equity raise
Trent presented a strong performance for the March quarter, announced after market hours on Wednesday, and enhanced the outcome with a 1:2 bonus issue.
Read more
NSE co-location case: Settlement is a step away from final approval
(IPO)
An external panel established by SEBI has advised that the National Stock Exchange of India resolve outstanding legal issues by compensating slightly over ₹18 billion ($192.5 million).
Read more
India may move beyond E20; govt likely to allow testing of E85–E100 fuelsIndia’s ethanol blending initiative appears set for its next phase, with the government likely to soon permit testing of significantly higher ethanol blends ranging from E85 to E100.
Read more
Freebie Frenzy: Cash doles for women dominate Tamil Nadu, West Bengal poll campaignsCash incentives for women have become a focal point in the electoral campaigns in Tamil Nadu and West Bengal, as political parties increase welfare pledges to attract this vital voter segment.
Read more
PM Modi says India will never bow to terror as nation marks one year of Pahalgam attackOn the anniversary of the tragic Pahalgam terror attack, Prime Minister Narendra Modi stated on Wednesday, April 22, that India will never acquiesce to terrorism and honored the victims who perished in the incident that shocked the nation.
Read more
We’ll see you on Thursday with another engaging ‘Top 10@10.’
