📰 India Business Brief: Top Headlines for April 23, 2026

Business Standard

• The Indian stock market saw a sharp correction on Wednesday, with the Sensex tumbling 757 points and the Nifty falling below the 24,400 mark, ending its recent rally.
• The Nifty IT index plummeted 4%, led by significant declines in HCLTech, Persistent Systems, and Coforge following cautious outlooks and margin concerns.
• The Indian Rupee slipped to 93.80 against the US Dollar, pressured by the surge in global oil prices and a general decline in Asian currencies.
• Analysts suggest a "positive bias" remains intact for the Nifty despite the consolidation, with key support levels identified between 24,000 and 24,200.
• Axis Bank is in focus ahead of its Q4 results, with investors tracking Net Interest Margins (NIM) and potential fund-raising announcements.

Economic Times

• Jio Financial Services has entered into a binding 50:50 joint venture with the Allianz Group to enter the Indian general and health insurance markets.
• Tech Mahindra reported a 16% year-on-year rise in Q4 net profit to ₹1,354 crore, while HCLTech’s net profit grew 4.2% to ₹4,488 crore.
• Trent Ltd saw its consolidated net profit jump 26% to ₹400 crore for the March quarter, prompting the company to declare a dividend of ₹6 per share.
• India’s IT sector is overhauling its hiring strategies as data reveals Gen Z professionals have an average tenure of just 1.1 years, significantly lower than previous generations.
• Global shipping giants are warning of stalled cargo movements through the Strait of Hormuz due to rising US-Iran tensions, further driving up biofuel and oil demand.

Mint

• GIFT Nifty indicated a gap-down opening for the Thursday session, reflecting continued caution following the failed US-Iran talks and global market volatility.
• Groww (Billionbrains Garage Ventures) reached a record high as its stock surged after reporting a 122% year-on-year rise in consolidated net profit.
• Rolex Rings is scheduled to hold a board meeting today, April 23, to consider a proposal for a share buyback.
• In the Jaiprakash Associates (JAL) insolvency case, the Adani Group has reportedly backed the Committee of Creditors in opposing Vedanta’s late revised bid.
• Market experts have recommended intraday buys for stocks including Greenply, Aptech, and Edelweiss Financial Services, despite the broader market's cautious stance.

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