Sensex, Nifty trade with strong gains; media shares surge

by Hansraj Agrawal | Apr 21, 2026 | Share Market

The key domestic indices traded with significant gains in early trade, supported by optimism over potential peace talks between the US and Iran. Investor sentiment also remained upbeat amid easing crude oil prices. However, market participants shifted their focus to Q4 earnings. The Nifty traded near the 24,500 level.

Media shares witnessed buying demand for the five consecutive trading sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex jumped 484.73 points or 0.62% to 79,005.03. The Nifty 50 index rose 128.70 points or 0.53% to 24,493.40.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index gained 0.80% and the BSE 250 SmallCap Index added 1.11%.

The market breadth was strong. On the BSE, 2,741 shares rose and 1,028 shares fell. A total of 199 shares were unchanged.

The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, declined 4.89% to 17.87.

In the commodities market, Brent crude for June 2026 settlement tumbled 69 cents or 0.72% to $94.79 a barrel.

Earnings Today:

HCL Technologies(up 0.49%), Nestle India(up 1.70%), 360 ONE WAM(up 0.37%), Central Mine Planning & Design Institute(down 0.93%), Cyient DLM(up 2.62%), Mahindra EPC Irrigation(up 1.21%), Persistent Systems (down 0.13%), Powerica(up 0.79%), Rajratan Global Wire(up 0.99%), Sunteck Realty(up 3.73%), Transformers and Rectifiers (India)(up 1.62%), Tata Elxsi(up 1.77%), and Tata Investment Corporation (up 0.37%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Media index jumped 1.34% to 1,448.55. The index jumped 6.48% for the five consecutive trading sessions.

PVR Inox (up 2.87%), Prime Focus (up 1.5%), Saregama India (up 1.42%), Zee Entertainment Enterprises (up 0.98%) and Sun TV Network (up 0.96%) were the top gainers. Among the other gainers were Network 18 Media & Investments (up 0.86%), Tips Music (up 0.83%), Hathway Cable & Datacom (up 0.63%), D B Corp (up 0.6%) and Nazara Technologies (up 0.38%) surged.

Economy:

Indias Index of Eight Core Industries (ICI) fell by 0.4% in March 2026 compared to the same month last year, according to provisional data. Output declined in sectors such as fertilizers, crude oil, coal and electricity, pulling down overall performance. The overall growth of these core industries for the full financial year 202526 stood at 2.6% compared to the previous year.

Stocks in Spotlight:

Apeejay Surrendra Park Hotels (ASPHL) rallied 4.16% after the company signed two hotel management agreements for Zone Connect by The Park properties in Ayodhya and Ujjain.

Oberoi Realty advanced 1.99% after the company reported a gross booking value of Rs 1,673 crore for Q4 FY26, registering a 100.1% rise quarter-on-quarter from Rs 836 crore and a 96.1% increase year-on-year from Rs 853 crore in Q4 FY25.

Nelco surged 9.04% after reporting a consolidated net profit of Rs 1.09 crore for Q4 FY26, compared with a net loss of Rs 4.08 crore in the year-ago period. Total income jumped 15.60% YoY to Rs 81.11 crore in Q4 FY26, from Rs 70.16 crore in the corresponding quarter last year.

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ASPHL gains after inking two hotel management pacts in Ayodhya, Ujjain

by Hansraj Agrawal | Apr 21, 2026 | Share Market

Apeejay Surrendra Park Hotels (ASPHL) rose 2.70% to Rs 123.26 after the company signed two hotel management agreements for Zone Connect by The Park properties in Ayodhya and Ujjain.

The dual signings mark a strategic expansion into key pilgrimage circuits and align with the companys growth strategy of catering to travelers seeking design-led hospitality in culturally significant locations.

In Ayodhya, the hotel will feature 56 rooms and will be located around 4.9 km from Ram Janmabhoomi and approximately 6 km from Maharishi Valmiki International Airport. The property will include an all-day dining restaurant (CafC), a rooftop restaurant, a plunge swimming pool, a gym, and a banquet hall.

In Ujjain, the hotel will offer 64 rooms and will be situated around 7 km from Ujjain Railway Station and 8 km from the Mahakaleshwar Jyotirlinga Temple, with access to Devi Ahilya Bai Holkar Airport. The property will include an all-day dining restaurant (CafC), a plunge swimming pool, and fitness and wellness facilities.

With these additions, ASPHL strengthens its presence in two of Indias major pilgrimage destinations under the Zone Connect by The Park brand.

Vikas Ahluwalia, AVP & National Head Zone by The Park Hotels, said, “We are delighted to expand our footprint in two of Indias most significant spiritual destinationsAyodhya and Ujjain. These signings mark an important step in strengthening our presence in the pilgrimage tourism segment. As demand for quality hospitality infrastructure continues to grow in these cities, we aim to offer vibrant, contemporary stays that resonate with the needs of todays travelers while staying connected to the local ethos.”

Apeejay Surrendra Park Hotels is primarily engaged in the business of owning, operating, and managing hotels in India under the names The Park Hotels, The Park Collection, and Zone by the Park.

The company’s consolidated net profit declined 24.75% to Rs 24.20 crore despite a 12.72% rise in revenue to Rs 200.06 crore in Q3 FY26 as compared with Q3 FY25.

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RailTel Corp bags Rs 86.36-cr cloud services order from MCGM

by Hansraj Agrawal | Apr 21, 2026 | Share Market

Last Updated : Apr 21 2026 | 8:04 AM IST

RailTel Corporation of India said that it has secured a contract from the Municipal Corporation of Greater Mumbai (MCGM).

The contract is for provisioning, configuration, testing, commissioning, and operations & maintenance of cloud services for the Brihanmumbai Municipal Corporation (BMC).

The order, awarded by a domestic entity, has an estimated value of Rs 86.36 crore, as per the letter of award (LoA).

The project is to be executed by June 5, 2029.

The company stated that neither its promoter nor promoter group has any interest in the awarding entity. It also confirmed that the contract does not fall under related party transactions.

RailTel Corporation of India was incorporated in 2000, with the objective of creating nationwide broadband and VPN services, telecom, and multimedia networks to modernize the train control operation and safety system of Indian Railways.

The companys standalone net profit declined 4.07% to Rs 62.40 crore in Q3 FY26, compared with Rs 65.05 crore in Q3 FY25. However, revenue from operations rose 18.99% YoY to Rs 913.45 crore in Q3 FY26.

The scrip declined 2.49% to end at Rs 326.80 on the BSE.

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Apr 21 2026 | 8:04 AM IST

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Stock to buy today: Shrikant Chouhan picks Delhivery, Fiem for strong upside

by Hansraj Agrawal | Apr 21, 2026 | Share Market

Stocks to buy today, April 21: Shrikant Chouhan stock picks today

Delhivery – BUY

CMP – ₹463
Fair value – ₹590
Resistance – ₹450/₹440
Support – ₹485/₹495

Delhivery‘s key endeavor in mid-mile is to increase the utilisation on a deadweight basis from current ~80 per cent levels at a portfolio level. In such a context, the business development team in PTL is focusing on densifying lanes low on utilisation on deadweight (higher salience of low-density Express Parcel). Capex in large facilities (Lonad, Hoskote) is already spent, with no large gateway planned over the next few years.

There are also limitations to capex from tractor trailers (75 per cent salient already) and sorters (acquired through the Ecom Express acquisition). Our conversation also brought out focus on matching costs with changing utilisation in terms of employees and vehicles. The dominant share of mid-mile transportation journeys is to a destination without a stopover, benefiting from Delhivery’s mesh network structure. The endeavor is to minimize time of inventory at the gateway with an ideal time of four hours.

Growing salience of Meesho a net positive for growth even if hit rates normalise Meesho’s insourcing has meaningfully reduced over the past two quarters, leading to a large 60 per cent+ Y-o-Y growth in Express Parcel volumes in Q4FY26E. Existing hit rates of Delhivery with Meesho may not be sustained forever. We model Meesho separately inside our estimates, bringing down existing ~23 per cent hit rate of Delhivery (at ~50 per cent insourcing) to ~17 per cent (at ~57 per cent insourcing) over time.

Strong growth of Meesho’s overall volumes despite reducing hit rate implies a strong 23 per cent CAGR in Express Parcel volumes over FY2026-28. The same assumes a modest ~11 per cent CAGR in volumes beyond Meesho. We increase Delhivery stock’s fair value to ₹590 (₹570 earlier), factoring in strong EPL growth. We increase our Express Parcel estimates for Delhivery, while broadly retaining our service Ebitda assumptions. We factor in lower tax outgo based on past losses, leading to a 50-146 per cent increase in EPS estimates.

Fiem Industries (FIEM) – BUY

CMP – ₹2,255
Fair Value – ₹2,809
Resistance – ₹2,325/₹2,365
Support – ₹2,205/₹2,175

Fiem Industries (FIEM) is a tier-1 manufacture of automotive lighting and rear view mirrors, catering primarily to the two-wheeler OEMs. The company also supplies sheet metal parts and plastic components to the two-wheeler and the four-wheeler OEMs and has presence in the aftermarket segment. We expect the two-wheeler industry to continue the growth path over FY26-28E. GST rationalisation resulted in healthy two-wheeler retail demand, and we expect the growth trend to continue going forward. We expect FIEM to outperform the two-wheeler industry growth led by increasing LED adoption, industry outperformance by its key customers and revenue scale-up with customers.

Rising LED lighting adoption in the automotive segment is expected to aid growth. LED based lamps content per vehicle are higher by ~2x-3x as compared with the halogen lamp. For FIEM, the revenue share of automotive LED lighting (as a percentage of FIEM’s total automotive lighting) has increased from ~51.7 per cent in FY24 to 59.3 per cent in FY25 and further to 63.5 per cent in 9MFY26.

FIEM enjoys long-standing relationship with key customers. In revenue terms, Honda Motorcycle and Scooter India (HMSI), TVS Motors (TVSM), Yamaha Motor India (Yamaha), Suzuki Motorcycle (Suzuki) are the company’s top four revenue contributor. FIEM has added Hero Motocorp to its customer list and is working with Hero MotoCorp on multiple new products and has the potential to scale up its business with them over the coming years.

FIEM is a well-established player in the two-wheeler automotive lighting segment, and the company is looking at leveraging its LED automotive lighting expertise and strong R&D in the four-wheeler segment. The company’s focus on the four-wheeler LED lighting segment presents a huge growth opportunity. The company generates healthy cash flows and has net cash in its balance sheet, which would help them invest in new technology and capacity. FIEM’s product portfolio is engine technology agnostic and thereby electric vehicle (EV) growth does not present any threat to the company’s business. The company valuations are reasonable.

We have a ‘Buy’ rating on the stock with a fair value of ₹2,809. We value the stock at a PE of 22x on FY28E earnings.

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Disclaimer: Shrikant Chouhan is the head of equity research at Kotak Securities. Views expressed are his own.

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Iran war, surging oil prices drive record FPI selling in Indian equities

by Hansraj Agrawal | Apr 20, 2026 | Share Market

Foreign portfolio investors (FPIs) may have turned net equity buyers in recent sessions, but their cumulative outflows in 2026, so far, have already exceeded those seen in any full year previously. Their net selloff so far stands at about ₹1.68 trillion.

March accounted for the bulk of the exodus, as the war in West Asia drove a sharp spike in oil prices. FPIs sold Indian equities worth ₹1.1 trillion during the month.

Flows had briefly turned positive in February, supported by optimism over India’s trade negotiations with the European Union and a US decision to ease tariffs on Indian goods. The conflict involving the US-Israel combine and Iran has since pushed investors back into riskoff mode.

The conflict disrupted energy markets after Iran targeted regional infrastructure and blocked shipments through the Strait of Hormuz, a key artery for global oil and gas flows that handles nearly a fifth of global supply. Brent crude has risen over 22 per cent since hostilities began, trading around $93 a barrel on Monday.

For India, higher oil prices increase macroeconomic pressures, widening the fiscal deficit, stoking inflation and weighing on growth given the country’s heavy reliance on energy imports.

Outflows have been broad across emerging markets, though India’s selling stands out, apart from South Korea, which has recorded year-to-date FPI outflows of $34 billion.

“In India, valuations are much higher than in other emerging markets. That premium was justified by stronger earnings growth,” said U R Bhat, co-founder of Alphaniti Fintech, adding with oil prices rising after the war and India’s dependence on imports, the impact is broad-based. “The earnings outlook has become much slimmer. Once earnings growth is softer than what investors expect from India, the valuation premium is no longer justified.”

The conflict shows little sign of resolution. As of Monday, Iran signalled reluctance to join a second round of talks after the US maintained its blockade of the Strait of Hormuz and seized an Iranian vessel.

Indian markets have reflected the pressure. The Sensex has declined 7.9 per cent so far this year and the Nifty 6.8 per cent. The market capitalisation of BSE-listed firms has fallen by ₹10.1 trillion to ₹465.7 trillion. The rupee has weakened 3.5 per cent in 2026, including a 2.3 per cent drop since the conflict began, to 93.1 per dollar, eroding returns for overseas investors.

“We have seen significant rupee depreciation. While valuations can adjust, as seen last month, the currency’s depreciation has wiped out returns for FPIs,” noted Pramod Gubbi, co-founder of Marcellus Investment Managers, adding structural stability in the rupee is critical. “If the war ends and oil falls below $80, we could see a rebound in the currency and a reversal in flows.”

A sustained return of FPI flows will depend on a resolution to the Iran conflict and stabilisation in energy prices.

“FPIs are unlikely to return unless there is equilibrium between valuation premium and earnings growth. Earnings growth will depend on the lifting of the Strait of Hormuz blockade and oil prices returning to pre-war levels,” added Bhat.

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TVS Motor forays into Zambian market

by Hansraj Agrawal | Apr 20, 2026 | Share Market

TVS Motor Company (TVSM) announced its official entry into the Zambian market. In a strategic move to bolster its African footprint, the company has appointed Zamoto Manufacturing as its official distributor, ensuring a robust sales, service, and spare parts network across the country.

The new product range is categorized into three strategic pillars:

Taxi & Commercial Segment: Featuring the TVS HLX series (HLX KS/ES, HLX 125 5G, and HLX 150 5G). Known as the ‘workhorse of Africa’, these models are engineered for durability, fuel efficiency, and low maintenance costs for last-mile delivery and taxi operations.

Personal Mobility Segment: The TVS ZT 125 and TVS NTORQ 125 offer urban commuters a blend of comfort, modern style, and advanced technology.

Premium Segment: For performance enthusiasts, TVS is introducing the Apache RTR 180, RTR 200, and the flagship Apache RR 310, bringing world-class racing pedigree to Zambian roads.

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