Sensex settles 505 pts higher; Nifty ends tad above 24,350; VIX slides 4.86%

by Hansraj Agrawal | Apr 17, 2026 | Share Market

The key domestic indices ended with modest gains on Friday, tracking mixed global cues, as a record-breaking rally in global equities stalled in Asia with investors trimming positions ahead of the weekend while awaiting progress on extending the USIran ceasefire. Brent crude fell 3.31% to $96.10 a barrel after US President Donald Trump expressed optimism about securing a permanent ceasefire with Iran. The Nifty ended tad above the 24,350 level. Barring the IT index, all other sectoral indices on the NSE ended in the green.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 504.86 points or 0.65% to 78,493.54. The Nifty 50 index rose 156.80 points or 0.65% to 24,353.55.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index gained 1.56% and the BSE 250 SmallCap Index added 1.52%.

The market breadth was strong. On the BSE, 3,044 shares rose and 1,283 shares fell. A total of 166 shares were unchanged.

The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, declined 4.86% to 17.21.

New Listing:

Shares of Om Power Transmission settled at Rs 190.15 on the BSE, representing a premium of 8.66% as compared with the issue price of Rs 175.

The stock debuted at Rs 181.10, marking a premium of 3.49% to the issue price.

The stock has hit a high of Rs 190.15 and a low of Rs 181.10. On the BSE, over 1.86 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty FMCG index rose 2.66% to 49,666.30. The index gained 2.72% in the three consecutive trading sessions.

Colgate-Palmolive (India) (up 6.6%), Emami (up 6.11%), Radico Khaitan (up 4.86%), Hindustan Unilever (up 4.82%), United Spirits (up 3.76%), Dabur India (up 3.59%), Varun Beverages (up 2.92%), Britannia Industries (up 2.86%), Godrej Consumer Products (up 2.65%) and United Breweries (up 2.44%) jumped.

Stocks in Spotlight:

Bajaj Consumer Care surged 10.65% after the companys consolidated net profit rose 105.29% year-on-year (YoY) to Rs 63.60 crore in Q4 FY26, compared with Rs 30.98 crore in the corresponding quarter last year. Total revenue from operations increased 30.40% YoY to Rs 326.66 crore.

VST Industries soared 9.66% after its standalone net profit zoomed 120.16% to Rs 116.69 crore in Q4 FY26, compared with Rs 53 crore posted in Q4 FY25. Revenue from operations (excluding excise duty) jumped 31.09% YoY to Rs 457.06 crore in the quarter ended 31 March 2026.

Waaree Renewable Technologies zoomed 5.64% after the companys consolidated net profit jumped 66% to Rs 155.74 crore on 131.3% surge in revenue from operations to Rs 1,102.40 crore in Q4 FY26 over Q4 FY25.

Crisil rallied 5.57% after the companys consolidated net profit jumped 45.93% to Rs 233.26 crore on 30.06% increase in revenue from operations to Rs 1,057.66 crore in Q1 March 2026 over Q1 March 2025.

Alok Industries shed 0.49%. The companys consolidated net loss widened to Rs 192.54 crore in Q4 FY26 as against a net loss of Rs 74.47 crore reported in Q4 FY25. Revenue from operations rose 3.14% year on year (YoY) to Rs 982.97 crore in the quarter ended 31 March 2026.

Madhya Bharat Agro Products declined 6.95%. The company reported a net profit of Rs 59.75 crore in Q4 FY26, which is which is over four times the PAT of Rs 14.25 crore recorded in Q4 FY25. Revenue from operations increased by 33% year-on-year (YoY) to Rs 394.72 crore.

Kolte-Patil Developers jumped 4.81% after the company reported 18% increase in sales value to Rs 714 crore in Q4 FY26 as compared with the figure of Rs 605 crore recorded in Q3 FY26. The companys sales value is higher by 13% as compared with the sales value of Rs 631 crore registered in Q4 FY25.

Angel One advanced 10.23% after the company reported a robust performance for the quarter ended March 2026. The companys consolidated net profit (PAT) jumped 83.49% year-on-year (YoY) to Rs 320.24 crore in Q4 FY26, driven by a 38.20% increase in total revenue from operations to Rs 1,459.42 crore.

Karbonsteel Engineering surged 1.17% after the company announced receipt of new orders aggregating Rs 101.01 crore from a leading domestic infrastructure and engineering company. The order involves fabrication and supply of structures for an air-cooled condenser (ACC). The company said the total quantity will be delivered within 10 months from the issuance of the purchase order and drawings.

Rail Vikas Nigam rose 3.01% after the company emerged as the lowest bidder (L1) for a major infrastructure contract from East Coast Railway. The project involves construction of key bridges under the third and fourth railway line expansion between Nergundi-Barang and Khurda Road-Vizianagaram on the Bhadrak-Vizianagaram section. The total contract value stands at approximately Rs 968 crore.

KPI Green Energy added 1.38% after the company received an inter-state power trading licence (Category IV) from the Central Electricity Regulatory Commission (CERC) enabling participation in Indias national power markets.

Global Markets:

European stocks traded mixed on Friday, as the U.S.-Iran war continues to weigh on investor sentiment.

Asian markets ended lower, as cautious optimism over the Middle East conflict tempered sentiment, diverging from Wall Streets record-setting rally.

U.S. President Donald Trump on Friday said that the war in Iran should be ending pretty soon, reiterating rosy predictions about the end of the conflict.

Hours earlier, Trump confirmed that Israel and Lebanon had agreed to a 10-day ceasefire. Irans parliament speaker has said that Israel halting attacks on Lebanon is a key condition for U.S.-Iran negotiations to start.

The next round of in-person talks between the U.S. and Iran may occur probably, maybe, next weekend, Trump reportedly said on Thursday. A two-week ceasefire between the U.S. and Iran will expire on April 21.

Meanwhile, Japans export credit agency, the Japan Bank for International Cooperation, will set up an investment window of up to 600 billion yen ($3.8 billion) to help Asian countries secure energy supplies, Finance Minister Satsuki Katayama said.

Overnight on Wall Street, the S&P 500 and Nasdaq Composite rose to fresh all-time highs on Thursday, adding to their strong gains this week on optimism for a possible resolution to the Iran war.

The broad market index gained 0.26% to close at 7,041.28, while the Nasdaq gained 0.36% to settle at 24,102.70. The Dow Jones Industrial Average added 115 points, or 0.24%, and ended at 48,578.72.

Stocks have risen in recent days on hopes for an eventual peace deal between the two nations. The S&P 500 kicked off the week by wiping out all of its losses since the beginning of the Iran war.

Even if a U.S.-Iran peace deal were to come to fruition in the near term like investors anticipate, there could still be some market volatility approaching due to the wars potential impact on the U.S. economy.

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Bajaj Consumer Care spurts after Q4 PAT soars 105% YoY to Rs 64 cr

by Hansraj Agrawal | Apr 17, 2026 | Share Market

Last Updated : Apr 17 2026 | 3:04 PM IST

Bajaj Consumer Care surged 10.65% to Rs 474.10 after the company reported strong earnings for the quarter ended 31 March 2026.

The companys consolidated net profit rose 105.29% year-on-year (YoY) to Rs 63.60 crore in Q4 FY26, compared with Rs 30.98 crore in the corresponding quarter last year. Total revenue from operations increased 30.40% YoY to Rs 326.66 crore.

Profit before tax (PBT) stood at Rs 77.73 crore, up 106.34% from Rs 37.67 crore reported in the same period a year ago.

On a full-year basis, the companys consolidated net profit surged 51.82% YoY to Rs 190.18 crore, while net sales rose 20.71% to Rs 1,164.71 crore in FY26 compared with FY25.

Bajaj Consumer Care is one of the leading FMCG brands in India that brings high-quality hair care and skin care products to consumers across the world.

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

First Published: Apr 17 2026 | 3:04 PM IST

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Antique initiates on Flair Writing Industries with 'Buy', sees 60% upside

by Hansraj Agrawal | Apr 17, 2026 | Share Market

Antique Stock Broking has initiated coverage on Flair Writing Industries, a writing instruments manufacturer, with a ‘Buy’ rating, citing the company’s improving growth trajectory driven by strong performance in emerging segments such as creative stationery and steel bottles & houseware.

The brokerage expects Flair to deliver a revenue, Ebitda, and PAT CAGR of 16 per cent, 21 per cent, and 21 per cent, respectively, over FY25–28E. This growth will be driven by stable expansion in its own-branded pen business, strong momentum in emerging categories, improving operating leverage supporting margins, and better working capital efficiency aiding free cash flow generation.

The brokerage has initiated coverage with a target price of ₹520, valuing the stock at 26x FY28 estimated earnings. The target price implies a potential upside of about 60 per cent from the April 16, 2026, closing level of ₹326 on the NSE. Around 01:40 PM, shares of Flair Writing were trading at ₹334.25, up 2.44 per cent. The stock touched an intraday high of ₹339.30 on the NSE. In comparison, the benchmark NSE Nifty50 was quoting at 24,299.50 levels, up by 102.75 points or 0.42 per cent.
READ | Dixon Tech stock: MOFSL sees 30% upside, flags near-term margin pressure

Here’s why Antique Stock Broking is bullish on Flair Writing:

Emerging segments to drive incremental growth

According to the brokerage, the company’s core pens segment, which contributes around 68 per cent of sales, has witnessed muted growth of 4.8 per cent Y-o-Y during 9MFY26, largely due to a decline in domestic OEM demand. However, the company has steadily increased its focus on its own brands, with their contribution rising from 83 per cent in FY23 to 91 per cent in 9MFY26.

Flair’s re-entry into the ₹5 price point and the strong performance of Hauser XO in the ₹10 segment have supported volume momentum, with own-brand volumes growing 11 per cent during 9MFY26, the brokerage said.

Additionally, emerging segments are expected to remain the key growth driver, with management targeting over 45 per cent CAGR during FY25–FY28, supported by aggressive new launches, expansion in creative stationery sub-categories, and wider distribution in steel bottles and housewares. These segments are expected to contribute around 40 per cent of the overall business by FY28.

Ebitda margin bottoming out

Antique expects Flair’s operating leverage to support Ebitda margins over the medium term. In recent quarters, Ebitda margin pressure was observed due to gross margin volatility and higher employee-related investments in the emerging segments.

The brokerage expects gross margins to stabilise at around 51 per cent in FY27 and FY28, supported by economies of scale and an increasing contribution from premium products. Flair has also stepped up hiring across marketing and sales functions to support growth in emerging categories, with employee expenses rising 29 per cent Y-o-Y during 9MFY26.

“The impact of elevated employee costs was partially offset by improved automation in manufacturing. Moving ahead, employee and other expenses are expected to grow lower than revenue growth, leading us to an estimated Ebitda margin of 19.2 per cent by FY28,” the brokerage said in its note.
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Improvement in working capital to generate free cash flow

Flair’s working capital cycle has gradually deteriorated in recent years, driven by the launch of new SKUs that required higher inventory levels and longer credit periods. The extended credit is being used to support the initial product offtake and gather market feedback on new launches.

While management had earlier guided for a 10-day improvement in FY26 over FY25, this now appears unlikely amid geopolitical disruptions that have impacted inventory and receivables, particularly in export markets, it said.

Over the medium term, working capital days are expected to improve to around 142 days by FY28, compared with 166 days in FY25. This improvement is likely to support stronger free cash flow generation, which can be deployed towards additional capex or inorganic expansion opportunities.
Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers’ discretion is advised.

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Zaggle Prepaid bags contract from Federal Bank for employee expense management platform

by Hansraj Agrawal | Apr 17, 2026 | Share Market

Last Updated : Apr 17 2026 | 1:04 PM IST

Zaggle Prepaid Ocean Services said that it has received a contract from The Federal Bank to provide its Zaggle Save platform for employee expense management and benefits.

The agreement is for a three-year period and involves deployment of the companys employee expense and benefits solution for the bank.

Zaggle clarified that the contract has been awarded by a domestic entity and does not involve any related-party transactions.

Zaggle Prepaid Ocean Services (Zaggle) is a leading player in spend management, with a differentiated value proposition and diversified user base. The company operates in the business-to-business customer segment. The companys standalone net profit surged 77.7% to Rs 35.97 crore on a 47.9% rise in revenue from operations to Rs 497.63 crore in Q3 FY26 over Q3 FY25. The scrip shed 0.13% to Rs 263.65 on the BSE.

The Federal Bank (the Bank) was incorporated in 1931 as Travancore Federal Bank Limited. It provides retail and corporate banking, para banking activities such as debit card, third party product distribution etc., treasury and foreign exchange business. The banks standalone net profit rose 9% to Rs 1041.21 crore on 3.1% jump in total income to Rs 7,967.79 crore in Q3 FY26 over Q3 FY25. The scrip added 2.57% to Rs 291.60 on the BSE.

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

First Published: Apr 17 2026 | 1:04 PM IST

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NTPC Green Energy commissions 150 MW solar capacity in Rajasthan

by Hansraj Agrawal | Apr 17, 2026 | Share Market

Last Updated : Apr 17 2026 | 12:04 PM IST

NTPC Green Energy has commissioned 150 MW of solar capacity at a 300 MW project in Rajasthan, boosting its overall renewable portfolio.

The capacity pertains to Project Sixteen Renewable Power, a step-down subsidiary of ONGC NTPC Green, the companys joint venture, according to an exchange filing. The unit has been declared commercially operational with effect from 18 April 2026.

With this addition, NTPC Green Energys total installed capacity has risen to 10,276.40 MW from 10,126.40 MW earlier, reinforcing its growing footprint in the renewable energy space, as per filing.

NTPC Green Energy (NGEL) is a renewable energy company that focuses on undertaking projects through organic and inorganic routes.

The companys consolidated net profit declined by 73.6% to Rs 17.32 crore, despite a 29.3% increase in revenue to Rs 653.29 crore in Q3 FY26 compared to Q3 FY25.

Shares of NTPC Green Energy shed 0.68% to Rs 108.05 on the BSE.

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

First Published: Apr 17 2026 | 12:04 PM IST

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High copper prices, unseasonal rains may hit consumer durables; top picks

by Hansraj Agrawal | Apr 17, 2026 | Share Market

The consumer durables sector is highly sensitive to economic cycles, interest rates, and changes in disposable income, as these factors directly influence consumer demand. In India, the market is price-sensitive too, with analysts saying that pricing plays a key role in purchase decisions.

Although the sector continues to attract new buyers, several factors, including unseasonal rains just ahead of summer, have likely dampened demand. Also, after an exceptional growth in FY2025, which saw a record growth in volumes by up to 25 per cent, led by a sharp acceleration in room air conditioner (RAC) demand, FY26 marked a phase of disruption and reset. A cooler-than-normal summer impacted sales, while the transition to new Bureau of Energy Efficiency (BEE) norms led to short-term cost pressures. Rising copper prices further resulted in the contraction of margins across the industry.

Dealers reduce inventories by 20%

According to Yes Securities, demand for summer products moderated in March 2026 after a noticeable improvement seen in January and February. It said that channel inventory has now normalised, and dealers now remain cautious about stocking up for the upcoming season. In fact, dealers have reduced inventories by about 20 per cent compared to last year.

On the demand side, it said that some slowdown is visible, particularly from the construction segment, where purchases have been delayed in anticipation of price corrections. The brokerage also noted that while enquiries remain steady, they are not converting into firm orders, resulting in lower offtake.

Expensive copper increases input costs

Vincent K A, senior research analyst at Geojit Investments, said the revenue growth in Q4FY26 is expected to remain in the range of 8-10 per cent. Margins may stay under pressure, mainly due to a 33 per cent Y-o-Y increase in copper prices. Additionally, BEE-related price hikes of 5-10 per cent and elevated inventory levels from the weak 2025 summer season could weigh on the overall performance of the sector.

Data showed that in FY25, the extended heatwave drove room AC volumes up by 20-25 per cent Y-o-Y to around 12.5 million units, creating a high base that FY26 has struggled to match.

Shift in weather patterns

Sunny Agrawal, head of fundamental research at SBI Securities, said that the sector entered FY26 with high inventory levels, expecting strong summer demand. “But weather anomalies impacted sales across categories, particularly air conditioners,” he said, adding that the room air conditioner (RAC) segment is estimated to have contracted by around 5 per cent in FY26.

He further explained that rising input costs, especially copper prices reaching record highs of $13,000 per tonne, forced manufacturers to increase prices, which in turn affected demand.

Gas shortage due to West Asia conflict reshapes demand

Additionally, in Q4FY26, gas shortages due to the West Asia conflict led to a sudden spike in demand for induction cooktops, causing temporary shifts within the kitchen appliances segment.

Despite these challenges, analysts said that FY26 represents only a short-term slowdown caused by largely external factors. They expect a low double-digit topline growth for the industry in FY27.

Vincet said that though the near-term earnings may see some pressure, the sector continues to have strong long-term growth potential, driven by rising incomes, increasing household penetration, premiumisation trends, and growing demand for smart and energy-efficient appliances.

“India is on track to become the world’s fourth-largest consumer durables market by FY27, with the industry expected to grow at around 11 per cent CAGR to reach ₹3 trillion by FY29. Also, the BEE transition could support medium-term profitability, as the shift toward higher star-rated products is likely to improve product mix and realisations from H2FY27 onward, partly offsetting near-term cost pressures,” said the analyst.

Consumer durables: Top picks

The BSE Consumer Durables Index is currently trading at about 30 times one-year forward earnings, which is a 15 per cent discount to its five-year average. According to Vincent, this presents a reasonable entry point for medium- to long-term investors. He added that he prefers a mix of defensive compounders such as Havells, Voltas, Amber Enterprises, and PG Electroplast.

Sunny said that his top picks from the sector include LG Electronics, Amber Enterprises, Voltas, Blue Star, and Havells. ==========================

Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers’ discretion is advised.

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