Nifty IT Slides on Weak Results & Soft FY27 Guidance; Nifty Energy Gains on Sector Buying - Paper by Pocketful
Market Recap: 22th April, 2026
Stock News Highlights
BEML (+3.56%): Stock gained after securing ₹590 crore defence order from Ministry of Defence for trawl assemblies, boosting order book and strengthening defence segment outlook.
HCL Technologies (-10.82%): Stock declined sharply after Q4; net profit rose 4.2% YoY to ₹4,488 crore, revenue up 12.3% to ₹33,981 crore. Weak FY27 guidance (1–4% growth) kept outlook cautious.
Tata Elxsi (-6.20%): Stock fell after Q4; profit rose 27.8% YoY to ₹220.4 crore, revenue up 9.4% to ₹993.8 crore. ₹75 dividend announced; brokerages cautious on growth outlook.
Persistent Systems (-4.81%): Stock declined after Q4; profit rose 33.7% YoY to ₹529.3 crore, revenue up 25.1%. ₹18 dividend announced; results in-line, brokerages maintain cautious outlook.
Sectoral Performance
Energy | Nifty Energy (+1.42%): Index gained supported by buying across oil, gas, and power stocks on strong demand outlook. Led by broad-based participation with 33 gainers, while 5 stocks declined.
India Defence | Nifty India Defence (+1.35%): Index rallied sharply with broad-based buying across defence stocks, driven by strong order books and execution momentum. Led by Data Patterns, Solar Industries & MTAR Technologies.
IT | Nifty IT (-3.89%): Index declined sharply amid heavy selling after weak Q4 results and muted FY27 guidance by HCL Technologies. declines in Persistent Systems and Coforge, with concerns over demand slowdown and growth visibility.
Services | Nifty Services (-1.26%): Index declined due to broad-based selling in IT and financial stocks, impacted by weak IT earnings, cautious guidance, and profit booking across key heavyweight sectors.
Market Insights
Technical Level: Nifty opened with a gap-down, pushed lower in early trade, and remained range-bound throughout the day, with resistance at 24,520 and support at 24,350.
Advance-Decline Ratio: Market breadth remained positive with 1,923 advances against 1,355 declines.
The Big Picture: US Markets: Futures rose after ceasefire extension with Iran boosted sentiment; S&P 500 futures gained 0.7%, Nasdaq 100 up 0.9%, and Dow futures rose 335 points amid strong earnings and easing geopolitical concerns.
FII/DII Activity (April 22, 2026): FIIs bought ₹2,078 crore, while DIIs sold ₹1,048 crore during the session.
Watch Out For Tomorrow
IPO Corner: Leapfrog Engineering SME IPO is now open for pre-apply.
Macro: UK S&P Global Services PMI Flash (Apr) & India HSBC Manufacturing PMI Flash (Apr) are set to be released tomorrow.
Index Watch: Nifty opened negative today, but most stocks traded positive with strong support from Energy and Defence sectors; however, heavy selling in IT dragged the market down, leading to a close below the previous candle, with support at 24,250 and resistance at 24,600.
Word of the day
Market Breadth: Market Breadth measures how many stocks are advancing versus declining in the market. It helps assess overall market strength. Strong breadth means widespread participation in a trend, while weak breadth may signal limited support or potential reversal.