Tejas Networks Slides on Q4 Loss, DRDO DCPP Push Lifts Defence Sector Sentiment - Paper by Pocketful
Market Recap: 16th April, 2026
Stock News Highlights
GHV Infra Projects (0.21%): Stock unchanged after the company secured a ₹815 crore construction contract from APCO Infratech for road construction and civil works, with a project execution timeline of 30 months.
John Cockerill India (+3.66%): Stock rose after receiving a ₹300 crore order from JSW Steel Coated Products for the design, manufacturing, and commissioning of a continuous galvanizing line at its Khopoli plant.
ICICI Lombard General Insurance Company (+1.54%): Stock advanced after Q4 profit rose 7% YoY to ₹546.6 crore, GPW jumped 17%, operating profit surged 31%, though underwriting loss widened.
Tejas Networks (-3.91%): Stock fell after reporting ₹211 crore Q4 loss, revenue down 82% YoY to ₹333 crore, weak margins, despite strong order book growth and international expansion.
Stock News Highlights
India Defence | Nifty India Defence (+1.64%): Index moved higher, led by HAL and Bharat Electronics, as sentiment improved after DRDO’s DCPP model push, boosting optimism around private participation and defence production ecosystem growth.
Metals | Nifty Metal (+1.53%): Index rose to record highs, led by Hindalco, Adani Enterprises, and Vedanta, as strong rally driven by China slowdown expectations, lower imports, and improving profitability outlook.
Private Banks | Nifty Private Bank (-0.56%): Index declined after a two-day rally, with 4 gainers and 6 losers, as profit booking emerged at higher levels and cautious sentiment ahead of key earnings weighed on banking stocks.
Auto | Nifty Auto (+0.38%): Index moved higher with 7 gainers and 8 draggers, as selective buying in auto stocks continued amid stable demand outlook and easing input cost concerns.
Market Insights
Technical Level: The Nifty opened with a strong gap-up, followed by heightened volatility throughout the session. The index traded within a defined range, finding support near 24,140 and facing resistance around 24,270. Despite the fluctuations, overall market sentiment remained positive.
Advance-Decline Ratio: Market breadth remained positive, with 2,145 advancing stocks significantly outpacing 1,087 declining stocks.
The Big Picture: European markets edged higher, tracking Asian gains, as strong U.K. GDP data lifted sentiment. The Stoxx 600 rose 0.25%, with miners and tech leading. Investors remained cautious, monitoring U.S.-Iran peace talks and inflation concerns impacting airlines and broader markets.
FII/DII Activity (April 15, 2026):FII bought 666 crore while DII sold 569 crore indicating mixed institutional activity in the market.
Watch Out For Tomorrow
IPO Corner: Mehul Telecom IPO opens tomorrow for subscription, offering shares to investors with expected SME listing.
Macro: Euro Balance of Trade (Feb) & Canada Housing Starts (Mar) data are scheduled to be released tomorrow.
Index Watch: Nifty opened on a positive note but failed to sustain higher levels, witnessing selling pressure in the market. The index traded within the range of our defined support at 23,850 and resistance near 24,500, with cautious sentiment prevailing.
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