Daily Market News Update — 09th-10th April 2026

Midnight News Update: 09-10 Apr 2026

TCS Q4FY26 net profits were up 29% at ₹13,718 crore, while revenues were up 5.4% at ₹70,698 crore on a sequential basis. TCS also declared a final dividend of ₹31 per share taking the total rupee dividend payout for the year to ₹39,571 crore. Operating margins were stable at 25.3%, while the net margins were at 19.4%. For the quarter, TCS added contracts with a TCV of $12 billion, taking their total TCV for the full year to $40.70 billion. In terms of verticals, the growth came from energy and utilities. UK and North American were the key drivers of growth for TCS.

Morgan Stanley sees 24% upside to the Sensex with a base-case target of 95,000. Morgan Stanley expects the revival in markets this year to be driven by robust quarterly earnings and a revival of FPI inflows. The bull-case target for the Sensex is 1,07,000. The assumptions are that crude oil will stay below $70/bbl and earnings growth would be 19% yoy. The bear case target is 76,000 for the Sensex, which hints at limited downside risk. Morgan Stanley has also underlined that the rupee was extremely undervalued and that would be two reasons for FPIs to come back to India.

FPI selling in equities continued relentlessly in April 2026. In the first 5 trading sessions, FPIs have sold $4.93 billion worth of equities. The daily selling has been $2.10 billion, $1.02 billion, $0.93 billion, $0.73 billion, and $0.15 billion in the first 5 days. The pace of the FPI selling has been tapering, and could show signs of improvement if the truce sustains in the Middle East. In addition, FPIs sold another $1.40 billion in debt paper in the first 5 days of April. Clearly, the FPIs are not done even after the relentless selling to the tune of $12.58 billion in March 2026.

In FY26, India has added a record 55.29 GW of non-fossil fuel capacity. This takes the total non-fossil installed capacity in India to 283.46 GW. India has already moved to the third position globally in terms of non-fossil capacity, overtaking Brazil along the way. Out of the total 55.29 GW added in the fiscal year, 44.61 GW was accounted for by solar and 6.05 GW was accounted for by wind. The overall capacity of 283.46 GW comprises of 274.68 GW of renewable energy and 8.78 GW of nuclear energy. Non-fossil energy accounted for 29.2% of power generated in FY26.

Iran imposed a $1/bbl Hormuz Toll on all ships carrying crude oil through the Straits of Hormuz. It is not clear if Oman will accept a share of these revenues. India will have to pay nearly $2.2 million daily as toll charges to Iran for moving oil through the Straits. Iran is looking to route these transit payments through cryptocurrency or Chinese Yuan; a move to avoid Western sanctions. Hormuz Straits handles nearly 20% of the global oil & gas trade. Asia absorbs 90% of the crude coming from the Straits of Hormuz; with China, India, Japan, and South Korea being the biggest buyers.

The War in the Middle East has created a crunch in key pharma solvents for the Indian pharma industry, especially used in life-saving drugs. However, the government is intervening to ensure that supplies are normalized quickly. The pharma supply chain has been hit by disruptions in feedstocks and APIs. Pharma industry has strong supply chain linkages with the oil and petchem industries, which supply critical feedstocks and solvents used in manufacturing medicines and syrups. To ease supply, customs duties on 40 petchem products have been slashed.

US GDP disappointed in Q4 (December 2025) at 0.5%, compared to 4.4% in Q3. The slowdown was triggered by weaker investments and tepid consumer demand. This is even lower than the market expectation of 0.7% for Q4. However, gross domestic income (GDI) and corporate profits continue to be robust. Services did better than goods, especially healthcare services, which was also the biggest employer in recent months. Government activity has fallen sharply in the fourth quarter. In the fourth quarter, businesses spent less on equipment, buildings, and expansion.

US tech companies are channelling billions into AI infrastructure amid a demand boom. CoreWeave will provide Meta Platforms with $21 billion cloud capacity to handle complex work-loads. Amazon will invest $10 billion in OpenAI, with details awaited. Walt Disney will invest $1 billion in OpenAI and use its characters to transform Hollywood content. AMD is entering into an AI chip supply agreement with OpenAI, giving the latter the option to buy 10% of AMD output. Nvidia will invest $100 billion in OpenAI with a financial stake. Clearly, AI is where big money is sloshing around.