FINWIRES · TerminalLIVE
FINWIRES

Indian Equities Fall Sharply on Wednesday as IT Sell-Off, Crude Oil Rebound Weigh

-- Indian benchmark indices ended lower on Wednesday as a sharp decline in technology stocks and higher crude oil prices pressured the market.

The BSE Sensex fell 756.84 points, or 1%, to close at 78,516.49, while the NSE Nifty 50 dropped 198.50 points, or 0.8%, to settle at 24,378.10.

There was broad-based selling in IT stocks, as weaker-than-expected earnings startled investors, triggering a sharp pullback across the sector.

Sentiment also remained cautious as markets awaited clarity on the next steps in U.S.-Iran negotiations. The U.S. announced an extension of the ceasefire to allow further talks, but the move appeared unilateral, with no immediate confirmation from Iran or Israel.

Among stocks, HCL Technologies (NSE:HCLTECH, BOM:532281) plummeted nearly 11% after its March quarter results, released post-market hours on Tuesday, missed estimates despite a rise in profit and revenue.

Tech Mahindra (NSE:TECHM, BOM:532755) fell nearly 3% after reporting an increase in fiscal Q4 profit to 13.5 billion rupees from 11.7 billion rupees a year earlier, with revenue also rising.

Related Articles

Commodities

Moldova Reportedly Votes to End Energy State of Emergency After Power Line Disruption

Moldova's parliament voted to lift the country's energy state of emergency from Saturday, ending a measure imposed after Russian strikes in neighboring Ukraine disrupted a key power line supplying most of the country's electricity, multiple media outlets reported on Friday.Moldovan officials said Russian attacks in March knocked out the Isaccea-Vulcanesti transmission line, which carries electricity from Romania to Moldova via about 40 kilometers or 25 miles of Ukrainian territory and supplies up to 70% of the country's needs.Lawmakers approved the move with 69 votes in the 101-seat chamber. The Moldovan Parliament did not immediately respond to' request for comment."The declaration of a state of emergency was not a whim. It was a carefully considered decision taken at a crucial, critical moment," Prime Minister Alexandru Munteanu reportedly said.He added that Moldova had faced two major risks at the time, pressure on the electricity grid and disruptions in the fuel market. The emergency measures helped the government avert a fuel shortage, he said.

International

Kansas City Fed Services Index Indicates Slower Expansion in April

The Kansas City Federal Reserve's monthly composite services index fell to a reading of 3 in April after rising to 15 in March, compared with a smaller expected decrease to a 10 print in a survey compiled by Bloomberg as of 7:30 am ET.A reading above zero indicates growthThe index still indicates expansion, which is in line with the S&P global flash index released earlier but in contrast with the other regional services measures already released that indicated contraction.There was a decrease in the Kansas City revenue/sales reading to 6 from 18, while the employment reading declined to minus 5 from 7.The reading of selling prices rose to 23 from 19, while the input price index increased to 48 from 45.

Australia

Alphabet Shares Expected to Reach New Highs on AI Tailwinds, Oppenheimer Says

Alphabet's (GOOG, GOOGL) shares are expected to reach new highs as Google's AI-powered Search's potential to boost revenue growth stokes investor confidence, Oppenheimer said in a note Thursday.Wall Street is "irrationally" assuming that Search revenue growth will decelerate over the next two years, the brokerage said.Google has yet to benefit from its AI conversion enhancements, analysts said as they noted that advertisements in AI Overviews were launched globally only at the end of 2025, AI Mode ads are still in the early stages, and AI chatbot Gemini currently has no ads.Meanwhile, revenue growth in the Google Cloud Platform is accelerating and could hit 60% in 2026, analysts said, as the company's capital spending on capacity starts to make an impact.Google is in the early stages of using data from Search, Maps, Gmail, and Calendar to deliver agentic AI with a "claw-bot" experience, according to the note.Oppenheimer kept its outperform rating on Alphabet stock, with a $360 price target.Price: $335.91, Change: $-1.84, Percent Change: -0.54%

$GOOG$GOOGL