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Informist, Friday, Feb. 27, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Angel One, BSE down; NSE CEO says STT hike may hit F&O volumes

MUMBAI--1505 IST--Shares of Angel One, Computer Age Management Services, BSE, Central Depository Services (India) fell sharply after the National Stock Exchange of India Ltd.'s Chief Executive Officer and Managing Director Ashishkumar Chauhan Thursday said the trading volume in futures and options is expected to decline further after the hike in securities transaction tax comes into effect in April.

Going forward, NSE'S Chauhan expects regulatory measures aimed at curbing excessive speculation in the futures and options segment to continue, reports said. This indicates that there will be no rollback of the tighter norms in the near term. At 1508 IST, shares of Angel One, BSE, Computer Age Management Services traded 2-5% lower. 

In the Budget for 2026-27 (Apr-Mar), Finance Minister Nirmala Sitharaman had proposed raising the securities transaction tax on futures and options transactions with an aim to regulate trading volume in the derivatives segment and discourage speculative trading. The finance minister raised the securities transaction tax on futures transactions to 0.05% from 0.02% and that on options premium and exercise of options to 0.15% each from 0.1% and 0.125%, respectively. (Gopika Balasubramanium)

Equity Alert: Some small fin bks, NBFCs dn; Bihar OKs Bill to curb MFI loans

MUMBAI--1439 IST--Small finance banks and non-banking financial firms with exposure to Bihar fell sharply after reports said the state assembly passed a bill for regulation of loan disbursals by microfinance institutions. Following this, shares of Utkarsh Small Finance Bank, Fusion Finance, Satin Creditcare Network, L&T Finance, and Spandana Sphoorty Financial fell as low as 3-12%.  

The Bihar Micro Finance Institutions Bill 2026 mandates to obtain the Bihar Finance Department's approval before disbursing loans in the state, Hindustan Times reported. This would also be applicable to firms who already have a licence from the Reserve Bank of India, the reports said. According to the bill, the rules will apply to a range of entities engaged in advancing micro-loans or small loans within Bihar, "irrespective of their place of incorporation, registration, or domicile", Business Standard reported.

Further, special courts will be established in each district in Bihar to hear cases involving people committing suicide due to the burden of debt and these courts would be presided over by a first-class judicial magistrate, Hindustan Times reported. 

Morgan Stanley expects lenders to maintain or reduce the current microfinance in Bihar amid earnings and valuation volatility, ET Now reported. Bihar accounts for 15% of total microfinance lending, making it the largest state to have such exposure, Morgan Stanley said. Asset quality is expected to improve, but loan growth is likely to rever to earlier peak levels.  

Utkarsh Small Finance tanked 7% to a low of INR 13.76. Around 48% of bank's micro-banking business portfolio is from Bihar. The bank's total disbursements under this segment was INR 14.44 billion as of Dec. 31. As for, Satin Creditcare, its on-book portfolio amouting to INR 11.39 billion belonged to Bihar in quarter ended December, which accounts for 13% of the total portfolio. Bihar accounted for Spandana Spoorty's 13% of total assets under management in Oct-Dec. Fusion Finance disbursed loans amounting to INR 490 million in Bihar, which accounts for around 14% of its total disbursements in the December quarter. The stock fell 12% to a low of 179.50 and at 1436 IST, the stock came off lows and was down 6% at INR 191.99. (Gopika Balasubramanium)

Equity Alert: Mkts fall further as select cos extend losses; HDFC Bk down 1%

MUMBAI--1259 IST--Indices fell further as select stocks extended losses. Financial services, fast-moving consumer goods, and automobile companies continued to be the laggards. The Nifty 50 fell below 25300 points, weighed down by ICICI Bank and HDFC Bank that fell around 1% each. Shares of Bharti Airtel fell 3%. 

At 1301 IST, the Nifty 50 was at 25281.40 points, down 215.15 points or 0.8%, and the BSE Sensex was at 81615.30 points, down 633.31 points or 0.8%. 

Apollo Hospitals Enterprise, Infosys, and Trent were up over 1% each and were the top gainers in the Nifty 50 index. Shares of Jio Financial Services and Eternal were up nearly 1% each. In contrast, Dr. Reddy's Laboratories was the worst-hit stock in the index, down nearly 3%. Shares of financial services stock HDFC Life Insurance Co., SBI Life Insurance Co., Shriram Finance, SBI Life Insurance Co., and Bajaj Finserv fell further. These stocks were down around 2% each. Grasim Industries and InterGlobe Aviation declined further and were down over 2% each.

FMCG stocks Nestle India, Tata Consumer Products, Hindustan Unilever, and ITC were down 1-2%. Automobile companies Mahindra & Mahindra, Maruti Suzuki India, Tata Motors Passenger Vehicles, Bajaj Auto, and Eicher Motors were down around 1-2% as well.    

All the broader market indices were down with Nifty Smallcap 50 and Nifty Smallcap 100 down 1% each. A nearly 4% fall in the shares of Angel One weighed on both the indices.  

In the Nifty 200 index, Dixon Technologies (India) rose 4% and was the top gainer. Shares of Oil India were up over 3% and Godfrey Phillips were up nearly 2%. Vishal Mega Mart continued to be the worst hit stock in both the Nifty 200 and Nifty 500 indices. The stock was down nearly 7%. Meanwhile, Tejas Networks and Redington were the top gainers in the Nifty 500 index. These stocks were up 14% each.  (Adhithya Aji)

Equity Alert: Tejas Networks up 35% in 2 days, co in pact to supply 5G radio

MUMBAI--1213 IST--Shares of Tejas Networks rose as much as 16% to INR 429.45, their highest level in over a month. The stock rose for the second straight session after it announced the signing of an agreement with Japan-based NEC Corp. to manufacture and supply fifth-generation massive multiple-input multiple-output radios. The stock has gained over 35% since the announcement. 

The partnership with NEC is expected to accelerate wireless innovation by leveraging Tejas Networks' expertise in carrier-class product development for global telecommunication companies, it said in an exchange filing Thursday. Further, the company said it will continue to work closely with NEC to co-create leading-edge fifth-generation or fifth-generation advanced solutions that meet the evolving needs of customers worldwide. 

At 1207 IST, shares of Tejas Networks traded around 15% higher at INR 425.30. So far in the day, nearly 78 million shares of the company have changed hands on the National Stock Exchange, nearly three times the 28 million shares traded till the same time Thursday. This was also higher than the stock's three-month average trading volume of 3.6 million shares and one-year average of 2.2 million shares. (Arya S. Biju)

Equity Alert: Sarda Energy up 8%; SC upholds co's SKS Power resolution plan

MUMBAI--1205 IST--Shares of Sarda Energy & Minerals rose nearly 8% to a near four-month high of INR 559.80 after the Supreme Court upheld the company's INR 19.50-billion resolution plan for debt-ridden SKS Power Generation. The apex court dismissed challenges filed by unsuccessful bidders Torrent Power, Jindal Power, and Singapore-based Vantage Point Asset Management Pte.

The commercial wisdom of the committee of creditors holds primary importance and cannot be supplanted by judicial review, the apex court said. The appeals before the court represent how unsuccessful resolution applicants seek to reopen almost every commercial decision under the guise of procedural impropriety, said a Bench of Justices B.V. Nagarathna and Ujjal Bhuyan. This kind of approach constitutes strategic obstruction and is inconsistent with the economic logic and statutory design of the Insolvency and Bankruptcy Code, the bench said.

At 1152 IST, shares of Sarda Energy traded at INR 559, up nearly 8%. So far in the day, over 3 million shares of the company have changed hands on the NSE, sharply higher than 142,078 shares traded till the same time Thursday. 

Despite the unfavourable judgement for Torrent Power, shares of the company were trading higher, rising 2.5% to an over 10-month high of INR 1,605. However, the shares came off highs and were trading over 1% higher at INR 1,587.20. All three brokerage reports have a 'sell' recommendation on Torrent Power, with the lowest target price at INR 1,313 and the highest at INR 1,333.  (Akshat Saksena)

Equity Alert: Indices fall further with multiple sectors down; IT cos gain

MUMBAI--1129 IST--Indices fell further with multiple sectors in negative territory Friday. Information technology stocks continued to see buying interest while fast-moving consumer goods, financial services, and automobile shares were the laggards. The Nifty 50 index was dragged down by the heavyweight banking stocks ICICI Bank and HDFC Bank. These stocks fell around 1% each. 

At 1126 IST, the Nifty 50 was at 25312.70 points, down 183.85 points or 0.7% and the BSE Sensex was at 81738.56 points, down 510.05 points or 0.6%. More than half of the constituents in the Nifty 50 traded lower. 

The Nifty 50 is going through a slightly downward sloping channel formation with the support expected at 25200 points and resistance at 25700 points, according to Vipin Kumar, derivatives and technical analyst at Globe Capital Market. "Going ahead, we reiterate sell on rise trading approach as long as Nifty trades below the upper band of the formation," Kumar said. 

Eternal continued to be the top gainer among the Nifty 50 constituents. The stock rose nearly 2%. Information technology companies HCL Technologies, Infosys, and Tech Mahindra were up around 1% each. NTPC, Coal India, Power Grid Corp. of India, Apollo Hosoitals and Enterprises, and Trent rose nearly 1% as well. 

InterGlobe Aviation and Bharati Airtel were the worst hit stocks in the index. These stocks fell over 2% each. Fast-moving consumer goods companies Nestle India, Hindustan Unilever, Tata Consumer Products, and ITC were down 1-2%. Financial services shares Shriram Finance, HDFC Life Insurance Co., SBI Life Insurance Co., Kotak Mahindra Bank, and Bajaj Finserv were down 1-2%. Auto makers Mahindra & Mahindra, Maruti Suzuki India, Tata Motors Passenger Vehicles, Bajaj Auto, and Eicher Motors fell 1-2% as well. 

All the broader market indices were in the red. The Nifty Smallcap was down 0.8-1.0%, dragged by the shares of Angel One, which fell nearly 4%. The Nifty Midcap 100 was down 0.7%. A nearly 4% fall in shares of Coromandel International weighed on the index. Coromandel International was also among the worst hit stocks in both the Nifty 200 and Nifty 500 indices.

Among the sectoral indices, Nifty Realty was the underperforming index, down nearly 2%. An over 2% fall in the shares of Brigade Enterprises weighed on Nifty Realty. Nifty IT was the top gainer. A nearly 2% gain in the stock of Mphasis supported the Nifty IT index, which rose nearly 1%. 

In the Nifty 200 index, Dixon Technologies was the top gaining stock, up 3%. Shares of Oil India rose nearly 3%. Meanwhile, Tejas Network was the top gainer in the Nifty 500. The stock rose nearly 15%. It hit a one-month high of INR 429.45. Vishal Mega Mart's stock fell nearly 7% to be the worst hit stock in both the Nifty 200 and Nifty 500 indices.  (Adhithya Aji) 

Equity Alert: Vishal Mega Mart down 8% after several large deals on NSE

MUMBAI--1055 IST--Shares of Vishal Mega Mart fell over 8% to INR 117 after several large deals were executed on the NSE in the opening minutes of trading. The largest trade involved the purchase of 585.67 million shares, or 12.5% of the company's fully paid-up equity shares. These shares were bought at INR 118.49, which was at an over 7% discount to the stock's previous closing price. On Thursday, CNBC-TV18 reported that Samayat Services LLP was likely to sell up to nearly 7% stake in the company at INR 115 apiece for INR 35.07 billion via a block deal.

Including all the deals involving over a million shares, a total of 666.95 million shares changed hands on the NSE Friday. The number of shares traded in these deals represents 14.3% of the total fully paid-up equity shares of the company. The total amount involved in these trades was INR 79.04 billion.

At 1049 IST, shares of the company were off lows, trading 6.5% lower at INR 119.22. Around 746 million shares of the company have changed hands on the bourse so far in the session. All five brokerage reports on the company available with Informist have a 'buy' recommendation with an average target price of INR 179.  (Eshitva Prakash)

Equity Alert: Gaudium IVF lists at INR 83, 5% premium to issue price

MUMBAI--1022 IST--Shares of Gaudium IVF and Women Health listed at INR 83 on the National Stock Exchange, at a 5% premium to its issue price of INR 79. At 1019 IST, shares of the company were over 2% higher at INR 80.76, and nearly 7 million shares of the company had changed hands on the bourse so far during the session.     

The company's initial public offering, which closed Tuesday, was subscribed 7.3 times, with the company receiving bids for 106.35 million shares against 14.62 million shares on offer. Ahead of the offer, the company raised INR 495 million by issuing 6.27 million shares to anchor investors.

Gaudium IVF is involved in in-vitro fertilisation treatment in India and has expanded into several states over the years using a hub-and-spokes model. It operates in more than 30 locations and has patients from countries such as Canada, the UK, and the US. For the quarter ended September, the company had reported a consolidated net profit of INR 125.06 million on a revenue of INR 494.99 million. (Akshat Saksena)

Equity Alert: Indices open lower on global cues; heavyweights, auto stocks dn

MUMBAI--0955 IST--Domestic equity indices opened marginally lower Friday tracking global cues. Heavyweights stocks and automobile shares were the major laggards in the early minutes of trade. The Nifty 50 index was weighed down by fall in heavyweight stock Reliance Industries and Bharti Airtel. These stocks were down around 1% each.  

At 0953 IST, the Nifty 50 was at 25339.90 points, down 156.65 points or 0.6% and the BSE Sensex was at 81825.70 points, down 422.91 points or 0.5%. 

Eternal was the top gainer in the Nifty 50 index. The stock rose nearly 2%. Information technology stocks Infosys, Tech Mahindra, and HCL Technologies rose around 1% each. Wipro and Tata Consultancy Services were up 0.3% and 0.4%, respectively. Overnight, the American depository receipts of Infosys and Wipro rose over 3% and nearly 2%. 

UltraTech Cement and Shriram Finance were the worst hit stocks in the index, down nearly 2% each. Fast-moving consumer goods companies Nestle India, Hindustan Unilever, Tata Consumer Products, and ITC were down around 1-2%. Stocks of automobile companies Mahindra & Mahindra, Bajaj Auto, Tata Motors Passenger Vehicles, and Eicher Motors were down around 1% each. 

In the Nifty 200 index, Mphasis rose nearly 2% to be the top gainer in the index. Infosys and Eternal were the other top gaining stocks in the index. Meanwhile, Redington was the top gainer among the Nifty 500 constituents, up over 9%. 

Vishal Mega Mart, Coromandel International, L&T Finance were the worst hit in the Nifty 200 index. These were down over 4-6%. Shares of Vishal Mega Mart fell after media reports said promoter Samayat Services LLP likely sold stake in the company through a block deal. The stock was the worst hit in the Nifty 500 as well.  (Adhithya Aji)

Equity Alert: Emkay Global raises target on Voltas by 10%, retains 'buy' 

MUMBAI--0920 IST--Emkay Global Financial Services raised its target price on Voltas by 10% to INR 1,650 and retained 'buy' recommendation on the stock. The brokerage raised its 2026–27 (Apr-Mar) and FY28 earnings per share estimates for the company by around 4% and 5%, respectively, to factor in price hikes for room air conditioners in FY27 on the back of efficiency norms and to mitigate commodity pressure and rupee depreciation.  

The brokerage said the company's channel inventory was comfortable at around 4–6 weeks against around 10-12 weeks in the June quarter. The March quarter is expected to see a more than usual inventory uplift on the back of a demand boost due to the rejig of goods and services tax and the anticipated change in Bureau of Energy Efficiency norms. The company is turning constructive on the room air conditioner segment due to replacement demand brought by seasonality and the energy efficiency norms upgrades, but near-term weather sensitivity remains a key aspect to be monitored.  

Voltas is targeting to increase its market share in the room air conditioner segment to 20% from 18% through product innovation, distribution expansion, and strong after-sales customer service. The company plans to achieve this in a competitive environment, with over 65 brands in the segment, the brokerage said. Voltas believes India should see a consolidation phase in room air conditioners over the long-term and expects the industry to grow 15–20% in FY27.

Voltas expects a rise of 5–15%, especially in 5-star-rated room air conditioners, but did not share any specific timelines, Emkay Global said. The price hikes would take place to limit commodity-induced pressures, primarily copper, and the impact of rupee depreciation. The company is confident on its cost recovery programme and focus on higher localisation will aid in the recovery of its margins as it targets a high single digit margin for its unitary cooling products against the 2.2% margin it reported in the nine months ended December.

The air conditioner segment remains a key growth avenue for the company, with the industry expected to rise at a compound annual growth rate of 12% over the next five years. The management sees an incremental opportunity in data centres due to rising server densities and higher heat loads, which require specialised, reliable cooling solutions beyond conventional heating, ventilation, and air conditioning systems. Data centres have a faster turn-around time and potentially higher margins compared to traditional mechanical, electrical, and plumbing and solar projects. The company also expects the free trade agreement between the European Union and India to open significant growth avenues for Indian players in the room air conditoner industry, the brokerage said.  (Akshat Saksena)

Equity Alert: CLSA initiates coverage on Tata Motors with 'outperform' call

MUMBAI--0850 IST--Brokerage CLSA has initiated coverage on Tata Motors with an 'outperform' call and a target price of INR 673, implying a 40% upside to the stock's closing price on Thursday. The brokerage believes this is the start of the upcycle for the domestic commercial vehicles market, NDTV Profit cited CLSA as saying.

The company is entering a "sweet spot" of a cyclical upswing that spans both Indian and European markets, driven by fleet replacement cycles and shifting emission norms, NDTV Profit cited the brokerage. CLSA values the company at 14 times 2027-28 (Apr-Mar) estimated enterprise value per EBITDA, or earnings before interest, tax, depreciation, and amortisation, for its India business and Iveco. It cites improving margins, disciplined capital allocation, and a strengthening balance sheet for the valuation.

The brokerage expects the company's Iveco operations to benefit from emission norm changes in 2027 and 2028, according to NDTV Profit's post on X. The brokerage expects Iveco to post a 5% compounded annual growth rate in volume through FY28, with EBIT margins strengthening to around 5.5%, NDTV Profit reported. 

CLSA projects that upcycle in domestic commercial vehicles could extend through 2027-28 (Apr-Mar), supported by stable freight rates and a boost from regulatory measures. The brokerage expects the consolidated cash flows to likely strengthen meaningfully by FY28, driven by disciplined capital expenditure and improved operating leverage. It expects the company's net profit to more than double between FY26 and FY28, with return ratios expanding steadily, NDTV Profit cited the brokerage as saying.

"While constructive on the outlook, CLSA cautioned that adverse changes in emission or safety regulations for the domestic CV industry could pose downside risks," NDTV Profit cited CLSA as saying. "Any slowdown in infrastructure spending or freight activity could also temper demand momentum." 

Of the 11 brokerage reports on the stock available with Informist, 10 have a 'buy' or equivalent rating on the stock with an average target price of INR 526, implying over 7% upside potential to the stock's previous close. Only Motilal Oswal Financial Services has a 'neutral' rating with a target price of INR 431. Thursday, shares of the company closed 2.4% higher at INR 491.35 on the NSE.  (Simran Rede)

Equity Alert: Emkay ups Karur Vysya target price by 15%, maintains 'buy'

MUMBAI--0855 IST--Karur Vysya Bank has emerged as a differential franchise in delivering sustained growth and higher return on assets, according to Emkay Global Financial Services. The brokerage has raised the target price on the bank's stock 15% to INR 390 from INR 340. The bank remains disciplined in asset quality and risk management, Emkay said after a recent interaction with the bank's Managing Director and Chief Executive Officer B. Ramesh Babu. The brokerage maintained its 'buy' recommendation on the stock.

Ramesh Babu indicated that liability mobilisation remains a challenge for the industry and so the bank is actively focusing on branch addition, Emkay said. "KVB has gradually scaled up its credit growth trajectory with asset quality risk diminishing, while remaining focused on managing quality and profitability," the brokerage said. In the past, the bank had limited the growth in the buy now, pay later and microfinance institution segments in a timely manner. Meanwhile, recently the bank increased risk filters for gold loans to protect its portfolio from volatility.

The bank expects credit growth to remain strong with continued acceleration in the retail, agriculture, and MSME segments. It also expects some opportunistic acceleration in unsecured loans and has steadily increased its exposure to loan against property segment, Emkay said. Karur Vysya Bank's deposit growth has been reasonably healthy at 16%, the brokerage said. The management has indicated that the bank will focus on branch additions to mobilise current accounts and savings account deposits to manage the cost of funds. "The bank surprised positively in 3Q (December quarter) with superior margin of 3.99%," Emkay said.

On Thursday, shares of Karur Vysya Bank ended marginally lower at INR 336.25. During Wednesday's session, the shares of the bank had hit an all-time high of INR 343.45. Over the last 30 days, the stock has gained nearly 15% and over the last 90 days it gained nearly 34%.  (Adhithya Aji)  

Equity Alert: Bernstein ups Bajaj Fin target price by 12%, sees 17% downside

MUMBAI--0849 IST--Global brokerage Bernstein has raised its target price on Bajaj Finance by 12% to INR 840 and maintained its 'underperform' call on the stock, according to a post by ET Now on X. The new target price indicates an over 17% downside from the stock's closing price Thursday. Even though the brokerage noted elevated credit cost concerns easing for the non-banking finance company in the near-term, it flagged persistent concerns over the latter's long-term earnings growth. The brokerage expects structural growth concerns to cap upside for the stock. 

With a stabilising sequential asset quality trend, the near-term concerns of elevated credit costs have eased for Bajaj Finance, the brokerage said. "Credit costs moderated to ~191 bps (basis points) in the latest quarter, while provision buffers improved following a one-off ECL (expected credit loss) hit," it said.  

However, long-term earnings growth concern persists, Bernstein said. Going ahead, it expects the finance company's net interest margin to be under pressure and sees limited upside from cost of funds optimisation. Non-mortgage credit growth is likely to remain moderate and sustaining earnings per share growth above 20% could be challenging, the brokerage said. 

Of the 13 research reports on the company available with Informist, nine have a 'buy' or equivalent recommendation on the stock with an average target price of INR 1,132, indicating a near 12% upside from Thursday's closing price. Of the remaining four, three have a 'hold' or equivalent recommendation and one has a 'reduce' rating on the stock. (Arya S. Biju)

Equity Alert: Indices seen in range; analysts say sell-on-rise best strategy

MUMBAI--0825 IST--Benchmark equity indices are expected to move in range Friday, with investors likely to adopt a sell-on-rise approach, technical analysts said. A decline in the US stock market on Thursday and persisting US-Iran tensions will likely dampen investor sentiments. The conclusion of US-Iran nuclear talks in Geneva did not lead to a deal between the two countries, but officials said that progress was made in negotiations for key areas.

"We continue to maintain a sell-on-rise trading approach as long as Nifty (50) trades below 25650-25700 spot zone on a closing basis," Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said. He sees the Nifty 50 finding support at around 25300–25200 spot levels.

Iran's Foreign Minister Abbas Araghchi said good progress was being made on the nuclear issue with the US, but differences between negotiators of the two countries remain, according to various media reports. US President Donald Trump has not yet commented on the developments. The two parties will meet next week in Vienna for the fourth round of talks.

On Thursday, the S&P 500 and the NASDAQ Composite closed 0.5% and over 1% lower, respectively. These indices were under pressure from a fall in NVIDIA Corp.'s share price. The stock ended lower despite the company beating both earnings and revenue projections for the quarter ended Jan. 25. Shares of Salesforce ended higher after the customer service software maker reported healthy results. However, its 2026-27 (Apr-Mar) revenue guidance was below Wall Street projections, various media reports said. The American Depository Receipts of Infosys and Wipro ended over 3% and 2% higher, respectively.

Early Friday, most indices in Asia fell, tracking losses on technology companies on the Wall Street. South Korea's KOSPI led the decline and was down more than 2%, weighed down by a fall in SK Hynix, which is a key supplier of high-bandwidth memory to NVIDIA, CNBC reported. 

At 0823 IST, the GIFT Nifty 50 indicated a muted start for the Nifty 50, with the March contract of the GIFT Nifty being nearly 60 points higher than the Nifty 50's previous close. On Thursday, the Nifty 50 and the BSE Sensex closed almost flat at 25496.55 points and 82248.61 points, respectively.  (Eshitva Prakash)

Equity Alert: Asian mkts mixed; Nikkei, KOSPI dn after hitting fresh high Thu

MUMBAI--0818 IST--Indices across Asia were mixed in early trade. The South Korean KOSPI led the decline after reaching a record high in the previous session. Japanese indices were mixed, with the Nikkei 225 trading lower and the broader market index TOPIX First Section trading higher. Nikkei had recorded a fresh high in the previous session, while the TOPIC First Section notched a fresh high Friday. Concerns over valuations of tech companies and tensions in West Asia dampened sentiment in the region. 

A mediator from Oman in the US and Iran nuclear talks gave an optimistic readout on the latest round of negotiations. However, uncertainty still hangs over energy markets as there have been no signs that could avert a possibility of a US military strike, Reuters reported. 

"AI (artificial intelligence) and geopolitics remained front and centre for financial markets, prompting a retreat from risk assets and a shift towards safe havens," Mantas Vanagas, senior economist at Westpac Group, was quoted as saying by Reuters. "With no major breakthroughs announced in the US–Iran talks, crude markets remained in wait-and-see mode, continuing to price in a significant risk of military escalation between the two countries." 

Oman's Foreign Minister Sayyid Badr Albusaidi said in a post on X, "We have finished the day after significant progress in the negotiation between the United States and Iran. We will resume soon after consultation in the respective capitals. Discussions on a technical level will take place next week in Vienna. I am grateful to all concerned for their efforts: the negotiators, the IAEA (International Atomic Energy Agency), and our hosts the Swiss government."

Markets in Japan were in line with its US counterparts after results from NVIDIA failed to impress investors despite beating expectations, Reuters reported. Data from the country showed the country's core CPI, excluding fresh food prices, rose 1.8% on year against a forecast of 1.7% in the year to February. This was the first time since October 2024 that the annual core inflation rate was below the Bank of Japan's target of 2%. The slowdown demonstrated the effect of fuel subsidies and the termination of the gasoline tax surcharge, with the wave of food price hikes also having run its course.

In China, the country's central bank Friday said it will scrap foreign exchange risk reserves on some forward contracts. This would reduce the cost of purchasing dollars, Reuters reported.

Following are the levels of key Asian indices at 0807 IST:

(Akshat Saksena)

Equity Alert: Most US indices end lower; NVIDIA results fail to impress

MUMBAI--0732 IST--Indices in the US fell Thursday, barring the Dow Jones Industrial Average, which ended flat. The results from NVIDIA Corp. failed to impress investors despite beating estimates, with weak market sentiment weighing on tech stocks. Tech stocks have recently gained but have largely been volatile due to concerns over spending on artificial intelligence and its impact on operations of other sectors, most notably the software services sector. 

Shares of NVIDIA ended 5.5% lower despite its December quarter earnings beating expectations. Other stocks of chip companies, such as Broadcom, Lam Research, Western Digital, and Applied Materials ended 3–5% lower. "The market is very much in ‘prove it' mode, and Nvidia just didn't quite ‘prove it' with these earnings," Tom Graff, Facet's chief investment officer, told CNBC while raising concerns over the chipmaker's deal with OpenAI. "Nvidia is dealing with the cross-section of high expectations priced into the stock, but also a skeptical market," Graff said. "That will probably make for a bumpy ride for at least the next couple of quarters." 

Shares of Salesforce rose 4% after the company beat expectations for the December quarter. The company reported a 12% year-on-year rise in its revenue of $11.20 billion against an estimate of $11.18 billion by LSEG, CNBC reported. This was its fastest growth in two years. The company has also set aside $50 billion towards new share buybacks, citing low prices as a reason, CNBC said. Shares of the company have been a victim to concerns around the possible disruption of AI in the sector. 

Among other stocks, shares of tech company Trade Desk fell nearly 5% after the company's revenue forecast failed to impress investors amid rising pressure from bigger rivals, Reuters reported. Shares of food and beverage manufacturer J.M. Smucker rose nearly 9% after the company provided solid estimates for its profit and sales. Shares of C3.ai fell nearly 19% after the company reported weaker-than-expected sales for the reporting quarter and said it would be laying off 26% of its workforce.

Following are the closing levels of US indices Thursday:  

(Akshat Saksena)

US$1 = INR 90.97

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Akul Nishant Akhoury

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

NSE: National Stock Exchange
NYSE: New York Stock Exchange
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India

Internet links:
Securities and Exchange Board of India - http://www.sebi.gov.in
Bombay Stock Exchange - http://www.bseindia.com
National Stock Exchange of India - http://www.nseindia.com
Directory of Indian government websites - http://goidirectory.nic.in
Indian Ministry of Finance - http://www.finmin.nic.in
Reserve Bank of India - http://rbi.org.in
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