Equity Alert
Nifty 50 March ends at premium of 144.10 points to spot index
This story was originally published at 16:42 IST on 10 March 2026
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Equity Alert: Nifty 50 March ends at premium of 144.10 points to spot index
MUMBAI--1620 IST--The March futures contract of the Nifty 50 closed at a premium of 144.10 points to the spot index Tuesday. Open interest in the contract rose 3% to 17.92 million, according to provisional data.
--Nifty 50 closed at 24261.60 points, up 233.55 points or 1% vs Monday
--Nifty 50 March closed at 24405.70 points, up 283.20 points or 1.2% vs Monday
Nifty 50 options, expiring Mar. 17, with maximum change in open interest:
Call: 26000, Put: 21500
Nifty 50 options, expiring Mar. 17, with maximum open interest:
Call: 26000, Put: 21500
(Gopika Balasubramanium)
Equity Alert: Indices end sharply higher as crude oil prices retreat
MUMBAI--1610 IST--Benchmark indices ended sharply higher Tuesday as crude oil prices retreated following US President Donald Trump's remark that the war between Iran and the US-Israel combined is "very complete, pretty much." Trump also said that he is considering taking control of the strategically vital Strait of Hormuz. Automobile and banking shares were the top gainers.
The Nifty 50 ended at 24261.60 points, up 233.55 points or 1% and the BSE Sensex was at 78205.98 points, up 639.82 points or 0.8%. More than half of the constituents in the Nifty 50 ended higher.
Shriram Finance closed as the top gainer in the Nifty 50, ending nearly 8% higher. Shares of InterGlobe Aviation ended over 3% higher. Automakers Tata Motors Passenger Vehicles, Eicher Motors, Mahindra & Mahindra, Maruti Suzuki India, and Bajaj Auto closed 2–4% up. Financial services companies SBI Life Insurance Co., Kotak Mahindra Bank, State Bank of India, Jio Financial Services, Axis Bank and Bajaj Finserv ended 1-3% higher. UltraTech Cement, Asian Paints, Grasim Industries, Tata Steel, and Dr. Reddy's Laboratories closed 2-3% higher as well.
Infosys and Eternal were the worst-hit in the index, down over 1?ch. Bharti Airtel and index heavyweight Reliance Industries were down around 1?ch. Tata Consultancy Services and Oil and Natural Gas Corp. ended around 1% lower each.
Tuesday, the May Futures of Brent Crude Oil hit a low of $88.05 per barrel, down 11% from the previous close. The prices eased after US President Donald Trump indicated that the conflict with Iran would end "very soon", easing global supply concerns. At 1538 IST, the May Futures of Brent Crude Oil were at $90.68 per barrel, down over 8% from the previous close of $98.96 per barrel.
The broader market indices ended in green, up around 2?ch. The Nifty Smallcap 50 was aided by gains in Redington, which rose nearly 12%. The Nifty Midcap 50 was supported by an over 11% gain in Dixon Technologies. The stock was the top gainer in the Nifty 200 as well. Shares of Dixon Technologies rose after the company received approval from the Ministry of Electronics and Information Technology to form a joint venture with HKC Overseas.
Cable and wire manufacturing companies KEI Industries and Polycab India were the worst-hit in both the Nifty 200 and Nifty 500 indices. These stocks were down by more than 5% and 6%, respectively. Rising copper prices led to negative sentiments in these stocks. Shares of Finolex Cables ended over 3%.
Shares of Fertilizers and Chemicals Travancore hit the 20% upper circuit at INR 794.50. The stock rose after the Ministry of Petroleum and Natural Gas Monday issued the Natural Gas Order, 2026, to regulate production, supply and distribution of natural gas across the country in view of the disruption in liquefied natural gas shipments. This will allow the company to secure feedstock supply for urea production amid strong inventory levels ahead of the kharif season. Shares of Authum Investment & Infrastructure hit the 20% upper circuit at INR 486.35. (Adhithya Aji)
Equity Alert: Tejas Networks snaps three-day fall, ends 9% higher
MUMBAI--1600 IST--Shares of Tejas Networks snapped a three-day losing run Tuesday, ending 9% higher at INR 464.40. The stock shed almost 15% during this period of loss.
Earlier, the stock had closed higher on Wednesday after the company launched a three-rack unit, TJ1600-D3, that will cater to the growing connectivity requirements of information technology companies.
Over 28 million shares of the company changed hands on the exchange Tuesday, higher than nearly 14 million shares traded Monday. In the last seven days, shares of the company shed over 4%. (Arundathi A R)
Equity Alert: Europe indices up as Trump hints at end to war in West Asia
MUMBAI--1505 IST--Indices in Europe opened higher Tuesday after US President Donald Trump hinted that the conflict in West Asia is likely to end soon. A fall in crude oil prices after Trump's comments also lifted investor sentiment. Oil prices had surged to nearly $120 per barrel for the first time since 2022, in the previous session. All the European indices were around 2% higher in early trade. The pan-European Stoxx 600 climbed nearly 2%.
Trump said he believes the war between Iran and the US-Israel combine is "very complete, pretty much" and that he doesn't have a message for Iran's new supreme leader, CBS News reported. Crude prices eased after Trump late Monday said he was considering seizing control of the Strait of Hormuz, a critical transit route that accounts for nearly 20% of global crude oil and gas flows. At 1429 IST, the May futures contract of Brent crude oil was over 7% lower at $91.74 per barrel.
Financial stocks lent support to benchmark indices in Asia, with the sector up 3.7%, Reuters reported. However, energy stocks fell due to a fall in oil prices, according to the report.
Germany's Dax Performance was over 2% higher, and was up after closing lower for the previous three sessions. Shares of Germany-based automotive manufacturer Volkswagen surged 4% despite the firm reporting a 53% year-on-year drop in operating profit when it published its full-year earnings update on Tuesday morning, CNBC reported. The company's operating profit of 8.9 billion euros ($10.4 billion) was below analysts' expectations, according to London Stock Exchange Group consensus data.
Swiss chocolatier Lindt reported full-year sales of 5.9 billion euros on Tuesday, representing organic sales growth of 12.4% from the previous year, according to a CNBC report. However, shares of the company fell over 7%.
British housebuilding company Persimmon surged nearly 9?ter it surpassed expectations for revenue and adjusted pretax profit for fiscal year 2025.
Market participants will watch out for comments by European Central Bank President Christine Lagarde and Vice-President Luis de Guindos, due later in the day, Reuters reported.
Following were the levels of major European indices at 1451 IST:
|
Index |
Level |
Change in % |
| FTSE 100 Index | 10426.32 | 1.72 |
| CAC 40 | 8071.86 | 1.98 |
| MIB INDEX | 45207.6 | 2.69 |
| DAX PERFORMANCE-INDEX | 23961.98 | 2.36 |
| SLI | 2091.64 | 1.36 |
(Arundathi A R)
Equity Alert: Elara starts coverage on LG Electronics with 'accumulate' call
MUMBAI--1500 IST--Brokerage Elara Securities (India) has initiated coverage on LG Electronics India with an "accumulate" recommendation on the company's stock and a target price of INR 1,750. The target price implies an upside of over 11% on the stock's current market price of INR 1,572.70 on the NSE as of 1450 IST. In its "upside scenario", the brokerage expects LG Electronics to see revenue growth of 14-16% in the next four years from the financial year 2025-26 (Apr-Mar). This growth is expected to be led by the company's economy portfolio if it mirrors the growth strategy of its peers. A large capital expenditure plan and continued dominance of the LG brand in the premium segment will also help the company's financial performance, the brokerage said.
LG Electronics is re-entering the economy segment through its LG Essential series in tier-2 and tier-3 markets through the traditional channel, initially in refrigerators and washing machines, followed by room air conditioners and microwaves. This will enable volume growth, market share gain, and better operating leverage, Elara Securities said.
The brokerage expects revenue growth of 14–16% from FY26 to FY30 if the company mirrors Haier's blueprint of aggressive pricing, large capital expenditure, and increase in localisation while retaining a superior return profile. It buttressed its argument by pointing out that Blue Star in 2021 entered the mass premium space, which accelerated its revenue compounded annual growth rate to 32% and raised its market share by 150 basis points from FY20 to FY25.
Elara Securities sees the earnings of LG Electronics rise 18% in compounded annual growth rate from FY26 to FY28. Rising localisation with backward integration in products such as compressors and printed circuit boards and strong support from its parent company for research and development are likely to enable this growth, it said. The technological support from the parent company will help LG Electronics to bridge product gaps between the parent company and its India operations in segments such as data centre cooling, medical displays, and electric vehicle and mobility solutions, where the parent company has a strong presence. The company's leadership in the premium portfolio will also help it to achieve fast growth, the broking firm said. In FY28, Elara Securities sees the company's earnings before interest, tax, depreciation, and amortisation margin rising to 12% from 11.4% in FY26, higher than the consumer durables industry's EBITDA margin of 8%.
The company will incur a capital expenditure of INR 50 billion for its Sri City, Tamil Nadu, project over the next four years. Here, the company is looking to expand its capacity in room air conditioners, washing machines, refrigerators, and compressors. After a full ramping up, this may translate into revenue of INR 200 billion–INR 250 billion, Elara Securities said. LG Electronics leads the market in key segments, has the highest margin among its peers, and strong return ratios, the broking firm said, justifying its recommendation and target price call. At 1500 IST, Shares of LG Electronics were up 2.7% at INR 1574.80. (Eshitva Prakash)
Equity Alert: Nomura sees high fuel prices erase GST benefit for automobiles
MUMBAI--1415 IST--Cost of ownership of automobiles may rise by 4% if petrol prices in India rise by INR 10 per litre due to hostilities in West Asia, brokerage firm Nomura said in a report. Auto makers might have to raise prices by another 2.0-2.5% due to higher commodity costs. Both these reasons will erase the benefit of lower goods and service tax, the brokerage firm said.
"The impact could be stronger for entry-segment cars and 2Ws (two-wheelers)," Nomura said. "However, the actual impact will also depend on the extent of cost-pass-on that happens in fuel prices."
Nomura said higher crude oil prices are a risk to demand for automobiles. Further, costs of companies can rise as the West Asia conflict is likely to lead to higher prices of polymer, tyre, and gas. "If demand is weak, the increased costs might not get passed on, thereby leading to margin risks," it said.
For most automobile companies, exposure to West Asia is limited but some passenger vehicle makers such as Hyundai Motor and Jaguar Land Rover may see some impact. West Asia accounted for nearly 7% of JLR's total sales volume so far this financial year. In the case of Hyundai Motor, West Asia accounted for 9.8% of total sales volume in 2025.
Costs of gas, steel, aluminium may rise more in the European Union and impact the earnings of JLR adversely, Nomura said. Amid concerns of rising crude oil prices, consumers may shift to electric vehicles, Nomura said. TVS Motor Co. and Mahindra & Mahindra should be relatively better positioned due to their higher exposure to EVs, the brokerage said. In a scenario of high global oil prices, Ather Energy, Sona BLW Precision Forgings are Nomura's top picks. (Ruchira Kagita)
Equity Alert: Asian indices close higher as oil prices drop
MUMBAI--1356 IST--Asian equity indices rebounded as oil prices fell from Monday's highs after US President Donald Trump said the war with Iran would end "very soon". On Monday, most major indices in Asia had closed lower due to concerns about oil supply shortages as key producers in West Asia announced cuts in their crude oil output. Trump's comments that the US was considering seizing the Strait of Hormuz sent oil prices plummeting from the high of near $120 per barrel of Monday. At 1345 IST, May futures of Brent crude were at $90.65 per barrel.
South Korea's Kospi led the gains and closed over 5% higher. The index rose over 6% in early trade, triggering a buy-side circuit breaker. The sharp fall in oil prices improved investor sentiment and brought in more than 1 trillion won of net purchases of equities by foreign investors, the Chosun Daily reported. Foreign investors had heavily sold stocks in South Korea in recent sessions as the conflict in West Asia hit global investor sentiment towards Asian markets, which are heavily dependent on oil from West Asia.
Among other indices, Japan's Nikkei 225 and Topix closed 2-3% higher, partially recovering from Monday's fall when these two indices had fallen 4-5%.
Following are the closing levels of key Asian indices Tuesday:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4674.76 | 1.28 |
|
Hang Seng Index |
25959.90 | 2.17 |
|
Nikkei 225 Day |
54248.39 | 2.88 |
|
TOPIX FIRST SECTION |
3664.28 | 2.47 |
|
KOSPI |
5532.59 | 5.35 |
|
FTSE Singapore Strait Times |
4853.26 | 2.03 |
|
S&P/ASX 200 Index |
8692.6 | 1.09 |
(Shruti Nair)
Equity Alert: Happiest Minds surges after co ups FY27 revenue growth guidance
MUMBAI--1347 IST--Shares of Happiest Minds Technologies spiked 13?ter the company raised its revenue growth guidance for 2026-27 (Apr-Mar) to 12.5% from the 10% estimated earlier. Additionally, the company said it aims to achieve 15% revenue growth for FY28. The company attributed the upward revision in growth to the success of its AI-First strategy.
The company launched the AI First strategic initiative in February aimed at reorienting the company's operating model, service delivery architecture, and client engagement philosophy around the primacy of artificial intelligence as a value-creation mechanism, the company said in an exchange filing. At the time of the initiative's launch, the company observed rapid acceptance across the client base. Due to this pace of change, the company initiated a growth assessment, after which it raised the FY27 growth expectation to 12.5%.
"This (upward revision) reflects the company's confidence that its AI-First strategy and broader portfolio of strategic initiatives are generating measurable traction ahead of prior expectations," it said in a filing to the exchanges.
Prior to the release of the exchange filing, the company's shares traded flat on the NSE. At 1330 IST, shares of the company were up over 13% at INR 384.80. Its shares have come slightly off highs from the intraday peak of INR 390.90. Over 4 million shares of the company have changed hands on the NSE so far. (Eshitva Prakash)
Equity Alert: Shares of cables, wires makers fall amid rising copper prices
MUMBAI--1345 IST--Shares of cables and wires manufacturers KEI Industries and Polycab India fell amid rising copper prices. Shares of KEI Industries were down nearly 7% at a one-month low of INR 7,916, and shares of Polycab India fell nearly 6% to an intraday low of INR 8,363.
Copper is a critical raw material for these companies to manufacture wires and cables. Futures contracts of copper on the London Metal Exchange rose Tuesday due to better-than-expected economic data from top consumer, China. Moreover, dip-buying by Chinese investors after weakness in the previous session lifted sentiment around the metal. At 1306, the most active March copper futures contract on the Multi Commodity Exchange was at INR 1,204.85, up nearly 1% from the previous close. The three-month copper futures on the LME was up over 1% at $13,089.50 per tonne.
At 1310 IST, shares of KEI Industries traded nearly 7% lower at INR 4,462.50. Over 400,000 shares of the company changed hands, higher than over 200,000 shares traded till the same time Monday. Shares of Polycab India were at INR 7,817.50, down nearly 5%. Nearly 460,000 shares of the company changed hands, higher than over 290,000 shares traded till the same time Monday. (Adhithya Aji)
Equity Alert: ONGC, Oil India off lows as crude oil prices rebound
MUMBAI--1341 IST--Shares of oil exploration companies Oil India and Oil and Natural Gas Corp. came off lows after crude oil prices rose as much as $95 per barrel after falling to $88.05 per barrel earlier in the day. At 1244 IST, the May futures contract of Brent crude oil was almost 6% lower at $93.11 per barrel. At 1328 IST, shares of Oil and Natural Gas Corp. and Oil India were down 0.4% and 0.3%, respectively, after falling nearly 2% in the early trade.
After rising to nearly $120 per barrel on Monday, the May futures contracts of Brent crude oil eased after US President Donald Trump late Monday said he was considering seizing control of the Strait of Hormuz, a critical transit route that accounts for nearly 20% of global crude oil and gas flows. Officials from the Group of Seven nations reached a consensus to hold off on releasing strategic oil reserves for now, and determined that more analysis was needed before initiating a release, Reuters reported Monday.
At 1341 IST, shares of Oil and Natural Gas Corp. were 0.3% lower at INR 270.05. So far, 13 million shares of the company have changed hands on the NSE, lower than over 42 million shares traded till the same time Monday.
At 1336 IST, shares of Oil India were 0.3% lower at INR 472.30. So far, over 3 million shares of the company have changed hands on the exchange, lower than over 10 million shares traded till the same time Monday. Shares of both the oil exploration companies had ended down in the previous two sessions. (Arundathi A R)
Equity Alert: Ramco Systems up 10% on defence deal with Tata Advanced Systems
MUMBAI--1330 IST--Shares of Ramco Systems jumped over 10% to an intraday high of INR 445, ending a 12-session losing streak Tuesday, after it announced a deal with Tata Advanced Systems to deploy its aviation software at an upcoming defence maintenance, repair, and operations facility. This facility will cater to the C-130J Super Hercules aircraft. The company's stock fell nearly 23% in the last 30 sessions.
Ramco Systems will use its integrated aviation maintenance, repair, and operations platform across Tata Advanced Systems' operations, covering a host of capabilities including contract and quote management, maintenance planning, hangar and component maintenance, supply chain management, engineering and quality, along with customer billing, the company said in an exchange filing. The deal's value was not disclosed.
At 1305 IST, shares of the company were off their intraday highs, but were still 5% higher at INR 424.70 on the NSE. Around 600,000 shares of the company have changed hands on the bourse so far. (Eshitva Prakash)
Equity Alert: Redington shrs surge; report says 25% of iPhones made in India
MUMBAI--1300 IST--Shares of Redington rose over 15% to an intraday high of INR 268.50 on the NSE after a media report said Apple now makes a quarter of its iPhones in India. This rise in shares of the iPhone distributor ended a five-session losing run.
Apple increased iPhone production in India by about 53% last year and now makes 25% of the phones in India, reflecting the US company's efforts to avoid tariffs on China, Bloomberg said in a report. Apple assembled about 55 million iPhones in India in 2025, up from 36 million a year earlier, the report said, citing sources. Apple has accelerated its expansion in India due to production-linked incentives, which have helped offset some of the structural cost disadvantages that manufacturers face in India, including the lack of robust supply chain and logistics like China, the report claimed.
Apple shipments from China face issues due to US tariffs related to the trade war between the two countries. The levies pushed Apple and its suppliers to move a greater share of devices meant for the US market to alternative manufacturing destinations.
At 1250 IST, shares of Redington traded over 14% higher at INR 265.85 on the NSE. Around 50 million shares of the company have changed hands on the bourse so far Tuesday, far higher than the three-month average volume of almost 4 million shares. (Eshitva Prakash)
Equity Alert: Fertiliser stocks up; govt issues order to regulate gas supply
MUMBAI--1250 IST--Shares of most fertiliser companies rose Tuesday on positive momentum from the government's new Natural Gas Order, 2026, securing feedstock supply for urea production and amid strong inventory levels ahead of the kharif season, according to analysts. The Ministry of Petroleum and Natural Gas Monday issued the Natural Gas Order, 2026, to regulate production, supply and distribution of natural gas across the country in view of the disruption in liquefied natural gas shipments amid the ongoing conflict in West Asia.
The government has identified four priority categories to ensure that natural gas continues to be supplied to the priority sectors. Fertiliser plants come under priority sector II and will receive at least 70% of their average gas consumption over the past six months, The Tribune reported. The order also states that the gas supplied to fertiliser plants must not be used for any purpose other than production of fertilisers.
The supply of natural gas was disrupted globally with a halt of shipments through the Strait of Hormuz amid the escalating tensions in West Asia and with suppliers invoking force majeure. Natural gas is the critical feedstock for ammonia, which in turn is the primary input for urea production.
The order capping supply at 70% of the last six-month average reduces uncertainty around input costs and availability, CA Seema Srivastva, senior research analyst at SMC Global Securities said. "This policy clarity has boosted investor confidence, as it mitigates risks from geopolitical tensions in West Asia that had threatened gas supply chains," Srivastva added. Additionally, fertiliser inventories are currently 36.5% higher on a year-on-year basis, with over 17.7 million tonnes available, ensuring adequate supply for the upcoming kharif sowing season, she said.
There are adequate urea and phosphatic fertiliser supplies to meet agricultural requirements for the forthcoming kharif season, a spokeperson from the Fertiliser Association of India said in a note Monday. With consistent production of urea, diammonium phosphate and nitrogen, phosphorus, and potassium and timely imports, India currently holds adequate inventory of key nutrients to ensure that farm-level demand can be met without disruption, the spokesperson said. Diammonium phosphate and nitrogen, phosphorus, and potassium inventories have gone up 70-80% over last year, giving comfort in terms of managing the temporary disruption in any supplies from West Asia, the person added.
At 1248 IST, shares of Fertilizers and Chemicals Travancore, Rashtriya Chemicals and Fertilizers, Chambal Fertilizers & Chemicals traded 5.5-18.5% higher and were among the top gainers in the Nifty 500 index. Shares of National Fertilizers, Madras Fertilizers, and Gujarat State Fertilizers & Chemicals were up 9.7-12.8%. (Arya S. Biju)
Equity Alert: Swan Defence hits lower circuit as promoter proposes stake sale
MUMBAI--1217 IST--Shares of Swan Defence and Heavy Industries fell 5% to hit a lower circuit on NSE Tuesday. Shares of the company plummeted after it said a promoter of the company, Hazel Infra, proposed to sell 5.01% equity shares in the company via an offer for sale. The stake's selling price is not yet disclosed by the company or its promoter.
The Gujarat-based Swan Defence said the objective of this potential sale is to achieve minimum public shareholding. The shipbuilding company said in an exchange filing that Hazel Infra has expressed its intention to sell its stake through the stock exchange.
At 1215 IST, shares of the company were slightly off their intraday lows, but were still down over 4% at INR 1,935.1 on the NSE. Around 19,000 shares of the company have changed hands so far Tuesday on the bourse. (Eshitva Prakash)
Equity Alert: Banks help market maintain gains; oil exploration cos off lows
MUMBAI--1211 IST--A rise in shares of banks helped indices maintain gains even as there was selling pressure at higher levels amid the continuing US-Iran hostilities. A fall in Brent crude oil prices aided sentiment in the market after US President Donald Trump said the war with Iran is likely to end soon.
Shares of banks rose after being the worst hit on Monday, when stocks had fallen due to concerns over high inflation driven by surge in oil prices. Shares of ICICI Bank, Axis Bank, and HDFC Bank were up 1-2%.
Shares of oil exploration companies Oil and Natural Gas Corp. and Oil India came off lows after crude oil futures rose from morning levels. Brent crude oil May futures were trading around $93 per barrel, up from $90 per barrel in the morning. Shares of ONGC and Oil India were largely flat after falling nearly 2?rlier. Meanwhile, shares of oil marketing companies Hindustan Petroleum Corp., Indian Oil Corp., and Bharat Petroleum Corp. remained slightly lower.
At 1204 IST, the Nifty 50 index was up 0.8% at 24216.75, and the BSE Sensex was up 0.7% at 78113.19. Both indices had opened 1.1% higher. The India VIX cooled down nearly 16% to 19.71. The volatility gauge had spiked to as high as 24 on Monday due to concerns around high crude oil prices.
The Nifty India Defence index swung into the green after opening slightly lower Tuesday. Motilal Oswal said in a report that it maintains its 'buy' stance on Bharat Heavy Electronics, Hindustan Aeronautics, Bharat Dynamics, and Astra Microwave Products. The ongoing West Asia conflict between US-Israel and Iran will spur global defence expenditure, and the Indian defence sector is well positioned to benefit from rising domestic procurement, the brokerage said.
Shares of several quick-service restaurant companies were down amid reports of shortage of commercial liquefied petroleum gas, which is likely to hit their businesses. Shares of Jubilant Foodworks, Sapphire Foods India, Devyani International, and Restaurant Brands Asia declined 0.2-1.7%. Shares of food delivery companies Swiggy and Eternal were also down around 1?ch. The Ministry of Petroleum and Natural Gas has asked oil refineries to increase production of LPG and prioritise the distribution of additional output for domestic use. (Ruchira Kagita)
Equity Alert: Aviation cos up post Trump signalling end to West Asia conflict
MUMBAI--1100 IST--Shares of aviation companies InterGlobe Aviation and SpiceJet rose after US President Donald Trump hinted that the conflict in West Asia is likely to end soon. After rising to nearly $120 per barrel in the previous session, the May futures contracts of Brent crude oil fell to $88.05 per barrel Tuesday. Crude prices eased after President Trump late Monday said he was considering seizing control of the Strait of Hormuz, a critical transit route that accounts for nearly 20% of global crude oil and gas flows. InterGlobe Aviation rose nearly 6% to an intraday high of INR 4,473.70. Shares of SpiceJet rose almost 8% to the day's high of INR 14.08.
Trump said he believes the war between Iran and the US-Israel combine is "very complete, pretty much" and that he doesn't have a message for Iran's new supreme leader, CBS News reported. Shares of InterGlobe Aviation and SpiceJet recovered after closing lower for the previous two sessions amid ongoing hostilities in West Asia and a surge in crude oil prices. There were concerns that higher aviation turbine fuel prices amid the escalating conflict in West Asia would weigh on the margins of aviation companies.
Oil prices are unsustainable even at $90 per barrel, ET Now posted on social media platform X quoting SpiceJet Chairman Ajay Singh. Airfares are unlikely to remain stable and airlines are not in a position to absorb all the costs, he said. Growth plans of Indian carriers are likely to be affected, Singh said.
At 1046 IST, shares of InterGlobe Aviation were nearly 3% higher at INR 4,362.30. So far, over 1 million shares of the company have changed hands on the exchange, lower than over 2 million shares traded till the same time Monday.
Of the nine brokerage reports available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 6,220. Two have a 'sell' recommendation and the remaining two have a 'hold' recommendation on the stock.
At 1048 IST, shares of SpiceJet were nearly 6% higher at INR 13.81 on BSE. So far, nearly 13 million shares of the company have changed hands on the exchange, higher than nearly 9 million shares traded till the same time Monday. There is only one brokerage recommendation available with Informist on the company, and it has a 'hold' call on the stock. (Arundathi A R)
Equity Alert: Indices extend gains on optimism over easing crude oil prices
MUMBAI--1055 IST--Benchmark indices rose more as easing crude oil prices sparked positive optimism around markets. Indices on Wall Street ended higher and Asian markets rallied after crude oil prices eased after US President Donald Trump's comments indicating a de-escalation in the West Asia conflict. The Nifty was supported by the gain in the heavyweights ICICI Bank and HDFC Bank, which rose over 2% and 1%, respectively.
At 1053 IST, the Nifty 50 was at 24195.25 points, up 167.20 points, or 0.7% and the BSE Sensex was at 78089.13 points, up 522.97 points, or 0.7%.
Shriram Finance was the top gaining stock in the Nifty 50 and Nifty 200, rising over 5%. InterGlobe Aviation rose nearly 2%. Automobile companies Eicher Motors, Mahindra & Mahindra, Tata Motors Passenger Vehicles, Bajaj Auto, and Maruti Suzuki India were up 1-2%. Shares of Axis Bank rose nearly 2%. Dr. Reddy's Laboratories, Asian Paints, and UltraTech Cement rose 2–3%.
In contrast, Infosys was the worst hit stock, down 1%. Shares of its peers, Tech Mahindra, HCL Technologies, and Tata Consultancy Services, were down 0.4–1.0%. Oil and Natural Gas Corp. and Bharti Airtel were down 0.6% and 0.4%, respectively.
All the broader market indices were up over 1?ch. The Nifty Smallcap 50 was supported by the gains in the stock of Redington. The stock rose nearly 13%, and it was also the top gainer among the Nifty 500 constituents. An over 6% gain in the stock of Capri Global Capital aided the Nifty Smallcap 100.
Among sectoral indices, Nifty Auto and Nifty Private Bank were the best performers, rising nearly 2?ch. Nifty Auto was supported by the near-3% gain each in stocks of Ashok Leyland, Sona BLE Precision Forgings, Uno Minda, and TVS Motor Co. Nifty Private Bank was supported by the gains in the shares of Federal Bank, Bandhan Bank, and ICICI Bank, up around 2?ch.
KEI Industries was the worst hit stock in the Nifty 200, down nearly 2%. Shares of Bharat Petroleum Corp. fell over 1% as well. In the Nifty 500 index, Authum Investment & Infrastructure rose over 15% while Onesource Specialty Pharma fell over 2%. (Adhithya Aji)
Equity Alert: Dixon Tech up 7%; gets MeitY nod to form JV with HKC Overseas
MUMBAI--1045 IST--Shares of Dixon Technologies rose as much as 7.4% to an intraday high of INR 10,530 after the company late Monday said it received approval from the Ministry of Electronics and Information Technology for its proposed joint venture with HKC Overseas, an affiliate of HKC Corp. At 1043 IST, shares of the company traded nearly 5% higher at INR 10,265 and were among the top gainers in the Nifty 200 index.
The joint venture company will develop, manufacture, and distribute liquid crystal modules and thin film transistor liquid crystal display modules and other advanced display modules, for mobile phones, notebooks, automotive displays, televisions, monitors, and industrial displays, Dixon Tech said in an exchange filing Monday. Under the proposed structure, Dixon Display Technologies Pvt. Ltd., presently a wholly-owned subsidiary of Dixon Tech, will become a joint venture company, in which Dixon Tech will hold 74% and HKC Overseas will hold 26% stake.
However, the formation of the joint venture and HKC's capital investment are subject to the completion of the conditions precedent under the share subscription agreement signed between Dixon Tech, Dixon Display Tech, and HKC Overseas, in addition to the already obtained Press Note 3 approval from the electronics and IT ministry.
The PN3 approval clears a key regulatory hurdle for Dixon Tech to operationalise its display module joint venture with HKC Overseas, brokerage firm ICICI Direct Research said in a report. With the construction of the display module facility nearing completion and phase-1 capacity planned at 24 million units annually for smartphones and around 2 million units for notebooks and automotive displays, the project is expected to largely support Dixon Tech's captive requirements, the brokerage said.
The trial production at the facility is expected to commence in Apr-Jun, followed by mass production from Jul-Sept, ICICI Direct Research said. It expects this to support Dixon Tech improve backward integration, enhance value addition in its electronics manufacturing business, and improve its margin profile. The joint venture is investing around INR 4 billion for display assembly, with asset return likely to be seven times at optimal level with margin accretive profile, the brokerage said.
On the other hand, another brokerage, Nomura, expects trial production to start from Jul-Sept and see a ramping up of production in the second half of 2026-27 (Apr-Mar). Within components, display module assembly has healthy double-digit margins and can potentially add around 50 basis points to overall margins for Dixon Tech by FY28 and up to 100 bps later, with full ramp up, Nomura said. This, along with camera modules, which is already in ramp-up stage, will increase value addition by Dixon Tech and remain a longer-term structural margin tailwind, the brokerage added.
Nomura has maintained its 'buy' recommendation on Dixon Tech with a target price of INR 14,678. The target price implies a near-50% upside from the stock's closing price Monday. Of the 13 research reports on the company available with Informist, 12 have a 'buy' or equivalent recommendation on the stock with an average target price of INR 13,952 and the remaining one has a 'sell' recommendation on the stock. (Arya S. Biju)
Equity Alert: Jefferies says buy Uno Minda with target INR 1,350, upside 22%
MUMBAI--1026 IST--Investment banking firm Jefferies has initiated coverage on Uno Minda Ltd. with a "buy" recommendation with a target price of INR 1,350. This is over 22% higher than the current market price. Uno Minda provides "excellent coverage" to the Indian automobile sector due to its fast-growing, well-diversified, and largely power-agnostic portfolio, the investment banking firm said.
Jefferies said it expects Uno Minda's earnings per share to grow at an compounded annual rate of 25% in 2026–28 (Apr-Mar) and its average return on equity to be 20%. The company's price-to-earnings multiple for FY27 is 42. Jefferies believes the valuation is justified due the company's strong growth, low volatility margin, and high return on equity. Around 90% of the company's revenue comes from domestic sales with balanced exposure between the passenger-vehicle and two-wheeler segments.
At 1026 IST shares of Uno Minda traded at INR 1,107, up 2% on the National Stock Exchange. All six brokerage recommendations available with Informist on the company have a 'buy' recommendaation with an average target price of INR 1,426. For the December quarter, Uno Minda reported a consolidated net profit of INR 2.77 billion on consolidated revenues of INR 50.18 billion. (Shruti Nair)
Equity Alert: Bulls return to domestic indices as crude oil prices ease
MUMBAI--0947 IST--Benchmark indices opened higher as crude oil prices eased after US President Donald Trump said he was considering taking control of the strategically vital Strait of Hormuz and also indicated that the conflict with Iran will end "very soon". The Nifty 50 was supported by gains in the heavyweight banking stocks, HDFC Bank and ICICI Bank, which rose 1?ch.
At 0945 IST, the Nifty 50 was at 24132.35 points, up 104.30 poinst or 0.4%, and the BSE Sensex was at 77922.53 points, up 356.37 points or 0.5%.
InterGlobe Aviation rose over 3% to be the top gainer in the 50-stock index. The stock rose on the positive optimism that the West Asia conflict would come to a halt soon. This is likely to lead to a resumption of IndiGo's operations throughout the region. Shares of Asian Paints rose nearly 4?ter crude oil prices eased. The company uses crude oil as a critical raw material for manufacturing.
Automobile companies Eicher Motors, Mahindra & Mahindra, Tata Motors Passenger Vehicles, Bajaj Auto, and Maruti Suzuki India rose 1-2%. Among individual stocks, Shriram Finance, UltraTech Cement, Adani Ports and Special Economic Zone, Titan Co., and Dr. Reddy's Laboratories were up 2-3%.
In contrast, the upstream company Oil and Natural Gas Corp. was the worst hit in the index, down nearly 2%. The stock fell as crude oil prices declined. The heavyweight stock Reliance Industries was down over 1%. Information technology companies Infosys, HCL Technologies, and Tech Mahindra were down 1?ch. Shares of Hindalco Industries and Coal India fell around 1?ch as well.
On Tuesday, the May futures of Brent crude oil hit a low of $88 per barrel. This came after President Trump said the war between Iran and the US-Israel combine is "very complete, pretty much." At 0941 IST, the May futures of Brent crude oil were at $94.26 per barrel, down nearly 5% from the previous close of $98.96 per barrel.
In the Nifty 200, Dixon Technologies was the top gainer, up over 5%. The stock rose after the company received approval from the Ministry of Electronics and Information Technology to form a joint venture with HKC Overseas. Hitachi Energy India rose 4%.
Meanwhile, oil exploration companies Oil India and ONGC were the worst-hit stocks in the Nifty 200. These stocks were down nearly 2?ch. Shares of Coforge fell nearly 2% as well. In the Nifty 500, Redington was the top gaining stock, up nearly 10%, and Balrampur Chini Mills was the worst-hit stock, down over 2%. (Adhithya Aji)
Equity Alert: Jefferies ups Amber Ent's target price by 3%, maintains 'buy'
MUMBAI--0929 IST--Global brokerage Jefferies has raised the target price on the stock of Amber Enterprises by nearly 3% to INR 9,120 and maintained a 'buy' recommendation. The brokerage sees multiple catalysts ahead for the company. The upcoming summer season, acquisition ramp-up, and two new customers in the data centre business are expected to be positive for the company, NDTV Profit reported, citing Jefferies.
The brokerage estimated volumes in the air conditioning industry to grow significantly in the calendar year 2026 on the back of a low base from last year. Moreover, in the electronics segment, the company secured three electronics component manufacturing scheme approvals from the government, the brokerage said. The company also acquired technology and land for printed circuit board manufacturing, Jefferies said.
The compounded annual growth rate of the company's earnings per share is estimated at over 48% from 2024-25 (Apr-Mar) to FY28, according to Jefferies. After the 40% rally in the stock from January lows, it is now at 47 times the price-to-earnings estimate for FY27. At 0929 IST, shares of Amber Enterprises were nearly 2% higher at INR 7,731. The stock shed nearly 6% over the last seven days and gained 13% over the last 30 days. (Adhithya Aji)
Equity Alert: Asian stocks rally as oil prices fall after Trump's comments
MUMBAI--0825 IST--Asian indices rebounded on Tuesday, driven by a fall in oil prices to below $90 per barrel after US President Donald Trump hinted that the conflict in West Asia is likely to end soon. South Korea's KOSPI led the gains and climbed up over 6%, recovering from its losses on Monday. Japan's Nikkei 225 rose over 3% in early trade. The moderation in oil prices, along with the recovery in US indices, helped Asian markets to rise after they closed in the red on Monday.
On Monday, Trump said he was considering taking control of the Strait of Hormuz, a key trade route that handles 20% of the world's oil supply. Further, he told CBS News that "the war (with Iran) is very complete, pretty much." His comments contradict the events in Iran, where hardliners rallied behind new Supreme Leader Mojtaba Khamenei, Reuters reported. Nevertheless, the US president's comments brought about a fall in oil prices, which had touched nearly $120 per barrel on Monday. At 0810 IST, May futures of Brent crude oil were at $89.11 per barrel.
"While all of this has helped ease some of the short-term panic, it's hard to reconcile the idea of the conflict being 'very complete'," Tony Sycamore, a market analyst at IG, told Reuters. "Nonetheless, the toning down of President Trump's rhetoric, from demanding full surrender to declaring the mission 'very complete', is a welcome development that should help settle nerves for today's session in Asia, at least."
Following are the levels of key Asian indices at 0823 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4657.64 |
0.91 |
|
Hang Seng Index |
25624.63 |
0.85 |
|
Nikkei 225 Day |
54399.08 |
3.17 |
|
TOPIX FIRST SECTION |
3674.24 |
2.75 |
|
KOSPI |
5567.52 |
6.01 |
|
FTSE Singapore Strait Times |
4823.46 |
1.41 |
|
S&P/ASX 200 Index |
8710.80 |
1.30 |
(Shruti Nair)
Equity Alert: Indices may open higher as oil prices cool on Trump's remark
MUMBAI--0815 IST--Headline equity indices are expected to open higher Tuesday as oil prices cooled down to around $88 per barrel after hitting a near four-year high of $119.50 per barrel Monday. Oil prices fell after US President Donald Trump late Monday said he was considering seizing control of the Strait of Hormuz, and said that he believes the war between Iran and US-Isreal combine is "very complete, pretty much."
"If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," Trump said in a post on his Truth Social platform early Tuesday. The comments came after a spokesperson for Iran's Ministry of Foreign Affairs Monday warned that oil tankers transiting the Strait of Hormuz "must be very careful."
Iran's Islamic Revolutionary Guard Corps declared that Iran's armed forces wouldn't allow "the export of even one litre of oil from the region to hostile parties and their partners" as long as attacks by the US and Israel continue. The comments pointed to a showdown over oil transit through the Strait of Hormuz, as President Trump threatened to escalate strikes if Iran holds up oil flow in the strait, The Wall Street Journal reported.
At 0755 IST, the May futures contract of Brent Crude Oil on the Intercontinental Exchange was at $88.71 per barrel. So far, oil prices have fallen around 26% from the high of $119.50 per barrel hit on Monday. Overnight, major equity indices in the US advanced, with the Nasdaq Composite and S&P 500 closing around 1% higher each and the Dow Jones Industrial Average ending up 0.5%. Most Asian indices also traded higher early Tuesday, led by South Korea's KOSPI, which was up over 6%.
The GIFT Nifty indicated a gap-up opening for the domestic markets following a rebound in the global equity market, Vipin Kumaar, assistant vice president, technical and derivatives, Globe Capital Market, said. At 0803 IST, the GIFT Nifty was at 24380.50, over 30 points higher than the Nifty 50's previous close. "On levels front, sustained trading above 24200 (points) might lead it (Nifty 50) towards 24400 spot levels. On the flip side, a fall below 23800 might drag it to 23600 spot levels," Kumaar said. (Arya S. Biju)
Equity Alert: US indices recover as Trump says conflict with Iran to end soon
MUMBAI--0738 IST--US benchmark indices recovered from intraday losses on Monday as oil prices fell after US President Donald Trump predicted a swift end to the hostilities with Iran. All three major indices ended higher, with the Nasdaq Composite being the top performer, closing 1.4% higher. The Dow Jones Industrial Average, too, recovered after falling 900 points or nearly 2?rlier in the session, and closed 0.5% higher.
On Monday, Trump said in a press conference that the war with Iran could end "very soon", though not this week, CNBC reported. Further, in a phone interview with CBS News, Trump said ships are moving through the Strait of Hormuz, but claimed that he is still "thinking about taking it over." Following his comments, oil prices fell. At 0727 IST, the Brent crude May futures were $89.11 per barrel, sharply down from the intraday high of nearly $120 per barrel on Monday.
The closure of the Strait of Hormuz along with the announcement of oil output cuts by key producers in West Asia had sent oil prices soaring on Monday. Oil prices saw some moderation when Saudi Aramco offered over 4 million barrels of crude oil supply into the spot market.
Following are the closing levels of US indices Monday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6795.99 |
0.83 |
|
NASDAQ Composite |
22695.95 |
1.38 |
|
Dow Jones Industrial Average |
47740.80 |
0.50 |
(Shruti Nair)
US$1 = INR 91.81
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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.
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