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Informist, Wednesday, Mar. 11, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Most Asian indices end off highs

MUMBAI--1450 IST--Most of the indices in Asia ended higher Wednesday but pared some of the gains from earlier in the day. The ongoing hostilities in West Asia and resultant rise in Brent crude oil prices to near-$90 per barrel affected investor sentiment.

Brent crude oil contract for May delivery has come down from the high of $120 per barrel after the Wall Street Journal reported that the International Energy Agency was considering the largest ever release of its emergency oil reserves. Crude oil prices have also eased after US President Donald Trump tried to calm people earlier this week saying the war with Iran is nearing an end.

South Korea's Kospi came sharply off the high in the final hour of trading. The index, which was up nearly 4% at its highest intraday level, closed 1.4% higher. The Hang Seng also came off its high and ended slightly lower.

Following are the closing levels of key Asian indices on Wednesday:

(Shruti Nair)

Equity Alert: Adani Total jumps 20%; analyst calls it technical pullback

MUMBAI--1441 IST--Shares of Adani Total Gas surged 20% to a high of INR 566.90. The stock recovered to levels seen before the hostilities began between the US-Israel combine and Iran on Feb. 28. On Feb. 27, the stock had closed at INR 512 and after the conflict started, it fell 9% to a low of INR 467.9. 

Earlier in the day, the company informed exchanges that it will cut supply to industrial customers after its own supply was hit due to hostilities in West Asia. This comes amid the government order to oil refiners and gas companies to prioritise allocation to domestic customers over commercial and industrial users. 

To ensure optimum availability of fuel for domestic use, RIL late Tuesday said it will increase liquefied petroleum gas production at its Jamnagar refining and petrochemicals complex and divert natural gas from the KG-D6 basin to priority sectors. The company said its teams were working to optimise refinery operations at Jamnagar, the world's largest integrated refining hub, in order to enhance LPG output and maintain stable supplies to the domestic market.

Other gas distribution companies such as Gujarat Gas and Indraprastha Gas traded 4-6% higher. Mahanagar Gas rose around 1%. Indian Oil Corp., which sells LPG cylinders under the 'Indane' brand, was also around 1% higher. The rise in shares of gas distribution companies could be a pullback move as these stocks have not gained substantially in the last 3-4 months, Ruchit Jain, technical and derivatives analyst at Motilal Oswal Financial Services, said. (Gopika Balasubramanium)

Equity Alert: Indices remain lower as banking, auto cos weigh; HDFC Bk dn 2%

MUMBAI--1350 IST--Benchmark indices remained lower as a fall in shares of banking and automobile stocks weighed. The Nifty 50 was dragged down by heavyweights ICICI Bank and HDFC Bank that fell over 1% and 2%, respectively. At 1340 IST, the Nifty 50 was at 23958.85 points, down 302.75 points or 1.3% and the BSE Sensex was at 77171.76 points, down 1034.22 points or 1.3%. 

Wipro, Jio Financial Services, and Coal India were the top gainers, up over 1% each. Shares of state-owned energy companies – NTPC and Oil and Natural Gas Corp. rose 1% each. Sun Pharmaceutical Industries, Tech Mahindra, Power Grid Corp. of India, and Dr. Reddy's Laboratories were up around 1% each as well. 

Axis Bank and Bajaj Finance were the worst hit stocks in the index. They were down nearly 4% each. Their peers Bajaj Finserv, Shriram Finance, Kotak Mahindra Bank, SBI Life Insurance Co., State Bank of India, and HDFC Life Insurance Co. were down 1-2%. Automakers Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki India, Eicher Motors, and Tata Motors Passenger Vehicles were down 2-3%. Shares of Trent, Bharti Airtel, Tata Consumer Products, and Bharat Electronics were down around 2% each.

The broader market indices were mixed. The Nifty Smallcap indices were up 0.2–0.3%, but the Nifty Midcap indices were down 0.6-1.0%. A 6% fall in the shares of Colgate Palmolive (India) weighed on the Nifty Midcap 50 and Nifty Midcap 100. Shares of Colgate Palmolive (India) was the worst hit in both the Nifty 200 and Nifty 500.     

Adani Total Gas continued to be the top gainer in both the Nifty 200 and Nifty 500 indices. The stock gained nearly 19% and hit a one-month high of INR 562.30. On Monday, the stock had fallen to its lowest level since February 2021, which is INR 462.80. Shares of Premier Energies rose nearly 5% in the Nifty 200. Jindal Saw was up nearly 15% in the Nifty 500 index.  (Adhithya Aji)

Equity Alert: IEX rises 4%; CERC notifies new carbon credit trading framework

MUMBAI--1349 IST--Shares of Indian Energy Exchange rose over 4% to an intraday high of INR 126.19 Wednesday after the Central Electricity Regulatory Commission notified the regulatory framework for overseeing the trading of carbon credit certificates. A majority of carbon credit certificates are traded on exchanges such as the IEX, Power Exchange of India, and Hindustan Power Exchange.

"There shall be two separate market segments for dealing in carbon credit certificates, namely, the compliance market for the obligated entities and the offset market for the non-obligated entities," the regulation read. CERC has designated the Grid Controller of India as the official registry. The Bureau of Energy Efficiency will act as the administrator responsible for the registrations, monitoring, and dissemination of market information, according to the regulation.

At 1349 IST, shares of IEX were slightly off their intraday high, but still 2.4% higher at INR 124.04. Brokerages are slightly split in their opinion about the company's stock. Of five brokerage reports available with Informist media, two have a 'buy' and two have 'hold' recommendation, and one has a 'sell' call.  (Eshitva Prakash)

Equity Alert: Motilal Oswal initiates coverage on Jio Financial with 'buy'

MUMBAI--1300 IST--Brokerage Motilal Oswal Financial Services initiated coverage on Jio Financial Services with a 'buy' rating and a target price of INR 320 based on valuation multiple for financial year 2027-28 (Apr-Mar). The brokerage is bullish on Jio Financial's ability to take advantage of customers of Reliance group, which are spread across telecommunication and retail businesses.

A major part of the brokerage's target price for Jio Financial stems from the company's investment in Reliance Industries. Out of the INR 320 target price, the brokerage values Jio Financial's investment in RIL at INR 205 per share. Other businesses of Jio Financial such as insurance broking, credit, payment solutions form the remaining part of the target price. At 1255 IST, Jio Financial's shares traded at INR 239.65, up 1.6% on the National Stock Exchange.  

"...parallel scaling of multiple businesses, anchored in digital-first distribution, capital discipline, and selective partnerships, provides meaningful medium-to-long term optionality," Motilal Oswal said, even as it expects the financial services company's near-term earnings growth to be constrained. 

Jio Financial's return on assets and equity are likely to improve, and the company's low cost of funds place it in a favourbale position to benefit from low interest rate environment, the brokerage said. The company's joint venture with investment manager BlackRock is also likely to aid earnings growth and benefit from digital expansion happening across the mutual fund industry.

Jio Financial's primary lending subsidiary Jio Credit may plan calibrated product expansion, and launch fully digital salaried personal loans, education loans, two-wheeler loans, and other fee-income generating products, the brokerage said. These launches are seen boosting the lender's earnings growth. "...we believe JCL can emerge as a leader in monthly disbursements within the next 18-24 months, underscoring execution speed and distribution leverage," Motilal Oswal said.

Jio Credit's focus on prime and near-prime customers may restrict margin growth in the early phase, the brokerage said but it expects this to be tranistory in nature. Motilal Oswal also noted that Jio Credit's asset quality is superior compared to its peers with gross and net non-performing asset ratios estimated to be 0.14% and 0.06%, respectively for this financial year.  (Ruchira Kagita)

Equity Alert: Blue Star up 5% post launch of new range of room ACs

MUMBAI--1250 IST--Shares of Blue Star rose 5% to the day's high of INR 1,984 after the company launched a new range of room air conditioners for the summer season of 2026. The stock gained almost 6% in two sessions after the company's announcement of the launch. Blue Star and the other listed air conditioner maker Voltas have also hiked prices ahead of the peak summer season. Shares of Voltas rose over 4% to an intraday high of INR 1,509.80.

With the launch of a new range of room air conditioners, Blue Star plans to strengthen its presence in the residential and commercial cooling segments, it said Tuesday. The company's portfolio now comprises 125 room air-conditioner models, including a flagship premium range, catering to a wide spectrum of customer needs and usage environments.

The air conditioner makers hiked prices ahead of the peak summer season due to an increase in input costs, weakening rupee, rising freight expenses, and new energy efficiency norms. Brokerage JM Financial expects all air conditioner brands to pass on a significant portion of the higher input costs to customers through phased price hikes.

At 1231 IST, shares of Blue Star were 4% higher at INR 1,961.80 on NSE. So far, nearly 618,000 shares changed hands on the exchange, higher than nearly 191,000 shares traded till the same time Tuesday.

Of the 10 brokerage reports available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 1,994. Of the remaining three, two have a 'hold' recommendation and one has a 'sell' recommendation on the stock.

At 1231 IST, shares of Voltas were over 2% higher at INR 1,482.30 on NSE. So far, over 577,000 shares of the company have changed hands on the exchange, higher than over 206,000 shares traded till the same time Tuesday.

Of the 12 brokerage reports available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 1,485, while five others have a 'hold' recommendation with an average target price of INR 1,431. The remaining two have a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Pump makers rise as Cabinet extends Jal Jeevan Mission to 2028

MUMBAI--1226 IST--Shares of pump and pipe makers surged Wednesday after the Union Cabinet approved the extension of the Jal Jeevan Mission till December 2028, with an increased outlay of INR 8.7 trillion and a shift in focus from infrastructure creation to service delivery.

Shares of Denta Water And Infra Solutions, EMS, Shakti Pumps (India), and Indian Hume Pipe Co. were up 14–20% in the session. The central government had stopped the incentive in November, after which states took extensive measures against corruption reports related to the scheme. The Cabinet cleared a proposal by the Ministry of Jal Shakti to strengthen governance and institutional systems for sustainable rural drinking water supply. The central government's contribution to the programme has been increased to INR 3.59 trillion from INR 2.08 trillion approved in 2019–20 (Apr-Mar).

At 1225 IST, shares of engineering, procurement, and construction company KEC Internaional rose over 3%. The company's management said around 4%, or INR 14 billion, of its total order book was linked to the Jal Jeevan Mission, CNBC-TV 18 reported. The current active water-related projects amount to INR 8 billion in the company's order book, according to the management's commentary.  (Eshitva Prakash)

Equity Alert: Nifty 50 falls below 24000 points as auto cos, banks fall

MUMBAI--1215 IST--Benchmark indices declined further with the Nifty 50 index slipping below the 24000 points intraday as hope of a swift end to the conflict between the US and Iran faded. Brent crude oil futures have stayed around $90 per barrel as hostilities in West Asia continued.

The Nifty 50 was mainly dragged down by the fall in shares of automobile makers, banks, and other financial companies. Shares of Mahindra & Mahindra and Bajaj Finance were the worst hit, down 3-4%. At 1212 IST, the Nifty 50 and Sensex were down around 1% each at 24016.55 points and 77309.10 points, respectively.

There are still reports of bombing coming out from West Asia and several parts of India are facing shortage of gas. Brent crude oil prices have come down in the past two days but still remains significantly higher compared with the prices before the US and Israel first attacked Iran. At 1201 IST, Brent crude oil May futures were marginally higher at $88 per barrel.

Shares of Jio Financial Services were among the top performers on the index, rising nearly 2% after brokerage Motilal Oswal started coverage on the company with a 'buy' rating and a target price INR 320. Its target price implies the stock can rise more than 33% from the current level.

Shares of pharmaceutical companies Dr. Reddy's Laboratories and Sun Pharmaceuticals rose over 1%. Shares of gas companies rose with Adani Total Gas up nearly 17% and Gujarat Gas up 8%. (Shruti Nair)

Equity Alert: Wipro up 2.5% on reports of group co entering semiconductor mfg

MUMBAI--1145 IST--Shares of Wipro rose 2.5% to an intraday high of INR 205.95 after The Economic Times reported that its group company, Wipro Enterprises, plans to enter semiconductor manufacturing. The stock was up for the third consecutive session and gained over 5% during this period.

The information technology major is considering entering into semiconductor manufacturing, likely chip assembly, The Economic Times reported. "The talks are at an early and exploratory stage, but the company is keen to diversify into this sector," the newspaper reported, quoting a person aware of the development. The company will try to enter the space through the outsourced semiconductor assembly and test route, as per the news report. The IT company is looking for a credible technology partner, according to the report.

At 1115 IST, shares of the company were nearly 1% higher at INR 202.37. So far, over 8 million shares of the company have changed hands on the exchange, higher than nearly 5 million shares traded till the same time Tuesday.

Of 14 brokerage reports available with Informist on the company, seven have a 'hold' recommendation with an average target price of INR 270. Four have a 'buy' recommendation with an average target price of INR 295 and the remaining three have a 'sell' call on the stock.  (Arundathi A R)

Equity Alert: SEDEMAC Mechatronics lists at INR 1,535 on NSE, at 13% premium

MUMBAI--1100 IST--SEDEMAC Mechatronics listed at INR 1,535, an over 13% premium to its issue price of INR 1,352, on the National Stock Exchange on Wednesday. On BSE, the company listed at INR 1,510, around 12% premium to its issue price. At 1047 IST, shares of the company traded over 13% higher at INR 1,534.90 on the NSE. Over 2 million shares of the company have changed hands on the exchange so far.

The initial public offering of the company, which closed Friday, was subscribed 1.66 times on the final day, with the company receiving bids for 9.33 million shares across the three days against 5.63 million shares on offer.

SEDEMAC Mechatronics is a supplier of electronic control units to original equipment manufacturers across India, the US, and Europe. For the nine months ended December, the company reported a net profit of INR 714.98 million on revenues of INR 7.71 billion. (Arundathi A R)

Equity Alert: Indices fall further as select stocks extend losses; M&M dn 3%

MUMBAI--1047 IST--Indices fell further as select stocks extended losses Wednesday. Banking stocks were the major drag on the indices with heavyweights ICICI Bank and HDFC Bank dragging the Nifty 50 lower. These stocks were down around 1% each. Shares of Mahindra & Mahindra, JSW Steel, Bajaj Auto, and Tata Consultancy Services fell more down around 1–3%. 

At 1045 IST, the Nifty 50 was at 24069.15 points, down 192.45 points or 0.8% and the BSE Sensex was at 77534.37 points, down 671.61 points or 0.9%.       

Dr. Reddy's Laboratories, Adani Ports and Special Economic Zone, and Jio Financial Services were the top gainers in Nifty 50. These stocks rose around 2% each. NTPC, Hindalco Industries, Sun Pharmaceutical Industries, Coal India, and Wipro were up around 1% each. Shares of Coal India rose after the global brokerage firm Jefferies raised its target price by 8% to INR 485 on improving outlook and reasonable valuations.  

In contrast, Axis Bank was the worst hit stock in the index. The stock fell over 2%. Financial services companies Bajaj Finance, Bajaj Finserv, SBI Life Insurance Co., and Kotak Mahindra Bank were down 1% each. Max Healthcare Institute was down nearly 2%. Shares of Bharti Airtel and Tata Consumer Products fell over 1%.      

Among the sectoral indices, Nifty Private Bank and Nifty Auto were the under performers. They were down over 1% each. An over 1% fall in the shares of Axis Bank weighed on Nifty Private Bank. A nearly 3% fall in the shares of Mahindra & Mahindra weighed on Nifty Auto. Nifty Media was the best performing sectoral index, up over 1%. All the constituents in the index traded higher. Among them, Zee Entertainment Enterprises was the top gainer, up nearly 2%. 

Adani Total Gas continued to be the top gainer in both the Nifty 200 and Nifty 500 indices. The stock rose nearly 14%. Shares of Godfrey Phillips India rose over 4%. Colglate Palmoilve (India) was the worst hit stock in the Nifty 200. It fell nearly 4%. Authum Investment & Infrastructure was the under-performer falling nearly 7%.  (Adhithya Aji)  

Equity Alert: UBS cuts L&T target price 8%, flags domestic execution issues

MUMBAI--1035 IST--Global brokerage firm UBS has trimmed its target price on Larsen & Toubro by around 8% to INR 4,150 while maintaining its 'neutral' recommendation on the stock, according to a CNBC TV18 report. The new target price implies around 7% upside from the stock's closing price Tuesday. While L&T's exposure in West Asia is skewed towards priority segments, its non-energy infrastructure could be at risk, UBS said. It also highlighted issues in domestic execution for the company, the report said. 

Considering the emerging risks, the brokerage has also cut the growth estimate for the company's core order inflow over 2024-25(Apr-Mar) to FY28 to 11% from 15% projected earlier. However, the brokerage sees L&T as better-placed than its global peers in West Asia, with manpower being key, the report said. 

At 1027 IST, shares of L&T traded at INR 3,885.90, slightly higher than the previous close. So far in the day, 366,181 shares of the company changed hands on the National Stock Exchange, lower than the 971,119 shares traded till the same time Tuesday. All 13 research reports on the company available with Informist have a 'buy' or equivalent recommendation on the stock with an average target price of INR 4,626, indicating over 19% upside from Tuesday's closing price. (Arya S. Biju)

Equity Alert: Jefferies ups Coal India target price by 8%; retains buy call

MUMBAI--1020 IST--Global brokerage firm Jefferies raised its target price on Coal India by almost 8% to INR 485 on an improving outlook and reasonable valuations. The brokerage has maintained its 'buy' rating on the stock.

Jefferies expects a recovery in power demand, supported by expectations of an intense summer and weak rainfall, to boost Coal India's volumes, CNBC-TV18 reported quoting the brokerage. The brokerage expects the coal producer's earnings trajectory to improve at a compound annual growth rate of 9% over 2025–26 (Apr-Mar)to FY28 after an estimated 21% decline in its earnings per share over FY24 to FY26, according to the report.

Jefferies also expects higher global coal prices to lift e-auction prices. The stock's valuation remains attractive at about 9.3 times the estimated price-to-earnings of FY27, along with a dividend yield of around 6%, CNBC-TV-18 reported, quoting the brokerage. The brokerage has raised its earnings per share estimates by 1–4%.

At 1010 IST, shares of Coal India were trading 0.5% higher at INR 445.65 on NSE. So far Wednesday, over 2 million shares of the company have changed hands on the exchange, slightly higher than the shares traded till the same time Tuesday. 

Of the eight brokerage reports available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 478. Of the remaining three, two have a 'sell' recommendation and one has a 'hold' recommendation on the stock.  (Arundathi A R)

quity Alert: Indices open flat amid mixed global cues; banking shrs fall

MUMBAI--0952 IST--Benchmark indices opened flat amid mixed global cues. Crude oil prices were choppy after reports said the International Energy Association has proposed the release of oil reserves to meet the supply constraints caused by the conflict between the US and Iran in West Asia. Despite a flat open, indices fell later, with banking stocks as the major laggards. The Nifty 50 was weighed down by heavyweight banking stocks, ICICI Bank and HDFC Bank. These stocks were down around 1% each.  

At 0947 IST, the Nifty 50 was at 24181.95 points, down 79.65 points or 0.3%, and the BSE Sensex was at 77890.90, down 315.08 points or 0.4%.     

InterGlobe Aviation was the top gainer in the index, up 2%. On Tuesday, the company announced the resignation of its chief executive officer Pieter Elbers. Rahul Bhatia, the company's managing director, will assume the role on an interm basis, the company said. Metal companies Hindalco Industries and Tata Steel rose around 1% each.

Adani Ports and Special Economic Zone rose 2%. Shares of NTPC, Sun Pharmaceutical Industries, and Jio Financial Services rose around 1% each. Shares of Wipro were up nearly 1%. The stock rose after media reports said the information technology major was eyeing its entry into semiconductor manufacturing.

Financial services companies Kotak Mahindra Bank, SBI Life Insurance Co., Bajaj Finserv, and Bajaj Finance were the worst hit in the index. These stocks were down around 1% each. Bharti Airtel and Tata Consumer Products were down around 1% each as well.    

Adani Total Gas rose over 14% and was the top gaining stock in both the Nifty 200 and Nifty 500 indices. Shares of Sona BLW Precision Forgings and Voltas rose around 4% each. Meanwhile, Colgate Palmolive (India) was the worst-hit stock in the Nifty 200 index, and was down over 4%. Shares of KEI Industries were down over 1%. Authum Investment & Infrastructure was the worst-hit stock in Nifty 500 index. It fell over 7%.  (Adhithya Aji)

Equity Alert: Higher fuel costs to hit cement cos in H1 FY27, says Elara Sec

MUMBAI--0905 IST--Cement companies' earnings in the first half of the financial year 2026-27 (Apr-Mar) may be hit as fuel, petroleum coke prices, and freight rates have risen amid the ongoing hostilities between the US and Iran, brokerage Elara Securities said in a report. Further, coal prices are also likely to rise, leading to higher cost for cement makers, after Indonesia said it plans to reduce coal production by 24% in 2026.  

"Rising fuel cost, coupled with seasonally weaker demand and softer pricing during the monsoon quarter, is likely to depress industry," Elara said. Headwinds from high energy prices are likely to persist for longer even if the West Asia conflict ends, it said.

Shares of cement companies have declined somewhere between 2-17% since the war between US and Iran broke out. Shree Cement, Birla Corp., and Nuvoco Vistas Corp. have fallen below Elara's bear case scenario based on multiple of enterprise value/tonne. "This creates compelling long-term opportunities for risk-tolerant investors," the brokerage said.  (Ruchira Kagita)

Equity Alert: Most Asian mkts up after currencies across region strengthens

MUMBAI--0835 IST--Most Asian indices were higher in early trade after the region's currencies strengthened against the dollar as crude oil prices remained stable Wednesday. However, hostilities in West Asia continued between the US and Iran, which may limit the gains.

South Korea's KOSPI led the gains after opening over 2% higher and continued to climb in early trade after shares of index heavyweights Samsung and SK Hynix rose 3-4%. Singapore's FTSE was the only major index in the region which was marginally lower. US indices ended mixed Tuesday after unclear messages on the Iran war added to the volatility in oil prices and hit sentiment on Wall Street.

Brent crude oil futures have fallen below $90 per barrel from their three-year highs of nearly $120 per barrel on Monday. At 0805 IST, the May futures of Brent crude were at $88.38 per barrel, up 0.5%. Prices have remained around $90 per barrel amid media reports that the International Energy Agency would conduct its largest ever release of emergency crude oil reserves to offset disruption in oil supply.

"The most immediate impact of an oil shock is that it acts like a tax on the economy. When energy prices surge, households spend more on fuel and utilities and less on everything else, which quietly slows consumer demand across the broader economy," David Johnson, chief executive officer of Vervent, told CNBC.

Following are the levels of key Asian indices at 0813 IST:

(Shruti Nair)

Equity Alert: Indices seen largely flat at open amid mixed global cues

MUMBAI--0822 IST--Benchmark equity indices are expected to open largely flat Wednesday amid mixed global cues. However, indices are expected to see some recovery later in the day, according to technical analysts. The May futures contract of Brent crude oil remained choppy after a report said that the International Energy Agency had proposed the largest release of oil reserves in its history to offset supply disruptions ‌due to the ongoing tensions in West Asia.

The release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia invaded Ukraine, the Wall Street Journal reported citing officials familiar with the matter. The proposal was circulated at an emergency meeting of energy officials from the IEA's 32 member countries late Tuesday. Following this, the futures contract of Brent Crude Oil on the Intercontinental Exchange swung between gains and losses Tuesday. At 0809 IST, the futures contract was at $88.29 a barrel, up only 0.6% from the previous close.

Even though US President Donald Trump signalled that the conflict in West Asia might end soon, the US and Israel pounded Iran Tuesday with what the Pentagon and Iranians on the ground called "the most intense airstrikes" of the war. Meanwhile, Iranian counterattacks continued, with Bahrain, Iraq, Kuwait, Qatar, the United Arab Emirates, and Saudi Arabia reporting missile and drone interceptions.

Most indices in the Asia-Pacific region traded higher, led by South Korea's KOSPI, which rose over 3%. Overnight in the US, the S&P 500 closed 0.2% lower as traders kept an eye on the US-Iran conflict. The Dow Jones Industrial Average dipped 0.1%, while the Nasdaq Composite settled flat. The US stock futures traded near the flatline ahead of key consumer inflation data. 

On Wednesday, domestic benchmark indices are seen opening largely flat, Anshul Jain, head of research at Lakshmishree Investment and Securities, said. However, he expects a recovery later in the day. The Nifty 50 is expected to find support at 24200 points and resistance at 24375 points, Jain said. At 0806 IST, the March contract of GIFT Nifty traded at 24298 points, indicating an over 36-point rise from the previous closing price of the Nifty 50. (Arya S. Biju)

Equity Alert: US indices end mixed on uncertainties over West Asia conflict

MUMBAI--0745 IST--US indices closed mixed Tuesday as uncertainty regarding the conflict in West Asia continued. Two of the three major indices ended in the red after a volatile session, while the Nasdaq Composite was marginally higher. Monday, all major indices had risen after comments made by US President Donald Trump brought down oil prices to near $90 per barrel from the high of $120 per barrel touched earlier.

At 0737 IST, May futures contracts of Brent crude oil were at $87.74 per barrel, largely unchanged from Tuesday. The Wall Street Journal reported that the International Energy Agency, a global intergovernmental body that oversees issues related to oil supply, would conduct its largest ever release of emergency crude oil reserves to alleviate the supply disruption in oil. 

Prices of oil fell Tuesday after US Energy Secretary Chris Wright said the US Navy escorted a tanker through the Strait of Hormuz. He later deleted the post following which oil prices rose from their lows, CNBC reported. White House Press Secretary Karoline Leavitt later refuted the claim made in Wright's post.

US Defence Secretary Pete Hegseth's comments that Tuesday would be the "most intense day of strikes inside Iran" fueled the uncertainties regarding the conflict in Iran. CBS News reported the US had seen signs that Iran would deploy mines in the Strait of Hormuz. 

"The market was showing some strength and it has given all that back," Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, told Reuters. "There's a lot of confusion among investors...You see these headlines coming out of the White House that give the market hope, and then clearer heads prevail and markets realise this is nowhere near over."

Following are the closing levels of US indices Tuesday:

(Shruti Nair)

US$1 = INR 92.02

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

Edited by Ashish Shirke

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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