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Informist, Friday, Mar. 13, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 seen falling more amid geopolitical headwinds 

MUMBAI--1656 IST--The headline Nifty 50 index is expected to decline further because of the headwinds posed by the continuing conflict in West Asia. Rising crude oil prices and the depreciating rupee are likely to weigh the markets down. Analysts are of the view that the current trend is negative. Friday, the Nifty 50 ended at 23151.10 points, down 488.05 points or 2.1%. This is the index's lowest closing level since April.

"The Nifty (50) index has been falling amid crude oil supply concerns sparked by the ongoing Middle East conflict," Vipin Kumaar, assistant vice-president at Globe Capital Market, said. "At the current juncture, it has reached immediate downside level of 23200 spot." Kumaar anticipates a pause around 23200-22800 points. Resistance is expected at 23800-24300 points, he said.

The underlying trend in the market is sharply down, said Nagaraj Shetti, senior technical analyst at HDFC Securities. "There is a higher possibility of the Nifty (50) showing minor pullback from near the lows of around 22900 by next week," Shetti said. But if the index falls below 22900 points, one can expect it to slide to 22500–22000 points in the near term, he said.

Crude oil prices are surging above $100 per barrel, raising concerns about inflation, corporate margins, and the stability of the rupee, according to Vinod Nair, head of research at Geojit Investments. "Heightened volatility weakened trader sentiment, discouraging them from carrying positions into the weekend amid persistent geopolitical risks," he said. The lack of buying support from domestic institutional and retail investors, coupled with outflows of foreign institutional investor funds, has intensified the decline in the markets, Nair added.  (Adhithya Aji)

Equity Alert: Nifty 50 March ends at premium of 77.30 points to spot index

MUMBAI--1555 IST--The March futures contract of the Nifty 50 closed at a premium of 77.30 points to the spot index Friday. Open interest in the contract rose around 14% to 20.80 million, according to provisional data.

--Nifty 50 closed at 23151.10 points, down 488.05 points or 2.1% vs Thursday

--Nifty 50 March closed at 23228.40 points, down 500.10 points or 2.1% vs Thursday

Nifty 50 options, expiring Tuesday, with maximum change in open interest:

Call: 25000, Put: 22000  

Nifty 50 options, expiring Tuesday, with maximum open interest:

Call: 25000, Put: 21500   

(Gopika Balasubramanium)

Equity Alert: Indices end lower as West Asia conflict worsens; L&T down 8%

MUMBAI--1550 IST--The benchmark indices ended sharply lower for the week, falling for the third session in a row as the closure of the vital Strait of Hormuz increased worries about crude oil supplies. Crude oil prices remained above $100 per barrel. The Nifty 50 was also weighed down by engineering giant Larsen & Toubro, which fell nearly 8%.

The Nifty 50 ended at 23151.10 points, down 488.05 points or 2.1%. The BSE Sensex ended at 74563.92 points, down 1470.50 points or 1.9%. On a weekly basis, both indices were down around 5.5%. The 50-stock index has fallen more than 8% since hostilities broke out in West Asia and is down more than 12% from its all-time high. Tata Consumer Products and Hindustan Unilever ended over 2% and over 1% higher, respectively. Bharti Airtel ended 0.1% higher. These three were the sole stocks in the Nifty 50 to rise on the day.

Larsen & Toubro was the worst-hit stock in the index. The company's order book has significant exposure to West Asia and the continuing military action is likely to hit its operations and revenue. The stock was the worst hit in the Nifty 200 as well.

Metal companies Hindalco Industries, Tata Steel, and JSW Steel fell 5–6%. Automobile companies Eicher Motors, Bajaj Auto, Tata Motors Passenger Vehicles, Maruti Suzuki India, and Mahindra & Mahindra fell around 3% each. UltraTech Cement, Grasim Industries, State Bank of India, and Bharat Electronics were down 3–4%.

All the sectoral indices ended lower with the Nifty Metal being the worst performer, down nearly 5%. All the constituents of the Nifty Metal index also ended lower. Shares of Jindal Steel, Hindalco Industries, Hindustan Copper, Hindustan Zinc, and National Aluminium Co. ended 5–7% lower. The conflict has led to a fall in the prices of copper, aluminium, and zinc. Continued weak demand from China's property sector also weighed on metal prices. 

In the Nifty 200, Muthoot Finance was the top gainer, closing nearly 3% higher. Hyundai Motors India rose over 1%. Adani Total Gas, Blue Star, Bharat Forge, and Samvardhana Motherson International were among the worst performers in the index, down 5–7%.

L&T Technology Services was the top performer among Nifty 500 constituents, closing nearly 10% higher. In contrast, Craftsman Automation closed over 9% lower.  (Adhithya Aji)

Equity Alert: Europe mkts open lower; US-Iran war keeps crude above $100/bbl

MUMBAI--1520 IST--Most European indices opened lower Friday as crude oil prices stayed above $100 per barrel due to the US-Iran war. Comments made by Iran's new supreme leader Mojtaba Khameini on keeping the Strait of Hormuz shut dissipated hope of a swift resolution to the conflict. The pan-European Stoxx 600 was down 0.8% dragged down by most sectors except for oil and gas, CNBC reported. Shares of oil majors BP and Total Energies rose around 2% in benchmark index. France's CAC 40 was the worst performer in the region, down nearly 1%.

Energy prices remained an area of concern for European markets. The US Friday issued a temporary 30-day waiver on sanctioned Russian oil in transit at sea, in its latest attempt to mitigate concerns over a shortage of oil supply squeeze amid surging prices, according to CNBC. Despite announcements of oil releases by the US and International Energy Agency on Thursday, crude oil prices continued to rise. At 1437 IST, May Futures of Brent Crude oil were at $100.73 per barrel.

The UK economy flatlined in January, growing 0.1%, indicating a slowdown even before the US-Iran conflict began. The preliminary figures published on Friday showed that the economy missed the 0.2% forecast by econonomists polled by Reuters.

Increasing crude oil prices would also put pressure on European governments to respond. France, Greece and Poland have already introduced oil price caps while Germany seeks to regulate pump prices, Reuters reported. 

"If you get an interruption for more weeks of gas deliveries from Qatar and gas prices go higher, it's likely you will see governments stepping in and reintroducing some subsidies," said Frank Gill, S&P Global Ratings' lead EMEA analyst told Reuters.

Following were the levels of major European indices at 1441 IST:

(Shruti Nair)

Equity Alert: Asian indices end lower as oil prices soar, dollar strengthens

MUMBAI--1515 IST--Asian indices ended in the red on Friday tracking higher crude oil prices. The conflict in West Asia has led to a jump in crude oil prices and the dollar. These factors have put pressure on Asian economies which are heavily dependant on crude oil imports from West Asia.

South Korea's Kospi led the losses among its Asian peers and ended 1.7% lower. The index ended lower for the second consecutive session. Japan's Nikkei 225 closed 1.2% lower, dragged by stocks of automboile makers and chip manufacturers. Shares of Honda were down nearly 6%. Chip making majors Tokyo Electron and Advantest Corp. were down around 3%.   

Goldman Sachs Friday cut growth forecast for most Asian countries as the Iran war continues to push crude oil prices and increases the risk of inflation in the region. The growth forecast for most Asian economies has been cut 0.2-0.9%, Dow Jones reported, citing Goldman Sachs.

The geopolitical developments have led to a surge in the value of the dollar as investors continue to prefer it as their safe-haven choice. Friday, the greenback rose to an over three-month high and was set for its second weekly gain since the beginning of the US-Iran war, Reuters reported. Japan's Finance Minister Satsuki Katayama Friday said the country is ready to take whatever steps that are necessary against the movement of yen that impacts people's lives, as per a Reuters report.   

Following are the closing levels of key Asian indices:

(Shruti Nair)

Equity Alert: ACME Solar rises 9% as co commissions energy storage project

MUMBAI--1500 IST--Shares of ACME Solar rose over 9% to an over three-month high of INR 262.80 on the NSE after the company said its various subsidiaries had commissioned a battery energy storage system in Rajasthan. Its special purpose vehicles have commissioned 142.67 megawatts under phase-1 of the total planned project capacity of 585 MW. At 1448 IST, shares of the company traded 6.5% higher at INR 255.90.

This project is connected with an existing operational interstate transmission system and will run on a merchant basis for a short-term, generating additional revenue for the company through price differential between peak and non-peak demand hours, ACME Solar said. 

Shares of other energy companies were hit as crude oil rates continued to tread higher. Escalating war in West Asia has led to the effective closure of a key supply choke-point, the Strait of Hormuz, resulting in a spike in oil and gas rates. While a higher crude oil rate is a net negative for several sectors, analysts have flagged that renewable and alternative sources of energy may get some new supply opportunities.  (Eshitva Prakash)

Equity Alert: Balaji Amines falls to 5-year low; co says ammonia output hit

MUMBAI--1420 IST--Shares of Balaji Amines fell over 4% to an over five-year low of INR 989 after the company said some of its plants were non-operational, as the ongoing war in West Asia significantly cut down the supply of liquefied natural gas, which is a key input used for the production of ammonia by most fertiliser manufacturers.

Certain key suppliers of raw materials have invoked the force majeure clause, the company said in an exchange filing. As a consequence, Balaji Amines is currently experiencing significant operational disruption to ammonia supply, which is used for manufacturing methylamines, ethylamines, and their derivatives, the exchange filing read.

The company said it is closely monitoring the war-related developments and is in continuous discussions with its key suppliers to explore possible alternatives for securing the supply of ammonia. At 1415 IST, shares of the company were slightly off lows, but were still down over 3% at INR 1,000.50.  (Eshitva Prakash)

Equity Alert: Indices stay lower on oil crisis; only 3 Nifty 50 cos gain

MUMBAI--1355 IST--Market breadth remained weaker Friday as the advance-decline ratio leaned sharply towards the laggards. The Nifty 50 stayed lower as Brent Crude oil futures once again moved past $100 per barrel, raising investors' concerns. Tata Consumer Products, Hindustan Unilever, and Bharti Airtel were the only gainers in the benchmark Nifty 50. Larsen & Toubro, Hindalco Industries and Tata Motors Passenger Vehicles were the top losers, down 5-6%.

At 1338 IST, the Nifty 50 was at 23172.90, down 466.25 points or 2%, and the BSE Sensex was at 74639.04, down 1395.38 points or 1.8%. The India VIX inched up slightly from Thursday's levels to 22 intraday. All the broader market indices posted steeper losses than the benchmarks, each down around 3%. Tata Consumer Products and Hindustan Unilever rose over 2% and 1% respectively and Bharti Airtel was up over 0.3%.

Sectorally, the Nifty FMCG was the only index in the green for the longest time Friday but could not hold on to its gains. There are no immediate production risks for the FMCG sector, brokerage Elara Captial said in a report. Inventories of companies will sustain for about one month, thus, reducing near-term concerns. The report said that only 15-18% of Tata Consumer's business was dependent on liquefied or piped natural gas. The company is exploring other fuel options, the brokerage highlighted.

Consumer major Britannia Industries Friday said it has not experienced any significant disruption to operations due to restricted supply of industrial gas. It uses various types of fuel and is switching between categories wherever possible, the company said. Shares of Britannia traded one-third of a percent higher. 

Automobile stocks continued to extend losses as crude oil prices showed no sign of easing. The Nifty Auto index was down nearly 3.5% and shares of all its consituents declined 2.5-5.0% intraday. No production disruptions were witnessed yet for Uno Minda, but its die-casting units may be at risk, Elara noted. The company is exploring alternates for electric heating alternatives.

Sona BLW Precision Forgings' driveline business is likely to be impacted by the ongoing crude oil supply crisis, but the impact is being assessed, the brokerage said. Shares of Uno Minda tumbled over 5% Friday. Tyre companies, which are heavily reliant on crude oil derivatives, were all down in trade. Shares of CEAT declined as much as 9% while those of JK Tyre & Industries and MRF lost 2-4%.  (Ruchira Kagita)

Equity Alert: Metal cos down on West Asia woes; Nifty Metal falls over 4%

MUMBAI--1300 IST--Shares of most metal manufacturing companies fell sharply Friday, pushing the Nifty Metal index down almost 4%. All the constituents of the sectoral index were in the red. Analysts attributed the impact from the war in West Asia for their fall. At 1256 IST, the Nifty Metal index was at 11334.20, down over 4% from the previous session.

"Global metal prices for copper, aluminium, and zinc weakened due to fears of a global economic slowdown and continued weak demand from China's property sector," Ajay Kedia, director of Kedia Stocks & Commodities Research Pvt. Ltd., said. However, he expects aluminium prices to rise due to concerns over supply in West Asia.

Surge in input costs as crude oil prices crossed $100 per barrel has put pressure on the profit margins of major steel producers such as Tata Steel and JSW Steel, according to Kedia. The rise in coking coal prices has also affected the profit margins of these companies. Persistent selling by foreign institutional investors is also weighing down heavyweight metal stocks, he said.

At 1256 IST, shares of National Aluminium Co., Hindalco Industries, Jindal Steel, Hindustan Zinc, Welspun Corp., Tata Steel, Lloyds Metals and Energy, Vedanta, APL Apollo Tubes, Steel Authority of India, JSW Steel, Jindal Stainless, NMDC, and Adani Enterprises were down 5.7-2.1%.  (Arundathi A R)

Equity Alert: Nifty 50 slips below 23200 on further slide in banks, metals

MUMBAI--1245 IST--Benchmark equity indices extended losses, continuing their losing run for the third consecutive session. Bank stocks were a major drag on domestic indices, while shares of select fast-moving consumer goods companies were able to defy market weakness. A steady depreciation of the rupee, combined with rising crude oil prices,  kept headline indices under pressure.

Only a handful of constituents in the Nifty 50 index managed to trade in the green. At 1233 IST, the Nifty 50 was at 23236.60 points, down 1.7%, and the BSE Sensex was at 74859.09 points, down 1.5%. The Nifty 50 index reached an intraday low of 23193.55, its lowest level in nearly a year. In the past three sessions, the Nifty 50 has declined over 4%.

FMCG companies were the top gainers in the 50-stock index, with Hindustan Unilever, Tata Consumer Products, and Nestle India rising in an otherwise weak market. Stocks of HDFC Bank, Axis Bank, and SBI Bank continued to be a major drag on the index, down around 2% each. Stocks of metal companies also declines. Shares of Hindalco Industries, Tata Steel, and JSW Steel traded around 3–5% lower. The broader metal sectoral index was down over 4%.

The Nifty PSU Bank, Nifty Auto, and Nifty India Defence were also among the worst-hit sectoral indices, down over 3% each. Every constituent of the Nifty PSU Bank traded lower, with Bank of Maharashtra, Union Bank of India, and Punjab National Bank down 3-4%.

Outside the Nifty 50, other metal stocks such as National Aluminium Co., Hindustan Zinc, and Steel Authority Of India traded 5-6% lower. Select energy stocks, particularly renewable energy companies, extended gains amid high crude oil prices. Shares of NTPC Green Energy, Waaree Energies, and Adani Total Gas traded 1-2% higher. All the broader markets remained 2% down.  (Shruti Nair)

Equity Alert: UBS upgrades ABB India to 'buy', hikes target price over 51%

MUMBAI—1122 IST—Global brokerage UBS Securities has upgraded ABB India to 'buy' from 'neutral', and it has raised the company's share target price to INR 8,030 from INR 5,310 earlier in November. This implies an over 25% upside from the stock's previous close. The brokerage is confident of ABB India's ability to leverage a niche motion and electrification segment, NDTV Profit said in a report. The company is getting more business from specialised, high-growth sectors, the report said. 

The impact of capital expenditure decisions, budget, trade deals and a potential large-ticket traction puts the company in a favourable position, the report quoted UBS as saying. The brokerage sees ABB India as a favourable pick not just in India, but also in the Asia-Pacific region, the report said.

At 1121 IST, shares of ABB India traded almost 1% higher at INR 6,458 on the National Stock Exchange. So far in the day, 482,108 shares of the company changed hands on the NSE, higher than the 164,954 shares traded till the same time Thursday.  (Ruchira Kagita)

Equity Alert: Indices extend earlier losses; metal stocks a major drag

MUMBAI--1125 IST--Benchmark equity indices extended their losses from earlier in the day and were down for the third consecutive session. The rupee hit a record low against the dollar on surging crude oil prices. Metal stocks continued to be a major drag on domestic indices, while shares of fast-moving consumer goods companies offered some support to the Nifty 50.

At 1129 IST, the Nifty 50 was at 23355.60 points, down 283.55 points or 1.20%, and the BSE Sensex was at 75230.24 points, down 804.18 points or 1.06%. The domestic currency hit a record low of 92.4300 against the dollar amid surging crude oil prices. Majority of the stocks in the Nifty 50 index continued to trade lower, with only seven companies in the green.   

Shares of fast-moving consumer good companies were the top gainers in the 50-stock index with Hindustan Unilever, Tata Consumer Products and Nestle India Coal India rising around 1-2% each. Shares of Trent rose over 1%. Stocks of all sectors except for FMCG were in the red and metal stocks continued to fare the worst, down over 4%. Shares of Hindalco Industries, JSW Steel, and Tata Steel were down 3-5%, a major drag on the Nifty 50 index. 

Among index heavyweights, Reliance Industries was the only one to trade marginally higher. Shares of ICICI Bank and HDFC Bank were down 1% and nearly 2%, respectively. These banking heavyweights weighed on the 50-stock index. Shares of Axis Bank and the State Bank of India were also down nearly 2% each.   

All the broader markets fell around 2% each. The stock of Amber Enterprises was a major drag on both the Nifty Smallcap 100 and Nifty Smallcap 250 indices. The stock fell nearly 4%. The Nifty Midcap indices were weighed down by shares of Ashok Leyland, which fell nearly 5%.   

Among the Nifty 200 constituents, NTPC Green Energy was the top gaining stock, up nearly 3%. Muthoot Finance was up over 2%. Shares of National Aluminium Co., Jindal Steel, Steel Authority of India, and APL Apollo Tubes were the worst-hit stocks among Nifty 200 constituents. These metal stocks were down 4-7%.

ACME Solar Holdings is the top gainer in the Nifty 500. It rose nearly 7%. The company Friday said it has commissioned a 142.67 megawatt/481.49 megawatt-hour battery energy storage system in Rajasthan under phase 1 of its total planned capacity of of 585 MW/2,011.24 MWh. In contrast, KPR Mill is the underperforming stock in the index, down over 8%.  (Shruti Nair)

Equity Alert: PG Electroplast at 1-year low as gas shortage hits production

MUMBAI--1110 IST--Shares of PG Electroplast fell nearly 8% to an almost one-year low of INR 490.65 after CNBC-TV18 reported the company's production operations were hit by the shortage of gas supply. The lack of gas supply is also expected to affect the company's revenue guidance for 2025-26 (Apr-Mar), CNBC-TV18 reported. The stock extended its losses for the second session, shedding almost 11% during this period.

The electronic manufacturing services provider's one week of production was lost across its air conditioner manufacturing plants due to gas shortage, according to the report, quoting Vikas Gupta, the company's managing director of operations, as saying. The company, which uses liquified petroleum gas for bracing and welding copper tubes, is exploring alternatives to LPG, Gupta was quoted as saying in the report. The availability of polymer and a 40–50% jump in prices are a cause of concern, according to Gupta.

The US-Iran conflict in West Asia has largely affected the gas production operations in Qatar, the world's second-largest exporter of liquefied natural gas. This urged Shell, the world's largest LNG trader, to declare a Force Majeure on LNG contracts from Qatar, according to various news reports. Qatar announced a production halt at its 77 million tons per annum facility last week and declared force majeure on LNG shipments.

At 1058 IST, shares of PG Electroplast were nearly 5% lower at INR 507.25 on NSE. So far, over 6 million shares of the company have changed hands on the exchange, higher than over 1 million shares traded till the same time Thursday.

All the four brokerage reports available with Informist on the company have a 'buy' recommendation on the stock with an average target price of INR 758.  (Arundathi A R)

Equity Alert: Higher e-auction premiums beneficial for Coal India, says HSBC  

MUMBAI--1025 IST--Higher electronic auction premiums are supportive for Coal India in the near term, according to HSBC. The brokerage has hiked the target price of Coal India's stock by 11% to INR 420 from INR 380 and maintained a 'buy' recommendation on the stock. Higher gas prices and regional coal prices are boosting e-auction premiums and volumes, NDTV Profit reported, citing HSBC. 

However, the earnings estimates for 2027–28 (Apr-Mar) remain unchanged as oversupply of domestic coal remains a concern and weak thermal energy demand could pressure premiums for the long term, HSBC said. The current outperformance of the stock is driven by supply constraints of gas globally due to the ongoing military action between the US and Iran in West Asia, according to the brokerage. HSBC is of the view that the recent gains may fade once gas supplies normalise, the report said. 

At 1023 IST, shares of the company were nearly 1% lower at INR 465.60. Over 7 million shares of the company changed hands so far in the day, which is higher than nearly 3 million shares traded till the same time Thursday. The stock fell after hitting a more than one-year high of INR 476 in the early minutes of trade. Shares of the company fell after rising for three consecutive sessions. The stock gained over 8% during the period. Over a period of 30 days, the stock gained nearly 14%.  (Adhithya Aji)

Equity Alert: Mkts open lower for 3rd session amid higher crude oil prices 

MUMBAI--0944 IST--Indices opened lower for the third consecutive session as crude oil prices remain elevated. Amid the escalating West Asia conflict, the new supreme leader of Iran said that the strategically vital maritime route, the Strait of Hormuz, will be closed as a "tool to pressure the enemy." This weighed on the crude oil supply disruptions worries, and the prices remain above $100 per barrel. Automobile and metal stocks were the major drag on the Indian indices.

At 0944 IST, the Nifty 50 was at 23431.15 points, down 208 points, or 0.9% and the BSE Sensex was at 75412.11 points, down 622.31 points, or 0.8%. Most of the stocks in the Nifty 50 were trading lower in the early minutes.   

State-owned energy companies Coal India and Power Grid Corp. of India were the top gainers in the 50-stock index. They were up around 1% each. Fast moving consumer goods companies Hindustan Unilever, Nestle India, and ITC rose around 1% as well. Larsen & Toubro fell nearly 3%. The company's operations have major exposure to West Asia, where the military conflict between the US, Israel, and Iran is continuing.

Automobile stocks Eicher Motors, Bajaj Auto, Tata Motors Passenger Vehicles, Maruti Suzuki India, and Mahindra & Mahindra fell around 1% each. Metal stocks in the index Tata Steel and Hindalco Industries were the worst hit stocks in the index. They were down nearly 4% and 3%, respectively. Their peer, JSW Steel, fell over 2% as well. InterGlobe Aviation, UltraTech Cement, Eternal, Bharat Electronics, and Shriram Finance were down around 2% each.  

In the Nifty 200, NTPC Green Energy was the top gaining stock, up nearly 6%. Adani Total Gas and Adani Energy Solutions rose around 2% each in the index. The metal stocks National Aluminium Corp., Hindustan Zinc, Tata Steel, and APL Apollo Tubes were worst hit in the index, down 3–4%.

Among the Nifty 500 constituents, IFCL was the top gaining stock, up nearly 10%. Shares of ACME Solar Holdings rose over 7% as well. KPR Mills was the worst hit stock in the index, down over 7%.  (Adhithya Aji)  

Equity Alert: Most Asian mkts open lower as crude oil prices continue to rise

MUMBAI--0820 IST--Most Asian indices opened lower as crude oil prices continued to climb amid escalating tensions in the US-Iran war. On Thursday, Iran's Supreme Leader Mojtaba Khamenei said that the strategically vital Strait of Hormuz would remain shut as a "tool to pressure the enemy". MSCI's broadest index of Asia-Pacific shares fell 0.5% in early trade, setting itself up for a 1.5% weekly decline. Indices on the Wall Street closed lower on Thursday, which also weighed on Asian peers. 

Japan's Nikkei index fell over 1%. Shares of Honda, Ebaba Corp., and SoftBank Group fell around 5% each. South Korea's benchmark KOSPI index was down over 1% as well. The heavyweight Samsung Electronics was down nearly 2% in the index. Hong Kong's Hang Seng Index was down 0.25%, meanwhile CSI 300 Index traded marginally higher.       

Amid growing geopolitcal uncertainties, the US dollar has become the safe-haven choice for investors, placing most ‌Asian currencies under pressure. The dollar was set for a second consecutive week of gains, rising 2% since the war broke out at the end of February, Reuters reported. 

Crude oil prices continued to gain momentum, rising above $100 per barrel again, after fresh threats from Iran to keep the Strait of Hormuz shut. Asian countries, which are net importers of oil, felt the heat. Analyts from Goldman Sachs estimate Brent crude oil to average $98 per barrel in March and April, up 40% from the average in 2025 for the same period, CNBC reported.  

Following are the levels of key Asian indices at 0820 IST :

(Shruti Nair)

Equity Alert: Indices may open lower as oil prices remain above $100/barrel

MUMBAI--0815 IST--Benchmark indices are expected to open a tad lower Friday as oil prices remained higher at around $100 a barrel amid fears of a prolonged conflict in West Asia. The May futures contracts of Brent crude oil came slightly off highs in early trade after the US issued a 30-day licence for countries to buy Russian oil and petroleum products as a step to stabilise global energy markets. However, it rose again and was at $100.48 per barrel at 0812 IST.

Late Thursday, Iran's Supreme Leader Mojtaba Khamenei said that the closure of the Strait of Hormuz should be continued as a "tool to pressure the enemy." He also said that all US military bases in West Asia should close immediately and those bases would be attacked. 

Adding to the negative sentiment, the International Energy Agency slashed its forecast for global oil demand and supply this year in view of the continuing military conflict in West Asia. Supply in March is expected to drop 8 million barrels per day to 98.8 million barrels per day, the lowest levels since the first quarter of 2022. "The war in the Middle East is creating the largest supply disruption in the history of the global oil market," the IEA said. 

However, Oil Minister Hardeep Singh Puri Thursday said that India is positioned better than most of its peers with supplies flowing in from diversified sources. The world is facing an energy crisis of the current scale for the first time, but India's crude supply position is secure, with no shortage of aviation turbine fuel, petrol, diesel, kerosene, or fuel oil, Puri said in a statement in the Lok Sabha. 

Foreign portfolio investors remained net sellers Thursday, selling Indian equities worth INR 70.50 billion. Meanwhile, domestic institutional investors continued to be net buyers, buying equities worth around INR 74.50 billion. 

On the data front, India's retail inflation remained benign in February and broadly in line with economists' expectations. However, the ongoing war in West Asia risks raising consumer goods prices, bringing to an end the period of record low inflation, according to economists.

The GIFT Nifty indicates a negative opening for the domestic markets Friday. At 0758 IST, the March futures contract of GIFT Nifty traded at 23548.50 points, down around 91 points from the previous closing level of Nifty 50. "The Nifty 50 index is heading towards our previously stated downside targets of 23400–23200 spot levels. We reiterate our sell-on-rise trading approach for Nifty 50 index," Vipin Kumaar, assistant vice-president, technical and derivatives, Globe Capital Market, said. Intraday resistance is placed around 23700–23800 spot levels and support is seen around 23400 levels, Kumaar said.  (Arya S. Biju)

Equity Alert: US indices tumble on surge in crude prices; bk stocks big drag

MUMBAI--0730 IST--US indices closed lower Thursday as developments in the US-Iran conflict showed little signs of relenting. All major indices tumbled, closing roughly 2% lower as crude oil prices climbed higher for the third consecutive session after comments made by Iran regarding the Strait of Hormuz. The Dow Jones Industrial Average ended at its lowest level in a month, slipping below 47000 points. On Thursday, three more ships were attacked in the strait, exacerbating anxieties about a prolonged conflict in West Asia.

The fall in the stocks of banks and technology companies was a drag on the indices after Morgan Stanley limited withdrawals of private credit funds. Morgan Stanley's private income fund received redemption requests totalling 10.9% of outstanding shares in the first quarter. The fund said it would honour only 5% of requests received amounting to $169 million, CNBC reported. On Thursday, shares of Morgan Stanley fell 4%. Shares of other major players in the financial services space also fell, with Blackstone, Apollo, and KKR down over 1% each, according to CNBC. 

On Thursday, prices of crude oil futures rose 9% after Iran's Supreme Leader Mojtaba Khamenei said in a statement read on state television that the Strait of Hormuz would remain shut as "a tool to pressure the enemy". He warned that all US bases in West Asia should be shut immediately, Reuters reported. On Wednesday, an official from Iran warned that prices of oil could climb to $200 per barrel. 

Following are the closing levels of US indices Thursday:

(Shruti Nair)

US$1 = INR 92.45

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

Edited by Rajeev Pai

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
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