Equity Alert
Indices fall after recovering briefly; defence cos down
This story was originally published at 11:43 IST on 16 March 2026
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Equity Alert: Indices fall after recovering briefly; defence cos down
MUMBAI--1115 IST--Domestic benchmark indices fell after briefly recovering post a lower opening as crude oil prices remained a concern for the economy. At 1113 IST, crude oil prices were at $104.84 per barrel as the US-Iran war shows few signs of de-escalating. Citi Group trimmed the year-end target for the Nifty 50 to 27000 points from 28500 points earlier. The global brokerage also estimates a 20-30-basis-point downside risk for India's 2027 GDP growth.
At 1114 IST, the Nifty 50 was at 23090.70 points, down 60.40 points or 0.3%, and the BSE Sensex was at 74374.45 points, down 189.47 points or 0.3%.
Index heavyweight HDFC Bank was up nearly 1%, meanwhile its peer, ICICI Bank, was down nearly 1%. Stocks of State Bank of India and Kotak Mahindra Bank were also in the green, up 0.5% and 0.1%, respectively. However, the broader sectoral indices for both public and private sector banks were marginally lower, down 0.3% and 0.2%, respectively.
UltraTech Cement and Grasim Industries continued to be the top gainers in the 50-stock index. The stocks were up over 2%, moderating some of their gains from early trade. Metal majors JSW Steel and Hindalco Industries were over 1% higher. Trailing their gains, Tata Steel shares rose nearly 1%. Among other Nifty 50 stocks, shares of Bajaj Finance, ITC, and InterGlobe Aviation rose over 0.3-1%. Bharat Electronics continued to be the worst performer in the index. Stocks of technology majors were also in the bottom rungs of the index, with shares of Wipro, Infosys, HCL Technologies and Tata Consultancy Services falling around 1?ch. The information technology sectoral index was also down over 1%.
Defence companies traded on a negative note. Barring the stock of Dynamatic Technologies, all other constituents of the Nifty India Defence index were in the red. Data Patterns (India), Mishra Dhatu Nigam, and Cochin Shipyard were the worst hit in the sectoral index.
UltraTech Cement and Grasim Industries were the top gainers among Nifty 200 constituents as well. Adani Power was up nearly 3%, while Vodafone Idea trimmed its early gains but remained in the green, up over 1.2%. Indian Oil Corp. was the worst-hit stock in the index, down 5%, closely followed by shares of Cochin Shipyard and Hindustan Petroleum Corp., which were down around 5?ch.
ITI continued to be the top gainer in the Nifty 500 index, up nearly 13%. The stock rose after hitting a six-month low of INR 240 during the day. IDBI Bank was the worst-hit stock in the index and extended its losses, falling over 16%. The stock declined after the government's initial plan to privatise the bank was dropped, as the financial bids received were below the reserve price. (Shruti Nair)
Equity Alert: HSBC downgrades IOC, BPCL, HPCL to 'hold' from 'buy'
MUMBAI--1111 IST--Brokerage firm HSBC downgraded its stance on oil marketing companies Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. to 'hold' from 'buy' amid the ongoing West Asia hostilities, NDTV Profit said in a post on its social media platform X, formerly Twitter. HSBC has also cut its target price for the three companies.
The brokerage sees high crude oil prices impacting oil marketing companies' earnings adversely. The brokerage expects higher Brent Crude futures to cause marketing losses for these companies, even at $75 per barrel, according to the post. The May futures contract of Brent Crude oil is currently trading at nearly $105 per barrel, up 44% in the month so far.
The target price for Hindustan Petroleum has been trimmed sharply to INR 360 from INR 620, down 42%. The brokerage has cut the target for Indian Oil by 32% to INR 150 from INR 220. For Bharat Petroleum, the target price has been reduced to INR 340 from INR 470, down 28%. Shares of all the three oil marketing companies declined between 4-5% intraday Monday, and almost 21% since the US and Israel attacked Iran. (Ruchira Kagita)
Equity Alert: Tejas Networks up 9%; co gets order for 4G network expansion
MUMBAI--1050 IST--Shares of Tejas Networks rose 9% to the day's high of INR 463 after the company received an order for a 4G network expansion project in South Asia. The stock rose after closing lower for the previous two sessions. It shed almost 10% during this period.
The company received an order for its "state-of-the art" 4G radio access network solutions from a mobile network in South Asia. The company's multi-band radio products will be deployed at multiple locations across the mobile operator's network. The network expansion project marks an important step in growing the company's international wireless client base, the company said in its release.
At 1037 IST, shares of the company were trading nearly 4% higher at INR 439.50 on NSE. So far, over 16 million shares of the company have changed hands on the exchange, higher than nearly 4 million shares traded till the same time Friday. (Arundathi A R)
Equity Alert: IDBI Bk dn 16%; govt junks privatisation plan after lower bids
MUMBAI--1029 IST--Shares of IDBI Bank plunged over 16% to an over 10-month low of INR 78.31 after the government's plan to privatise the bank came to a halt as the financial bids received were below the reserve price set for the transaction. The stock was down for the fourth straight session, falling almost 24% during this period.
The reserve price set for the transaction has not been disclosed yet. This is the minimum price sought to carry out a transaction involving the sale of shares. As the bids received were below the set reserve price, the government will have to re-draw the privatisation plan for the bank and repeat the entire process again, Informist reported Friday.
The privatisation plan is also likely affected due to rising tensions in West Asia as the finance ministry is re-prioritising its focus areas. Currently, the government holds 45.48% stake in the bank, and Life Insurance Corp. of India, the promoter, holds 49.24%. After the proposed strategic sale, the government's stake in the bank was to come down to 15%, and LIC's to 19%.
At 1057 IST, shares of the company traded 15.7% lower at INR 77.71. The stock was the worst performer in the Nifty 500 index. So far in the day, 59.09 million shares of the company have changed hands on the NSE, sharply higher than 7.96 million shares traded during the same period on Friday. (Simran Rede)
Equity Alert: Indices open a tad lower, rise later; HDFC Bank up over 1%
MUMBAI--0946 IST--Benchmark equity indices opened a tad lower but rose later even as crude oil prices remained above $100 per barrel. The Nifty 50 was supported by gains in heavyweight stock, HDFC Bank, which rose over 1%. Oil and energy companies were the major laggards.
At 0944 IST, the Nifty 50 was at 23249.15 points, up 98.05 points or 0.4%, and the BSE Sensex was at 74873.07 points, up 309.15 points or 0.4%.
UltraTech Cement and Grasim Industries were the top gainers on the Nifty 50. These stocks rose nearly 3?ch. Metal stocks Hindalco Industries and JSW Steel rose over 1?ch. InterGlobe Aviation, State Bank of India, ITC, Apollo Hospital Enterprises, and Bajaj Finance rose around 1?ch as well. In contrast, Bharat Electronics and Shriram Finance were the worst-hit stocks in the index, falling around 3?ch. The state-owned energy companies Oil and Natural Gas Corp. and Coal India were down around 1?ch. Max Healthcare Institute, Power Grid Corp. of India, Adani Ports and Special Economic Zone, and Trent fell around 1% as well.
Vodafone was the top gaining stock in the Nifty 200, and rose nearly 4%. Varun Beverages and UltraTech Cement rose around 3?ch as well. Oil refining companies Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. were among the worst-hit stocks in the Nifty 200. They fell after brokerage HSBC downgraded the stocks to 'hold' from 'buy'.
ITI was the top gainer in the Nifty 500 index. It rose over 10%. Shares of Tejas Network, up nearly 6%, were among the top gainers on the Nifty 500. The stock rose after the company received an order for its "state-of-the art" fourth-generation radio access network solutions from a mobile network in South Asia. Meanwhile, IDBI Bank was the worst-hit stock in the index. It was down nearly 14%. (Adhithya Aji)
Equity Alert: Indices may open with slight gains after sharp fall
MUMBAI--0832 IST--Benchmark equity indices are expected to open with slight gains Monday after their sharp fall in the previous three sessions. US stock futures also rose slightly in early trade, indicating a recovery from another week of losses. Meanwhile, equity indices in the Asia Pacific region were mixed in early trade as oil prices remained above $100 per barrel amid escalating US-Iran tensions.
Oil prices remained higher Monday, with the May futures contract of Brent Crude oil at around $105 per barrel, up nearly 2% from the previous close. The contract stayed above the $100 per barrel level for the third straight session Monday. The conflict between Iran and the US-Israel combine entered the third week Monday, with both blocks continuing their attacks against each other. In the latest to the series, the US and Israel carried out attacks on Iranian cities, including Tehran, Hamadan and Isfahan, as Iranian counterattacks continue, with damage reported in several Israel cities.
Over the weekend, US President Donald Trump threatened more strikes on Iran's main oil export hub of Kharg Island after hitting military targets on Friday. He also said that the US was not ready to make a deal to end the war with Iran despite the latter's willingness to do so "because the terms aren't good enough yet." However, Iran's Foreign Minister Abbas Araghchi disputed that claim. "We never asked for a ceasefire, and we have never asked even for negotiation," Araghchi said in an interview with CBS on Sunday. Iran welcomes any "regional initiative that lead to a fair end of the war", and the Strait of Hormuz is "open to everyone except US ships and (US) allies" he said. Trump on Saturday asked France, Japan, South Korea, Britain, and China, among others, to send their warships to keep the Strait of Hormuz "open and safe".
Last week, the benchmark indices shed over 5?ch, their worst weekly performance since June 2022. On Friday, the Nifty 50 settled at 23151.10, down 488.05 points or 2% from the previous close. The Sensex ended at 74563.92, down 1470.50 points or 1.9%. At 0824 IST, the GIFT Nifty traded at 23250 points, around 100 points away from the Nifty 50's previous close.
"The Nifty index has reached the gap support zone 23200-22800 spot levels," Vipin Kumaar, assistant vice-president at Globe Capital Market said. "Going ahead, possibility of a pause or a bounceback cannot be ruled out at this juncture. On the flip side, 23500–23800 spot levels will act as an immediate hurdle on the higher side," he said. (Arya S. Biju)
Equity Alert: Asian indices open dn as crude oil prices stay around $100/bbl
MUMBAI--0738 IST--Asia markets opened lower as crude oil prices remain around $100 a barrel after US President Donald Trump warned he would consider attacking key oil infrastructure in Iran. Crude oil prices remained high despite meaures by the US and its allies to ease supply in oil markets amid the escalating conflict in West Asia.
At 0743 IST, the May futures of crude oil were at $104.17 per barrel. Japan's Nikkei fell the most among its peers in early trade, declining over 1%, while Hong Kong's Hang Seng was up 0.5%. Monday, US stock futures rose slightly, even as major indices closed in the red on Friday, down for another week.
As oil prices continue their climb, Asian economies that heavily depend on crude oil from West Asia are particularly vulnerable. A report by Goldman Sachs estimates that the jump in energy prices due to the US-Iran conflict could shave off nearly 0.3% from global GDP growth next year. The war could also push headline inflation up roughly 0.5-0.6%, CNBC reported, citing the Goldman Sachs report. The bank said that if the critical shipping route of the Strait of Hormuz continues to be shut, it could add pressure on inflation and growth and significantly impact Asia and Europe, as per the CNBC report.
Following were the levels of Major Asian indices at 0806 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4644.38 |
(-)0.53 |
|
Hang Seng Index |
25532.08 |
0.26 |
|
Nikkei 225 Day |
53138.42 |
(-)1.27 |
|
TOPIX FIRST SECTION |
3589.21 |
(-)1.10 |
|
KOSPI |
5481.19 |
(-)0.11 |
|
FTSE Singapore Strait Times |
4840.77 |
(-)0.03 |
|
S&P/ASX 200 Index |
8581.70 |
(-)0.27 |
(Shruti Nair)
Equity Alert:US futures rise as US-Iran conflict continues; Nasdaq dn 1% Fri
MUMBAI--0720 IST--Major US stock futures rose even as crude oil prices dragged down indices, which struggled to recover from another losing session. Futures contracts of Dow Jones industrial Average, S&P 500, and Nasdaq 100 were up around 0.4?ch at 0707 IST. On Friday, all three indices had closed in the red, with the Nasdaq Composite witnessing the steepest fall of nearly 1%.
Amid conflicting statements coming from Tehran and Washington, the war in West Asia showed no signs of diffusing and continued to keep crude oil prices above the $100-per-barrel mark as the critical trade route of the Strait of Hormuz remained shut. At 0710 IST, the May futures of Brent crude oil were $103.51 per barrel. On Saturday, US President Donald Trump said that Tehran wanted to make a deal with Washington but he was not ready yet. On Sunday, Iranian Foreign Minister Abbas Araghchi said Iran never requested a ceasefire. On Friday, the US ordered strikes on Iran's military assets on Kharg Island but did not target any oil infrastructure, though Trump warned that he would consider doing so if Iran kept the Strait of Hormuz shut, CNBC reported.
Given the pressure on crude oil prices, the US has eased some sanctions on Russian crude oil to stablilise the energy markets. The sanctions had first been imposed following the Russian invasion of Ukraine in 2022. Reports by the Wall Street Journal also claim that the US could announce within this week a coalition of countries to escort vessels through the Strait of Hormuz, CNBC reported. The White House had declined to comment on the matter.
Fears of inflation grew among investors as they braced themselves for a protracted conflict in West Asia and rapidly repriced their expectations from central banks. Traders now anticipitate only a 20-basis-point rate cut from the US Federal Reserve compared to the expectation of a 50-bps cut last month, CNBC reported.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6632.19 |
(-)0.61 |
|
NASDAQ Composite |
22105.359 |
(-)0.93 |
|
Dow Jones Industrial Average |
46558.47 |
(-)0.26 |
(Shruti Nair)
US$1 = INR 92.45
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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.
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