Equity Alert
Indices may see slight recovery Tue; overall bias remains weak
This story was originally published at 16:47 IST on 16 March 2026
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Equity Alert: Indices may see slight recovery Tue; overall bias remains weak
MUMBAI--1619 IST--The Nifty 50 may see a slight recovery Tuesday after the markets ended higher on Monday, though the overall bias continued to be weak, analysts said. During the intraday session Monday, the Nifty 50 benchmark indices gained momentum after investors covered their short positions in Nifty 50 futures, they said. Monday, the Nifty 50 ended at 23408.80 points, up 257.70 points or 1.1%.
The positive momentum on Monday was triggered by short covering in Nifty 50 futures, as investors expect overnight news flow, according to Jetin Gedia, vice president, technical research at Teji Mandi Investment Technologies. Gedia said that the short covering was triggered at 23000 points. "The trend is still not reversed. However, we can expect some recovery tomorrow (Tuesday) as the markets are oversold," Gedia said. He added that the support for the Nifty 50 is expected at 23000 points, while the resistance is seen at 23600 points.
Rupka De, senior technical analyst at LKP Securities, echoed similar views. "The Nifty witnessed a decent recovery as the index did not sustain below 23,000 and quickly moved back above this level," De said. De said on the daily chart that a piercing line pattern had formed, a bullish reversal signal after a prolonged correction. "Although the broader sentiment has not changed significantly, a near-term technical pullback cannot be ruled out," he added.
In the near term, investors' focus will remain on developments on the Strait of Hormuz, where any easing of supply chain disruptions could provide further support, said Vinod Nair, head of research at Geojit Investments. "However, persistently elevated oil prices continue to weigh on broader market direction," he added. (Adhithya Aji)
Equity Alert: Mkts end higher after falling for 3 sessions; auto, banks gain
MUMBAI--1615 IST--After falling for three consecutive sessions, domestic indices closed higher Monday. The indices gained momentum intraday after investors covered their short positions in the Nifty 50 futures, technical analysts said. Shares of automobile makers and financial services companies were the top gainers. The gains in Nifty 50 were driven mostly by HDFC Bank. The stock closed nearly 3% higher.
The Nifty 50 closed at 23408.80 points, up 257.70 points or 1.1% from Friday's session. The BSE Sensex ended at 75502.85 points, up 938.93 points or 1.3%.
UltraTech Cement was the top gainer among the Nifty 50 constituents. The stock closed nearly 5% higher. Mahindra & Mahindra closed nearly 4% higher. Grasim Industries, Trent, and Eternal ended higher by around 3?ch. Automobile companies Maruti Suzuki India, Bajaj Auto, and Eicher Motors ended 1-2% higher. Financial services companies Bajaj Finance, Bajaj Finserv, State Bank of India, Axis Bank, and Kotak Mahindra Bank ended 1-2% higher. Fast-moving consumer goods stocks ITC, Nestle India, Hindustan Unilever, and Tata Consumer Products ended 1-2% higher as well.
Bharat Electronics and Max Healthcare Institute were hit the worst in the Nifty 50. They were down over 2?ch. Coal India, Oil and Natural Gas Corp., Power Grid Corp. of India, and NTPC ended 1-2% lower. Information technology major Wipro ended nearly 2% lower. Pharma stocks Sun Pharmaceutical Industries, Dr. Reddy's Laboratories, and Cipla ended around 1% lower each.
However, the broader market indices ended on a negative note. The Nifty Smallcap and the Nifty Midcap indices ended 0.2-0.5% lower. Among the sectoral indices, Nifty Auto and Nifty Financial Services were the top gainers, closing nearly 2% higher. Nifty Oil & Gas was the worst hit among them. The index ended nearly 2% lower.
Adani Power was the top gainer among Nifty 200 companies. It closed over 5% higher. One 97 Communications ended nearly 4% higher. On the other hand, Adani Total Gas was the worst hit in the index, ending down nearly 8%. Shares of oil refiners Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. ended 4-5% lower.
In the Nifty 500, Mangalore Refinery and Petrochemicals was the top gainer, up 16%. Shares of ITI rose over 14%. Meanwhile, IDBI Bank was the worst hit stock, closing nearly 17% lower. The stock fell after the government's privatisation plan came to a halt as the financial bids received were below the reserve price set for the transaction. (Adhithya Aji)
Equity Alert: One 97 Comm ends 4% higher after rival PhonePe defers IPO
MUMBAI--1547 IST--Shares of One 97 Communications ended almost 4% higher at INR 1,013.80, ending a three-session losing run. The rise came after PhonePe, its competitor in the digital payments space, paused its plans to go public, citing geopolitical headwinds. According to media reports, PhonePe will resume moving towards an initial public offering once the turmoil in the global capital markets settles. One 97 operates in the digital payments space through its flagship brand Paytm.
According to an NDTV Profit report, investors are seeing PhonePe's $10-billion valuation as too high in the current market scenario. The company has received mixed views on its public issue from global investors. The fintech company had got approval for the offer from the Securities and Exchange Board of India on Jan. 20. The company was looking to raise around $1.35 billion through an offer for sale, Moneycontrol had said in an earlier report.
The decision comes at a time when the war in West Asia is weighing on sentiment in equity markets. This has resulted in lower retail investor participation in initial public offerings, analysts said.
Of the seven brokerage reports on One 97 Communications available with Informist, six have a "buy" call on the stock at an average target price of INR 1,612. One brokerage has a "hold" recommendation. (Eshitva Prakash)
Equity Alert: Nifty 50 March ends at discount of 18.80 points to spot index
MUMBAI--1549 IST--The March futures contract of the Nifty 50 closed at a discount of 18.80 points to the spot index Monday. Open interest in the contract fell over 5% to 18.92 million, according to provisional data.
--Nifty 50 closed at 23408.80 points, up 257.70 points or 1.1% vs Fri
--Nifty 50 March closed at 23390.00 points, up 190.70 points or 0.8% vs Fri
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 24000, Put: 22000
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 24000, Put: 22000
(Gopika Balasubramanium)
Equity Alert: Cement cos to effect price hikes in April amid West Asia war
MUMBAI--1525 IST--Brokerages expect domestic cement companies to carry out price hikes in the near term to offset the impact of rising fuel costs due to escalating geopolitical tensions in West Asia. While rising input costs remain a headwind for the sector in the near term, sustaining cement spreads will largely depend on timely and sufficient price hikes rather than easing input costs, brokerage Nomura said in a report dated Friday.
The brokerage expects fuel costs of cement companies to rise by INR 20 to INR 30 per tonne. "We estimate that the industry may require an additional price increase of around INR 10/bag in the near term to offset the elevated spot fuel costs," Nomura said. So far in the March quarter, the average imported pet coke price has increased by $4 per tonne to $121 per tonne, while thermal coal prices have also firmed up, the brokerage said. However, domestic thermal coal prices have largely remained stable, it said, adding that the availability of pet coke is currently not a major concern, with most companies maintaining adequate procurement arrangements. The country has also notably shifted pet coke sourcing towards the US in recent years, while dependence on West Asia has gradually declined.
Further, Nomura expects packaging bag availability to come under pressure due to tightening polypropylene supply. Refineries are increasingly prioritising liquefied petroleum gas production, resulting in the diversion of propane away from propylene, a key feedstock for polypropylene. "On a per-ton basis, we expect this to result in a cost impact of INR 40/ton, which we believe will be fully felt in 2Q (Jul-Sept) FY27," the brokerage said. To mitigate this risk, cement companies are exploring various measures, including increasing the share of bulk sales, which account for 35–40% of total volumes, and evaluating the possibility of importing polypropylene.
The brokerage sees average cement prices remaining flat on quarter in the March quarter despite price hikes attempted by companies, as dealers hinted that companies would take a volume push towards the year-end. Spot fuel costs will be fully reflected in the income statement within 60–90 days, due to longer transit times and inventory levels. This lagged spread suggests a decline when compared to the Jul-Sept average spread, the brokerage said.
Nomura expects cement prices to recover in 2026–27 (Apr-Mar), supported by strong rural volumes and better discipline. It also sees cement companies taking price hikes in April, aided by infrastructure and rural housing demand. The brokerage has maintained 'buy' recommendations on UltraTech Cement, Ambuja Cements, Dalmia Bharat, Nuvoco Vistas Corp., and Shree Cement, while it maintains a 'reduce' on ACC.
Brokerage Emkay Global Financial Services expects average cement realisation to rise by INR 100-INR 120 per tonne on a quarter-on-quarter basis. The brokerage remains optimistic about cement companies despite rising fuel costs. It also expects price hikes in the first week of April to offset rising costs. The earnings before interest, tax, depreciation, and amortisation for the companies under coverage are expected to drop by 14% and 8% in FY27 and FY28, respectively, Emkay said. (Arya S. Biju)
Equity Alert: Most Europe indices down in early trade; central banks meeting eyed
MUMBAI--1503 IST--Most European indices were lower Monday after opening on a mixed note amid the ongoing US-Iran war that has pushed crude oil prices above $100 per barrel mark. US President Donald Trump's comments on forming a coalition of countries to escort vessels through the Strait of Hormuz did little to relieve the rise in crude oil prices.
The prolonged closure of the Strait of Hormuz since the start of the war has led to a near 47% increase in crude oil prices. At 1423 IST, the May futures contract of Brent crude oil was at $106.10 per barrel. The contract was up for the fourth straight session Monday, rising more than 21% over the period.
The pan-European Stoxx 600 was marginally down in early trade despite opening 0.2% higher. The utilities sector fell 0.5% in opening trade, Dow Jones Newswires reported. The UK's FTSE was the only index to trade in the green and at 1434 IST, it was up 0.1% as investors expect the Bank of England to keep rates steady at 3.75% in the upcoming policy meet this week, CNBC reported. In a worst case scenario, if crude oil prices touch $140 per barrel, the country's economy would enter a mild recession, CNBC reported quoting a note by Oxford Economics.
Italy's FTSE MIB index and Switzerland's SLI were the worst hit among their peers, down around 0.6?ch. The European Central Bank is set to have its policy meet Thursday. While the consensus expectation is that the bank will keep rates steady, Governing Council member Peter Kazimir said in a recent interview with Bloomberg that policymakers could hike rates sooner than expected, CNBC reported.
Following were the levels of major European indices at 1439 IST:
|
Index |
Level |
Change in % |
| FTSE 100 Index | 10267.79 | 0.06 |
| CAC 40 | 7875.36 | (-)0.46 |
| FTSE MIB INDEX | 44122.61 | (-)0.44 |
| DAX PERFORMANCE-INDEX | 23394.93 | (-)0.22 |
| SLI | 2019.69 | (-)0.64 |
(Shruti Nair)
Equity Alert: Indices rise sharply on short-covering in Nifty 50 futures
MUMBAI--1500 IST--Benchmark equity indices rose sharply in a volatile trading session, as traders covered their short positions in Nifty 50 futures, technical analysts said. Shares of pharmaceutical majors and hospital operators were the worst hit, while automobile stocks staged a smart rebound.
At 1450 IST, the Nifty 50 was at 23449, up 297.90 points or 1.3%, while the BSE Sensex was at 75636.19, up 1072.27 points or 1.4%. Volatility subsided marginally, but the India VIX remained near the 22 level. Broader market indices were mixed, with smallcap and midcap stocks performing decisively worse than their benchmark peers.
Shares of index heavyweight HDFC Bank rose almost 3% and was the biggest support for the 50-stock index. Other heavyweights such as ICICI Bank and Reliance Industries also recovered in short-order to trade around 1% higher each. Shares of public sector banks were also off lows, with Punjab & Sind Bank, Bank of Maharashtra, and Central Bank of India trading 1-2% lower.
The automobile stocks recovered after declining sharply for the past two sessions. The Nifty Auto index was the top sectoral gainer, but it held on to the positive territory with minimal bias. The sectoral index rose 0.6%. Mahindra & Mahindra, Hero MotoCorp, and Bajaj Auto gained the most in the sectoral index, rising 1-3%. (Ruchira Kagita)
Equity Alert: Asian indices end mixed as oil prices surpass $100/bbl mark
MUMBAI--1444 IST--Asian indices ended mixed Monday, recovering from initial losses amid little signs of easing of hostilities in West Asia. The continued closure of the Strait of Hormuz has kept crude oil prices elevated, further dampening sentiment. At 1406 IST, the May futures contract of Brent Crude oil was at $105.69 per barrel.
The US was likely to announce a coalition of countries to escort vessels through the Strait of Hormuz, though whether operations would begin before or after the end of hostilities in West Asia was not clear, according to CNBC. There was no agreement on the talks of US President Donald Trump with seven countries serving as escorts, Reuters reported. Among the countries mentioned were Japan, South Korea, and China.
As transport through the Strait remains effectively shut, supply-chain disruptions related to crude oil are spreading to other products as well, Reuters reported. Several nations are cutting down on the export of refined products to safeguard their domestic supplies, which is impacting Asian markets. For instance, Australia faces diesel shortages which is vital for mining and farming, the report said.
Hong Kong's Hang Seng was the best performer among its peers, closing 1.5% higher, followed closely by South Korea's Kospi, which closed 1.1% higher. On the other hand, both the Japanese indices, Nikkei 225 and Topix, fell 0.1% and 0.5%, respectively. The Bank of Japan is likely to keep interest rates steady at the end of its two-day policy meeting Thursday, Reuters reported. The central bank is set to maintain short-term interest rates at 0.75% and announce no major changes to its forecast of a moderate economic recovery, as the impact of the ongoing war is unclear, the report said.
Following are the closing levels of key Asian indices at 1402 IST :
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4671.56 | 0.05 |
|
Hang Seng Index |
25834.02 | 1.45 |
|
Nikkei 225 Day |
53751.15 | (-)0.13 |
|
TOPIX FIRST SECTION |
3610.70 | (-)0.50 |
|
KOSPI |
5549.85 | 1.14 |
|
FTSE Singapore Strait Times |
4861.57 | 0.40 |
|
S&P/ASX 200 Index |
8583.40 | (-)0.39 |
(Shruti Nair)
Equity Alert: Fino Payments Bk at record low; ED may probe e-game transactions
MUMBAI--1405 IST--Shares of Fino Payments Bank fell over 19% to an all-time low of INR 136.35 after media reports said that the Directorate General of Goods and Services Tax intelligence may recommend an investigation by the Enforcement Directorate into the bank's transactions related to online gaming. The bank in an exchange filing clarified that this was non-factual and speculative.
Fino Payments Bank said that it was not under investigation by any agency other than the Directorate General of Goods and Services Tax Intelligence of Hyderabad. The investigation pertains to certain programme managers and merchants associated with multiple banks, including Fino Payments Bank, as per the filing. The bank also said that it does not directly or indirectly engage in or promote any gaming activities through any platforms.
On Saturday, the bank had said that its total deposit balances touched INR 29 billion for February. This was the highest ever recorded total deposit balance in the history of Fino Payments Bank. At 1401 IST, shares of the bank traded over 15% lower at INR 15.24. Nearly 5 million shares of the bank changed hands, which is over 25 times higher than the number of shares traded till the same time Friday. Over the last seven days, the stock shed nearly 18%. (Adhithya Aji)
Equity Alert: Adani Power up 5% on Maharashtra power distribution co order
MUMBAI--1350 IST--Shares of Adani Power rose over 5% to an over one-month high of INR 154.10. The company has got a letter of award from Maharashtra State Electricity Distribution Co. for supply of 1,600 megawatts of power from one of its upcoming ultra-supercritical thermal power projects.
The company will supply power to the Maharashtra electricity body at a combined tariff of INR 5.30 per unit under the proposed 25-year power supply agreement, it informed exchanges. The agreement is scheduled to start from 2030–31 (Apr-Mar). The development takes the total capacity for which Adani Power has tied up long-term power supply agreements to 13.3 gigawatts, of 23.8 gigawatts under implementation. The company said it has won five long-term power supply agreement bids with a combined capacity of 10.4 gigawatts in FY26.
At 1335 IST, shares of the company were 3% higher at INR 151.09. So far Monday, over 61 million shares of the company have changed hands on the exchange, higher than nearly 42 million shares traded till the same time Friday.
All four brokerage firm reports available with Informist on the company have a 'buy' recommendation with an average target price of INR 179. (Arundathi A R)
Equity Alert: Vodafone Idea up 5% on report JSW, Singapore co to buy stake
MUMBAI--1335 IST--Shares of Vodafone Idea rose 5% to an intraday high of INR 9.74 after The Economic Times Monday reported Singapore-based ST Telemdia and India's JSW Group are eyeing stake in Vodafone Idea. The stock was, however, off highs after rising nearly 5% in early trade. The stock was up after closing lower for the previous three sessions. It shed over 7% during this period.
Investor showed interest in the telecom operator after it received substantial financial relief from the central government, The Economic Times' report said quoting sources. Vodafone Idea's management will meet institutional investors in Singapore and Hong Kong on Mon-Tue. The government has been looking for a strategic investor who could put in capital and run the company, according to the report. IIFL Securities estimated that the government can convert INR 480 billion of Vodafone Idea's liability into equity without increasing its stake over 49%, if a strategic investor infuses INR 500 billion fresh equity into the company, The Economic Times reported.
At 1321 IST, shares of the company traded nearly 1% higher at INR 9.34 on the National Stock Exchange. So far, nearly 405 million shares of the company have changed hands on the exchange, higher than nearly 358 million shares traded till the same time Friday. Out of six brokerage reports on Vodafone Idea available with Informist, three have a 'buy' recommendation on the stock and the remaining three brokerages have a 'hold' recommendation. (Prateem Rohanekar)
Equity Alert: InterGlobe Aviation rises 3?ter falling for 3 sessions
MUMBAI--1334 IST--Shares of InterGlobe Aviation rose nearly 3% to an intraday high of INR 4,270 after extending losses for three consecutive sessions. The IndiGo operator Friday said it will levy a fuel surcharge on domestic and international routes from Saturday amid a sharp surge in aviation turbine fuel prices. The airline also decided to operate 252 weekly flights on West Asia routes from Monday.
On Friday, the company decided to levy a fuel surcharge of INR 425 on domestic flights. Meanwhile, flights to West Asia will attract a fuel charge of INR 900 and routes to Southeast Asia, China, and Africa will see a charge of INR 1,800. Passengers travelling to Europe will be charged an additional INR 2,300. This came into effect Saturday. The escalating conflict has led to a surge in crude oil prices, which could translate to higher aviation turbine fuel prices. Higher fuel prices can weigh on the margins of the company.
On Saturday, the airline said it would run 252 weekly flights to and from West Asia from Mar. 16 to Mar. 28. After the breakout of military hostilities in the region between the US, Israel, and Iran, the company had to cancel around 500 flights to the region. The airline said it is aligning its capacity with the current conditions while maintaining essential connectivity.
At 1317 IST, shares of the company traded nearly 1% higher at INR 4,180. The stock rose after falling for three consecutive sessions, during which the company lost nearly 3%. InterGlobe Aviation's stock shed over 15% since the combined attack of the US and Israel on Iran on Feb. 28. (Adhithya Aji)
Equity Alert: Indices choppy; IT, pharma cos laggards, HDFC Bank up 2%
MUMBAI--1333 IST--Benchmark indices were choppy as gains in metal and cement companies were offset by the losses in the shares of technology, pharmaceutical, and energy companies. The Nifty 50 was supported by heavyweight stock, HDFC Bank, while shares of Bharat Electronics and Infosys weighed on the index.
At 1312 IST, the Nifty 50 was at 23143.25 points, down 7.85 points, and the BSE Sensex was at 74577.21 points, up 13.29 points.
UltraTech Cement and Grasim Industries continued to be among the top gainers in the index, up around 3% and 2%, respectively. Hindalco Industries and JSW Steel remained in the green, up 1?ch. Heavyweight HDFC Bank was up nearly 2%. Among other stocks, Bajaj Finance, Mahindra & Mahindra, and ITC were up around 1%.
Bharat Electronics was the worst performer in the 50-stock index, down nearly 4%. Stocks of pharmaceutical majors Dr. Reddy's Laboratories and Sun Pharmaceutical Industries were down around 2%. IT companies, such as Wipro, Infosys, and Tata Consultancy Services, extended their losses from earlier and fell around 2?ch. HCL Technologies also stayed in the red, down 1%. State-owned energy companies, Power Grid Corp. of India, Coal India, Oil and Natural Gas Corp., and NTPC were also down around 1–2%.
The top performing constituents in the Nifty 50 also rose to higher rungs of the Nifty 200 index. Adani Power and Vishal Mega Mart were the only non-Nifty-50 companies to be among the top performers, up around 3%.
Meanwhile, Adani Total Gas was the worst hit stock in the index, down over 5%. Oil marketing companies, such as Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. were also among the worst performers in the index, falling over 4?ch. Earlier in the day, global brokerage firm HSBC downgraded its stance on the three companies to 'hold' from 'buy' and cut its target prices for them amid the ongoing war in West Asia, NDTV Profit said in a post on its social media platform X.
All the broader market indices were down around 1?ch. The Nifty Smallcap 100 and the Nifty Smallcap 50 were weighed down by the stock of Bandhan Bank. The stock hit the lower circuit at INR 157.95, down 10%. Later the stock came off lows and was trading over 9% lower. ET Now reported that the promoter of the bank is planning to sell stake to pave way for its long term investors.
ITI remained the top gainer in the Nifty 500 index, up 13% maintaining its gains from earlier. Shares of IDBI Bank continued to be the worst performers in the Nifty 500, down 16%. (Shruti Nair)
Equity Alert: Bandhan Bank falls 12% on report promoter mulling stake sale
MUMBAI--1332 IST--Shares of Bandhan Bank fell more than 12% to an intraday low of INR 153.94 Monday following reports that promoter Bandhan Financial Services is exploring options such as a stake sale or an initial public offering to allow long-term investors to exit the company. Bandhan Financial Services holds over 39% stake in the bank, according to latest shareholding data. At 1332 IST, shares of Bandhan Bank were slightly off their intraday low, but still over 9% lower at INR 159.58.
Bandhan Financial Services has roped in global investment banker Jefferies to explore options like selling shares to private equity investors or launching an IPO, The Economic Times reported citing sources. The move will provide an exit route to long-term institutional investors such as International Finance Corp. and GIC Ventures, while also helping address regulatory requirements related to promoter shareholding in Bandhan Bank, the report said. The move will allow existing investors to monetise their holdings while enabling the promoter group to reduce its stake in the bank in line with regulatory norms.
Of the nine brokerage recommendations available with Informist on Bandhan Bank, five have a 'buy' call on the stock with an average target price of INR 178. Two brokerages have a 'hold' recommendation and two have a 'sell' call. (Eshitva Prakash)
Equity Alert: Nomura bullish on Indian steel cos, says pricing power intact
MUMBAI--1222 IST--Domestic steel sector's pricing power is intact and spreads have not been materially affected amid global supply chain disruptions due to the ongoing hostilities between the US, Israel and Iran, brokerage Nomura said in its research report. Strong underlying demand and healthy volume momentum are helping the sector pass on the increase in input costs through price hikes, the brokerage said.
The steel sector will be able to endure short-term risks emerging from reduced supply of liquefied natural gas due to the closure of the Strait of Hormuz, and production halt at Qatar's Ras Laffan facility. Most companies maintain roughly one month of inventory, Nomura said. However, larger companies are better positioned than smaller ones as they can partially replace liquefied petroleum gas with blast furnace gas or coke oven heat for their downstream activities, the report said.
Spot prices of thermal coal have gone up by 17% to $117 per tonne since the end of February, but domestic coal prices in India have been stable, Nomura said. While prices of thermal coal are seen going up slightly, a severe spike is not expected, the brokerage said. Nomura maintains its 'buy' stance on Tata Steel, JSW Steel, Jindal Steel and Lloyds Metals and Energy. "...we are maintaining our existing earnings estimates for our coverage," the brokerage said. (Ruchira Kagita)
Equity Alert: Bajel Projects up on winning order for power transmission lines
MUMBAI--1220 IST--Shares of Bajel Projects rose 14.6% to an intraday high of INR 159.99 on the NSE after the company, post-market hours Friday, said it had secured an order worth more than INR 7 billion. Classified under the company's 'ultra-mega' bracket, the order is from the Maharashtra State Electricity Transmission Co. for the establishment of a 400 KiloVolt and 220 KiloVolt air insulated switchgear substation at Saswad, along with its associated transmission lines in Pune.
This is the largest single order win for the company in the power transmission business. The project encompasses the complete turnkey engineering, procurement, and construction execution of the substation, including the design, supply, erection, testing and commissioning of the substation along with all associated transmission lines — covering civil, supply and erection, testing, and commissioning components, the company told exchanges.
The substation has also been designed with future expansion provisions, reflecting a forward-looking approach to Maharashtra's long-term power demand growth, the company said. The project includes the construction of multiple new 400 KV and 200 KV transmission lines and line-in-line-out configurations to connect the Saswad substation to the broader Maharashtra grid. (Eshitva Prakash)
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 92.42
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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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