Equity Alert
Asian indices end mixed, paring early gains; CSI 300 down 0.7%
This story was originally published at 15:05 IST on 17 March 2026
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Equity Alert: Asian indices end mixed, paring early gains; CSI 300 down 0.7%
MUMBAI--1406 IST--Asian equity markets ended mixed, paring early gains. Most indices were up at the start of the session, tracking a rise in US indices on Monday due to gains in the shares of major artificial intelligence-focused technology companies such as, Nvidia, Meta, and Tesla. However, climbing crude prices remain a concern for Asian markets, which heavily depend on oil imports from West Asia. At 1405 IST, the May futures contract of Brent Crude oil was at $104.08 per barrel, up 4% from the previous close.
Japan's Nikkei 225 trimmed some of its earlier losses and closed 0.1% lower due to a decline in shares of select automobile and electronics companies, Dow Jones Newswires reported. The index was down 0.8?rlier in the day. However, the country's broad market index, Topix, ended 0.5% higher. Investors expect the Bank of Japan to maintain short-term interest rates at 0.75% at the end of the central bank's two-day policy meeting scheduled for this week, Reuters reported.
China's CSI 300 ended nearly 0.7% lower. US President Donald Trump announced he would postpone his visit to China scheduled at the end of March due to the ongoing developments in West Asia.
Investors await the outcome of the US Federal Reserve's two-day policy meeting ending Wednesday. The vast majority of market participants anticipate the US central bank to maintain interest rates steady in the 3.50–3.75% range, according to the CME FedWatch tool.
Following were the levels of major Asian indices at 1359 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4637.44 | (-)0.73 |
|
Hang Seng Index |
25868.54 | 0.13 |
|
Nikkei 225 Day |
53700.39 | (-)0.09 |
|
TOPIX FIRST SECTION |
3627.07 | 0.45 |
|
KOSPI |
5640.48 | 1.63 |
|
FTSE Singapore Strait Times |
4923.03 | 1.12 |
|
S&P/ASX 200 Index |
8614.30 | 0.36 |
(Shruti Nair)
Equity Alert: Benchmarks rise more, all broader market indices up
MUMBAI--1324 IST--Benchmark indices rose slightly after remaining largely choppy. Metal stocks gained the most, while infiormation technology stocks posted declines intraday. All broader market indices also gained, up around 0.5%. At 1354 IST, the Nifty 50 was at 23551, up 142.20 points or 0.6%, while the BSE Sensex was at 75956.27, up 453.42 points or 0.6%. Volatility declined significantly intraday, with the India VIX cooling nearly 7% to 20.1.
Eternal retained its position as the top gainer in the Nifty 50 as concerns around the impact of shortages in the supply of liquefied petroleum gas on the food delivery major abated slightly. Shares of the company were up nearly 6%.
The Nifty Metal gained the most among sectoral indices. Most constituents of the index traded 0.5-2% higher. Stocks of Steel Authority of India, National Aluminium Co. and Lloyds Metals and Energy gained more than their peers, up 4-5%. India's steel sector is relatively better positioned compared to other major steel markets amid current supply-linked disruptions, Nomura said in its report.
Meanwhile, aluminium and copper manufacturer Hindalco Industries said in an interaction with Motilal Oswal Financial Services that that the impact of West Asia tensions was mostly constrained to rising coal prices. The rise in coal e-auction prices may its raise energy costs, but the company expects a favourable demand environment across Asia in the near term, the brokerage said. Motilal Oswal maintains a 'buy' call on the stock with target price at INR 1,110, implying a 19% upside from its current market price. Shares of Hindalco were up over 1% intraday.
Shares of consumer durables companies Voltas and Whirlpool of India recovered some of their losses after trading in the red for most part of the day even as concerns around production delays prolonged. Shares of Voltas were marginally higher at 0.5% while, Whirlpool was flat. Shares of PG Electroplast also gained nearly 3% Tuesday.
Among others, shares of oil marketing companies Hindustan Petroleum Corp., Bharat Petroleum Corp. and Indian Oil Corp. were down 2-3% as Brent crude oil futures remained at over $103 per barrel. The earnings outlook for these companies is likely to be constrained due to under-recoveries and disruptions in inventory valuations owing to high crude costs, Yes Securities said in a research report. (Ruchira Kagita)
Equity Alert: Indices choppy as metal, auto cos trim early gains
MUMBAI--1310 IST--Benchmark indices were choppy, after briefly posting a modest gain earlier in the session. Gains in the top-performing stock Eternal were offset by the decline in those of Infosys and State Bank of India. The Nifty 50 was supported by the stocks of diverse sectors, with Tata Steel, Mahindra & Mahindra, and Bharti Airtel, being among the top gainers. Stocks of information technology majors stayed in the red, with Wipro the worst-hit stock in the index, falling over 2%.
At 1259 IST, the Nifty 50 was at 23477.55 points, up 68.75 points or 0.3% and the BSE Sensex was at 75741.18, up 238.33 points or 0.3%.
Metal companies trimmed their gains but stayed in the green. Shares of Tata Steel, Hindalco, and JSW Steel were up 0.3-1.0%. Automobile companies also came off their earlier highs but stayed positive. Mahindra & Mahindra was the best performing automobile company in the Nifty 50, rising over 2%. Eicher Motors and Maruti Suzuki rose around 1?ch.
Commerce and Industry Minister Piyush Goyal Tuesday said that India's exports fell in the first week of March on account of the ongoing war in the West Asia. However, exports have gained momentum in the second week of March. The government hopes to maintain the momentum till the month's end, Goyal said.
In the Nifty 200, National Aluminium Co. was among the top performers, rising nearly 5%. Stocks of other metal companies, such as those of Steel Authority of India, Tata Steel, and Hindustan Zinc were up over 1-4%. Shares of technology providers, Persistant Systems and Tata Elxsi were among the worst hit, falling nearly 3?ch. Stocks of oil and gas companies Hindustan Petroleum Corp., Adani Total Gas, Indian Oil Corp., and Bharat Petroleum Corp. also fared poorly, falling around 2-3?ch.
The ICE Brent Crude jumped intraday to a high of $104.98 per barrel, up 5% from the previous close. Later, oil prices came off highs and were at $104.03 per barrel, up nearly 4%.
In the Nifty 500, Jyoti CNC Automation and Praj Industries retained their positions as top gainers, rising over 7% and 5%, respectively. Ethanol can be an alternative fuel to the liquefied petroleum gas amid supply constraints of the latter due to the West Asia conflict, said Pramod Chaudhari, founder and chairman of Praj Industries. But implementing this would depend on government support, Chaudhari said in an interview with NDTV Profit. (Shruti Nair)
Equity Alert: Sugar stocks rise after govt approves additional export quota
MUMBAI--1305 IST--Shares of companies involved in sugar production rose after the food ministry approved an additional export quota for sugar mills. Around 87,587 tonnes of sugar export quota for the 2025-26 marketing year (October-September) has been approved, following requests by sugar mills, the ministry said in a note.
The government had earlier permitted exports of 1.5 million tonnes for the season, and in February allocated an extra 500,000 tonnes to willing mills on a non-swappable basis, PTI reported. Mills had until February to apply for portions of the additional quota. Of the 500,000 tonnes, only 87,587 tonnes were requested and approved, with the remainder lapsing, the ministry's note stated.
At 1304 IST, shares of sugar-related companies such as Dalmia Bharat, Shree Renuka Sugars, Dhampur Sugar Mills, and Bajaj Hindusthan Sugar were up 0.7-1%. Shares of EID-Parry (India) were up 3.5%. (Eshitva Prakash)
Equity Alert: Kotak Sec ups ONGC to 'buy' from 'add'; raises target price 34%
MUMBAI—1255 IST--Brokerage Kotak Securities has upgraded its recommendation for Oil and Natural Gas Corp. to 'buy' from 'add' on the back of a stronger crude oil price outlook and easing regulatory risks, NDTV Profit reported. It has also raised the target price on the stock 34% to INR 375 on improved earnings visibility.
"The upgrade comes as oil markets remain elevated amid geopolitical tensions, particularly around key supply routes like the Strait of Hormuz," NDTV Profit reported, citing the brokerage. The brokerage expects crude oil prices at $85 per barrel for FY27 and at $75 for FY28, which are higher than the earlier estimates. This will turn the earnings outlook decisively in favour of ONGC, according to Kotak. It also sees the company benefit from higher realisation for its oil production and also on new well gas production. "A growing share of production from new wells, which are more market-linked, is boosting pricing power," NDTV Profit reported, quoting the brokerage.
Kotak has raised its earnings estimates for the company for FY27 and FY28, supported by both higher crude assumptions and better operational metrics, NDTV Profit reported. It also sees the company's valuation increasing on the improvement in earnings visibility.
At 1247 IST, shares of the company were trading nearly 1% higher at INR 262.35 on NSE. So far, over 9 million shares of the company have changed hands on the exchange, lower than over 10 million shares traded till the same time Monday.
Of the 10 brokerage reports available with Informist on the company, six have a 'buy' recommendation with an average target price of INR 310. Of the remaining four, two have a 'sell' recommendation and two have a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Redington down 5%; arm's ops in Gulf disrupted amid W Asia war
MUMBAI--1230 IST--Shares of Redington fell over 5% to an intraday low of INR 221 on the NSE Tuesday, a day after the company said the ongoing war in West Asia has restricted the operations of its step-down subsidiary, Redington Gulf FZE, in the Gulf region. Redington is a major distributor of Apple's iPhones in India and the Gulf region.
This disruption is caused by increased transit time, a rise in working capital requirements due to higher inventory and requests from customers for delayed payments, and an increase in freight, insurance and logistics costs. Insurance companies have revoked their war-risk coverage for companies operating in the region, which is also an important reason for disruptions in the operations of its subsidiary.
At 1222 IST, shares of the company were slightly off lows, but still traded nearly 4% lower. Over 4 million shares of the company have changed hands on the NSE so far, slightly higher than the near 3 million shares traded till the same time Monday. (Eshitva Prakash)
Equity Alert: IT cos fall amid renewed uncertainties over AI; Wipro down 3%
MUMBAI--1152 IST--Shares of information technology companies traded lower as renewed concerns related to artificial intelligence weighed on investor sentiment. Wipro's American depositary receipts fell over 2% overnight. Shares of Wipro were the worst hit in the Nifty 50 index, down nearly 3%. Meanwhile, its peers Infosys, Tata Consultancy Services, and HCL Technologies fell around 1?ch. Tech Mahindra erased earlier losses and was marginally higher.
The recent headlines around agentic AI have caused stock volatility in global IT services firms, according to Sumit Pokharna, vice president of research at Kotak Securities. Pokharna is of the view that AI adoption is still limited, but the narrative is influencing client thinking. "The main effect so far is increased caution and reassessment, not a major shift in spending. The current situation is more noise than structural change," he said. He added that the near-term effects on uncertainties over AI would be caution, longer decision cycles, and selective pressure on existing order wins of companies.
The Nifty IT was the worst hit sectoral index, down.over 1%. Barring Tech Mahindra and Mphasis, all the other constituents of the 10-stock index traded lower. Pesistent Systems were the worst hit, down nearly 3%. Coforge and Oracle Financial Services fell around 2?ch.
US-based tech major Meta has laid off 20% or more of its workforce to offset heavy spending on AI and placed its bet on productivity gains from the technology, Reuters reported. Moreover, AI chipmaking giant Nvidia said the revenue opportunity for its AI chips may reach $1 trillion by 2027, as per a Reuters report. Following these, the AI-driven technology stocks fared well on Walll Street Monday. (Adhithya Aji)
Equity Alert: Eternal up 4% as LPG woes subside; emerges top Nifty 50 gainer
MUMBAI—1150 IST--Shares of Eternal rose over 4% to an intraday high of INR 232.19 as concerns around the impact of shortages in the supply of liquefied petroleum gas on the food delivery major have abated slightly, according to brokerages. Its valuation has also improved after the stock's recent correction. Eternal was up for the second straight session and is the top performing stock among Nifty 50 constituents.
LPG disruptions dragged Eternal's gross order volumes down by 5-10% in the March quarter and this could lead to a decline in the company's margins to 4.7–5% from 5.4% in Oct-Dec, brokerage Emkay Global Financial Services said in its report. However, the brokerage sees risks from LPG shortages only in the near term.
Supply-linked disturbances stemming from a dearth in LPG may be overstated, JM Financial Institutional Securities said in its research report. The brokerage expects the new order value for Eternal's food delivery business to grow around 18% on year in the March quarter, which will be the highest level since the September quarter of 2024-25 (Apr-Mar). "Impact should remain limited given that the platform has highly diversified restaurant ecosystem," the brokerage said.
Eternal's quick-commerce arm Blinkit is expected to outperform its rivals and any competition from Zepto is not likely to have a material impact on it since new entrants will not be able to scale up businesses significantly in the immediate to near term. Blinkit's business is also seen improving as macroeconomic conditions strengthen, JM Financial noted.
Dense urban population, low labour costs, and high real estate prices will bode well for Blinkit, Emkay Global said. "...competitive intensity would start easing in coming quarters which would drive margins for Blinkit," the brokerage said. Emkay Global and JM Financial maintain a 'buy' stance on Eternal. Emkay set a target price of INR 370, while the latter has a slightly higher target price of INR 400. Shares of Eternal have declined almost 6% since the US and Israel attacked Iran. (Ruchira Kagita)
Equity Alert: Benchmark indices trim gains; metal, auto shrs up, IT cos fall
MUMBAI--1133 IST--Domestic benchmark indices trimmed their gains with the rise in metal and automobile stocks being nearly offset by the losses in stocks of major information technology companies.
At 1122 IST, the Nifty 50 was at 23435.15 points, up 26.35 points, or 0.1% and the BSE Sensex was at 75553.46, up 50.61 points, or 0.1%. Shares of Eternal continued to be the best performers in the index, up nearly 4%. Auto makers Mahindra & Mahindra, Maruti Suzuki India, Bajaj Auto, and Eicher Motors were up 1-2%. Metal majors Tata Steel, Hindalco Industries, and JSW Steel, were up around 1-3%. Among other well-performing stocks were those of Bharati Airtel, Shriram Finance, and Interglobe Aviation, which were up 1-2%.
Shares of IT services companies, such as Wirpo, Infosys, Tata Consultancy Services, and HCL Technologies, continued to be among the worst hit in the 50-stock index, falling 1-2%. Stocks of these companies fell following a rise in stocks of Meta, Nvidia, and Tesla in the US market Monday as market participants weigh the impact of a rise in AI-driven firms on traditional IT companies.
Nifty Metal and Nifty Auto were the top gainers among sectoral indices, rising nearly 2?ch. Nifty Auto was supported by gains in the stock of Sona BLW Precision Forgings that rose nearly 3%.
Among the Nifty 200 stocks, Waaree Energies was the highest gainer, up nearly 6%. Other energy stocks, such as Premier Energies and Tata Power Co. were also up around 3%. Stocks of steel companies were among the top performers in the Nifty 200, with shares of National Aluminium Corp., Steel Authority of India, and Tata Steel, rising 3-4%. Adani Total Gas was the worst hit stock in the Nifty 200 index, falling over 2%.
Among the Nifty 500 index, Jyoti CNC Automation was the top gaining stock, up over 6%. Praj Industries trimmed its early gains, rising over 5%. Earlier, the company's stocks were up over 7%. Reliance Infrastructure fell nearly 5% to be the worst hit stock in the index. (Shruti Nair)
Equity Alert: JP Morgan upgrades Amber Ent to 'overweight', ups target price
MUMBAI--1132 IST--Global brokerage JP Morgan upgraded the stock of Amber Enterprises to 'overweight' and has raised its target price by 17.6% to INR 9,000. This implies nearly 38% upside to the stock's previous close. The brokerage believes that the stock has corrected over 24% from its all-time high of INR 8,626 touched in October 2025.
"JP Morgan wrote in its note that the underperformance of EMS (electronics manufacturing services) stocks has led to investors questioning whether the sector story is over," NDTV Profit reported, citing the brokerage. However, the brokerage expects the sector to up its value addition, evolving from assembling finished products to manufacturing of component and printed circuit boards, the report said. Barring Dixon, JP Morgan expects every stock within this sector to deliver 20% revenue growth over 2025-26 (Apr-Mar) to FY28.
At 1121 IST, shares of the company traded 1.6% higher at INR 6,629.50. Of the 12 brokerage reports on the stock available with Informist, 11 have a 'buy' or equivalent rating on the stock with an average target price of INR 8,910 and only Nirmal Bang Equities has a 'hold rating with a target price of INR 7,785. So far in the day, over 330,000 shares of the company have changed hands on the NSE, higher than 160,000 shares traded during the same period on Monday. (Simran Rede)
Equity Alert: Citi cuts Ola Electric target price 18% as co losing mkt share
MUMBAI--1100 IST--Brokerage firm Citi has cut the target price for Ola Electric Mobility by over 18% to INR 22 due to the continued loss of market share, The Economic Times reported. The brokerage, which maintained the 'sell' recommendation on the stock, has also cut its estimates for the company's revenue for 2025-26 (Apr-Mar) to FY28 by 5–14%.
The revenue estimates for the company were trimmed due to weaker volume expectations, The Economic Times reported, citing the brokerage. Citi maintained its valuation for the company at 3.5 times the estimates for its FY27 enterprise value-to-sales. This is a 10% discount to listed two-wheeler original equipment manufacturer peers, due to the company's market share loss, slower-than-expected electric vehicle adoption, and weak cash generation, the report said, citing the brokerage.
The electric vehicle manufacturer is unlikely to achieve break-even at the earnings before interest, tax, depreciation, and amortisation level even by FY28, the Economic Times reported. However, Citi expects an EBITDA turnaround for the company on improvement of its volumes. Higher revenue opportunities from battery energy storage systems and improved product and service quality perception are also likely to support Ola Electric's performance.
At 1100 IST, shares of the company were trading over 2% lower at INR 23.80 on NSE. So far, over 17 million shares of the company have changed hands on the exchange, lower than over 23 million shares traded till the same time Monday. (Arundathi A R)
Equity Alert: Indices open higher with auto cos as major gainers, IT shrs dn
MUMBAI--0944 IST--Benchmark indices opened higher but remained in the red briefly. It later erased these losses and recovered again. The Nifty 50 is expected to be volatile on account of the expiry of the weekly derivatives contract. Auto stocks gained, while information technology stocks were the major laggards.
At 0943 IST, the Nifty 50 was at 23424.60 points, up 15.80 points or 0.1%, and the BSE Sensex was at 75566.83, up 63.98 points or 0.1%.
Eternal was the top gainer in the 50-stock index. Its shares rose over 3% and was also the top performer in the Nifty 200. Mahindra & Mahindra and Maruti Suzuki India rose around 2?ch. Tata Steel, Bharti Airtel, Asian Paints, InterGlobe Aviation, and Bharat Electronics rose around 1?ch. In contrast, IT stocks were the worst-hit stocks in the index. Wipro fell nearly 3%, while its peers Infosys, Tata Consultancy Services, HCL Technologies, and Tech Mahindra were down around 1–2%. Adani Ports and Special Economic Zone, Bajaj Finserv, State Bank of India, and UltraTech Cement were down around 1?ch.
Among sectoral indices, Nifty Auto was the top gainer, rising over 1%. Shares of Maruti Suzuki India and Mahindra & Mahindra were the top gainers in the sectoral index. Meanwhile, Nifty IT was the underperformer, down over 2%.
In the Nifty 200, Coromandel International and Oberoi Realty were among the top gainers, up 2?ch. Shares of Bharti Hexacom, Indus Towers, and Tata Communications rose around 2?ch. Coforge was the worst-hit stock in both the Nifty 200 and Nifty 500 indices. The stock fell over 6%. Adani Total Gas fell nearly 3% in the Nifty 200 index.
In the Nifty 500, Praj Industries was the top gaining stock, up over 7%. In contrast, Mangalore Refinery and Petrochemicals was the worst-hit stock in the index, down over 7%. Redington fell 4%, a day after the company said that the ongoing war in West Asia has restricted the operations of its step-down subsidiary, Redington Gulf FZE, in the Gulf region. (Adhithya Aji)
Equity Alert: Asian indices open higher tracking AI-driven rally in US mkts
MUMBAI--0812 IST--Asian markets opened higher Tuesday tracking the gains in US indices, which were driven by a rise in shares of artificial intelligence-focused companies, such as Meta, Nvidia, and Tesla. US indices were also buoyed by a 3?ll in crude oil prices on Monday following news of the US allowing Iranian tankers to pass through the Strait of Hormuz. However, on Tuesday, crude oil prices rallied again, with the May futures contract of Brent crude prices at $103.04 per barrel at 0757 IST. Despite this, most Asian indices opened higher and stayed in the green during early trade.
Leading the gains was South Korea's technology-heavy KOSPI index, which tracked the AI stocks-driven gains in US indices. The index opened nearly 3% higher, though it trimmed some of its gains in early trade. Index heavyweights SK Hynix and Samsung Electronics rose over 3% and 4%, respectively. This comes after Nvidia said it expects purchase orders between Blackwell and Vera Rubin chips to reach $1 trillion through 2027 at the company's annual GTC conference on Monday, CNBC reported.
Japan's Nikkei 225 opened higher and extended its gains due to a rise in stocks of shipping and financial companies, Dow Jones Newswires reported. Investors await decision of the Bank of Japan's two-day policy meeting ending Thursday. Investors expect the central bank to maintain short-term interest rates at 0.75%, given the lack of clarity on the impact of the US-Iran war, Reuters reported.
Investors also keenly await the outcome of the US Federal Reserve's two-day policy meeting ending Wednesday, where higher energy prices are likely to be a key concern. Around 99% market participants expect the Fed to keep interest rates steady in the 3.50–3.75% range, according to data from the CME FedWatch tool.
Following were the levels of major Asian indices at 0817 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4708.91 | 0.80 |
|
Hang Seng Index |
26156.83 | 1.25 |
|
Nikkei 225 Day |
54013.73 | 0.49 |
|
TOPIX FIRST SECTION |
3648.75 | 1.05 |
|
KOSPI |
5697.26 | 2.66 |
|
FTSE Singapore Strait Times |
4929.14 | 1.24 |
|
S&P/ASX 200 Index |
8587 | 0.04 |
(Shruti Nair)
Equity Alert: Indices likely to extend gains; volatility seen on F&O expiry
MUMBAI--0807 IST--Benchmark equity indices are expected to extend their gains further Tuesday after Monday's rebound. Analysts expect some volatility on the expiry of weekly contract of Nifty 50 derivatives. However, the broader market sentiment will continue to be cautious amid the escalating tensions in West Asia and a rise in crude oil prices over the $100-per-barrel mark, analysts said.
Investors are expected to be cautious in decision-making as the rising geopolitical tensions in West Asia have led crude oil prices to rise above the psychologically important $100-per-barrel mark. The disruptions in oil supply after the closure of the Strait of Hormuz are further seen dampening the sentiment.
On Tuesday, the Nifty 50 is expected to continue its relief rally and is seen facing resistance at 23500-23800 points, Vipin Kumaar, assistant vice-president at Globe Capital Market, said. The support for the 50-stock index is pegged at 23200–22800 points, he said. Any de-escalation in ongoing tensions in West Asia will likely boost investor sentiment, leading to a sustainable upmove, Kumaar added.
The Nifty 50 closed 1.1% higher at 23408.80 points on Monday, and the BSE Sensex ended 1.3% higher at 75502.85 points. The GIFT Nifty indicates a positive start for the market. At 0806 IST, the GIFT Nifty contract traded at 23510.50 points, over 100 points higher than the Nifty 50's previous close.
Overnight, the US indices ended higher, buoyed by a rise in stocks of artificial intelligence companies, such as Meta, Nvidia, and Tesla. A slight ease in crude oil prices on Monday from $106.50 per barrel to $100.21 per barrel also helped lift the mood. Tracking this rise in the US market, Asian indices also rose sharply in opening trade Tuesday. (Simran Rede)
Equity Alert: US indices climb as tech stocks rise, oil prices ease
MUMBAI--0741 IST--US equity indices ended higher on Monday, propelled by a rise in stocks of artificial intelligence-focused companies such as, Meta, Nvidia, and Tesla. All major indices rose around 1%, with the technology-heavy Nasdaq composite being the highest gainer. A modest fall in oil prices on Monday also helped sentiment on Wall Street even as the situation in West Asia remains unclear.
Shares of Meta rose over 2?ter Reuters reported the social media giant would trim its workforce by at least 20% to make room for AI-related expenses. The company has claimed the report to be "speculative", Bloomberg reported. Shares of Nvidia rose over 1% on Monday as the chipmaker announced new chips at its annual GTC conference. Tesla's shares also rose over 1% on Monday after Chief Executive Officer Elon Musk said the company would launch its AI chipmaking project in seven days, Reuters reported.
Apart from gains in technology stocks, indices were also helped by a modest fall in the price of Brent Crude oil, which has soared past $100 per barrel since the US-Iran war began. The prolonged closure of the Strait of Hormuz, a key oil shipping route, has led to disruption to global oil supply. On Monday, crude oil prices fell after the US said it would allow Iranian oil tankers to pass through the Strait of Hormuz. US Treasury Secretary Scott Bessent said, "The Iranian ships have been getting out already, and we've let that happen to supply the rest of the world," in an interview with CNBC on Monday. He also said oil prices should fall "much lower" than $80 per barrel after the US-Iran war is over, though he did not clarify when that would be.
Investors also keenly await the outcome of the US Federal Reserve's two-day policy meeting ending Wednesday, where higher energy prices are likely to be a key concern. The Fed is expected to keep interest rates steady and traders have pushed back their expectations for an interest rate cut of at least 25 basis points beyond October, Reuters reported, citing LSEG-compiled data. Earlier, they had expected a rate cut in July.
Following are the closing levels of US indices Monday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6699.38 |
1.01 |
|
NASDAQ Composite |
22374.178 |
1.22 |
|
Dow Jones Industrial Average |
46946.41 |
0.83 |
(Shruti Nair)
US$1 = INR 92.44
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
All prices from National Stock Exchange, unless otherwise specified.
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