Equity Alert
Benchmark indices extend gains; aluminium cos under pressure
This story was originally published at 14:13 IST on 18 March 2026
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Equity Alert: Benchmark indices extend gains; aluminium cos under pressure
MUMBAI--1340 IST--Market sentiment remained positive Wednesday, with the benchmark indices extending gains. Mid cap and small cap indices outperformed the benchmark indices, gaining nearly 2%. The advance-decline ratio tilted strongly towards the gainers. All the sectoral indices were in the green. The Nifty Metal index was in the red earlier in the session but managed to recover. The Nifty IT index snapped its six-day fall to be the top gainer.
At 1333 IST, the Nifty 50 was at 23822.60, up 241.45 points or 1%. The BSE Sensex was at 76876.44, up 805.60 points or 1%. The indices were up on gains in Infosys, Bharti Airtel, Larsen & Toubro and Reliance Industries. The India VIX was down for the second straight day, cooling off nearly 4.5% to 18.9.
Shares of aluminium companies National Aluminium Co., Vedanta, and Hindalco Industries were under pressure even as prices of the metal remained high. Aluminium remains prone to supply disruptions owing to the ongoing West Asia war. While a rise in aluminium prices traditionally plays out positively for these companies, risks from prolonged geopolitical hostilities may act as a spoilsport. Prolonged conflict in the region may trigger a correction in demand, ICICI Securities said in a report. The brokerage, however, retains its long-term positive outlook on these companies. ICICI Securities has revised upward its recommendation on Vedanta to 'buy' from 'add' but kept the target price unchanged at INR 850. The broking firm has upgraded National Aluminium Co. to 'hold' from 'reduce' and raised its target to INR 370 from INR 352. Shares of NALCO were down 1.5% and those of Vedanta down nearly 2%. Nifty 50 constituent Hindalco Industries was also marginally down. ICICI Securities has also upgraded Hindalco to 'hold' from 'reduce' with a target price of INR 900.
Meanwhile, the Nifty FMCG index was up modestly. Varun Beverages and Godrej Consumer Products lent support to the sectoral index as they rose 2.5% and 1.5%, respectively. Shares of oil marketing companies Bharat Petroleum Corp., Indian Oil Corp., and Hindustan Petroleum Corp. gained as Brent crude oil futures came down slightly to around $100 per barrel. Their shares were up 1.5-2.0%. (Ruchira Kagita)
Equity Alert: Goldman Sachs cuts L&T target price by 11% on near-term risks
MUMBAI--1319 IST--Global brokerage firm Goldman Sachs has trimmed its target price for Larsen & Toubro by almost 11% while maintaining its 'buy' recommendation on the stock. The brokerage highlighted some near-term execution risks as the reason to cut the target price, NDTV Profit reported.
The company is expected to face indirect risks related to supply chains, logistics delays, and rising shipping costs, even though no major disruption has been reported at its project sites. "A further challenge is its high share of fixedprice contracts (42–43%), which limits the company's ability to pass on cost escalations driven by inflation or input shortages," NDTV Profit reported as Goldman Sachs as saying. Margin pressure is also seen if there is a rise in commodity prices, the brokerage said.
However, the brokerage firm believes the company's medium-term opportunity pipeline remains largely intact, even though some order deferrals are likely over the next few quarters.
The brokerage expects L&T's medium-term revenue outlook to remain supported by a healthy book-to-bill ratio. The company is well-positioned, supported by strong order visibility, expansion into high-growth sectors, and expectations of double-digit revenue and profit growth over the next five years, it said.
At 1319 IST, L&T shares were up 2.3% at INR 3,622.60. So far Wednesday, over 2.6 million shares of the company have changed hands on NSE, compared to 2.7 million shares traded till the same time Tuesday. (Arundathi A R)
Equity Alert: Benchmark indices rise further due to gains in IT cos
MUMBAI--1210 IST--Benchmark equity indices continued to rise as information technology stocks gained momentum, featuring in the top five stocks in the index. Shares of energy companies continued to fare poorly in the Nifty 50 index. At 1210 IST, the Nifty 50 was at 23775.45, up 194.30 points or 0.8% and the BSE Sensex was at 76702.74 points, up 631.90 or 0.8%.
Shares of Infosys, HCL Technologies, and Tech Mahindra maintained their gains were around 4% higher each, with shares of Tata Consultancy Services and Wipro, trailing closely, up over 3%. Automobile stocks such as Mahindra & Mahindra, Tata Motors Passenger Vehicles, Eicher Motors, and Bajaj Auto continued to trade 1-3% higher.
Index heavyweight ICICI Bank gave off earlier losses and was up 0.4%, though its peer HDFC Bank stayed in the red, down 0.5%. Coal India extended its losses and remained the worst hit stock in the index, and also became the worst hit in the Nifty 200. Shares of Hindalco Industries came off lows, down 0.5%, while shares of Tata Steel continued to trade 0.2% lower. However, JSW Steel shed its losses from earlier in the session to trade over 1% higher.
All broader market indices were up 1-2%. The Nifty small-cap indices gained most of their support from Angel One. The stock gained over 8% and was also among the top gainers in Nifty 500. Meanwhile, gains in the shares of Coforge lent support to both the Nifty Midcap 50 and Nifty Midcap 100 indices. Shares of Coforge rose 6% and were among the top gainers on the Nifty 200.
IT companies continued to be the top performers in the Nifty 200 as well. Shares of Tata Technologies, Coforge, KPIT Technologies, and Persistant Systems, maintained their gains and traded 5–6% higher. Sona Blw Precision Forgings and Oracle Financial Services Software were also among the top performers, up around 5%. Metal and mining companies continued to be among the worst hit in the index, with shares of Vedanta, National Aluminium Co., and Hindustan Zinc, down over 2?ch. Energy companies such as Oil India and Solar Industries India were down nearly 2?ch.
In the Nifty 500, MMTC remained the top gainer and extended its gains, trading nearly 17% higher, while shares of Chennai Petroleum Corp. fell nearly 5%. (Shruti Nair)
Equity Alert: Varun Beverages up 2%; arm buys 100% stake in South African co
MUMBAI--1135 IST--Shares of Varun Beverages rose over 2% to the day's high of INR 416.20 after the company's arm, The Beverage Co. Proprietary, acquired 100% stake in South Africa-based Crickley Dairy Proprietary for INR 1.31 billion. Brokerage Motilal Oswal Financial Services maintained its 'buy' call on Varun Beverages with an unchanged target price of INR 550.
The acquisition was done by keeping in mind the parent company's strategy to diversify its product portfolio into new categories, including value-added dairy and juice-based drinks, the company said post market hours on Tuesday.
Strong execution, capacity expansion and diversified portfolio including snacks, energy drinks, dairy, and beer are seen supporting growth for the company down the line, Motilal Oswal said in its report. Varun Beverages' partnership with beer maker Carlsberg will help enhance its presence in select African markets, Motilal Oswal said.
A severe summer season owing to El Nio heatwaves and a weak monsoon could spur demand for cooler beverages, leading to favourable growth conditions for Varun Beverages, the brokerage said. The company has added 40–50% to its capacity over the last two years, and as of December, had enough manufacturing capacity to support its growth plans, according to the report.
The company's international business is seen as an important growth driver, and is growing at a faster pace than its domestic business. Over 2020-25, Varun Beverages' international business delivered 27% compounded annual growth in revenue. Volume contribution from international business grew to 31% in 2025 from 21% in 2020, the brokerage's report said. At 1218 IST, shares of Varun Beverages traded almost 2% higher at INR 414.30 on the National Stock Exchange. So far, over 3 million shares of the company have changed hands on the exchange, higher than over 2 million shares traded till the same time Tuesday. (Ruchira Kagita)
Equity Alert: Benchmark indices extend early gains, IT cos continue to climb
MUMBAI--1114 IST—Benchmark equity indices extended their gains despite briefly coming off highs earlier. Stocks of information technology companies continued to be the top performers in the Nifty 50 index, recovering their losses from the previous session. On Tuesday, shares of major IT players were the worst hit in the Nifty 50 index. Conversely, stocks of major metal companies were among the worst performers in the index, despite being top gainers on Tuesday.
At 1113 IST, the Nifty 50 was at 23772.70, up 191.55 points or 0.8%, and the BSE Sensex was at 76717.74 points, up 646.90 or 0.9%. More than half of the Nifty 50 constituents traded higher.
Stocks of major IT companies were among the top five performers of the 50-stock index so far in the day. Shares of Infosys, HCL Technologies, and Tech Mahindra extended their gains, climbing nearly 4?ch, while shares of Tata Consultancy Services and Wipro rose around 3?ch. Automobile majors extended their gains from the previous session with shares of Mahindra & Mahindra, Tata Motors Passenger Vehicles, Eicher Motors, and Bajaj Auto up 1-3%.
Heavyweights HDFC Bank and ICICI Bank continued to limit the gains in the 50-stock index, falling nearly 1?ch. Coal India was the worst-hit stock in the index, falling nearly 2%. Shares of other state-owned energy companies, Oil and Natural Gas Corp. and NTPC, were down around 0.3?ch. Metal companies continued to perform poorly. Hindalco Industries was the second-worst performing stock in the index, falling over 1%, while shares of Tata Steel were down 0.2%.
Broader market indices mirrored the gains in their benchmark peers. The Nifty Smallcap indices rose 1.5–1.7% and the Nifty Midcap indices were up 1.4-1.5%. Barring Nifty Metal, all other sectoral indices were in the green. Nifty IT rose after extending losses for six consecutive sessions, during which the index shed nearly 5%.
IT companies were also among the top performers in the Nifty 200, with shares of Tata Technologies, Coforge, KPIT Technologies, and Persistent Systems rising 5–6%. Metal companies were among the worst performers in the index, with shares of National Aluminium Co., Vedanta, and Hindustan Zinc falling over 2%.
In the Nifty 500, MMTC remained the top gaining stock, up nearly 15%, while Chennai Petroleum Corp. continued to be the worst-hit stock, falling over 4%. (Shruti Nair)
Equity Alert: Nuvama cuts PG Electroplast target by 2.5%, maintains 'buy'
MUMBAI--1110 IST--Brokerage firm Nuvama Institutional Equities cut its target price for PG Electroplast to INR 780 from INR 800 earlier as the company faces headwinds from the ongoing liquefied petroleum gas supply shortages. However, the brokerage has maintained its 'buy' recommendation on the stock.
Owing to the LPG supply crisis, the company halted production at its Supa facility. The move is expected to significantly hit the company's earnings in the March quarter, the brokerage said in its research report, even as it expects the June quarter to mildly offset some of these losses. Nuvama also trimmed its revenue estimates for PG Electroplast by almost 7% for 2025-26 (Apr-Mar) and by almost 2% for FY27.
PG Electroplast is currently evaluating substitutes for LPG, including oxy-acetylene, and if this is approved by customers, the company may restart production at its Supa unit, Nuvama said. Transitioning to oxy-acetylene would require nominal capital expenditure, Nuvama said. Demand for room air conditioners is likely to be stable in summer, but the performance of companies in the sector in the June quarter will also depend on cost inflation and availability of products, the brokerage noted.
At 1105 IST, shares of PG Electroplast traded nearly 3% higher at INR 538.25 on the National Stock Exchange. So far, over 1 million shares of the company have changed hands on the exchange, lower than nearly 3 million shares traded till the same time Tuesday. However, the stock declined about 14% since the US and Israel attacked Iran at the end of February. (Ruchira Kagita)
Equity Alert: Indices open higher tracking global peers; IT stocks gain
MUMBAI--0950 IST--Benchmark equity indices opened higher despite concerns over the ongoing military action in West Asia. Among their global peers, the Wall Street ended higher overnight and Asian markets opened higher Wednesday. Crude oil prices eased slightly but remained marginally above the psychologically crucial mark of $100 per barrel. Information technology companies were the top gainers, while metal shares were the major laggards.
At 0943 IST, the Nifty 50 was at 23716, up 134.85 points or 0.6%, and the BSE Sensex was at 76464.24, up 393.40 points or 0.5%. The Nifty 50 is currently just over 3% higher than the lowest level since the commencement of hostilities in West Asia.
IT companies Infosys and Tata Consultancy Services were the top gainers among Nifty 50 constituents. These stocks rose nearly 3?ch. Shares of its peers, Wipro, HCL Technologies, and Tech Mahindra rose around 2?ch. InterGlobe Aviation rose over 2%. Jio Financial Services, Adani Enterprises, Shriram Finance and Eternal rose around 2-3?ch as well. Carmakers Mahindra & Mahindra, Maruti Suzuki India, Tata Motors Passenger Vehicles, Bajaj Auto, and Eicher Motors rose 1-2%.
Coal India and the heavyweights HDFC Bank and ICICI Bank were the worst-hit stocks in the index, down 1?ch. Metal stocks Hindalco Industries and Tata Steel fell nearly 1?ch. Fast-moving consumer goods stocks Tata Consumer Products and ITC fell 0.2?ch.
In the Nifty 200, metal companies fell the most. Shares of Hindustan Zinc, National Aluminium Co., Vedanta, Steel Authority of India, and JSW Steel fell around 1?ch. Meanwhile, Persistent Systems was the top gainer in the index, up nearly 5%. Shares of Oracle Financial Services Software fell nearly 4%.
In the Nifty 500, MMTC was the top gaining stock, up nearly 15%. Jaiprakash Power Ventures rose over 10%. In contrast, Chennai Petroleum Corp. was the worst hit stock, down nearly 4%. (Adhithya Aji)
Equity Alert: Emkay Global, JM Fincl retain 'buy' on LG Electronics India
MUMBAI--0952 IST--Brokerage firms Emkay Global Financial Services and JM Financial Institutional Securities have maintained their 'buy' calls on LG Electronics India. JM Financial raised its target price marginally to INR 1,770 from INR 1,700, while Emkay Global kept its target unchanged at INR 1,900. Supply shortages of liquefied petroleum gas amid the ongoing hostilities in West Asia are unlikely to materially impact the company's production, the brokerages said in their research reports after interacting with the company's management. The company has sufficient LPG to support production of its room air conditioners and refrigerators till the end of March, the reports said.
LG Electronics is gradually shifting from LPG to piped natural gas, and this move is likely to reduce costs for the company as piped natural gas is cheaper by INR 10 per kilogram, Emkay Global said. About 30% of LG Electronics' room air conditioners can be run on diesel as an alternative, the brokerage said. Meanwhile, the company is helping vendors that supply components for air conditioners navigate LPG supply constraints, JM Financial said.
LG Electronics is positive on growth in 2025-26 (Apr-Mar) on the back of healthy demand in the summer season and channel restocking, Emkay Global said. The company retained its double-digit guidance for its earnings before interest, tax, depreciation, and amortisation margin for FY26. However, the company's FY27 EBITDA margin may touch the FY25 level, JM Financial said. LG Electronics posted a 12.8?ITDA margin in FY25.
The home electronics maker is unlikely to hike prices further unless cost pressures persist for longer, Emkay analysts said in the report. Premiumisation is seen helping LG Electronics increase its market share. The company's premium mix already stands at 29%, higher than the industry average of 15-16%, the brokerage said. The three-year compounded annual growth rate for the company's revenue is expected to recover in FY27 and FY28 to 9.7%, Emkay Global said. The estimated growth rate for FY26 is 7.7%, the brokerage said. At 0918 IST, shares of the company traded almost 2% higher at INR 1,593.10 on the National Stock Exchange. (Ruchira Kagita)
Equity Alert: Mkt seen range-bound as uncertainty on West Asia war continues
MUMBAI--0830 IST--Benchmark equity indices are likely to move in a range Wednesday as investors may buy stocks at comfortable valuations. However, selling pressure is expected at higher levels, analysts said. Indices in Asia were higher in early trade, tracking overnight gains in benchmark US indices.
Analysts see the uncertainty around the West Asia war being reflected in the Indian equity market in the coming days. The continued hostilities in Gulf countries are keeping crude oil prices above the psychologically important $100 per barrel mark.
Tuesday, the Nifty 50 closed 0.7% higher at 23581.15 points and the BSE Sensex ended 0.8% higher at 76070.84 points. The GIFT Nifty shows the indices moving in a range. At 0829 IST, the March contract of Gift Nifty was at 23655.50 points, over 74 points higher from the Nifty 50's previous close.
Indices in Asia were mixed in early trade Wednesday, with most of them trading with gains. Japan's Nikkei 225 index was the top performer, up 2%. All US benchmark indices closed higher Tuesday, with NASDAQ being the top gainer. They ended higher for the second session. (Arundathi A R)
Equity Alert: Most Asian indices open higher; Kospi leads the gains
MUMBAI--0812 IST--Most major Asian indices opened higher Wednesday, tracking gains in US stocks and treasuries, even as the tensions escalate in the US-Iran war. The pan-Asian MSCI Asia Pacific rose 0.8%, setting it on track for a third consecutive session of gains, Bloomberg reported. On Tuesday, major US indices ended higher, suggesting that market participants remain cautiously optimistic of the developments in West Asia and their impact on crude oil prices.
South Korea's Kospi led the gains during early trade, rising nearly 4%. Heavyweight tech major Samsung Electronics rose over 5% while SK Hynix was up nearly 4%. Japan's Nikkei 225 and Topix were up around 2?ch after the country reported a 4.2% on-year increase in its exports in February, surpasssing the estimate of a 1.6% increase by economists polled by Reuters, CNBC reported. Chip making companies traded on a positive note during early trade. Shares of Advantest and Tokyo Electron rose over 5% and 3%, respectively. Further, Japan's central bank is expected to hold short-term interest rates steady at 0.75% at the end of its two-day policy meeting Thursday, according to Reuters.
Investors will also keep an eye on the US Federal Reserve's two-day policy meeting ending Wednesday, where the regulator is expected to maintain interest rates in the range of 3.50–3.75%.
Following were the levels of major Asian indices at 0802 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4625.39 | (-)0.26 |
|
Hang Seng Index |
25864.52 | (-)0.02 |
|
Nikkei 225 Day |
54898.44 | 2.23 |
|
TOPIX FIRST SECTION |
3697.67 | 1.95 |
|
KOSPI |
5838.66 | 3.51 |
|
FTSE Singapore Strait Times |
4970.77 | 0.71 |
|
S&P/ASX 200 Index |
8635.30 | 0.24 |
(Shruti Nair)
Equity Alert: US indices end higher for 2nd straight day; energy cos gain
MUMBAI--0739 IST--US equity indices ended higher for the second consecutive day even as developments in the US-Iran war cast a cloud on investor sentiment. Crude oil prices climbed over 3% Tuesday after a brief respite on Monday. The tech-heavy Nasdaq Composite ended 0.5% higher, while the Dow Jones Industrial Average ended 0.1% higher. The broad-market S&P 500 ended 0.3% higher.
In the S&P 500, energy stocks fared the best, climbing roughly 2%, CNBC reported. An increase of 1% in consumer discretionary stocks also supported the index, according to a CNBC report. Shares of MGM Resorts, Booking Holdings, and Expedia ended over 2-4% higher. The rise in these stocks came after American Airlines and Delta Airlines raised their forward guidance for the ongoing quarter.
Crude oil prices remain a key concern for investors amid the ongoing escalation in the US-Iran war. Tuesday, Israeli Defence Minister Israel Katz claimed that Iran's security chief Ali Larijani had died in air strikes carried out by Israeli armed forces. The Strait of Hormuz remains shut amid mixed messages coming from the White House regarding the possibility of escorting vessels through the key shipping route. On Monday, crude oil prices briefly dipped following reports that a US-led coalition of countries will facilitate shipping through the Strait, CNBC reported.
On Tuesday, US President Donald Trump posted on Truth Social platform that the US did not need North Atlantic Treaty Organization allies to execute its plans in the Strait. This comes after several world leaders refused to directly engage in US activities in the Iranian strait. After Trump's post, stocks came off their highs and oil prices climbed once again, indicating that investors would have preferred a coalition, CNBC reported.
Investors are also pricing in the almost-certain possibility that the US Federal Reserve will not announce any rate cuts following its policy meeting ending Wednesday. Most market participants expect the rates to be steady in the 3.50–3.75% range, according to the data available on the CME's FedWatch tool. The war in Iran, fears of a spike in inflation, and mixed signals from the job market will be among the key talking points, CNBC reported.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6716.09 | 0.25 |
|
NASDAQ Composite |
22479.53 | 0.47 |
|
Dow Jones Industrial Average |
46993.26 | 0.10 |
(Shruti Nair)
US$1 = INR 92.46
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
All prices from National Stock Exchange, unless otherwise specified.
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