Equity Alert
Indices end sharply lower on West Asia war; rupee hits new low
This story was originally published at 16:35 IST on 23 March 2026
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Equity Alert: Indices end sharply lower on West Asia war; rupee hits new low
MUMBAI--1552 IST--The benchmark indices ended sharply lower as the worsening West Asia conflict continued to weigh on investor sentiment. The Nifty 50 ended at its lowest level since April. The rupee also hit a record low against the dollar. Banking and metal companies were the major laggards.
The Nifty 50 ended at 22512.65 points, down 601.85 points or 2.6%. The BSE Sensex closed at 72696.39 points, down 1836.57 points or 2.5%. Only four constituents of the 50-stock index closed up. All the broader market indices ended around 4% lower. The Nifty 50 has fallen nearly 12% since hostilities broke out in West Asia with the US and Israel launching surprise air attacks on Iran.
HCL Technologies and Power Grid Corp. of India were the top gainers in the Nifty 50, up nearly 2%. Power Grid rose after the company guided for capital expenditure of INR 370 billion and INR 450 billion, respectively, in the financial year 2026-27 (Apr-Mar) and FY28. Infosys and Oil and Natural Gas Corp. ended marginally higher.
Shriram Finance was again the worst-hit stock in the index, falling over 6% and hitting a three-month low of INR 870.20. The stock had fallen 7% Thursday. Shares of its peers Jio Financial Services, HDFC Life Insurance Co., SBI Life Insurance Co., Kotak Mahindra Bank, State Bank of India, Bajaj Finance, and Bajaj Finserv ended 2-6% lower. Metal companies JSW Steel, Tata Steel, and Hindalco Industries ended 4-5% lower.
Among individual stocks, Titan Co., Trent, UltraTech Cement, Adani Enterprises, Bharat Electronics, InterGlobe Aviation, Adani Ports and Special Economic Zone, and Mahindra & Mahindra also ended 4-6% lower. The heavyweight HDFC Bank fell over 4%.
The rupee fell to a record low of 94.01 against the dollar. Prime Minister Narendra Modi told the Lok Sabha that the situation in West Asia is worrying and New Delhi is working to ensure that the impact of oil and gas shortages is not too severe. The May futures contract of Brent Crude remained above $110 per barrel.
In the Nifty 200 index, too, HCL Technologies and Power Grid were the big gainers. Shares of Coforge ended over 1% higher. Lodha Developers took the biggest hit, closing nearly 9% lower. Steel Authority of India ended 8% lower. Muthoot Finance ended nearly 6% lower. The gold loan provider's shares fell as gold prices fell as inflation is seen rising because of the West Asia crisis.
Among the Nifty 500 constituents, Trident was the top gainer, ending over 3% higher. Brainbees Solutions was the worst-hit, down nearly 12%. Shares of Jaiprakash Power Ventures ended over 10% lower. The stock fell after Vedanta moved the National Company Law Appellate Tribunal, challenging the INR 145-billion resolution plan of Adani Enterprises for its promoter Jaiprakash Associates. Jaiprakash Associates holds 24% in Jaiprakash Power Ventures. (Adhithya Aji)
Equity Alert: Nifty 50 March ends at discount of 14.85 points to spot index
MUMBAI--1542 IST--The March futures contract of the Nifty 50 closed at a discount of 14.85 points to the spot index Monday. Open interest in the contract rose 2.7% to 17.63 million, according to provisional data.
--Nifty 50 closed at 22512.65 points, down 601.85 points or 2.6% vs Friday
--Nifty 50 March closed at 22497.80 points, down 642.70 points or 2.8% vs Friday
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 23000, Put: 21500
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 24000, Put: 21000
(Simran Rede)
Equity Alert: Industrial diesel price hike may lift margins of OMCs - Nomura
MUMBAI--1533 IST--Oil marketing companies increased the price of industrial diesel by nearly 25% to INR 109.59 per litre, but may still post losses on these sales as the price hike won't be enough to offset the increased costs, brokerage Nomura said in a report. The marketing margins of the oil marketing companies may rise by INR 2 per litre following the price hike.
The Indian Railways, state transport businesses, mining and construction companies, captive power plants, and telecommunication towers use industrial diesel extensively, the report highlighted. While the oil marketing companies also raised the prices of premium 95-octane petrol by INR 2 per litre, the benefits will be minimal.
Prices of aviation turbine fuel are expected to rise sharply. The oil marketing companies have not announced any price hikes since the US-Iran hostilities began, but the brokerage expects the companies to effect the price hike from Apr. 1. A partial pass-through of costs to consumers may be on the table, Nomura said. "At current international prices and local taxes (excise and VAT), ATF prices have to rise to breakeven levels of INR160k/kilolitres (160,000 per kilolotres)," the brokerage said.
Monday, shares of Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. closed 4-6% lower on the NSE. Shares of the companies have lost 26-29% since the US and Israel attacked Iran at the end of February. (Ruchira Kagita)
Equity Alert: European mkt down; higher crude prices raise rate hike fears
MUMBAI--1510 IST--European indices opened lower as investors factor in inflationary pressures from the conflict in West Asia, which continues to push crude oil prices higher. This also raised risks of higher interest rates in the region if the conflict continues.
Over the weekend, both the US and Iran threatened to attack each other's energy, power, and desalination facilities which spooked market participants. Crude oil prices continued to climb with the May futures of Brent Crude oil around $113 per barrel, up more than 1% from Friday.
The pan-European Stoxx 600 fell nearly 2% in early trade. Stocks acorss sectors fell but industrials were the worst hit. Nearly all other major regional indices were down around 2%.
The closure of the Strait of Hormuz has stoked fears of inflation, leading investors to now price in 50-basis-point rate hikes by the European Central Bank this year, Reuters reported citing data compiled by LSEG. Earlier, investors had anticipated that the regulator would not hike rates.
European market participants will keep an eye on the earnings of Kongsberg Gruppen, Exor and Galp Energia, CNBC reported. Further, Spain will release its trade balance data later in the day.
Following were the levels of major European indices at 1447 IST:
|
Index |
Level |
Change in % |
| FTSE 100 Index | 9749.70 | (-)1.70 |
| CAC 40 | 7544.15 | (-)1.58 |
| FTSE MIB INDEX | 41867.16 | (-)2.27 |
| DAX PERFORMANCE-INDEX | 21981.55 | (-)1.78 |
| SLI | 1925.03 | (-)1.97 |
(Shruti Nair)
Equity Alert: Fall in precious metal futures triggers rout in metal cos, ETFs
MUMBAI--1505 IST--Shares of metal companies, particularly those involved in the financing and production of precious metals, were hit hard Monday after a decline in futures contracts of precious metals, which bled because of rising fears of a rate hike by central banks later in the year, analysts said. The hostilities between the US-Israel combine and Iran in West Asia remains a key worry for investors and rising crude oil prices are likely to lead to higher inflation, resulting in increased interest rates across the world, they added.
"The real issue (with gold and silver prices falling) is that there were expectations of (interest) rate cuts later this year, but now the arguments in favour of a rate hike look stronger," Manoj Jain, director at Prithvi Finmart, said. "There is an extreme fear in the market and this is reflected by the benchmark 10-year yield in the US shooting up in recent sessions," he added.
There are expectations that the European Central Bank and Bank of England will deliver a rate hike later in the year, Jain said. Almost 39% of Fed funds futures traders are expecting a rate hike by the US Federal Reserve in October, data from the CME Fedwatch tool showed. A week ago, this figure stood at zero.
At 1453 IST, shares of Hindustan Copper were down nearly 8%, tracking a fall of around 2% in the red metal's March futures contract on the Multi-Commodity Exchange. Shares of steel companies were also hit hard, with Steel Authority Of India, Jindal Steel, and JSW Steel trading 6-7% lower. Shares of Hindustan Zinc were down 5% and shares of its parent company, Vedanta, were down 4.5%. Mining of silver accounts for a material portion of Hindustan Zinc's revenue. The May futures contract of silver was down nearly 8%. Shares of gold financiers Muthoot Finance and Manappuram Finance were down over 3% and 6%, respectively. The April futures contract of gold was down over 6% at INR 135,339 per 10 grams on the MCX.
Shares of exchange-traded funds were also lower, with Nippon India Silver ETF down over 10% at INR 197.29. ICICI Prudential Gold ETF was down nearly 8% at INR 115.49. Tata Silver Exchange Traded Fund was down more than 10% at INR 20.03. (Eshitva Prakash)
Equity Alert: Indices face selling pressure; Nifty 50 struggles above 22600
MUMBAI--1437 IST--Benchmark stock indices faced selling pressure at higher levels and the Nifty 50 failed to maintain 22600 levels. The Nifty 50 index briefly rose above 22600, but fell to near 22500 levels again, down more than 2% from Friday.
Broader market indices saw steeper losses, with mid-cap and small-cap indices tumbling 3.5-4% intraday. All sectoral indices, barring the Nifty IT index, were in the red. The advance-decline ratio tilted strongly towards the laggards, with 90% of stocks on the NSE down.
At 1437 IST, the Nifty 50 was at 22588, down 526.50 points or 2.3%, while the BSE Sensex was at 72945.33, down 1587.63 points or nearly 2%. Of all the stocks trading on the NSE, around 900 hit their lowest level in 52 weeks. Among the 50-stock index constituents, shares of Adani Enterprises, Asian Paints, Bajaj Finance, Cipla, Interglobe Aviation, Trent, UltraTech Cement, HDFC Life, HDFC Bank, ITC, and Tata Motors Passenger Vehicles hit their 52-week lows.
The Nifty IT index emerged as the sole sectoral gainer, albeit with small gains. HCL Technologies gained over 2%, while Tech Mahindra was up over 1%. Persistent Systems and Coforge also lent support to the sectoral index.
The Nifty Consumer Durables was the top sectoral loser, down over 5%. While all the constituents of the sectoral index declined, Kajaria Ceramics, Whirpool of India, Voltas and Amber Enterprises logged sharper cuts of nearly nearly 6%. There are concerns that restricted supply of liquefied petroleum gas may impact the production of room air conditioners.
Among others, shares of fertiliser companies declined during the session. Stocks of Deepak Fertilizers and Petrochemicals Corp., Chambal Fertilisers and Chemicals, Gujarat State Fertilizers & Chemicals, National Fertilizers, Coromandel International, and Paradeep Phosphates lost 3-4% so far. India imports a significant portion of its fertilisers from West Asia, and ever since the hostilities between the US and Iran broke out, prices of urea and ammonia prices rose due to higher gas prices and supply disruptions, Antique Stock Broking said in a report. However, prices of non-urea fertilisers are stable, the firm noted.
Near-term risks are likely for the sector, but increased raw material costs may be offset by stronger subsidy support from the government, the brokerage said. Fertiliser procurement from alternative regions is expected to limit supply risks. Antique Stock Broking maintains a 'buy' call on Coromandel and Paradeep Phosphates. (Ruchira Kagita)
Equity Alert: Asian indices end sharply lower as sell-off continues
MUMBAI--1430 IST--Major Asian indices ended lower Monday amid a sell-off as the ongoing hostilities in West Asia turned investors against risky assets. South Korea's Kospi was the worst performer among its peers, weighed down by fall in stocks of shipbuilding and chipmaking companies.
The Kospi plunged over 6% as heavyweights Samsung Electronics and SK Hynix fell more than 6% and 7%, respectively. Shipping giants Samsung Heavy Industrials and HD Hyundai Heavy Industries closed over 9% and 10% lower, respectively. The Korean exchange briefly suspended trading after the Kospi 200 futures fell over 5%, CNBC reported.
Japanese indices Nikkei 225 and Topix closed lower by over 3% due to fall in the stocks of major metal companies and chipmakers. Shares of Kobe Steel fell over 3%, and those of Nippon Steel and JFE Steel ended around 1.4% lower. Australia's S&P/ASX 200 ended 0.7% lower as the country's mining and resources sector is vulnerable to selling pressure due to situation in West Asia. Stocks of mining major Rio Tinto closed nearly 2% lower.
Following were the levels of major Asian indices at 1407 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4417.99 | (-)3.26 |
|
Hang Seng Index |
24382.47 | (-)3.54 |
|
Nikkei 225 Day |
51515.49 | (-)3.48 |
|
TOPIX FIRST SECTION |
3486.44 | (-)3.41 |
|
KOSPI |
5405.75 | (-)6.49 |
|
FTSE Singapore Strait Times |
4835.87 | (-)2.28 |
|
S&P/ASX 200 Index |
8365.90 | (-)0.74 |
(Shruti Nair)
Equity Alert: Power Grid rises 2?ter revising guidance for capex
MUMBAI--1428 IST--Shares of Power Grid Corp. of India rose nearly 2% to the day's high of INR 302.70. The stock rose after the company gave a guidance to spend INR 370 billion and INR 450 billion as capital expenditure in 2026-27 (Apr-Mar) and FY28, respectively. Power Grid Corp. also said it has incurred capital expenditure of INR 355.40 billion in FY26, higher than even the revised guidance of INR 320 billion that the company updated in February.
The company said it revised the guidance on the back of strong execution visibility. Power Grid gave guidance of INR 300 billion for project capitalisation in FY27 and INR 350 billion for FY28. The company has works of INR 1.48 trillion in hand, and of this, INR 490 billion of works are in progress. The company expects to potentially win projects to the tune of INR 7.5 trillion over the coming decades. The state-owned power company also achieved 91% of its FY26 capitalisation, which is INR 227.49 billion, according to an investor presentation.
At 1424 IST, shares of the company were over 1% higher at INR 300.95. Over 15 million shares of the company changed hands, higher than nearly 11 million shares traded till the same time Friday. The stock was among the few that traded higher in the Nifty 50, which was down over 2%. (Adhithya Aji)
Equity Alert: Nifty 50 seen ending at 22400-22500 pts; may not fall more
MUMBAI--1355 IST--The headline equity indices are expected to stay around their current levels with the Nifty 50 ending the day at 22400-22500 points, according to three technical analysts. The market is expected to fall further in the coming days as the conflict in West Asia continues, with sentiment remaining negative. However, analysts do not see the 50-stock benchmark falling below 22400 points Monday. At 1350 IST, the Nifty 50 was at 22619.10, down 495.40 points or 2.1%. The BSE Sensex was at 73030.63, down 1502.33 points or 2%. Only six constituents of the 50-stock index were up.
While the index may not fall further Monday, technical analysts expect it to decline more in the week if there is further escalation in the hostilities between the US-Israel combine and Iran. The Nifty 50 is expected to test the 22000-point level this week and is almost certain to end the week in the red, analysts said. Market participants will wait and watch for further developments in the geopolitical crisis and will be wary of investing in equities, they said.
Any escalation in the West Asia conflict could drag the index down a further 500 points Tuesday, they said. Immediate support for the Nifty 50 for Tuesday is pegged at 22300-22200 points and immediate resistance is seen at 22700-22800 points, according to the three technical analysts.
Volatility in the market is likely to remain high after US President Donald Trump issued a 48-hour ultimatum to Iran over the weekend, warning of direct strikes on its power infrastructure if the key shipping route of the Strait of Hormuz is not reopened. This took the India VIX, the fear gauge of the Indian market, to its highest level since June 2024. At 1350 IST, the indicator was 16.6% higher at 26.5975.
The worsening geopolitical crisis also pushed crude oil prices higher and the May contract of Brent Crude on the Intercontinental Exchange was up for the fifth consecutive session Monday. At 1350 IST, the contract was 1.1% higher at $113.40 per barrel. (Simran Rede)
Equity Alert: Most cement cos dn as crude oil price rises amid West Asia war
MUMBAI--1345 IST--Shares of most cement companies declined amid a rise in crude oil prices as US-Iran hostilities weighed on sentiment. UltraTech Cement and Ambuja Cements were down 5?ch, hitting their respective one-year lows.
"Rising crude oil prices are impacting the operational margins of cement companies," Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market, said. This has led to the sharp fall in cement stocks, he said.
At 1344 IST, the May futures contract of Brent Crude oil was trading slightly higher than the previous close at $113.28 per barrel.
The Nifty 50 constituent, UltraTech Cement, fell over 5% to an over-one-year low of INR 10,356. At 1307 IST, over 334,000 shares of the company have changed hands on the exchange, higher than over 159,000 shares traded till the same time Friday.
At 1333 IST, shares of Ambuja Cements were trading 5% lower at INR 399.95. So far, 2 million shares of the company have changed hands on the exchange, higher than over 1 million shares traded till the same time Friday. The stock plunged to its nearly three-year low of INR 398.20.
At 1332 IST, stocks of other cement companies such as Shree Cement, ACC, and JK Cement were down around 3?ch. (Arundathi A R)
Equity Alert: Some IT cos maintain gains in a weak mkt; HCL Tech up over 1%
MUMBAI--1315 IST--Some information technology stocks managed to hold on to gains despite market sentiment being bearish. HCL Technologies and Tech Mahindra were the top gainers in the Nifty 50 index. They were up 1.4% and 0.7%, respectively. Though down 0.5%, the Nifty IT index was better off than other sectoral indices. The biggest laggard in the IT index was LTIMindtree, which was down 4.1%. Shares of Coforge and Persistent Systems were up nearly 1?ch.
The rupee's persistent fall against the dollar will likely provide tailwinds for foreign exchange-related benefits, some analysts added. Accenture raising the lower band of its sales growth guidance for 2025–26 (Sept-Aug) also helped investor sentiment. Accenture's earnings are a key bellwether for IT companies as it provides cues on new contract appetite of US IT firms.
Artificial intelligence is more of an enabler than a disruptor for Indian IT players, YES Securities said in a report. Unlike developed markets, which are heavily reliant on technology, India is likely to benefit from AI in the medium term without major structural risks, the brokerage said.
Coforge was in the spotlight after brokerage firm UBS initiated coverage on the stock with a 'neutral' call and a target price of INR 1,240, CNBC-TV 18 reported. The mid-cap IT company's revenue is expected to grow at compounded annual growth rate of 15% between FY26 and FY28, the brokerage said. Motilal Oswal Financial Services has retained its 'buy' recommendation on the stock but trimmed its target price to INR 1,880 from INR 2,500. The recent correction makes the stock attractive despite near-term risks, the brokerage said. (Ruchira Kagita)
Equity Alert: Broader indices fall sharply; mid-caps, small-caps dn 4?ch
MUMBAI--1307 IST--All the broader market indices fell sharply, mirroring the losses in their benchmark peers. The Nifty mid-cap and small-cap indices fell around 4?ch, with all of them hitting around six-month lows.
The Nifty Smallcap 250, which hit a six-month low of 14183.90 points, was weighed down by shares of Aarti Industries and Anant Raj. These stocks fell over 5?ch. The Nifty Smallcap 100 notched a six-month low of 15027.60 points as well, dragged down by the shares of Brainbees Solutions, which plunged over 10%. The stock was the worst hit stock among Nifty 500 constituents. The Nifty Smallcap 50 hit a six-month low of 7358.70 points. An over 7?ll in the shares of Bandhan Bank weighed on the index.
The Nifty Midcap 50 index fell to its lowest level in six months at 14976.05. Shares of Muthoot Finance were the major drag on the index. Shares of the gold loan provider fell nearly 8% amid a sharp fall in prices of gold as the ongoing military action in West Asia between the US and Iran has sparked fears of inflation. Amid higher inflation risks, central banks around the world are likely to hike interest rates.
The Nifty Midcap 100 hit a six-month low of 52650.75, with shares of Bharat Dynamics being the major drag; the stock fell 7%. The Nifty Midcap 150 hit a six-month low of 19414.95 as well. Shares of AWL Agri Business, which fell nearly 9%, were a major drag on the Nifty Midcap 150.
The benchmark Nifty 50 and Sensex remained sharply lower. Further escalation of the West Asia crisis and surging crude oil prices added to the negative sentiment among investors. At 1303 IST, the Nifty 50 was at 22485.30, down 629.20 points or 2.7%, and the BSE Sensex was at 72599.61, down 1933.35 points or 2.6%. The May futures of Brent Crude oil were above $100 per barrel. Meanwhile, the rupee hit a record low of 93.94 against a dollar. (Adhithya Aji)
Equity Alert: Jaiprakash Power down 10% as Vedanta challenges bid for promoter
MUMBAI--1248 IST--Shares of Jaiprakash Power Ventures fell over 10% to the day's low of INR 14.71 on the NSE Monday after Vedanta moved the National Company Law Appellate Tribunal, challenging Adani Enterprises' INR 145-billion resolution plan for its promoter Jaiprakash Associates. Jaiprakash Associates holds 24% stake in Jaiprakash Power Ventures, according to the latest shareholding data.
Vedanta said the committee of creditors had supported a plan offering higher cash payment upfront while rejecting its proposal, which offered higher overall value and net present value for Jaiprakash Associates. The Vedanta group had put in a bid of INR 170 billion, and Adani Enterprises had offered INR 145 billion for the debt-ridden company.
Vedanta termed the process followed by the committee of creditors of Jaiprakash Associates in approving the plan as "unfair, opaque, and inequitable". Vedanta said there was irregularity in the procedure adopted to approve Adani Enterprises' resolution plan. Therefore, the plan must be set aside and the committee of creditors should decide afresh on a resolution plan for the takeover of the company.
At 1247 IST, shares of Adani Enterprises were down nearly 5% and shares of Jaiprakash Power Ventures were down over 9%. (Eshitva Prakash)
Equity Alert: Aviation shrs fall; InterGlobe Aviation dn 6%, SpiceJet dn 10%
MUMBAI--1230 IST--Shares of InterGlobe Aviation and SpiceJet fell as much as 6% and 10%, respectively, Monday. Civil Aviation Minister Ram Mohan Naidu Friday said the impact of the rise in aviation turbine fuel prices would be visible from Apr. 1, according to media reports. The government is currently taking feedback from airlines on the economic impact and will assess what can be done "in the interest of passengers," he said.
Echoing similar concerns, Campbell Wilson, chief executive officer of Air India, Friday said that although spot prices for jet fuel have more than doubled, most of the impact will be felt next month, according to a CNBC-TV18 report. He also pointed out that some global carriers have already cut flights due to elevated fuel costs, and added that Air India may have to adjust its schedule depending on how fuel costs, airfares and passenger demand evolve.
In another development, the Ministry of Civil Aviation withdrew the temporary ceiling on airfares, imposed in the wake of the large-scale flight disruptions by IndiGo airlines in December. The order is effective from Monday. This move comes after Indian carriers warned the government of mounting financial stress, saying the fare restrictions were unsustainable amid rising fuel costs and operational disruptions, The Economic Times reported.
At 1212 IST, shares of InterGlobe Aviation, the parent company of Indigo airlines, traded 5.6% lower at INR 3,918.50 Intraday, the stock fell over 6% to INR 3,895, its lowest price since Nov. 14, 2024. Global brokerage Goldman Sachs trimmed its target price on the stock by over 13% to INR 5,200 while maintaining 'buy' call on the stock, according to a NDTV Profit report. The revised target price, however, still indicates an over 25% upside from the stock's previous close.
"In the near term, with oil prices remaining volatile and the near term earnings outlook weakening meaningfully, we bake in almost no profit for FY27, and note that the stock may also remain volatile," the report said, citing analysts at Goldman Sachs. They have lowered IndiGo's international capacity for June quarter focused on the Middle East and increased per litre cost of jet fuel which is the top expense of an airline.
The brokerage now expects the company to report earnings before interest, taxes, depreciation, amortisation, and rentals of around INR 137 billion in 2025-26 (Apr-Mar), down from INR 183 billion projected earlier. For FY27, it expects the EBITDAR to be INR 159 billion, down from INR 258 billion estimated earlier. The earnings per share estimate for FY26 has also been reduced by 148% and FY27 by 121%, the report said. However, the brokerage
highlighted potential market share gains for IndiGo amid industry consolidation and the airline's strong net cash position.
At 1212 IST, shares of SpiceJet traded at INR 11.24 on the NSE, up nearly 7% from the previous close. Intraday, the stock plunged nearly 10% to INR 10.85, its lowest price since Oct. 27, 2008. (Arya S. Biju)
Equity Alert: Gold loan cos down on drop in gold prices amid West Asia war
MUMBAI--1213 IST--Shares of gold loan financiers Muthoot Finance and Manappuram Finance fell amid the drop in gold prices due to the West Asia crisis. Muthoot Finance fell nearly 7% to the day's low of INR 3,085 and Manappuram Finance fell nearly 5% to a six-month low of INR 246.40.
The fluctuations in gold prices remain a key risk for Muthoot Finance, Geojit Investments said in a report. The country's largest non-banking financial company in gold loans by portfolio, held 205 tonnes of gold as collateral as of the December quarter, according to the brokerage. However, this was lower than the 209 tonnes reported in the corresponding quarter a year ago. Despite the risk of gold price volatility, Muthoot Finance maintains a comfortable margin of safety of about 43%, which helps limit potential credit risk, Geojit said.
Futures contracts of gold on the Multi Commodity Exchange of India plunged, tracking losses of the metal on COMEX. The ongoing military action in West Asia between the US and Iran has sparked fears of inflation. Crude oil prices surged nearly 56% since the beginning of hostilities in the region. Amid higher inflation risks, central banks around the world are likely to hike interest rates. At 1205 IST, the April futures of gold were at INR 133,878 per 10 gm, down nearly 8% from the previous close of INR 144,597 per 10 gm.
At 1211 IST, shares of Muthoot Finance were nearly 7% lower at INR 3,087 and shares of Manappuram Finance were over 4% lower at INR 247.95. Muthoot Finance was among the worst hit stocks in the Nifty 200. (Adhithya Aji)
Equity Alert: UBS ups CG Power target price by 10%, maintains 'buy' call
MUMBAI--1155 IST--Brokerage UBS has raised its target price on CG Power and Industrial Solutions by almost 10% to INR 900 per share, while maintaining its 'buy' recommendation on the stock. The company is at an inflection point and its industrial weakness across orders, margins, and rail executions are largely behind it, CNBC-TV18 reported, quoting the brokerage.
CG Power is well positioned in the power segment with timely capacity expansion and improving export visibility, according to the brokerage. After the qualified institutional placement, the company's strong cash position has aided its product portfolio expansion, CNBC-TV18 reported UBS as saying. Its outsourced semiconductor assembly and test unit remains scalable over time, according to the brokerage.
At 1144 IST, shares of CG Power were over 5% lower at INR 646.65 on NSE. So far, nearly 2 million shares of the company have changed hands on the exchange, higher than the number of shares traded till the same time Friday.
All the three brokerage recommendations available with Informist on the company have a 'buy' call on the stock. (Arundathi A R)
Equity Alert: Risks to Petronet LNG shrs limited despite LNG crisis - Nomura
MUMBAI--1131 IST--Shares of Petronet LNG fell nearly 9% intraday and hit a two-year low of INR 235.35 as hostilities in West Asia escalated. However, the constrained supply of liquefied natural gas may not impact the company's share price significantly since the purchases are done through use-or-pay contracts, brokerage Nomura said in a research report.
Petronet LNG buys 7.5 million tonnes of LNG from Qatar Energy's volume-linked contracts, Nomura noted. Since most of this is on a use-or-pay basis, the company will continue to book revenues, the brokerage said. However, these cash flows are unlikely to be realised soon, limiting risks to the company's share price. "The impact on our target price is minimal given this is just a timing issue for cash flows for only a year," Nomura said.
Nomura retains its 'buy' stance on Petronet LNG, with a target price of INR 340. The brokerage estimates that if 100% of use-or-pay cash flows are delayed by three years, the stock's target may still fall only to INR 335. However, if the use-or-pay contracts are written off, the impact on Petronet's 2026-27 (Apr-Mar) earnings before interest, tax, depreciation and amortisation will be significant, according to Nomura. Between 6% and 60% impact is seen in the metric for around 10-100% of write-offs of use-or-pay revenues for the same period, respectively.
At 1131 IST, shares of Petronet LNG were down nearly 8% at INR 236.85. The stock has shed 27% since the US and Israel initiated attacks on Iran at the end of February. (Ruchira Kagita)
Equity Alert: Indices extend losses as crude rises; metal stocks laggards
MUMBAI--1115 IST--Domestic stock indices extended losses in early trade due to a fall in shares of metal companies and financial service providers. Most heavyweight index stocks were down as crude oil prices continue to climb.
Morgan Stanley in a research note said if oil prices rise to $120 per barrel, it could pose significant risks to growth in Asia. Elevated commodity prices could force central banks in India, Philippines, and Indonesia, among others, to hike rates in the upcoming quarter if hostilities in West Asia persist, Dow Jones Newswires reported. At 1110 IST, May futures of Brent crude were at $112.61 per barrel.
At 1110 IST, the Nifty 50 was at 22557.45, down 557.05 points or 2.4% and the BSE Sensex was at 72805.31, down 1727.65 points or 2.3%. Only five constituents of the Nifty 50 were up.
Select information technology stocks saw modest gains, with HCL Technologies up nearly 1%, while Tech Mahindra and Tata Consultancy Services were up marginally. Oil and Natural Gas Corp. was the top-performing stock in the index, up over 1% amid high oil prices.
Shares of Tata Steel, JSW Steel, and Hindalco Industries were down nearly 4-5%. Shares of financial services providers such as Shriram Finance, Bajaj Finance, and Jio Financial Services were down 4-6%, with Shriram Finance being the worst performer in the 50-stock index.
Index heavyweights ICICI Bank and HDFC Bank were down around 2% and 3%, respectively. State Bank of India, Kotak Mahindra Bank, and Axis Bank were also down around 2-3%.
All sectoral indices were in the red, with the Nifty Metal witnessing the steepest fall, down over 4%. The Nifty IT fell the least, down only 0.2%, supported by the stocks of select companies. All broader market indices fared worse than the benchmark, falling around 3% with the Nifty Smallcap 100 down 3.5%.
Among midcaps, shares of Persistant Systems was the only stock trading with gains, showing marginal gains. In the Nifty 500, Sun TV Network was up 1.7%, while Jaiprakash Power Ventures was the worst hit and it was down nearly 10%. (Shruti Nair)
Equity Alert: Morgan Stanley cautious on gas producers; prefers oil cos
MUMBAI--1101 IST--Global brokerage firm Morgan Stanley prefers oil marketing companies over gas companies as it highlights that disruptions to liquefied natural gas infrastructure in Qatar have tightened global gas markets. The brokerage said that the disruptions due to the West Asia crisis have reversed earlier expectations of oversupply and pushed gas prices higher, NDTV Profit reported, citing Morgan Stanley.
Morgan Stanley said that the LNG supply disruptions are likely to rebalance global markets and estimated the disturbance to extend further into 2026. This has raised the demand for alternative fuels such as coal and diesel, while limiting the growth for gas, Morgan Stanley said. Upstream oil companies, coal, fertilisers, and select power producers are emerging as beneficiaries, while gas-linked businesses are likely to see slower consumption growth due to higher input costs, the brokerage added.
Morgan Stanley maintained "overweight" recommendations on the stocks of oil explorers Oil India and Oil and Natural Gas Corp. The brokerage has raised the target price on the stock of Oil India by nearly 24% to INR 563. Morgan Stanley also hiked the target price on ONGC by over 21% to INR 363. The brokerage estimate stronger free cash flow visibility for these companies supported by elevated oil prices and firm global energy spreads.
At 1040 IST, shares of ONGC rose nearly 1% to INR 267.40 while shares of Oil India fell over 1% to INR 469.60. ONGC was among the top gaining stocks in theNifty 50, Nifty 200 and Nifty 500 indices.
In contrast, Morgan Stanley downgraded the stocks of GAIL (India) and Petronet LNG to "equal-weight" from "overweight". The target price on GAIL was trimmed by over 36% to INR 150, while the target on Petroet LNG was cut by over 19% to INR 276. Morgan Stanley said the demand for gas remains highly price sensitive and elevated LNG prices could weigh on volume growth. At 1040 IST, shares of Petronet LNG were at INR 238.65, down over 7%, while shares of GAIL were over 4% lower at INR 136.97. The stock of Petronet was among the worst hit in the Nifty 500 index. (Adhithya Aji)
Equity Alert: Motilal Oswal cuts Coforge target price, UBS starts at 'neutral'
MUMBAI--1100 IST--Motilal Oswal Financial Services revised its target price for Coforge to INR 1,880 from INR 2,500, while retaining a 'buy' recommendation. Brokerage UBS Group AG initiated coverage on the stock and gave a 'neutral' recommendation with a target price of INR 1,240 apiece.
Motilal Oswal said Coforge's recent share price correction made the stock attractive despite near-term risks from its exposure to the travel vertical and West Asia amid the ongoing US–Iran conflict. Since the West Asia conflict broke out, shares of Coforge have witnessed a decline of 9-10% and underperformed some of its peers by 2-9%, the brokerage said in its report.
The brokerage estimates attractive valuation for the stock with 19 times the price-to-earnings ratio of 2026-27 (Apr-Mar) and 15 times the FY28 price-to-earnings ratio. The stock is trading close to multiples of information technology companies with large market capitalisation, according to the brokerage. Motilal Oswal expects Coforge to remain among the fastest-growing IT firms in the middle market capitalisation category due to a strong order book and opportunities from the Cigniti acquisition.
At 1103 IST, shares of Coforge traded nearly 1% lower at INR 1,083.70 apiece on the National Stock Exchange. So far, 1 million shares of the company have changed hands on the exchange, higher than those traded till the same time Friday. (Prateem Rohanekar)
Equity Alert: Innovision lists at INR 466 on BSE, 10% discount to issue price
MUMBAI--1040 IST--Shares of Innovision listed at INR 466 on BSE Monday, a discount of over 10% to the issue price of INR 519. On the National Stock Exchange, the company listed at INR 467.70, a discount of around 10% to the issue price. At 1033 IST, shares of the company traded at INR 389.50 on the NSE, down around 25% from the issue price. Over 6 million shares of the company changed hands on the NSE so far.
The initial public offering of the company, which closed Friday, was subscribed 3.3 times, with the company receiving bids for 21.27 million shares, against 6.40 million shares on offer. After seeing a weak response in the initial three days, the public offer was extended by another three days.
Innovision provides services such as manned private security, integrated facility management services, workforce sourcing, toll plaza management, and payroll management. For the six months ended September, it had reported a net profit of INR 203.23 million on revenue of INR 4.80 billion on a consolidated basis. (Ashvita Chalke)
Equity Alert: Metal cos dn as West Asia tensions escalate; Tata Steel dn 5%
MUMBAI--1030 IST--Shares of metal companies were down in early trade Monday as the escalation of hostilities between the US and Iran paved way for a rise in steel prices. This is likely to lead to an economic slowdown.
At 1026 IST, shares of Tata Steel, Hindalco Industries, Vedanta, Welspun Corp., Steel Authority of India, National Aluminium Co., JSW Steel, and Adani Enterprises were down 5.5–3.4%. The Nifty Metal index was down over 4%.
Global steel prices continued on an upward trajectory during the last week, led by stronger momentum in India, according to Nomura Financial Advisory and Securities. The price of domestic hot rolled coil in India rose by INR 750 per tonne to INR 56,650 per tonne, the brokerage said in a research report.
Futures contracts of aluminium and silver on the Multi Commodity Exchange plunged nearly 1% and 6%, respectively. This was due to fears of a rise in inflation on the back of an escalation in the ongoing military hostilities in West Asia.
US President Donald Trump issued new warnings to Iran over the Strait of Hormuz over the weekend. He threatened to "obliterate" Iran's power plants if it did not fully reopen the Strait of Hormuz within 48 hours, according to a Reuters report. (Arundathi A R)
Equity Alert: Indices open sharply sharply lower as West Asia crisis escalates
MUMBAI--0941 IST--Benchmark indices opened sharply lower Monday as the US and Iran threatened to intensify military action in West Asia. The US indices had ended lower Friday and Asian markets were also down. Crude oil price ruled above $110 per barrel. Metal stocks were the major laggards in the indices.
At 0939 IST, the Nifty 50 was at 22715.65, down 398.85 points or 1.7% and the BSE Sensex was at 73274.05, down 1258.91 points or 1.7%. The 50-stock index hit its lowest level since April. Oil and Natural Gas Corp. and HCL Technologies were the sole gainers in the Nifty 50, up nearly 1?ch. These stocks were the top gainers in the Nifty 200 as well.
In the early minutes of trade, all the constituents of the Nifty 50 were in the red. Tata Steel, JSW Steel, and heavyweight banking stock HDFC Bank were the worst hit constituents in the index. They fell around 3?ch. Financial services companies State Bank of India, Shriram Finance, Jio Financial Services, HDFC Life Insurance Co., SBI Life Insurance Co., Axis Bank, Bajaj Finance, and Kotak Mahindra Bank were down 2-3%.
Shares of InterGlobe Aviation fell nearly 2%. The global brokerage firm Goldman Sachs has cut the target price on the stock of the company by over 13% to INR 5,200 from INR 6,000 and maintained a 'buy' recommendation. UltraTech Cement, Titan Co., Adani Enterprises, Trent, Adani Ports and Special Economic Zone, and Tata Consumer Products fell around 2?ch as well.
All the broader market indices opened lower. They were down around 2?ch. All the sectoral indices also mirrored the losses in their benchmark peers. Nifty Metal and Nifty PSU Bank fell over 3?ch.
Monday, the rupee hit a record low of 93.9050 against a dollar. At 0943 IST, the domestic currency was at 93.9000, down 0.2%. The May Futures of Brent Crude hit a high of $114.35 per barrel. At 0937 IST, the May futures contract of Brent Crude was at $112.91 per barrel. The ongoing war in West Asia has continued to spark supply disruption worries among investors. Iran warned that it would target energy and water infrastructure across the Gulf if US President Donald Trump followed through with his threat to attack Tehran's electricity grid, Reuters reported.
Among the Nifty 200 constituents, metal companies Hindustan Zinc and its parent company Vedanta were the worst hit stocks. They were down 5?ch. Adani Total Gas fell nearly 5%. Shares of oil marketing company, Hindustan Petroleum Corp. fell over 4% amid higher crude oil prices.
Praj Industries was the top gainer among the Nifty 500 constituents. The stock rose over 1%. In contrast, Jaiprakash Power Ventures was the worst hit in the index. The stock fell nearly 8%. (Adhithya Aji)
Equity Alert: Indices may open dn on negative global cues, volatile oil price
MUMBAI--0835 IST--Benchmark stock indices are expected to open sharply lower Monday, tracking their Asian peers, which fell in early trade after the US and Iran threatened to intensify hostilities as the war enters its fourth week. Oil prices remained volatile in early trade, with the May futures contract of Brent Crude Oil trading slightly higher than the previous close at $112.36 per barrel at 0815 IST.
Over the weekend, US President Donald Trump issued new warnings to Iran over the Strait of Hormuz. He threatened to "obliterate" Iran's power plants if it did not fully reopen the Strait of Hormuz within 48 hours. This was barely a day after he talked about "winding down" the war, Reuters reported. Following this, Iran warned that it would attack US-linked infrastructure, including energy and desalination facilities in the Gulf region, if Trump carried out his threat.
Additionally, persistent selling of domestic equities by foreign institutional investors continues to dent the market sentiment. The volume and intensity of foreign portfolio investors' selling increased in recent days when the West Asia conflict escalated, V.K. Vijayakumar, chief investment strategist at Geojit Investments, said in a note Sunday. They were net sellers on all trading days in March and had net sold domestic equities worth around INR 882 billion so far in the month.
At 0805 IST, the March futures contract of the Gift Nifty traded at 22799 points, up over 300 points from the Nifty 50's previous close. The Gift Nifty is indicating another round of gap-down opening for the domestic market, Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market, said. "The technical chart structure is weak and a sustained trading below 22800 (points) could drag it (Nifty 50) towards 22000-21800 spot levels in the immediate near term. On the flip side, the 23400-23600 spot zone will act as an immediate resistance on the higher side," he said.
Shares of domestic pharmaceutical companies are expected to be in focus Monday after several of them announced the launch of generic versions of Semaglutide in lower prices upon expiry of the drug's patent in India on Friday. (Arya S. Biju)
Equity Alert: Asian indices tumble amid sell-off due to US-Iran war
MUMBAI--0830 IST--Asian indices tumbled in early trade with South Korea's Kospi falling over 5% due to sell-off stemming from a de-risking sentiment as the US-Iran war intensified. On Monday, crude oil prices climbed past $112 per barrel despite a brief fall in
early trade. At 0822 IST, May futures of Brent Crude oil were at 112.65 per barrel. Crude oil prices have climbed over 55% from their pre-war levels. The surge in oil prices has hit Asian equities hard as most countries in the region are heavily dependent on imports from West Asia.
Japan's Nikkei 225 and the broader-market Topix slid over 3%. MSCI's broadest index of Asia-Pacific shares outside Japan also fell 3% during early trade, Reuters reported.
Over the weekend, US President Donald Trump threatened to attack Iran's electricity grid if the country did not re-open the key trade route of the Strait of Hormuz within 48 hours. In response, Iran Sunday said it would attack energy and water facilities in the Gulf if the US made good on its threat. The Strait of Hormuz, which controls 20% of global oil shipping, has remained shut since the start of the US-Iran war on Feb. 28.
"The war could still go on for many weeks yet and see oil prices rise say to $150 a barrel...and the steady destruction of energy infrastructure means it will take longer to get supply back to normal," Shane Oliver, head of investment strategy at fund manager AMP, told Reuters.
Further, analysts at HSBC highlighted Singapore jet fuel was up 175% this year to a multi-decade high, while Asian liquefied natural gas had climbed 130%, Reuters reported. Rising energy has seen markets prepare for an inflationary environment and price in rate hikes across most developed nations, according to the Reuters report.
Following were the levels of major Asian indices at 0813 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4499.51 | (-)1.48 |
|
Hang Seng Index |
24473.71 | (-)3.18 |
|
Nikkei 225 Day |
51582.23 | (-)3.35 |
|
TOPIX FIRST SECTION |
3499.26 | (-)3.05 |
|
KOSPI |
5488.48 | (-)5.06 |
|
FTSE Singapore Strait Times |
4852.18 | (-)1.95 |
|
S&P/ASX 200 Index |
8387.90 | (-)0.48 |
(Shruti Nair)
Equity Alert: US indices end down Friday as hostilities in West Asia continue
MUMBAI--0722 IST--Major US stock indices closed in the red on Friday as tensions mount in the US-Iran war. Over the weekend, both countries traded threats as the conflict in West Asia enters its fourth week. Futures of major US indices were nearly flat on Sunday, while oil prices continued their climb with the May futures of Brent Crude oil touching $112 per barrel.
Over the weekend, US President Donald Trump gave Iran a 48-hour deadline to reopen the Strait of Hormuz or risk an attack on Iranian power plants, CNBC reported. The Strait of Hormuz is a key shipping route and controls 20% of global oil shipping. The trade route has been shut since the beginning of the conflict in West Asia, leading to a surge in crude oil prices. At 0722 IST, May futures of Brent Crude oil were at 111.90 per barrel, up nearly 54% since before the US and Israel attacked Iran. In response to Trump's threats, Iran said it would attack US energy and desalination facilities among others in the Gulf, if its power infrastructure was attacked, CNBC reported.
"The risk-off sentiment could worsen substantially this week, with the first visible macro effects in a deluge of global PMI (purchasing managers index) data. Portfolio de-risking could continue, making cash a viable asset again," Ben Emons, chief investment officer and founder of Fed Watch Advisors, told CNBC.
Market participants will keep an eye on the US flash purchasing managers index, due Tuesday. They will also watch out for support levels of major indices, as the S&P 500 last week breached below its 200-day moving average for the first time since May 2025, according to CNBC.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6506.48 | (-)1.51 |
|
NASDAQ Composite |
21647.61 | (-)2.01 |
|
Dow Jones Industrial Average |
45577.47 | (-)0.96 |
(Shruti Nair)
US$1 = INR 93.97
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
All prices from National Stock Exchange, unless otherwise specified.
All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.
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