Equity Alert
European indices dn as crude oil futures touch $110/bbl again
This story was originally published at 15:21 IST on 27 March 2026
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Equity Alert: European indices dn as crude oil futures touch $110/bbl again
MUMBAI--1444 IST--Major European indices fell during early trade as investors remain wary of the developments in West Asia even as US President Donald Trump delayed further strikes on Iran until Apr. 6. Despite Trump's announcement, crude oil prices continued to climb Friday with the May futures of brent crude at $109.62 per barrel, up 2%.
The pan-European Stoxx 600 was down more than 1% during early hours. Germany's Dax was the worst hit index in the region. Index heavyweights Siemens AG and Deustche Telekom were down over 2% and 1%, respectively. Shares of Pernod Ricard were up 3?ter it said it was in discussions with Brown-Forman, the owner of Jack Daniels, regarding a merger.
The surge in crude oil prices has hit European indices hard as the region is dependent on shipments through the Strait of Hormuz, which has been shut since the start of the US-Iran conflict. Higher energy costs remain a concern that can lead to higher inflation. Subsequently, 71% of the market participants expect an interest rate hike by the European Central Bank in April, worse than the expectations of no rate hike this year before the US attacked Iran, Reuters reported.
Friday, the meeting of G7 foreign ministers in France entered its second day with the ongoing conflicts in Iran and Ukraine being top priority.
Following were the levels of major Asian indices at 1442 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 9909.87 | (-)0.62 |
| CAC 40 | 7706.44 | (-)0.81 |
| FTSE MIB Index | 43390.86 | (-)0.71 |
| DAX PERFORMANCE-INDEX | 22294.51 | (-)1.41 |
| SLI PR | 1998.84 | (-)0.77 |
(Shruti Nair)
Equity Alert: Nifty 50 extends losses; mid-cap, small-cap indices dn 2?ch
MUMBAI--1433 IST--Benchmark indices extended losses and the Nifty 50 remained below 23000 points. The broader market indices mirrored the benchmark indices with the small-cap and the mid-cap indices falling at least around 2?ch.
At 1432 IST, the Nifty 50 was at 22874.45 points, down 432 points, or 1.9%, and the BSE Sensex was at 73770.88 points, down 1502.57 points, or 2%. Trading remained volatile during the session on Friday. The India VIX shot up more than 8% to over 26 points.
Among sectoral indices, the Nifty PSU Bank declined the most by over 3%. All the constituents of the index traded in the red. Bank of Baroda, UCO Bank, Punjab National Bank fell over 4?ch. Shares of HDFC Bank were down almost 3%, while those of Kotak Mahindra Bank, IndusInd Bank, Bandhan Bank fell 1.5-3%.
Even though stocks of large private banks saw weak performance so far this financial year, they are still preferred due to lenders' strong balance sheets, earnings visibility, and risk management, Motilal Oswal Financial Services said in a research report. However, caution stemming from slow loan growth and competition also exists, Motilal Oswal said. Public lenders outperformed private lenders this year. Improving outlook, robust asset quality, and continuing profitability are aiding public sector banks, the brokerage added.
Barring Brigade Enterprises, all constituents of the Nifty Realty index traded in the red. A 3.5-4?ll in shares of Prestige Estates Projects, Lodha Developers, and Godrej Properties weighed on the index. Brigade Enterprises was among the top performers in the Nifty 200 universe during the first-half of the trading session, but the stock saw a significant intraday fall. At 1415 IST, shares of Brigade Enterprises were up 2.3%, as compared to 12?rlier.
Among others, Hindustan Petroleum Corp. and Indian Oil Corp. slipped into negative territory after opening sharply higher. Both stocks were down 0.2-0.8%. The central government's excise duty cut boosted sentiment for oil marketing companies, but they could not hold on to their gains. Crude oil prices at nearly $110 per barrel likely dampened sentiment. (Ruchira Kagita)
Equity Alert: Asian indices end mixed; tech stocks weigh down Nikkei, Kospi
MUMBAI--1415 IST--Asian indices ended mixed amid conflicting messages regarding the US-Iran conflict. China's CSI 300 led the gains, while Japan's Nikkei 225 was the worst performer.
China will release purchasing managers' index data next Tuesday. A research note by economists at the ING Group said that China's factory activity returned to the neutral mark in March hinting at a stabilising industrial momentum, Dow Jones Newswires reported. ING estimates the official manufacturing purchasing managers' index to reach 50.0 in March, up from 49.0 in February, after the gauge was in the contraction territory for 10 out of the past 11 months. "A move to 50 or above would be welcome news," ING said.
Japan's Nikkei 225 closed lower, dragged down by the stocks of chipmakers. Shares of chipmakers Tokyo Electron and Advantest Corp. were down 3% and 4%, respectively, tracking the fall in prominent US technology stocks, with shares of Nvidia closing over 4% lower on Thursday. However, the broad-market Topix closed marginally higher and index heavyweight Toyota Motor Corp. closed 0.6% higher. Shares of most technology and electronics manufactures limited the gains in the index.
South Korea's Kospi ended lower for the second consecutive session. Samsung Electronics and SK Hynix ended 0.2% and 1% lower, respectively.
In other news, refiners in Asia have started to switch to global benchmark ICE Brent instead of Dubai crude while pricing purchases of US crude oil due to the volatility in the West Asian benchmark, Reuters reported.
Following were the levels of major Asian indices at 1412 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4502.5698 | 0.56 |
| Hang Seng Index | 24951.88 | 0.38 |
| Nikkei 225 Day | 53373.07 | (-)0.43 |
| TOPIX FIRST SECTION | 3649.69 | 0.19 |
| KOSPI | 5438.87 | (-)0.4 |
| FTSE Singapore Strait Times | 4898.5 | 0.22 |
| S P/ ASX 200 INDEX | 8516.3 | (-)0.11 |
(Shruti Nair)
Equity Alert: RIL slumps over 4%; biggest drag on Nifty 50 index
MUMBAI--1359 IST--Shares of Nifty 50 heavyweight Reliance Industries declined over 4.5% to an intraday low of INR 1,350.10 Friday, and was the biggest drag on the benchmark Nifty 50, which was down around 1.6% at 22925. The company denied media reports that it had purchased crude oil from Iran. Reuters had reported that RIL bought 5 million barrels of crude oil from Iran after the US granted a temporary waiver.
The government's decision to impose an export tax on refineries could also be a factor for the stock's fall. Minister for Petroleum and Natural Gas Hardeep Singh Puri Friday said the government has levied an export tax due to elevated global crude oil prices. "...any refinery exporting to foreign nations will have to pay export tax," the minister said in a post on social media platform X. Currently, the Brent crude oil futures are at nearly $110 per barrel, up almost 1.5%.
However, upstream oil companies are still likely to benefit from the rise in crude oil prices amid ongoing hostilities in West Asia as realisations will improve, ICICI Securities said in a strategy report. The brokerage remains positive on RIL and Oil and Natural Gas Corp. still remain.
In another news related to the company, the Bombay High Court dismissed a petition seeking a probe by the Central Bureau of Investigation against Reliance Industries and its director Mukesh Ambani. The petition alleged that the company stole gas from ONGC's fields. At 1359 IST, RIL shares were down 4.4% at INR 1,351.60. (Ruchira Kagita)
Equity Alert: Indices remain lower, Nifty 50 struggles to cross 23000 level
MUMBAI--1258 IST--Benchmark equity indices remained lower, with the Nifty 50 struggling to cross 23000 level. Shares of financial service providers and automobile companies continued to be a drag, while select infomation technology and fast-moving consumer goods companies were among the few constituents that traded higher.
At 1232 IST, the Nifty 50 was at 22945.75 points, 1.7% and the BSE Sensex was at 74027.02 points, down 1.7%. Index heavyweight HDFC Bank remained 3% lower amid reports that the resignation of the bank's former part-time chairman Atanu Chakraborty last week was due to a power struggle with Chief Executive Officer Sashidhar Jagdishan. Other index heavyweights ICICI Bank and Reliance Industries, were down 1% and 4%, respectively.
Oil and Natural Gas Corp. extended its gains amd rose nearly 4% as Brent crude oil futures rose slightly to nearly $109 per barrel. Crude oil prices were slightly down in the morning. Shares of select information technology companies such as Tata Consultancy Services, Wipro, and HCL Technologies were up 1-2%.
The Nifty IT index was the only sectoral index trading with gains, up 0.2%. Half of its constituents traded higher with Oracle Financial Services Software leading the gains, up nearly 5%. Information technology companies had already seen a sharp fall before the war began on risks to business due to artificial intelligence. Despite the gains Friday, the Nifty IT index was down more than 21% this year.
Meanwhile, the Nifty PSU Bank extended its losses and was the worst hit sectoral index, down over 3%. All the constituents of the index traded lower. Shares of Bank of Baroda, Indian Bank, and Punjab National Bank traded over 4% lower each.
Shares of cigarette manufacturer Godfrey Phillips India extended losses and became the worst hit stock in the Nifty 200. Shares of HEG and Graphite India came off their earlier highs and traded over 10% and 7% higher, respectively, though they continued to be the best-performing stocks in the Nifty 500. PTC India was the worst hit stock in the Nifty 500, and down more than 6%. (Shruti Nair)
Equity Alert: Dr Reddy's dn; HC asks co to halt sale of diabetes drug Olymviq
MUMBAI--1215 IST--Shares of Dr. Reddy's Laboratories fell Friday after closing higher for the previous two trading sessions. The Delhi High Court on Wednesday ordered the company to halt the sale of its diabetes drug Olymviq as its name was prima facie similar to Novo Nordisk A/S' Ozempic drug. The stock fell over 1% to the day's low after gaining almost 4% during the previous two trading sessions. The domestic equity market was closed Thursday for Ram Navami.
ICICI Securities' retail wing, ICICI Direct Research, expects only a limited impact on the company as the restriction is only on the 'Olymviq' brand, not semaglutide, it said in a research report. "While action by Novo Nordisk may weigh on near-term sentiment, business impact remains minimal," the brokerage said in the report.
The company was asked to consider dropping the Olymviq brand name and look for an alternative mark like Obeda, under which the company was already selling the diabetes drug. The high court will hear Novo Nordisk's trademark infringement suit against Dr. Reddy's on Friday.
At 1206 IST, shares of Dr.Reddy's were 0.2% lower at INR 1,297.90 on NSE. So far in the day, over 617,000 shares of the company changed hands on the exchange, lower than over 676,000 shares traded till the same time Wednesday.
Of the 13 brokerage reports available with Informist on the company, eight have a 'buy' recommendation with an average target price of INR 1,482. Of the remaining five, three have a 'sell' recommendation, while two have a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Indices extend losses; auto, fincl svcs cos biggest laggards
MUMBAI--1135 IST--Domestic indices extended losses on Friday amid mixed global cues. US President Donald Trump said he would defer attacks on Iran's energy infrastructure for another 10 days till Apr. 6, as per Iran's request. On Thursday, Trump had said the price of oil is "going to come back down to where it was and probably lower" following which crude oil prices saw a modest dip. At 1125 IST, the May futures contract of Brent crude oil was at $107.44 per barrel, down 0.6% from Thursday's close . The Indian rupee fell to a lifetime low of over 94 per dollar.
At 1125 IST, the Nifty 50 was at 22946.10 points, down 1.6% and the BSE Sensex 74043.16, down 1.6%. Only six constituents in the Nifty 50 were trading higher with select technology majors being the biggest gainers, while automobile companies and financial service providers's shares were the worst hit.
Maruti Suzuki India, Mahindra & Mahindra, and Eicher Motors were down over 2%, while Tata Motors Passenger Vehicles was the worst hit stock in the index, down around 4.6%. Tata Motors PV fell amid media reports that its UK subsidiary JLR will shut down its Solihull plant due to an issue with the supplier.
Stocks of banks and financial service companies were also a drag on the 50-stock index. Shriram Finance, Bajaj Finance, and Bajaj Finserv were down 2-4%. Index heavyweight HDFC Bank was down 2.4% while its peer ICICI Bank was down 0.4%. Shares of Axis Bank and Kotak Mahindra Bank were also down 1-2%.
InterGlobe Aviation was among the worst hit stocks in the Nifty 50, down over 3%. The ongoing US-Iran conflict has disrupted its carrier IndiGo's operations in Gulf network and to a lesser extent in Europe. The company's margins are further pressurised as the spike in Brent crude Oil has led to higher aviation turbine fuel costs. Additionally, the depreciation of the Indian rupee compounds the company's costs given Indigo's US dollar-based cost model, Motilal Oswal said.
Oil and Natural Gas Corp. remained the top-performing stock in the index, up 2.5%, despite the modest fall in oil prices. Shares of select information technology majors traded higher with Tata Consultancy Services leading the gains, up 1.5%. Wipro rose nearly 1% and HCL Technologies rose marginally. This trend was reflected in sectoral indices as well with Nifty IT the highest gainer, up 0.4%.
Nifty Pharma was the only other sectoral index to trade higher, with Sun Pharmaceutical Industries being the only pharmaceutical stock to trade higher in the Nifty 50. Aurobindo Pharma and Mankind Pharma were among the gainers in the Nifty 200, up around 1?ch. Oracle Financial Services Software was the highest gainer in the Nifty 200 by a wide margin, up over 5%. Real-estate companies Housing & Urban Development Corp. and Prestige Estates Projects were the worst hit in the index, down 5% and 4%, respectively.
In the Nifty 500, graphite electrode manufacturers HEG and Graphite India were the top gainers, up 13% and over 9%, respectively. The US-based graphite-electrode maker Graftech International announced price hikes by a minimum of $600 to $1,200 per tonne, depending on the region, effective immediately on uncommitted volumes. This has boosted the sentiment towards domestic players in the sector, according to a report by ICICI Direct Research. PTC Industries and Chennai Petroleum Corp. were the worst hit in the index, down over 6?ch. (Shruti Nair)
Equity Alert: Morgan Stanley starts covering Mankind Pharma, Torrent Pharma
MUMBAI--1101 IST--Brokerage Morgan Stanley has initiated coverage on Mankind Pharma and Torrent Pharmaceuticals, according to a post by ET Now on its X account. The brokerage is "overweight" on Mankind Pharma and "equalweight" on Torrent Pharmaceuticals.
Morgan Stanley has set the target price for Mankind Pharma at INR 2,500. It expects the company's revenue to grow at a compounded annual growth rate of 11% from the financial year 2025–26 (Apr-Mar) to FY28. The company's adjusted earnings per share is expected to grow at a compounded annual growth rate of 25%, ET Now posted, quoting the brokerage. The domestic recovery and optionality of its subsidiary Bharat Serums and Vaccines are likely to drive the company's growth, according to the brokerage. Mankind Pharma's growth in the Indian pharmaceutical market is expected at 11–12% over FY26 to FY28. The brokerage prefers the company for better risk-reward, according to the ET Now post.
Coverage on Torrent Pharmaceuticals has been started with a target price of INR 4,580. Morgan Stanley expects the company's cost synergies at about INR 3 billion in FY28 and at about INR 4.5 billion in FY29. It sees FY27 as a year of transition for the company after integration, ET Now posted, quoting the brokerage. Only limited upside is expected for the company after the recent re-rating, according to the brokerage.
At 1055 IST, shares of Mankind Pharma were up marginally at INR 2,026.60, with over 108,000 shares changing hands, against nearly 111,000 shares traded till the same time Wednesday. Shares of Torrent Pharmaceuticals were down marginally at INR 4,280.90, with over 72,000 shares changing hands, against over 70,000 till the same time Wednesday. The domestic equity market was closed Thursday for Ram Navami. (Arundathi A R)
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Equity Alert: Tata Motors PV dn 5% on report JLR to halt ops at Solihull plant
MUMBAI--1100 IST--Shares of Tata Motors fell over 5% to a near three-year low of INR 301.05. The stock fell after media reports that Tata Motors PV's UK subsidiary Jaguar Land Rover will shut its Solihull plant for nearly two weeks due to a fire accident at a supplier.
The company told its suppliers that it would pause production of its Range Rover and Range Rover Sport models at its Solihull plant in the West Midlands until Apr. 8, Financial Times reported. This includes a scheduled five-day shutdown for the Easter weekend, the report said. JLR said the plant would be shut due to "a part supply challenge with a supplier", the Financial Times report said.
The shutdown comes after Jaguar Land Rover halted operations in August following a cyberattack. The shutdown in August weighed heavily on Tata Motors PV's December quarter earnings. The consolidated revenue of JLR fell almost 34% on year to INR 538.49 billion for the period.
At 1051 IST, shares of Tata Motors Passenger Vehicles were down 4% at INR 305.15. Over 8 million shares of the company changed hands, higher than over 3 million shares traded till the same time Wednesday. Over the last seven days, the stock shed nearly 3%, while over the last 30 days, it fell over 20%. (Adhithya Aji)
Equity Alert: Graphite electrode makers HEG, Graphite India jump 11-14%
MUMBAI--1045 IST--Shares of graphite electrode makers HEG and Graphite India rose as much as 14% and 11%, respectively, after reports of US-based graphite electrode maker Graftech International announcing price hikes by a minimum of $600 to $1,200 per tonne, depending on the region, effective immediately on uncommitted volumes. This is sentimentally positive for domestic players HEG and Graphite India, ICICI Direct Research said in a report.
The price increase is in response to lower graphite electrode prices over the past few years coupled with a rise in raw material costs amid the ongoing conflict in West Asia, the brokerage said. Graphite electrode prices have been below sustainable levels, leading to earnings before interest, tax, depreciation, and amortisation loss for Graftech in the December quarter of 2025, the brokerage added.
"We see this as a positive development for the domestic graphite electrode players, which were also under profitability pressure on account of subdued pricing environment globally," ICICI Direct Research said. "However, we await management commentary as to what price hike Indian players can take and potential rise in key crude derived raw material such as needle coke, to assess the real follow though to profitability," it added.
At 1038 IST, shares of HEG traded at INR 572, up 13.7% from the previous close. So far in the day, around 14 million shares of the company changed hands on the National Stock Exchange, compared to the 233,307 shares traded till the same time Wednesday. At the same time, shares of Graphite India were at INR 658.80, up 10.6% from the previous close. So far, nearly 7 million shares of the company changed hands on NSE, compared to 235,594 shares traded till the same time Wednesday. The domestic equity market was closed Thursday for Ram Navami. (Arya S. Biju)
Equity Alert: Brigade Ent up 12%; launches 2 housing projects in Bengaluru
MUMBAI--1021 IST--Shares of Brigade Enterprises rose over 12% to a one-month high of INR 752.95 soon after trading opened. The company has announced the launch of two residential projects in Bengaluru. The real estate major's Brigade Lumina and Brigade Belvedere have a revenue potential of INR 7 billion and INR 11 billion, respectively. The stock is one of the top gainers in the Nifty 500.
The new launches will help Brigade Enterprises achieve its pre-sales target for the financial year 2025-26 (Apr-Mar), ICICI Securities said in a report. "Over the longer term, BEL (Brigade Enterprises) plans to launch projects with 12 mn (million) sft (square feet) over the next 4 quarters," the broking firm said in its report. Brigade Enterprises is eyeing 15% growth in pre-sales in FY27, ICICI Securities noted. At 1020 IST, shares of Brigade Enterprises were up 7.3% at INR 720. (Ruchira Kagita)
Equity Alert: Oil marketing cos down after rising in early trade
MUMBAI--1005 IST--Shares of oil marketing companies such as Bharat Petroleum Corp., Hindustan Petroleum Corp., and Indian Oil Corp. fell after rising 3-5% in early trade. The shares rose following the government's decision to cut excise duty on petrol and diesel by INR 10 per litre with immediate effect. At 1002 IST, shares of IOC, HPCL, and BPCL traded 0.7-1.8% lower.
The excise duty on petrol has been cut to INR 3 per litre from INR 13 per litre and that on diesel has been lowered to zero from INR 10 per litre, the finance ministry said in a notification published Friday. A lower excise duty would support the margins of oil markting companies, amid crude oil prices continuing above the $100 per barrel mark due to the US-Iran conflict.
M.K. Surana, former chairman and managing director of HPCL, said it is unlikely that fuel prices will be cut at the pump level even after the excise duty cut, CNBC-TV18 reported. With pump prices unlikely to change, the benefit of the excise duty cut will be retained by the companies.
The finance ministry did not say how much the duty cuts would cost the government. Madhavi Arora, an economist at Emkay Global, estimated the annualised fiscal hit to be nearly INR 1.55 trillion, Reuters reported. The duty cuts would absorb about 30%-40% of annual losses of oil marketing companies on auto fuel at current prices, she added.
"In view of the West Asia crisis, the central excise duty on petrol and diesel for domestic consumption has been reduced by INR 10 per litre each. This will provide protection to consumers from rise in prices," Finanace Minister Nirmala Sitharaman said in a post on 'X'. The government has taken a huge hit on its taxation revenues to reduce the burden on consumers and oil marketing companies, Petroleum and Natural Gas Minister Hardeep Singh Puri said in a seperate 'X' post. Losses of about INR 24 per litre on petrol and INR 30 per litre on diesel are being absorbed amid elevated global prices, he noted. At the same time, export taxes have been levied to discourage refiners from diverting fuel overseas when international prices are significantly higher ensuring domestic availability, he said. (Arya S. Biju)
Equity Alert: Indices open lower amid mixed global cues; bank stocks down
MUMBAI--0943 IST--Benchmark stock indices opened lower Friday amid mixed global cues. Crude oil prices were above the mark of $105 per barrel, after easing on US President Donald Trump's comments that the US would defer attacks on Iran's energy infrastructure for another 10 days till Apr. 6, as per Iran's request. However, Iran said it has not made any such request.
At 0943 IST, the Nifty 50 was at 23053.80 points, down 252.65 points or 1.1% and the BSE Sensex 74424.96, down 848.49 points or 1.1%. More than half the constituents of the Nifty 50 traded lower. Banking stocks were the major laggards.
Oil and Natural Gas Corp. was the top gainer in the 50-stock index, up 2%. Information technology stocks Tata Consultancy Services, HCL Technologies, Infosys, Wipro, and Tech Mahindra rose around 1?ch.
On the other hand, Shriram Finance was the worst hit stock in the index. Bajaj Finance, Bajaj Finserv, State Bank of India, Axis Bank, and HDFC Life Insurance Co. fell 1–3%. Index heavyweights HDFC Bank and ICICI Bank were down 2% and nearly 1%, respectively. Tata Motors Passenger Vehicles, Eternal, InterGlobe Aviation, Reliance Industries, UltraTech Cement, and Mahindra & Mahindra were down around 2-3% as well.
Barring the Nifty IT, all the other sectoral indices were in the red. The Nifty PSU Bank was the worst hit among them, down nearly 3%. All the constituents of the index traded lower. Union Bank of India, Bank of India, and Canara Bank fell 3?ch and weighed on the index.
Oracle Financial Services Software rose 6% to be the top gainer in the Nifty 200 index. Adani Total Gas rose over 2%. Shares of oil marketing companies rose after the government cut the excise duty on petrol to INR 3 per litre from INR 13 per litre. The excise duty on diesel was removed against the excise duty of INR 10 per litre earlier. However, these stocks gave up earlier gains and slipped into the red. Hindustan Petroleum Corp., Bharat Petroleum Corp, and India Oil Corp. were down 0.3%-2.0%. PB Fintech was the worst hit stock among Nifty 200 constituents. The stock fell nearly 5%.
In the Nifty 500, Brigade Enterprises was the top gainer, up over 11%. The stock rose after the company launched a residential project in Bengaluru with a revenue potential of INR 7 billion. Brainbees Solutions was the worst hit stock in the Nifty 500, down nearly 5%. (Adhithya Aji)
Equity Alert: Asian indices mixed; Trump defers attacks on Iran's power grid
MUMBAI--0830 IST--Asian indices showed a mixed trend during early trade Friday amid unclear messages signals the US-Iran war. South Korea's Kospi fell over 3% tracking the fall in major US indices on Thursday. US President Donald Trump said he would hold off attacks on Iran's energy facilities till Apr. 6 at the behest of the Iranian government. Following this, the May futures of Brent crude fell 1.6% to around $106 per barrel but still remain 47% higher than their pre-conflict levels. The surge in oil prices since the start of the war have hit Asian equities hard, as most countries in the region rely heavily on oil imports from West Asia.
There have been mixed signals over the West Asia conflict. On Wednesday, Iran's Minister of Foreign Affairs said Tehran no intention of negotiating with the US. MSCI's index of Asia-Pacific shares excluding Japan fell 1.8% during early hours of the session. Japan's Nikkei was down nearly 1% due to the fall in shares of machinery and electronics stocks. Shares of Kioxia Holdings and Daikin Industries were down nearly 6%.
In a client note, Citi analysts said if the conflict in West Asia intensifies, it could drag down global growth by 2% and push headline inflation beyond 4%, stoking the risk of recession, Reuters reported. "Asia, particularly Korea, Japan, and India, faces the most intense headwinds due to heavy reliance on imported fuel and direct exposure to disruptions in the Strait of Hormuz," Reuters reported citing the client note by Citi.
Following were the levels of major Asian indices at 0817 IST:
|
Index |
Level |
Change in % |
| CSI 300 Index | 4483.9969 | 0.14 |
| Hang Seng Index | 24895.18 | 0.16 |
| Nikkei 225 Day | 53145.33 | (-)0.86 |
| TOPIX FIRST SECTION | 3632.07 | (-)0.29 |
| KOSPI | 5285.94 | (-)3.2 |
| FTSE Singapore Strait Times | 4901.3 | 0.28 |
| S P/ ASX 200 INDEX | 8489 | (-)0.43 |
(Shruti Nair)
Equity Alert: Indices may open lower Fri on mixed global cues
MUMBAI--0818 IST--Benchmark equity indices are expected to open lower on Friday tracking weakness in their Asian peers and due to mixed global cues. Crude oil prices fell but remained above the $105 per barrel mark early Friday after US President Donald Trump said he would defer attacks on Iran's energy infrastructure for another 10 days till Apr. 6, as per Iran's request. In a Truth Social post, Trump added that "talks are ongoing" with Tehran.
However, Iran has refuted Trump's claim, saying that it has not requested any pause in strikes targeting its energy infrastructure, The Wall Street Journal reported, citing mediators involved in ongoing peace efforts. The mediators also said that Tehran is yet to give a final response to US' 15-point plan to end the war. However, Iranian officials have told mediators that they are interested in negotiations but the country's leadership is yet to weigh in and give a final decision, the report said. The odds of success for a cease-fire remain low, with Iran and the US staking out maximalist demands that are unacceptable to the other side, the mediators said.
Further, Reuters reported citing an Iranian official said that a 15-point US proposal, conveyed to Tehran by Pakistan, was reviewed in detail on Wednesday by senior Iranian officials and the representative of Iran's supreme leader, who felt it served only US and Israeli interests. The proposal included demands ranging from dismantling Iran's nuclear program to curbing its missiles and effectively handing over control of the Strait of Hormuz, according to sources and reports.
The Gift Nifty is indicating a gap-down opening for the domestic market, Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market, said. "The pullback rally that started on 23rd March has reached the gap resistance zone 23450-23600 spot levels created while falling on 19th March. A sustained trading below 23000 (points), could drag it (Nifty 50) towards 22500 and lower levels in the near term," Kumaar said. (Arya S. Biju)
Equity Alert: US indices down Thu, Nasdaq ends in correction territory
MUMBAI--0735 IST--On Thursday, major indices in the US ended 1-2% lower due to a surge in oil prices as investors remain confused due to mixed signals on negotiations between the US and Iran. The technology-heavy Nasdaq Composite ended the session in correction territory, down more than 10% from its Oct. 29 closing record high.
US President Donald Trump said he would hold off attacks on Iran's energy facilities till Apr. 6, extending the orginal deadline which would have ended Friday. Following this, futures contracts tied to the three major US indices rose 0.4%. Trump said, "Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well." On Wednesday, Iran's Minister of Foreign Affairs had said Iran had no intention of negotiating with the US.
At 0730 IST, the May futures of Brent crude were at nearly $107 per barrel, up over 50% since their pre-war levels. On Thursday, Trump said that neither the spike in oil prices nor the slump in the stock market were as bad as anticipated. Trump said oil prices were "going to come back down to where it was and probably lower."
The Nasdaq Composite saw the biggest fall among its peers, closing over 2% in the red. Meanwhile, nine of the 11 industry sectors in the S&P 500 fell Thursday, with the energy sector the biggest gainer, up 1.6%, while defensive utilities rose 0.2%. The communications services and the technology sectors were the biggest laggards, down 3.5% and 2.7%, respectively. The two indices were under pressure after verdicts against Silicon-valley giants Meta and Alphabet's Google in lawsuits over harm to children due to social media platforms. Shares of Meta ended nearly 8% lower, while those of Alphabet closed over 3% lower.
Following are the closing levels of US indices Thursday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
45960.11 | (-)1.01 |
|
NASDAQ Composite |
21408.08 | (-)2.38 |
| S&P 500 | 6477.16 | (-)1.74 |
(Shruti Nair)
US$1 = INR 94.74
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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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