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Informist, Thursday, Apr. 2, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Indices to consolidate; overall sentiment seen remaining weak 

MUMBAI--1710 IST—With the domestic benchmark indices ending slightly higher Thursday, analysts expect them to consolidate in the coming sessions. However, they see negative sentiment lingering in the broader market, as US President Donald Trump has given clear signs that the US-Iran war will continue. The news flow from the global front is likely to largely direct the market. Market participants will also await the Reserve Bank of India's Monetary Policy Committee's first meeting for 2026-27 (Apr-Mar), scheduled for Apr. 6–8.

"Market is in a cycle of lower lows-lower highs, till it remains the same way, we may expect further downrun," Osho Krishan, chief manager of technical and derivative research at Angel One, said. "Move beyond 23300 (points) could only negate this cycle for now," he said.

US President Donald Trump early Thursday said the US would hit Iran extremely hard in the next two to three weeks. He said the US was "very close to finishing the job in Iran," but did not provide details or explain why the war was necessary. He also claimed Iran would never have a nuclear weapon. "Iran's navy is gone, the air force is in ruins, and leaders are dead," he said, repeating claims made earlier on Truth Social. Trump's address came more than a month after the US and Israel launched a war on Iran.

Thursday, the Nifty 50 ended 0.2% higher at 22713.10 points, or up 33.70 points. The BSE Sensex closed 0.3% higher at 73319.55 points, or up 185.23 points. Analysts expect the Nifty 50 to face resistance at 22900–23000 and find support at 22100–21800.

"Given the holiday-shortened trading week and heightened sensitivity to global cues, the near-term sentiment is expected to remain volatile and headline-driven, with further direction contingent on developments in the US–Iran conflict and movements in global energy prices," Ajay Menon, managing director and chief executive officer of wealth management at Motilal Oswal Financial Services, said in a note.

Apart from heightened volatility, analysts see the geopolitical developments leading to an outflow of foreign institutional investment. The foreign institutional investors remained net sellers, offloading shares worth INR 83.31 billion on Wednesday. However, domestic institutional investors lend support to the domestic equity market by buying shares worth INR 71.72 billion.

Global brokerage firm Nomura has downgraded Indian equities to 'neutral' from 'overweight', citing growing risks to corporate earnings from high energy prices stemming from the war in West Asia, coupled with concerns over high valuations. Nomura also flagged concerns about artificial intelligence-led disruption and slowing domestic fund flows, which may further weigh on valuation multiples for Indian equities.

Brokerage Jefferies expects a 4-5% cut in earnings estimates for 2027-28 (Apr-Mar) by March 2027, NDTV Profit said on its 'X' account, quoting the brokerage. The brokerage sees the Nifty 50 valuation as attractive at 17 times the 12-month forward price-to-earnings ratio.  (Arundathi A R)

Equity Alert: Nifty 50 April ends at premium of 59.90 points to spot index

MUMBAI--1641 IST--The April futures contract of the Nifty 50 closed at a premium of 59.90 points to the spot index Thursday. Open interest in the contract rose 5% to 21.87 million, according to provisional data.

--Nifty 50 closed at 22713.10 points, up 33.70 points or 0.2% vs Wednesday

--Nifty 50 April closed at 22773.00 points, down 27.10 points or 0.1% vs Wednesday

Nifty 50 options, expiring Tuesday, with maximum change in open interest:

Call: 24000, Put: 22000

Nifty 50 options, expiring Tuesday, with maximum open interest:

Call: 24000, Put: 20200

(Simran Rede)

Equity Alert: Indices end slightly higher as short-covering drives recovery

MUMBAI--1555 IST--Despite crude oil futures contracts hovering around $100 per barrel, domestic headline indices managed to end slightly higher after recovering from earlier losses in the final half-an-hour of trade. The Nifty 50 ended 0.2% higher at 22713.10 points and the BSE Sensex ended 0.3% higher at 73319.55 points. Nearly half of the Nifty 50 constituents ended the session higher. 

Indices witnessed sharp losses for a majority of the session, as US President Donald Trump's remarks early Thursday threatening to hit Iran hard in the next two-three weeks weighed on market sentiment. "A short-covering-driven intraday recovery followed, though it lacked the depth of genuine conviction," Vinod Nair, head of research at Geojit Investments, said in a note, on the market's recovery. 

"I can say tonight (late Wednesday in the US) that we are on track to complete all of America's military objectives shortly — very shortly. We are going to hit them extremely hard over the next two to three weeks," Trump had said, according to a statement put out by the White House. Meanwhile, the June futures contract of Brent crude were up over 7% at $108.65 per barrel at 1530 IST, as Trump gave no timeline to end the war.

The fear guage, India VIX, indicated a rise in nervousness among investors, as it ended 2% higher at 25.5200. Broader market indices underperformed their benchmark peers by ending marginally lower, while sectoral indices showed a mixed performance. Gainers among sectoral indices were led by the Nifty IT index, which was up nearly 3%.

Shedding the initial losses, select information technology companies gained towards the end of the session and aided the recovery of the Nifty 50 index. HCL Technologies ended as the top gainer, up nearly 4%. The stock was followed by Tech Mahindra, which closed nearly 3% higher. Shares of Infosys, Wipro, and Tata Consultancy Services ended nearly 2% higher.

Banking and financial services stocks also gained towards the close. Index heavyweight HDFC Bank ended over 1% higher, while Axis Bank ended marginally up.

Automobile companies showed a mixed performance, with Eicher Motors being the worst hit Nifty 50 constituent. The stock ended nearly 3% lower. Shares of Bajaj Auto closed the session nearly 2% lower. However, shares of Tata Motors Passenger Vehicles and Maruti Suzuki India gained slightly.  (Arundathi A R)

Equity Alert: European mkts in red as US to intensify attacks on Iran

MUMBAI--1456 IST--Negative sentiment gripped markets in Europe once again after US President Donald Trump said the US will intensify attacks on Iran over the next two to three weeks even as he hinted that the war may end soon. "We are going to finish the job, and we're going to finish it very fast," Trump said in an address from the White House. Brent crude oil futures rose almost 7% to $108 per barrel after Trump's speech earlier Thursday.

Markets in the UK, France, Italy, Germany, and Spain were down. Compared to its peers, Germany's DAX Performance saw heavy selling pressure and was down almost 1.5%. Shares of index heavyweight Deutsche Telekom AG were down nearly 5%.

The Stoxx Europe 600 index was down almost 1%. Among its sectoral indices, the technology index declined the most. It was down 2.9%. Chipmakers were impacted the most, with stocks of ASML Holding, ASM International, and STMicroelectronics falling 3-4%.

In the UK, businesses are expected to raise prices at a slightly faster rate when compared to the pre-war situation, The Wall Street Journal reported citing a survey by the Bank of England. Businesses expect prices to rise by 3.5% over the next 12 months, up from the 3.4% in February. Wage increases are also seen slowing, according to the report.

Following were the levels of major European indices at 1454 IST:

(Ruchira Kagita)

Equity Alert: Indices recover on the back of quick gains in IT, metal stocks

MUMBAI--1510 IST--Benchmark indices recovered towards the final hours of trade amid heightened volatility. Shares of information technology companies saw rapid gains and several metal stocks gave up losses and rose. Select pharmaceutical stocks with a large exposure to the US market and to branded drugs continued to slide amid fears of high tariffs by the US. The recovery in the domestic market bucked the broader trend of decline in Asia and the fall in US stock futures.

At 1500 IST, the Nifty 50 was at 22672.65 points, flat against its previous session's closing level. The BSE Sensex was at 73140.08 points, up slightly.

Wipro, Tata Consultancy Services, Tech Mahindra, were up 1–2%, while HCL Technologies was the top performing stock in the Nifty 50 index, up nearly 3%. Index heavyweight HDFC Bank extended gains and was up almost 1%. Meanwhile, Eternal, Asian Paints, and Eicher Motors were down nearly 3% each. The India VIX was up 1.5% at 25.3950 points on the day of expiry of the weekly Sensex derivative contracts. 

Among sectoral indices, the Nifty IT rose, climbing over 2%, while the Nifty Metal and Nifty Realty indices recovered from their earlier fall to see marginal gains. The Nifty Pharma index was among the worst performers, down over 1%. Only one constituent of the index traded with marginal gains. 

IT companies also led the gains in the Nifty 200, with shares of Coforge, LTMindtree, Mphasis, and Persistant Systems rising 4–7%. Shares of consumer goods company Marico rose over 2%, against 0.7% earlier in the day, after the company reported year-on-year consolidated sales growth in the low twenties for the March quarter.

Shares of Latent View Analaytics were the top-performing in the Nifty 500 index, up around 18%, while shares of Actuaas Chemicals were the worst hit, down nearly 10% after hitting an all-time high on Wednesday.  (Shruti Nair)

Equity Alert: Asian mkts slump after Trump hints at stronger attacks on Iran

MUMBAI--1410 IST--All the Asian benchmark indices lost their positive momentum after US President Donald Trump suggested intensifying attacks on Iran over the next 2-3 weeks and Brent Crude futures surged to nearly $109 per barrel, up 7%. Trump said the US holds all the cards in the war and is close to achieving its military objectives in Iran.

"We are going to finish the job, and we're going to finish it very fast," Trump said in his 19-minute address from the White House. "We are going to bring them (Iran) back to the stone ages where they belong."

The South Korean index declined the most while indices in Hong Kong and Singapore fell the least. The KOSPI fell almost 5% as all its major constituents fell. Shares of heavyweight SK Hynix were down over 7%. South Korea's annual headline inflation in March was 2.2%, breaching the central bank's target of 2% as high crude oil prices weighed on the economy. Japan's Nikkei 225 Day and TOPIX fell almost 2.4% and 1.6%, respectively. Of the total stocks in the Nikkei 225, 180 declined.

On average, Asia's Purchasing Managers' Index fell to 52.0 in March from 53.3 in February, Nomura said in its research report. Emerging markets in Asia witnessed sharper falls as higher freight and fuel costs and constrained availability of raw materials and containers had an adverse impact, according to the report.

Following were the levels of major Asian indices at 1410 IST:

(Ruchira Kagita)

Equity Alert: Benchmark indices off lows; banks, fincl svcs cos remain a drag

MUMBAI--1245 IST--Benchmark stock indices came off lows though they remained lower, as shares of banks and other financial institutions continued to be a drag. Rising crude oil prices further limited gains in sectors such as automobiles and energy. Shares of HCL Technologies were the only consistent gainers in the Nifty 50, though they came off their earlier highs.

Broader market indices remained lower and were down around 2%. India VIX indicated the persisting nervousness among investors, and was up over 4% at 26.0375.

The Nifty PSU Bank index was down nearly 4%, the worst hit among its sectoral peers. Shares of Indian Bank were among the worst hit stocks in the index, down nearly 5%. The bank's advances grew 13.6% on year, while its deposits rose 12.6% on year as of Mar. 31. However, the bank's current account savings account ratio fell to 39.86% from 40.17% a year ago. Shares of Bank of India and Bank of Maharashtra were among the major laggards, down around 4%.

Technology and allied companies were among the gainers in the Nifty 200. Shares of LTIMindtree and Coforge were up over 2% and nearly 3%, respectively, while those of KPIT Technologies were up marginally. Shares of Persistant Systems rose 2%. The Nifty IT was the sole gainer among sectoral indices, with the majority of its constituents trading higher. The sectoral index was up 0.4%.

In the Nifty 500, shares of Ola Electric Mobility extended gains from opening trade, climbing around 7%. The company cut prices of the Roadster 0.1 due to a ramp-up in cell production.  (Shruti Nair)

Equity Alert: Coal India shrs dn as Mar, FY26 output falls; brokerages mixed

MUMBAI--1150 IST--Shares of Coal India declined as much as around 2% on Thursday as the market digested the company's recent production data. Coal India's production fell 1.5% on year in March and 1.7% in 2025-26 (Apr-Mar) while its offtake was down 0.7% in March and 2.4% in FY26. Subsidiaries Mahanadi Coalfields and Western Coalfields drove the decline in Coal India's production during FY26.

Coal India is expected to recover from its production level of 768 million tonnes in FY26 to 815 million tonnes in FY27 and 850 million tonnes in FY28, according to brokerage Emkay Global Financial Services. The company is likely to see some earnings improvement in the March quarter, and may even sustain its growth momentum into the first half of FY27, Emkay Global said in a research report. The brokerage maintained an 'add' recommendation on the stock with a target price of INR 450. 

However, Coal India may face some risks to growth in its realisations, Equirus Securities said in a report. Though the company may benefit from rising coal prices due to West Asia hostilities and Indonesia's coal production cap for 2026, realisations from e-auctions may be limited, Equirus said. Coal India's earnings before interest, tax, depreciation, and amortisation may fall 8.7% on year in the March quarter, the brokerage estimated. "With inventory levels at power plants remaining elevated, we expect E-auction prices to stay subdued on a yoy basis, which is likely to exert pressure on EBITDA," the brokerage said. Equirus Securities maintained a 'short' call on the stock with a target price of INR 370. At 1211 IST, shares of Coal India traded 0.8% lower at INR 445.85 on the National Stock Exchange.  (Ruchira Kagita)

Equity Alert: Pharma stocks down; reports say US may slap 100% tariff on drugs

MUMBAI--1145 IST--Shares of pharmaceutical companies fell after reports that US President Donald Trump is set to announce tariffs as soon as Thursday on drugmakers that have not struck deals guaranteeing low ‌prices in the US. The Trump administration is preparing to impose 100% tariffs on certain medicines to reshore manufacturing, according to multiple news reports citing sources. 

The plans are not final and could still change, and there could also be exemptions for some medicines and disease categories, Bloomberg News reported. Several major pharmaceutical companies have already made pricing agreements or expanded US operations to avoid these penalties, the report said. Pfizer and AstraZeneca have secured multi-year tariff exemptions through pricing deals and commitments to the new TrumpRx.gov platform. Eli Lilly, Johnson & Johnson, and Merck have pledged billions to expand US operations to ‌avoid penalties, the report said. 

The proposed tariffs follow threats by Trump last year, when he warned that imports of branded or patented drugs could face tariffs of up to 100% unless manufacturers set up local production facilities. The new levies stem from a national security investigation conducted under section 232 of the Trade Expansion Act of 1962, which was initiated in April last year, The Financial Times reported, citing sources. Tariffs imposed under such section 232 investigations were not affected by the US Supreme Court's February ruling that struck down the 'Liberation Day' tariffs Trump imposed using emergency powers last April, the report said. 

Intraday, the Nifty Pharma index plunged to its lowest level in nearly 11 months at 21149.90 points, and was among the worst hit sectoral indices. At 1139 IST, all constituents of the index were in the red, with Biocon, ICPA Laboratories, Wockhardt, Sun Pharmaceuticals, Torrent Pharmaceuticals, and Glenmark Pharmaceuticals leading the losses, down 3–4%.  (Arya S. Biju)

Equity Alert: Indices remain lower as crude oil prices rise; bank shrs fall

MUMBAI--1130 IST--Benchmark indices remained lower Thursday as most stocks in the Nifty 50 traded in the red. The market's fear-gauge India VIX was up nearly 5% at around 26 points. Banking sector shares were the major laggards in the indices. Heavyweight stocks in the Nifty 50 fell, with Reliance Industries down over 2% and HDFC Bank and ICICI Bank down around 1% each.    

At 1104 IST, the May futures of Brent Crude oil were up nearly 6% at around INR 107 per barrel after the US President Donald Trump threatened to intensify attacks on Iran. At 1129 IST, both the Nifty 50 and BSE Sensex were down nearly 2.1% at 22206.45 points and 71596.91 points, respectively.

Shares of Eternal and InterGlobe Aviation were the worst hit stocks in the Nifty 50, down nearly 5% each. Rising air turbine fuel prices remain a pain point for InterGlobe Aviation even as the government limited the hike in ATF prices to 25%. Shares of the company have fallen 18% since the US-Iran conflict began towards the end of February.

Stocks of banks and financial service providers also fared poorly with State Bank of India, Shriram Finance, and Jio Financial Services down 2–4%. HDFC Bank has fined 12 more officials regarding the alleged mis-selling of AT-1 bonds, CNBC-TV18 reported citing sources. Nifty PSU Bank fell over 3% to be the under performer among the sectoral indices.  

Stocks of select IT majors were the only ones to show any gains in the 50-stock index, with Tata Consultancy Services and HCL Technologies up 0.3% each. Shares of Tech Mahindra, Wipro, and Infosys were down 0.4-0.6%. The Nifty IT index was up marginally.

IT stocks were also among the gainers in the Nifty 200 index, with Coforge and Persistant Systems being among the few to trade in the green. Shares of pharmaceutical companies were among the major laggards in the index. The US administration, on Thursday, is set to announce tariffs on pharmaceutical companies that have not signed deals guaranteeing low prices in the nation, Bloomberg reported citing sources. Shares of Biocon, IPCA Laboratories, Torrent Pharmaceuticals, and Glenmark Pharmaceuticals were down 3-4%.

IT stocks were amongst the highest gainers in the Nifty 500 as well, with Latent View Analytics being the top-performer, up nearly 8%. Ola Electric Mobility rose nearly 8% to be among the top gainers in the index. On Wednesday, the company said its daily orders crossed 1,000 units in the last week of March. Karur Vysya Bank was the worst hit in the index, down over 7%.  (Shruti Nair)

Equity Alert: Hero MotoCorp at 8-month low; Mar sales growth slowest in 6 mos

MUMBAI--1115 IST--Shares of Hero MotoCorp fell to a nearly eight-month low of INR 4,934.50 after the automobile manufacturer reported slowest sales growth in six months in March. At 1059 IST, shares of the company were nearly 4% lower at INR 4,935 on NSE.

The company sold 598,198 two-wheelers in March, up nearly 9% on year, with the total sales growth slowest in six months. However, in absolute terms, March sales were the highest since November. Hero MotoCorp sold 552,505 two-wheelers in India in March, up over 8% on year, and exported 45,693 units, up nearly 16% on year. The growth in exports was the slowest in 10 months.

So far, nearly 205,000 shares of the company have changed hands on the exchange, higher than almost 175,000 shares traded till the same time Wednesday.

Of the 12 brokerage reports available with Informist on the company, 11 have a 'buy' recommendation with an average target price of INR 6,744. The remaining one brokerage has a 'hold' recommendation on the stock.  (Arundathi A R)

Equity Alert: Powerica lists at 7% discount to issue price on NSE

MUMBAI--1100 IST--Shares of Powerica Ltd. Thursday listed at INR 366 apiece on the NSE, an over 7% discount to the issue price of INR 395 apiece. On BSE, the stock listed at INR 375 apiece, a discount of over 5% to the issue price. At 1050 IST, shares of Powerica were traded nearly 6% lower at INR 372.35 on NSE. Over 2 million shares of the company changed hands on the bourse so far.    

Powerica's initial public offering was subscribed 1.45 times, with bids for 29.86 million shares, against the 20.56 million on offer. The public offer comprised a fresh issue of up to INR 7 billion and an offer for sale of INR 4 billion. Powerica is an integrated power solutions provider specialising in diesel generator sets for both primary and standby applications. For Apr-Sept, the company had reported a consolidated net profit of INR 1.29 billion on revenue of INR 14.47 billion. 

In March, Powerica raised around INR 3.29 billion from anchor investors ahead of its initial public offering, before the issue opened for the public. Although buyers showed little interest in Powerica's public issue on the opening day, there was a surge in buying interest from qualified institutional buyers on final day of bidding. 

Of the net proceeds from the issue, the company plans to utilise INR 5.25 billion for payment of certain outstanding borrowings availed by the company, in part or full. The remaining amount will be used for general corporate purposes, which will not be more than 25% of the gross proceeds.  (Prateem Rohanekar)

Equity Alert: Sai Parenteral's lists at INR 400, 2% premium to issue price

MUMBAI--1050 IST--Sai Parenteral's Ltd. listed at INR 400 on the National Stock Exchange Thursday, at a 2% premium to the issue price of INR 392. The stock was listed at INR 405 on the BSE, an over 3% premium to its issue price. At 1025 IST, shares of the company were trading 2.6% higher on the NSE at INR 402.

The initial public offering, which ended on Friday, was fully subscribed with the company receiving bids 1.05 times the number of shares on offer, or 7.88 million shares against 7.52 million shares on offer. The offering comprises of fresh issue of shares worth up to INR 2.85 billion and an offer for sale of up to 3.16 million equity shares.

Sai Parenteral's is a diversified pharmaceutical formulations company with capabilities in research, development, and manufacturing. It has business in branded generic formulations and contract development and manufacturing. For the six months ended September, it reported a consolidated net profit of INR 77.64 million on consolidated revenue of INR 869.18 million.  (Shruti Nair)

Equity Alert: Amir Chand (Exports) lists at 6-8% discount to issue price

MUMBAI--1032 IST--Shares of Amir Chand Jagdish Kumar (Exports) listed on bouses at a discount of 6-8% to the issue price of INR 212 per share. The stock listed at INR 200 on the NSE, a discount of nearly 6%. At 1050 IST, the shares traded 13.5% lower at INR 183.37 on the NSE and around 15 million shares changed hands so far. On BSE, the stock listed at INR 195, a discount of 8%. Currently, the company has market capitalisation of around INR 19 billion.

The initial public offering of the company, which ended Friday, was subscribed 3.23 times, receiving bids for 61.04 million shares against the 18.91 million shares on offer. The company's offer got buying interest from across all segments, with non-institutional investors showing more interest.

Amir Chand Jagdish Kumar (Exports) is a processor and exporter of basmati rice and other fast-moving consumer goods. It offers staples and essential kitchen supplies such as wheat flour or aata, maida, sooji, besan, salt, and sugar. For the six months ended September, the company had reported a consolidated net profit of INR 486.54 million on revenue of INR 10.21 billion.  (Ruchira Kagita)

Equity Alert: InterGlobe Aviation down 5% as West Asia conflict intensifies

MUMBAI--1012 IST--Shares of InterGlobe Aviation fell 5% to a low of INR 3,970 amid rising crude oil prices as US President Donald Trump said the US would intensify its attack on Iran for the next two to three weeks. This has sparked concerns about energy supply and pushed crude oil prices higher, even as the company is facing a hike in aviation turbine fuel prices by oil marketing companies. 

On Wednesday, the company said it would revise its fuel surcharges for domestic routes in the range of INR 275-INR 950, and by INR 900–INR 10,000 for international flights. The revision came amid a rise in ATF prices. The government has shielded the company from facing the heat of high ATF rates on domestic flights by limiting the hike to 25%. There was no relief in the ATF rate hike on international flights. 

Shares of the airline operator have fallen nearly 18% since the commencement of the military action in West Asia between the US, Iran, and Israel. The stock was facing the heat of war and higher crude oil prices in March, during which the company's chief executive officer, Pieter Elbers, resigned as well. On the last day of the month, InterGlobe Aviation appointed William Walsh as its new CEO. On Wednesday, the first day of the new financial year, the stock ended 6% higher.

At 1006 IST, InterGlobe Aviation's shares were over 4% lower at INR 4,000.70. Over 600,000 shares of the company changed hands on the bourse, lower than over 1 million shares traded till the same time Wednesday.  (Adhithya Aji)

Equity Alert: Mkt opens sharply dn; oil rises on Trump threat to hit Iran hard

MUMBAI--0945 IST--After witnessing a sharp rebound in the previous session, the domestic headline indices opened sharply lower Thursday as crude oil prices hiked over $100 per barrel. Crude oil prices surged after US President Donald Trump early Thursday said the US will hit Iran extremely hard in the next two-three weeks.

"I can say tonight that we are on track to complete all of America's military objectives shortly — very shortly. We are going to hit them extremely hard over the next two to three weeks. We are going to bring them back to the stone ages where they belong. In the meantime, discussions are ongoing...We have all the cards; they have none," he said, according to a statement put out by the White House.

At 0916 IST, the Nifty 50 was at 22223.95, down 455.45 points or 2%. The BSE Sensex also slid 2% to 71661.22 points. All the constituents of the 50-stock index traded lower at the open. At 0927 IST, the June futures contract of Brent Crude was trading 5% higher at $106.31 per barrel. Crude oil prices have stayed aboved the $100 per barrel mark for the eight straight sessions.

The Nifty 50 index is expected to find intraday support at 21900-22000 points, said Ajit Mishra, senior vice-president of technical research at Religare Broking. However, he expects the index to see some recovery towards the end of the day and close at 22200–22300 levels.

Broader market indices slipped more than their benchmark peers, down around 3% each. All the sectoral indices were also down, with the Nifty Realty shedding the most. The sectoral index was down nearly 4%. India VIX, the fear gauge of the domestic equity market, was up almost 5% at 26.2125, indicating a rise in nervousness among investors.

"The high crude price, the widening trade deficit, the fear of declining remittances and sustained FPI selling are acting cumulatively to put high pressure on the rupee which continues to decline despite RBI's decisions on restrictions on dollar futures deals," V.K. Vijayakumar, chief investment strategist, Geojit Investments, said in a note.

Sun Pharmaceutical Industries was the worst hit Nifty 50 constituent, down 5%. The stock was down for the fourth straight session and shed nearly 10% during this period. InterGlobe Aviation followed Sun Pharma among the 50-stock constituents, and was down over 4%. In the Nifty 200 index, only three constituents were in the green. Page Industries, Avenue Supermarts, and Coforge were up 1.4-0.2%.

Brokerage Nomura has downgraded Indian equities to 'neutral' from 'overweight' due to elevated risks to earnings and valuations of domestic equities from higher energy prices. The brokerage has also cut its 2026 year-end target for the Nifty 50 to 24500 points from 29300 points, CNBC TV18 reported. Global brokerage Jefferies expects a 4-5% cut in earnings estimates for 2027-28 (Apr-Mar) by March 2027, NDTV Profit posted on its 'X' account, quoting the brokerage. The brokerage sees the Nifty 50 valuation as attractive at 17 times the 12-month forward price-to-earnings ratio.  (Arundathi A R)

Equity Alert: Nomura downgrades India equities to 'neutral'

MUMBAI--0855 IST--Brokerage Nomura has downgraded Indian equities to 'neutral' from 'overweight' due to elevated risks to earnings and valuations of domestic equities from higher energy prices. The Indian economy is one of the most vulnerable to high energy prices, the brokerage said in a report Tuesday, adding that the country had the largest share of companies likely to be negatively impacted by high commodity prices.

The brokerage has also cut its 2026 year-end target for the Nifty 50 to 24500 points from 29300 points, CNBC TV18 reported, citing the brokerage. "Our India strategy team has set the end-2026 Nifty target at 24900 (points) as its base case, which assumes a 7.5% reduction in earnings estimates and a 10-15% risk to consensus earnings, should oil prices stay elevated," the report said, citing Nomura's note.

Indian equities could struggle to outperform in the regional context, given multiple headwinds, ranging from elevated energy prices to the artificial intelligence capital expenditure momentum and the technology cycle, according to Nomura. As a result, the brokerage has recommended a switch to Korean equities, particularly after the 15% decline since the breakout of the US-Iran war, and MSCI China equities, where they remain "overweight," the report said. 

Nomura sees two emerging concerns for Indian equities. First, even before the US-Iran war, investors were concerned about AI and its implications for India's demographic dividend, consumption outlook and structural story, the report said. Nomura also noted that with the subdued market returns, the incremental domestic participation may moderate, undermining the crucial lever of market support.  (Arya S. Biju)

Equity Alert: Jefferies sees 4-5% cut in FY28 earnings estimates

MUMBAI--0840 IST--Jefferies expects a 4-5% cut in earnings estimates for 2027-28 (Apr-Mar) by March 2027, NDTV Profit posted on its 'X' account, quoting the global brokerage. However, a large cut for March 2028 is unlikely, the brokerage said.

The brokerage sees the Nifty 50 valuation as attractive at 17 times the 12-month forward price-to-earnings ratio. Jefferies set the target for the Nifty 50 at 25000 points as a base case. This would mean an upside of about 10% from current levels, NDTV Profit quoted Jefferies as saying. The brokerage will be bullish on the index if the current global conflict resolves and will set the target at 28000 points. However, in a bearish scenario, the target for the Nifty 50 would be at the 22400 level, the brokerage said. 

Jefferies was bullish on real estate and preferred a non-consensus buy for the sector. It has also raised its recommendation for pharmaceutical companies.  (Arundathi A R)

Equity Alert: ATF-price-hike hit for IndiGo eased by govt steps, says Emkay

MUMBAI--0837 IST--The impact on InterGlobe Aviation of the hike in aviation turbine fuel prices by the oil marketing companies was moderated by the government's action, which limited the rate revision by only 25% on domestic airlines, Emkay Global Financial Services said. Indian Oil Corp. initially hiked ATF prices on domestic flights by 115% to INR 207 per litre on a monthly basis. The government limited this hike by 25% to INR 105 per litre to protect domestic passengers from high ticket fares, the brokerage said. 

However, Indian Oil Corp. hiked the prices on international flights by 107% to $1.7 per litre, Emkay added. The IndiGo operator has revised its fuel surcharge from Thursday, with domestic fare hike ranging from INR 275 to INR 950 for distances covering around 500 kilometres to 2,000 kilometres. "However, international fuel surcharge is hiked materially, from INR 425-INR 2,300 for the South Asia–Europe route to INR 900-INR 10,000," Emkay said. 

Based on the company's average stage length, the brokerage estimates a 20% rise in the revenue per available seat kilometre against a 50% rise in blended fuel cost, according to Emkay. The profit-before-tax spreads are improving from pre-conflict levels, which can offset the slowdown in passenger volumes and RPK, the brokerage said. Emkay has cut the earnings per share estimate for 2026–27 (Apr-Mar) and FY28 by 28% and 7%, respectively. The brokerage also trimmed that target price by 13% to INR 5,500. Emkay maintained a 'buy' call on the stock, saying that "Given Indigo's dominant position in India's aviation market and the past precedence of emerging stronger from a crisis situation and with leadership largely in place...".

The brokerage maintained a positive stance on the appointment of Willie Walsh as IndiGo's new chief executive officer. Walsh currently holds the position of Director General of International Air Transport Association. "We think this is a positive development, given Walsh's extensive exposure in large-scale aviation operations," the brokerage said. Willie Walsh's significant global industry experience is likely to be beneficial as IndiGo continues to focus on its international operations and expansion into newer business models, Emaky said.

On Wednesday, shares of the company ended 6% higher at INR 4,180.80 on the National Stock Exchange. Over the last seven days, the stock has fallen nearly 3% and, over the last 30 days, the stock shed nearly 8%.  (Adhithya Aji) 

Equity Alert: Asian mkts fall after Trump indicates stronger attacks on Iran

MUMBAI--0836 IST--Asian markets fell sharply after US President Donald Trump threatened to intensify attacks on Iran over the next two-three weeks, even as he said the war was nearing its end. "We are going to bring them back to the stone ages, where they belong," Trump said.  

Mixed statements by Trump in his address jolted market sentiment, with Brent crude oil June futures rising almost 5% to nearly $106 per barrel. South Korea's Kospi fell 3.6% and Japan's Nikkei 225 was down 1.6% after logging its strongest daily gain in almost a year on Wednesday. Hong Kong's Hang Seng index opened lower and extended its losses to fall over 1%.

Indices in South Korea fell sharply after inflation accelerated in March. Its consumer price index rose 2.2% on year in March after rising 2% in February, Dow Jones reported. However, the latest reading was below the estimate of 2.4% in a poll by The Wall Street Journal.

Following were the levels of major Asian indices at 0814 IST:

(Ruchira Kagita)

Equity Alert: Indices may open lower as oil prices rise after Trump's comment

MUMBAI--0819 IST--Benchmark indices are expected to open lower as oil prices rose after US President Donald Trump in a televised address early Thursday said he expected the war with Iran to last another two to three weeks. Major equity indices across the Asia-Pacific and US stock futures slid after Trump's speech on the West Asia conflict. At 0814 IST, the June futures contract of Brent crude traded around $105 per barrel.   

"We will continue until our objectives are fully achieved. Thanks to the progress we've made, I can say we are on track to complete all of America's objectives shortly, very shortly," Trump said in a speech which many called an echo of his past statements. "We are going to hit them (Iran) extremely hard over the next two to three weeks. We are going to take them back to the stone ages," Trump said. "If during this period of time no deal is made, we have our eyes on key targets. If no deal is reached, we are going to hit every one of their electric generating plants very hard, and probably simultaneously," he added.

Trump also said allies who depend on the West Asia oil that transits through the Strait of Hormuz, which is effectively shut since the war, should "go to the strait and just take it, protect it, use it for yourselves." He also called for countries to buy US oil instead. Energy shipments from the Gulf region have largely come to a standstill after Iran retaliated against the US-Israeli strikes by threatening to attack vessels that try to cross the Strait of Hormuz, a critical trade waterway. 

Meanwhile, shortly after Trump concluded his remarks, in which he also claimed that Iran's military capabilities have been all-but crushed, the Israeli military said it detected Iranian missile launches, according to an Al Jazeera report. "Defensive systems are operating to intercept the threat," the Israeli military said. 

The Gift Nifty is indicating a gap down opening for the domestic markets, said Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market. "We continue to maintain our 'sell on rise' trading approach until some decisive de-escalation measures comes out in Middle East (West Asia) war. On levels front, 22800-23200 will continue to act as immediate resistance (for the Nifty 50 index). On the lower side, the 22000-21700 spot zone will act as immediate support.  (Arya S. Biju)

Equity Alert: US futures dn 1% as Trump threatens to hit Iran "extremely hard"

MUMBAI--0747 IST--US equity futures fell nearly 1% from its intraday high as Brent crude crossed $105 per barrel again after US President Donald Trump threated to attack Iran's energy infrastructure if Iran did not strike a deal. In a speech, Trump said he would attack Iran "extremely hard" over the next two-three weeks. 

All major Wall Street indices were up Wednesday after Trump had signalled that the war with Iran might be nearing its end. The Dow Jones Industrial Average had closed higher for the third straight session, while the Nasdaq Composite and S&P 500 ended with gains for the second straight session.

The Nasdaq outperformed its peers to end nearly 1.2% higher Wednesday. Technology giants Alphabet, Tesla supported the index. Intel Corp ended almost 9% higher after the company said it would buy 49% stake in Apollo Global Management for $14.2 billion. Meanwhile, almost all key S&P 500 sectoral indices closed with gains, barring the energy-linked indices.

However, Trump's latest speech has hit sentiment and US futures suggest the market may open lower on Thursday. "Everybody's trying to guess as to what he (Donald Trump) really means by what he's saying. The markets want it to be positive, they want the war to be over," Thomas Martin, senior portfolio manager at Globalt Investments, told Reuters.

Following are the closing levels of US indices Wednesday:

(Ruchira Kagita)

US$1 = INR 93.10

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Saji George Titus

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

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