Equity Alert
Most Asian mkts end up despite uncertainty over US-Iran truce
This story was originally published at 14:54 IST on 10 April 2026
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Equity Alert: Most Asian markets end up despite uncertainty over US-Iran truce
MUMBAI--1345 IST--Most indices in Asia held on to gains to close in the green. Market participants are watchful of developments around the US-Iran ceasefire agreement as talks between Washington and Tehran are due to begin Saturday in Pakistan's capital city, Islamabad. Israel's Prime Minister Benjamin Netanyahu also said he will initiate talks with Lebanon soon. However, market participants will remain cautious until a concrete peace deal is reached.
Japan's benchmark 225-stock index advanced nearly 2% even as the broader market TOPIX was flat during the entire trading session. On the macroeconomic front, the country's wholesale inflation rose 2.6% on year in March, Reuters reported. Oil prices were noted as the major contributor to the price increase. Meanwhile, Bank of Japan Deputy Governor Ryozo Himino told the country's parliament that the central bank will decide on its policies keeping in view the economic distress due to the West Asia war, Reuters said in another report. He said the country is not at a stage of stagflation yet, but continuation of the war will pose "a dilemma and difficult problem".
Meanwhile, China's CSI 300 index gained 1.5% even as the country's Producer Price Index rose for the first time in 42 months to 0.5% on year. South Korea's benchmark KOSPI gained 1.4?ter the Bank of Korea kept its interest rates unchanged at 2.5% Friday. Shares of heavyweight SK Hynix closed almost 3% higher amid media reports that the company plans to ramp up production of its advanced dynamic random-access memory chips.
Following were the levels of major Asian indices at 1342 IST:
|
Index |
Level |
Change in % |
| CSI 300 Index | 4636.5655 | 1.54 |
| Hang Seng Index | 25862.10 | 0.43 |
| Nikkei 225 Day | 56924.11 | 1.84 |
| TOPIX FIRST SECTION | 3739.85 | (-)0.04 |
| KOSPI | 5858.87 | 1.40 |
| FTSE Singapore Strait Times | 4980.24 | 0.06 |
| S&P/ASX 200 INDEX | 8960.60 | (-)0.14 |
(Ruchira Kagita)
Equity Alert: Coal India falls 5?ter co says to absorb higher input costs
MUMBAI--1330 IST--Shares of Coal India fell over 5% to the day's low of INR 430.30. The company said it is absorbing higher cost of explosives and industrial diesel. The stock fell after closing higher in the previous session.
The company is absorbing the higher prices of industrial diesel and explosives to insulate India's coal users from rising costs, according to the filing by the company. Some of Coal India's subsidiaries have reduced the reserve price of coal in a single-window mode agnostic e-auction. It has also raised the number of auctions and the quantity of coal offered in the auction. The coal producer also intends to supply dry fuel at an affordable price, it said in the filing.
At 1318 IST, shares of Coal India were nearly 4% lower at INR 437.40 on the NSE. So far in the day, over 12 million shares of the company have changed hands on the exchange, higher than over 6 million shares traded till the same time Thursday.
Of the 10 brokerage recommendations available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 490. Of the remaining three, two have a 'sell' recommendation and one has a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: JM Fincl starts coverage on HAL with 'buy', target at INR 4,875
MUMBAI--1320 IST--JM Financial Institutional Securities has initiated coverage on Hindustan Aeronautics with a 'buy' stance and a target price of INR 4,875. The target implies an upside of around 19% from its current market price. HAL could get orders worth INR 4.7 trillion over the next six to seven years in the air defence space, aided by the central government's increasing capital expenditure in the sector, JM Financial said in its initiation report.
The Indian Air Force's fleet has been declining as a significant share is ageing while the pace of new aircraft remains slow, JM Financial said. The development of indigenous fighter aircraft is also not at its desirable pace, the brokerage added. Given these conditions, procuring more equipment for air defence is likely to be a priority for the government.
While HAL's order book is expected to be strong, risks remain around the conversion of these orders. In fact, the company has been facing issues with deliveries of the Tejas MK1A particularly. HAL has order prospects worth INR 9.2 trillion, and in a bull case scenario, it could receive orders worth INR 8.6 trillion, the brokerage said. It sees risks from delays in finalisation, import substitution, and private competition persist. However, HAL is still likely to be preferred for the upgrade of Sukhoi Su-30MKI, the report noted.
Further, the company's valuation could inch upwards if it succeeds in bagging orders for multi-role fighter and advanced medium combat aircraft, and delivers its light combat aircraft Tejas MK1A as expected, JM Financial said. However, the company's growth trajectory may derail slightly if it does not get orders for advanced medium combat aircraft, Indian multi role helicopters, and twin engine deck-based fighters, the report noted.
JM Financial sees HAL's revenue growing at a compounded annual rate of 21?tween 2025-26 (Apr-Mar) and FY28, and its manufacturing revenue rising over 50% in the same period. The growth in top line will majorly be driven by deliveries of the Tejas MK1A. The brokerage sees the company delivering 14 of these aircraft a year in this period. However, if it delivers only eight a year, its consolidated revenue growth could be 7-8% lower than estimates.
JM Financial expects the aeronautics manufacturer's earnings before interest, taxes, depreciation, and amortisation margin to fall to 28.6% in FY28 from 29.8% estimated in FY26. This is due to the rise in the company's manufacturing revenue. The company's EBITDA and profit after tax is seen increasing at a compounded annual rate of 19% and 14%, respectively, over FY26 and FY28. At 1319 IST, shares of HAL were up nearly 2% on the National Stock Exchange at INR 4,103.70. (Ruchira Kagita)
Equity Alert: Indices remain higher; Nifty 50 stays above 24000 mark
MUMBAI--1240 IST--Indices remained higher as gains in shares of banks, financial services, and automobile companies continued to support markets. The Nifty 50 managed to breach 24000 points and at 1228 IST, remained slightly above this level, up 1%. The benchmark index was outperformed by all the Nifty smallcap indices, which rose nearly 2%. The market's fear gauge, India VIX, was down nearly 8% at 18.8675 points. At 1237 IST, the BSE Sensex was at 77403.85, up 1%.
Asian Paints remained the top-performing stock in the index, though it came slightly off its earlier highs, while Sun Pharmaceutical Industries continued to be the key laggard and extended its losses, falling nearly 5%. Shares of the company were down amid concerns over its acquisition of US-based Organon & Co. for $12 billion due to a significant debt burden involved. Analysts were concerned that Sun Pharma would likely assume Organon's debt of $8 billion. Sun Pharma was the worst-hit stock in the Nifty 200 and Nifty 500 indices as well.
Shares of information technology majors continued to be a drag on the 50-stock index. Shares of Wipro shed their earlier gains and slipped into the red. Technology stocks were also the major laggards in the Nifty 200, with shares of mid-cap companies Coforge, LTIMindtree, and MPhasis down 3–4%. Lodha Developers continued to be the highest-gaining stock in the index, though it pared some of its earlier gains.
Among sectoral indices, the Nifty Realty, the Nifty Auto, and banking and financial services-related indices saw the highest gains, rising around 2%. Meanwhile, the Nifty IT index continued to be the worst performer, down nearly 3%, followed by the Nifty Pharma, which fell marginally mainly due to the fall in Sun Pharma's shares. (Shruti Nair)
Equity Alert: IT stocks dn; TCS falls despite largely in-line Q4 results
MUMBAI--1225 IST--Largely in-line March quarter earnings of IT major Tata Consultancy Services failed to lift stocks of information technology companies Friday. Brokerages were largely positive on the sector bellwether after it reported its quarterly earnings post-market hours Thursday, with many increasing their target price for the stock by around 2–3%. In contrast, brokerage Investec cut the stock's target price by over 18% to INR 3,020, NDTV profit reported, citing the brokerage.
Most IT stocks traded lower Friday as fear over disruptions from advances in artificial intelligence returned to the forefront following a recent update from US-based AI company Anthropic. After rising as much as 3% in early trade, shares of Wipro came off highs and traded 0.4% lower at 1224 IST. The stock rose after the company said it will consider a buyback of equity shares for the first time in nearly three years. Meanwhile, shares of TCS fell as much as 3.4% to an intraday low of INR 2,501.
Brokerage Nomura raised its estimate for TCS' earnings before interest and tax margin for 2026–27 (Apr-Mar) and FY28 by 20 basis points each to 25.2%. The estimates for the company's dollar revenue for FY27 and FY28 were also improved by 1.5% and 1.7%, respectively. It also raised its estimates for TCS' earnings per share for FY27 and FY28 by around 2% and nearly 3%, respectively, driven by both higher revenue growth and margin estimates.
In the March quarter, TCS' EBIT margin was supported by tailwinds of currency and value-based delivery, though headwinds from higher external consultant costs, AI capability buildout, investment in ecosystem partnerships and merger and acquisition-related costs limited the gains. Going forward, Nomura expects TCS to continue to reinvest the bulk of the gains from currency and internal cost efficiencies into building its AI capabilities and strengthening AI ecosystem partnerships. TCS believes that revenue growth in international markets will be higher in FY27 compared to FY26, based on their deal pipeline and recent deal wins. However, the caveat is any significant deterioration in macroeconomic conditions or second-order impact from a prolonged war in West Asia, Nomura said.
TCS appears well set for a recovery in FY27, Nuvama Institutional Equities said in a report, adding that "deal-wins have been decent, margins solid and AI revenue is growing strong". After the recent sharp correction, the valuation of the stock has become highly attractive, the brokerage said. Nuvama raised its FY27 and FY28 earnings per share estimates for the company by 2.5% and 2%, respectively, based on its updated estimate for rupee at $93 per dollar, compared to $88 per dollar earlier.
Another brokerage, JM Financial, noted that even though TCS's earnings were largely in line with expectations, sector re-rating is unlikely to happen if concerns over the impact of Generative-AI continue. It added that rupee depreciation is the only 'relief' for IT companies, which is expected to support margins of these companies in the near-term. The brokerage raised its estimates for the company's earnings per share for FY27 and FY28 by 2.4% and 2.7%, respectively. However, the brokerage cut its revenue growth estimates on a year-on-year basis both in constant currency and dollar terms. It also trimmed its profit estimates by 2.4% and 2.7% respectively, for FY27 and FY28 while largely maintaining its EBIT margin assumptions. (Arya S. Biju)
Equity Alert: Eicher up 3%; Royal Enfield launches 1st electric motorcycle
MUMBAI--1120 IST--Shares of Eicher Motors rose as much as 3% to the day's high of INR 7,358 Friday after the company launched its first electric motorycle Thursday. The stock has risen for the fourth straight session and gained over 11% during this period.
Eicher Motors launched the electric motorcycle of the Royal Enfield brand, the Flying Flea C6, for INR 279,000 ex-showroom price in Bengaluru. The Flying Flea C6 weighs 124 kilograms, much lower than a petrol-fuelled Royal Enfield motorcycle, which can typically weigh at least 180 kilograms.
At 1108 IST, shares of Eicher Motors traded over 2% higher at INR 7,321 on NSE. So far in the day, over 275,000 shares of the company changed hands on the exchange, higher than over 219,000 shares traded till the same time Thursday.
Of the 13 brokerage reports available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 8,486. Of the remaining six, five have a 'hold' recommendation with an average target price of INR 7,607 and one has a 'sell' recommendation. (Arundathi A R)
Equity Alert: Indices extend gains as banks, financial services cos rise
MUMBAI--1100 IST--Benchmark indices extended early gains with most constituents in the Nifty 50 trading higher. Gains in shares of banks, financial services companies, and automobile companies supported the index. However, a fall in shares of most information technology majors and select pharmaceutical companies was a drag.
The Nifty 50 has been facing selling pressure at 24000 level for three sessions now. On Friday, the index crossed the level briefly, rising more than 1% intraday. It came off highs and at 1054 IST, the index was just below 24000 points, up 0.9%. The BSE Sensex was at 77329.39 points, up 0.9%.
Shares of Asian Paints extended gains and climbed over 4% to become the highest gainer in the Nifty 50. Index heavyweights HDFC Bank and ICICI Bank were up 2% and 3%, respectively. Shares of Axis Bank, State Bank of India, and Kotak Mahindra Bank were also up 2–3%. Financial services companies witnessed similar gains. Shares of Jio Financial Services, Bajaj Finserv, and Bajaj Finance were up 2%. Shriram Finance came off its earlier highs but was still up more than 2?ter credit rating agencies Crisil and ICRA upgraded long-term ratings to 'AAA'.
Tata Consultancy Services extended losses and was down nearly 3?spite the company reporting a 29% growth in its consolidated bottom line for the March quarter compared with the December quarter. Brokerages are largely positive on the stock due to cheap valuations, but several analysts raised concerns around margins and risks from artificial intelligence.
Other IT companies such as Tech Mahindra, HCL Technologies, and Infosys were down 2–3% amid renewed concerns over artificial intelligence-related disruption after Anthropic announced its AI-centric cybersecurity initiative Project Glasswing.
Shares of automobile companies rose with Eicher Motors leading the gains, rising over 2%. Its shares rose likely due to the launch of its first electric motorcycle, the Flying Flea C6, under the Royal Enfield brand, according to a report by ICICI Direct Research.
The Nifty IT index was the worst performer among sectoral peers, falling 2.5%, while the Nifty Realty index was the top gainer, up roughly 3%. Shares of Lodha Developers was the best-performing stock in the Nifty 200 index, while Aditya Birla Real Estate rose over 6%.
Among small-cap companies, The New India Assurance rose over 14% and was the top-performing stock in the Nifty 500 index. Shares of Ola Electric were up 6%, extending gains for the third straight session, rising more than 30% in this period. (Shruti Nair)
Equity Alert: Shriram Finance rises 3?ter Crisil, ICRA up rating to 'AAA'
MUMBAI--1050 IST--Shares of Shriram Finance rose over 3% to an intraday high of INR 1,031 after Crisil Ratings and ICRA upgraded the non-banking financial company's long-term rating to "AAA" with "stable" outlook. The rating agencies upgraded the stock after Shriram Finance allotted shares worth INR 396 billion to Japan's Mitsubishi UFJ Financial Group through a preferential issue. Both agencies removed their "watch with positive implications" stance on the company.
"...the capitalisation position shall remain comfortable with a healthy cushion in relation to the underlying risks in the target segments," ICRA's report read. Shriram Finance's profitability is also expected to jump in the near to medium term, Crisil Ratings said.
The stake deal with MUFG bank made Shriram Finance's capital profile stronger and its cost of funds is seen improving, both the credit rating agencies said in their reports. With MUFG bank acquiring a 20% stake in the non-banking financial company, its net worth hit INR 1 trillion from INR 620.93 billion as on Dec.31, Crisil Ratings noted. The agency sees the company maintaining leadership in the medium term, and said Shriram Finance has structural advantages compared to its peers. It has better capitalisation profile, diversified offerings, healthy profitability, and hope of better cost of funds, both ICRA and Crisil Ratings noted in their respective reports. From a sectoral viewpoint, non-banking financial companies' growth momentum is expected to continue in 2026-27 (Apr-Mar), ICRA said in a note.
At 1049 IST, shares of Shriram Finance were trading 2.4% higher at INR 1,020.20 on NSE. So far Friday, 3 million shares of the company have changed hands on the exchange, higher than the number of shares traded till the same time Thursday. (Ruchira Kagita)
Equity Alert: Most IT cos fall amid renewed concern over AI-led disruptions
MUMBAI--1042 IST--Most Information technology stocks, except Wipro, fell as fear over disruptions from advances in artificial intelligence returned to the forefront following a recent update from US-based AI company Anthropic. The largely in-line March quarter earnings of sector bellwether, Tata Consultancy Services, also failed to lift the sentiment around these stocks.
Overnight, software-linked stocks in the US fell after Anthropic introduced a preview of its new model, Mythos, which is being positioned as a significant leap over earlier models such as Claude Opus on coding and security benchmarks. The model is positioned as highly advanced in identifying and fixing cybersecurity vulnerabilities, with capabilities that reportedly outperform both human experts and existing automated tools, Mint reported.
Domestic IT sector had been under pressure since the beginning of February amid rising concerns over AI-led disruptions in revenues of IT firms. Investors dumped the sector's stocks on worries that AI tools that are capable of automating human tasks could pose an existential threat to the industry. So far, the Nifty IT index has fallen nearly 26% from the peak it hit on Feb. 3.
Bucking the trend, shares of Wipro rose after the company said it will consider a buyback of equity shares for the first time in nearly three years. Global brokerage Morgan Stanley estimates a buyback of about $2 billion, or roughly 8.5% of the company's current market capitalisation, NDTV Profit reported citing the brokerage. It maintained an 'underweight' recommendation on the stock with a target price of INR 242 and said that a buyback had been anticipated by the market.
At 1016 IST, the Nifty IT index fell more than 2% to 30873.85 points and was the worst hit sectoral index. All constituents of the index barring Wipro traded in the red, down 1–3%. Infosys, Tata Consultancy Services, LTIMindtree, Mphasis, and Coforge were down around 3?ch and were the worst hit.
Shares of TCS fell despite largely in-line March quarter earnings and mostly positive brokerage comments. While many brokerages raised their target price on the stock, the change was not material. Further, some brokerages also raised concerns over growth visibility and margins. (Arya S. Biju)
Equity Alert: Sun Pharma down 4% as likely Organon buy triggers debt concern
MUMBAI--1041 IST--Shares of Sun Pharmaceutical Industries fell to INR 1,643.60 amid reports that the company is in the final leg of acquiring US-based Organon & Co. for $12 billion. Analysts flagged concerns that Sun Pharma would have to assume Organon's debt of $8 billion, given the former has only $3.2 billion in cash. At 1040 IST, shares of the company were at INR 1,651, down 4%.
Sun Pharma has completed over three months of due diligence and is finalising financing for the acquisition with global banks, including JP Morgan and MUFG, according to reports. Organon operates across women's health, biosimilars, and established brands, even as it faces competitive pressures and declining sales in key products. Organon was spun off from US pharmaceutical major Merck & Co in 2021.
"Organon is facing competition in all the three segments," ICICI Direct said. "Prime facie, the target seems to be fraught with challenges. The only bright side, perhaps, would be a better margins profile. There might be something that Sun (Pharma)'s management might have identified in the target but it is difficult to comprehend at this juncture. We will keep track of the development."
In a conference call with analysts post the 2025 results, Organon's management had said it had lowered its dividend payout ratio and applied the excess funds towards debt reduction. "We also divested the JADA system, resulting in approximately $390 million in net proceeds that will help us to reduce net debt in 2026," Organon's executives told investors. (Gopika Balasubramanium)
Equity Alert: Indices open higher post 1?ll Thu; war uncertainties linger
MUMBAI--0940 IST--After closing in the red in the previous session, domestic headline indices bounced back to open higher Friday. Most Asian indices also gained in early trade despite lingering uncertainty related to the war in West Asia. Crude oil prices continued their climb to near $100 per barrel. Most Nifty 50 constituents opened the session higher.
Overnight, major indices in the US closed higher after crude oil prices came off highs as Israeli Prime Minister Benjamin Netanyahu said his country had agreed to open direct negotiations with Lebanon. Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, called Israel's continued attacks on Lebanon a violation of the ceasefire agreement. At 0942 IST, the June futures contract of Brent crude was marginally higher at $96.14 per barrel.
The broader market outperformed the benchmarks, with all broader market indices up over 1%. India VIX indicated easing of nervousness among investors, falling over 5% to 19.3850. At 0943 IST, the Nifty 50 was up 0.7% at 23951.85 and the BSE Sensex was at 77187.78, up 0.7% or 556.13 points.
Barring the Nifty IT, the Nifty Pharma, and the Nifty Healthcare, all sectoral indices were higher. The Nifty Media was the highest gainer among sectoral indices, up nearly 2%. The Nifty IT lost the most, down almost 2%.
Financial services stocks led the gains in the 50-stock index, with Shriram Finance trading 3% higher. Rating agencies ICRA and CRISIL have upgraded the company's long-term rating to 'AAA'. Axis Bank was the second-highest gainer among Nifty 50 stocks, up over 2%. Index heavyweight ICICI Bank was nearly 2% higher. State Bank of India, Bajaj Finserv, Jio Financial Services, and Bajaj Finance were the other banking and financial services stocks that gained in the Nifty 50 index.
Sun Pharmaceutical Industries was the key laggard in the index, down 2.6%. The stock fell amid media reports that the company was in the final stages of buying US-based pharmaceutical company Organon. Brokerage ICICI Direct pointed that buying the US pharmaceutical company would be an issue due to its high debt. The Sun Pharmaceutical stock lost the most in the Nifty 200, as well as the Nifty 500.
Select information technology majors shed gains, with Infosys and Tata Consultancy Services down over 2%. TCS reported sharp sequential growth in its bottom line for the March quarter as its total expenses rose slower than the top line. The company's consolidated net profit rose almost 29% on quarter and over 12% on year to INR 137.18 billion. Its consolidated revenue for the quarter rose over 5% sequentially and nearly 10% on year to INR 706.98 billion.
Meanwhile, Wipro was the only one to gain among Nifty IT constituents, up over 1%. The company has considered a buyback of shares on Apr. 16. (Arundathi A R)
Equity Alert: Indices in Asia positive even as West Asia uncertainties loom
MUMBAI--0840 IST--Indices in Asia were largely positive in early trade Friday even as market participants wait for the fragile truce between the US and Iran to lead to lasting peace. Sentiment improved slightly after Israeli Prime Minister Benjamin Netanyahu said he would initiate direct talks with Lebanon as soon as possible.
South Korea's benchmark index, Kospi, gained 2% to outperform its peer indices. The Bank of Korea kept interest rates unchanged at 2.5%. The central bank, however, flagged concerns about growth of the economy due to the war in West Asia. Inflationary and growth risks persist with high volatility in the financial and foreign exchange markets, the bank's monetary policy committee highlighted. The Bank of Korea trimmed its growth forecast for the full year due to disruptions stemming from hostilities in West Asia. "Accordingly, the growth rate for this year is expected to be below the February forecast of 2.0%. However, the future path of economic growth will be largely affected by developments in the Middle East," the monetary policy committee said in its statement.
In Japan, the benchmark Nikkei 225 rose nearly 2% but the broader market index Topix oscillated between losses and gains. On the macroeconomic front, Japan's Producer Price Index rose 0.8% from the previous month and 2.6% on year in March. Gas and fuel prices contributed the most to this increase. Further, Japan plans to release 20 days worth of oil reserves from May to ensure adequate domestic supply, Reuters reported. Earlier, Japanese Prime Minister Sanae Takaichi had said the country had oil reserves that could last beyond the end of the year.
The negative effects of the war were seen in China as well. China's Producer Price Index rose for the first time in 42 months to 0.5% on year. This was higher than Reuters' estimate of a 0.4% increase. The higher reading was due to a surge in prices in energy-intensive industries, Reuters said. The country's consumer price inflation grew 1% on year, compared to 1.3% rise in February. This was lower than Reuters' poll estimate of 1.2%.
Following were the levels of major Asian indices at 0820 IST:
|
Index |
Level |
Change in % |
| CSI 300 Index | 4629.3505 | 1.38 |
| Hang Seng Index | 25960.1 | 0.81 |
| Nikkei 225 Day | 56728.95 | 1.49 |
| TOPIX FIRST SECTION | 3739.99 | (-)0.04 |
| KOSPI | 5887.52 | 1.9 |
| FTSE Singapore Strait Times | 4982.27 | 0.1 |
| S&P/ASX 200 INDEX | 8933.1 | (-)0.45 |
(Ruchira Kagita)
Equity Alert: Indices may open up after Thursday's fall; global cues mixed
MUMBAI--0816 IST--After falling around 1?ch in the previous session, benchmark equity indices are expected to open higher amid mixed global cues. Major equity indices across the Asia Pacific region opened higher, but gains were capped as investors sought further clarity on the durability of the US-Iran ceasefire and remained wary of Israel-Lebanon peace talks. The April futures contract of the GIFT Nifty signals a positive start for the headline Nifty 50 index.
Overnight, major indices in the US closed higher after crude oil prices came off highs as Israeli Prime Minister Benjamin Netanyahu said his country has agreed to open direct negotiations with Lebanon. Iran's parliamentary speaker Mohammad Bagher Ghalibaf had called Israel's continued attacks on Lebanon a violation of the ceasefire agreement. After opening lower, US stock futures traded largely flat or with minor gains at 0729 IST.
Netanyahu's comment came after US President Donald Trump delivered a stern message to him in a phone call that a US official said was shorter than their usual regular talks, according to a report by The Wall Street Journal. Lebanese officials said they wanted talks that led to lasting peace but were first seeking an immediate pause in Israeli strikes that escalated in intensity after the US-Iran ceasefire was announced Wednesday, the report said. However, Netanyahu in a subsequent address to residents of northern Israel, said that "there is no ceasefire in Lebanon," according to a BBC report.
The Strait of Hormuz remained largely closed to shipping, with marine traffic at well below 10% of normal volumes on Thursday as Tehran asserted its control of the strategic waterway that typically carries a fifth of global oil and gas shipments. Regarding the Strait, Iran's supreme leader, Mojtaba Khamenei, said that his country would move towards a "new phase" without elaborating, media reports said, citing a statement read out on television. Meanwhile, Trump, in a post on Truth Social, said Iran was doing a "very poor job" of allowing oil to pass through the strait. "That is not the agreement we have."
On Thursday, the benchmark Nifty 50 index retraced back slightly following a sharp up-move in the previous trading session. This kind of retracement following a sharp rise is normal market behaviour, Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market said. "We are hopeful of a positive move up to 24350-24400 spot levels unless there is any fresh escalation in the Middle East," he said, adding that news driven volatility would take time to subside.
Shares of information technology companies will be in focus Friday after sector bellwether Tata Consultancy Services reported sharp sequential growth in its bottom line for the March quarter, as top line growth outpaced total expenses. However, the company's consolidated net profit of INR 137.18 billion was lower than the Street's view. Its consolidated revenue of INR 706.98 billion for the quarter, on the other hand, was better than the Street's expectation. Following the quarterly results, brokerages such as Nuvama Institutional Equities, Nomura and Emakay Global Financial Services raised their target prices for the stock by around 2-3%. (Arya S. Biju)
Equity Alert: US mkts end muted Thu; investors await clarity on W Asia war
MUMBAI--0750 IST--Trade on Wall Street was muted on Thursday as market participants were cautious about how the war in West Asia would take shape going forward. Israel's Prime Minister Benjamin Nentanyahu said he will negotiate with Iran as soon as possible. Major indices on the Wall Street ended with marginal gains.
"We do not want – I do not want – NATO to split. NATO is a guarantor of our security, including and above all in Europe," German Chancellor Friedrich Merz said, emphasising the need to reopen the Strait of Hormuz. He said the truce between the US and Iran is "fragile" and that Germany will resume direct talks with Tehran. Meanwhile, Brent Crude oil futures remained below the $100 per barrel mark.
Macroeconomic data released Thursday also likely dampened sentiment. The advance estimate of US fourth quarter GDP was revised lower to 0.5%. This is significantly lower than the 4.4% recorded in the September quarter. "February prices were in line but income was weak and GDP was revised down again. That means stagflation was a little worse than expected even before the Iran war started," David Russell, the global head of market strategy at TradeStation told CNBC.
Meanwhile, the US Federal Reserve's preferred inflation gauge, annual core personal consumption expenditure, which excludes volatile food and energy prices, remained sticky at 3% in February. The figure was in line with what economists had estimated. On an on-month basis, core inflation rose 0.4%, meeting expectations. Markets will keenly watch out for retail inflation data due Friday for a more comprehensive understanding of the impact of the US-Iran war on the US economy.
Following are the closing levels of US indices Thursday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6824.66 | 0.62 |
|
NASDAQ Composite |
22822.417 | 0.83 |
|
Dow Jones Industrial Average |
48185.80 | 0.58 |
(Ruchira Kagita)
US$1 = INR 92.54
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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