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Informist, Friday, Apr. 17, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Markets seen higher; focus on oil price, FII activity, earnings

MUMBAI--1620 IST--The domestic headline indices are likely to open higher Monday, carrying forward the positive sentiment from the Lebanon ceasefire into the next week. Developments in West Asia over the weekend will also lend cues to the market next week. US President Donald Trump late Thursday said Israel and Lebanon have agreed to a 10-day ceasefire, starting 0230 IST Friday. Reacting to this, crude oil prices stayed below the critical level of $100 per barrel and foreign institutional investors reversed ther position from being net sellers to net buyers. Market participants will also watch for the March quarter earnings of some Nifty 50 stocks on Saturday.

"Overall technical trend (of the Nifty 50) remains strong for the short term as long as it remains above 24000 (levels)," said Rupak De, senior technical analyst at LKP Securities. "A close above 24300 would give more positivity to the market. Upon a closing above 24300, the Nifty might move up towards 24800 in the short term," he said. Friday, the Nifty 50 closed higher by 156.80 points or 0.7% at 24353.55 points. The BSE Sensex ended the session at 78493.54, up 504.86 points or 0.7%. Analysts see the Nifty 50 facing resistance at 24400 level and finding support at 24100 level.

The analyst also expects the Nifty Bank index to hit its pre-war levels soon. The sectoral index ended Friday at 56565.70, which is around 4000 points away from the pre-war level of 60529. "For Bank Nifty, as long as it is trading above 55,500, an uptrend is likely to continue," Amol Athawale, vice president of technical research at Kotak Securities, said in a note.

Foreign institutional investors remained net buyers for the second session Thursday after a long row of selling days. They bought shares worth INR 3.82 billion in the previous session. Domestic institutional investors, however, offloaded shares in the domestic equity market for the second day. They sold shares worth INR 34.28 billion on Thursday.

On the earnings front, market participants will track the March quarter earnings of index heavyweight HDFC Bank, which is scheduled to announce on Saturday. ICICI Bank will also detail its Jan-Mar results Saturday. HDFC Bank is expected to report an on-year rise of nearly 9% in its net profit for the March quarter to around INR 191.13 billion. The bank's net interest income for Jan-Mar is likely to rise 5% on year to INR 336.88 billion. ICICI Bank is likely to post an on-year rise in its net profit for the March quarter to INR 127.97 billion. Its net interest income is expected to be INR 226.07 billion in the March quarter, up nearly 7% on year.

For information technology company Wipro, the brokerages have cut their revenue growth estimates, after the company missed the Street's estimates for the Jan-Mar earnings. Most brokerages have raised concern about the company's weak growth and also gave a weak outlook for the June quarter. However, some brokerages remain bullish on the stock due to attractive valuations.  (Arundathi A R)

Equity Alert: Nifty 50 April ends at premium of 40.45 points to spot index

MUMBAI--1500 IST--The April futures contract of the Nifty 50 closed at a premium of 40.45 points to the spot index Friday. Open interest in the contract rose slightly to 17.56 million, according to provisional data.

--Nifty 50 closed at 24353.55 points, up 156.80 points or 0.7% vs Thursday

--Nifty 50 April closed at 24394.00 points, up 198.20 points or 0.8% vs Thursday

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

Call: 26500, Put: 24000

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

Call: 25000, Put: 23000

(Anshul Choudhary)

Equity Alert: Indices close higher as crude oil prices remain below $100/bbl

MUMBAI--1545 IST--Domestic headline indices closed higher Friday, with the Nifty 50 closing above 24300 points. This is third straight session that the 50-stock index has closed above the 24000 level. Gains in fast-moving consumer goods stocks supported the index to recover from the fall earlier in the day.

Crude oil prices staying below the $100 per barrel mark and some positive news from the West Asia war front buoyed the market sentiment. At 1550 IST, the June futures contract of Brent Crude was trading more than 3% lower at $96.09 per barrel.

The Nifty 50 closed higher by 156.80 points or 0.7% at 24353.55 points. The BSE Sensex ended the session at 78493.54, up 504.86 points or 0.7%. Broader market indices outperformed their benchmark peers, ending 1.2-1.6% higher. India VIX showed nervousness among investors had cooled down, with the volatility index closing nearly 5% lower at 17.2050. Most Nifty 50 constituents ended the session in the green.

Barring the Nifty IT, all the other sectoral indices closed higher. The Nifty FMCG was the top gainer for the most part of the session and remained so. It closed nearly 3% higher with all its constituents in the green. The Nifty Energy, Nifty Oil and Gas, Nifty Consumer Durables, and Nifty Media closed over 1% higher.

Hindustan Unilever and Nestle India were the top two gainers in the 50-stock index. Shares of HUL ended nearly 5% higher and those of Nestle India closed over 2% higher.

In the Nifty 200 index, Colgate Palmolive was the top gainer, up 6.5%. The stock closed higher for the third straight session, gaining almost 10% in this period.

Wipro and HDFC Life Insurance Co. ended up as the worst performers in both the 50-stock index and Nifty 200 index. Wipro ended nearly 3% lower and HDFC Life closed over 2% lower. The stocks were also among the biggest laggards in the Nifty 500 index. (Arundathi A R)

Equity Alert:VST Ind soars on robust Q4 results; other cigarette cos also up

MUMBAI--1535 IST--Shares of VST Industries ended almost 10% higher at INR 264.83 on the NSE after the cigarette maker's net profit more than doubled year-on-year to INR 1.17 billion in the March quarter. The company's revenue for the quarter rose 52% on year to INR 6.89 billion. VST's net cigarette revenue rose nearly 25% on year to INR 11.51 billion in 2025-26 (Apr-Mar). Shares of other cigarette manufacturers, ITC and Godfrey Phillips India, ended over 1% and nearly 4% higher, respectively, taking cues from the robust sales figures of the maker of the 'Total' cigarette brand.

Cigarette volumes averaged 667 million units per month in the March quarter, higher than 647 million units a year ago. The rise in cigarette revenue comes amid concerns that the sharp increase in government duties will hurt sales. The company's revenue from unmanufactured tobacco fell to INR 580 million, down from INR 1.16 billion in the year-ago period. Its earnings before interest, tax, depreciation, and amortisation rose to INR 2.08 billion from INR 695 million a year ago. 

"In 2025, we achieved robust volume recovery supported by our enhanced brand portfolio and disciplined in-market execution," Piyush Srivastava, managing director, VST Industries, said in a release. "Given the extraordinary tax increases, a challenging year awaits us. We will remain focused on strengthening our brand portfolio and in-market execution. We remain steadfast in our commitment to creating superior value for consumers and stakeholders," he said.  (Eshitva Prakash)

Equity Alert: Jindal Steel up 4%, Emkay Global retains 'buy' on stock

MUMBAI--1505 IST--Shares of Jindal Steel rose 4.5% to an intraday high of INR 1,284. The company's Angul facility in Odisha, where crude steel capacity was recently doubled to 12 million tonnes per annum, is seen driving volumes upwards at a compounded annual growth rate of 19% between the financial year 2025-26 (Apr-Mar) and FY28, Emkay Global Financial Services said in a research report. Capacity utilisation at the plant is expected to touch 50% in FY27 and 80% in FY28, the brokerage said. Emkay Global retained its "buy" stance on the stock with an unchanged target price of INR 1,400.

The expansion at the Angul unit is expected to result in the company's earnings before interest, taxes, depreciation, and amortisation rising at a compounded annual growth rate of 44% between FY26 and FY28. Jindal Steel has the highest incremental growth potential in EBITDA terms among its peers over the next two years, Emkay Global said.

Further, the steel manufacturer's ratio of long to flat steel products is likely to shift to 30:70 by FY28 from 57:43 in FY25. This can lead to a rise in its value-added products, Emkay Global said in its report. "...believe this shift toward a richer product mix is expected to be a key driver of margin expansion and earnings quality," the brokerage said.

At 1504 IST, shares of Jindal Steel were up 3.7% at INR 1,273.50 and over 2.5 million shares of the company had changed hands. This is double the number of shares traded till the same time Thursday. Jindal Steel had announced the completion of its Angul Integrated Steel Complex in Odisha on Mar. 24. Since then, its shares have risen almost 16%.  (Ruchira Kagita)

Equity Alert: Bajaj Consumer Care up after strong Q4 results, volumes jump

MUMBAI--1500 IST--Shares of Bajaj Consumer Care rose over 15% to INR 494.80 on the NSE after the company reported strong March quarter earnings. The company's net profit for the March quarter doubled on year to INR 640.74 million and revenue from operations rose 27% on year to INR 3.08 billion. The company's earnings per share increased to INR 4.79, higher than INR 2.27 a year ago. Its total income for the quarter rose to INR 3.13 billion, up nearly 25%.

At 1436 IST, the company's shares traded at INR 474.75 on the NSE, up almost 11%. Volumes also spiked, with over 16 million shares traded, substantially higher than 1 million shares traded on the bourse till the same time. 

Bajaj Consumer Care is a fast-moving consumer goods company, primarily engaged in hair care business. The company's flagship product, Bajaj Almond Drops hair oil, is one of the largest-selling light hair oils in the country, the company said in its annual report. The company has recently expanded its business to skincare and other personal care categories. It is a part of the Bajaj Group.  (Eshitva Prakash)

Equity Alert: Indices extend gains as FMCG cos rise; Nifty 50 crosses 24300 

MUMBAI--1456 IST--Benchmark equity indices extended their gains as the Nifty 50 clawed past the 24300 mark. Fast-moving consumer goods companies and energy companies held onto their gains. Select healthcare and automobile stocks also traded higher and supported the 50-stock index. Hindustan Unilever remained the top gainer and traded 5% higher. The stock hit an over one-month high during the session. Shares of JSW Steel gained more and climbed into the higher rungs of the 50-stock index. Shares of Titan Co. also recovered from its intraday low and rose nearly 1%.

At 1456 IST, the Nifty 50 was 0.6% higher at 24349.65, while the BSE Sensex was 0.5% higher at 78338.94. Among the index heavyweights, Reliance Industries was up 1%, while HDFC Bank also maintained its gains, up 0.6%. ICICI Bank continued to trade modestly lower.

Broader market indices outperformed the benchmark indices with both smallcap and midcap indices gaining 1.0–1.4%. Sectoral indices continued their intraday trend with FMCG and energy indices being the highest gainers. The Nifty IT index came off its earlier lows but remained the worst performer among sectoral peers. Shares of Wipro continued to trade 3% lower, while HCL Technologies and Infosys also remained lower. While HDFC Life Insurance continued its dismal performance, trading 2% lower, its peer SBI Life Insurance Co. also slipped into the red.

In the Nifty 200 index, FMCG and energy companies continued to eke the highest gains. Adani Total Gas emerged as the top-performer in the index, gaining 7%, while Siemens and Suzlon Energy held onto their gains, trading 4-5% higher. Shares of HDFC Asset Management Co. also rose 5% even after the company reported a fall in its March quarter bottom line owing to a sharp fall in its other income and a rise in total expenses. In a post-earnings call, the company said it would focus on improving its existing products instead of launching new fund offers. The company also said it will work closely with HDFC Bank to boost flows through systematic investment plans.

Among the Nifty 500 constituents, energy company Nava was the top-performing stock, up 15%, while shares of Gallantt Ispat and Afcons Infrastructure were the major laggards, down 3–4%.  (Shruti Nair)

Equity Alert: Israel-Lebanon truce fails to cheer markets in Europe

MUMBAI--1440 IST--Indices in Europe were largely flat Friday. US President Donald Trump's announcement of a 10-day ceasefire between Israel and Lebanon failed to lift market sentiment. While markets in France, Italy, Germany, Switzerland, and Spain displayed some positive bias, the UK's benchmark FTSE 100 index fell 0.1%.

Some companies were in focus on the back of earnings. Shares of Alstom tumbled 30% after the rail transport systems manufacturer withdrew its three-year cumulative free cash flow guidance of 1.5 billion euros. Shares of Ericsson were flat despite the Swiss telecommunications provider's profit for the quarter ended March missing analysts' expectations. The company faced higher input costs, particularly in semiconductors, due to demand for artificial intelligence, the president and chief executive officer of the company said. Shares of the company were flat.

The minutes of the European Central Bank's meeting held on Mar 18–19 indicated that a hike in interest rates in the upcoming monetary policy is unlikely. Inflation could be lower if the economic fallout from the war in West Asia was short-lived, but supply disruptions will still continue to pose problems for several months, the central bank noted. "By way of comparison, in response to the Russian invasion of Ukraine in 2022 and the April 2025 tariff shock, risk sentiment had deteriorated much more sharply (because of the war in West Asia)," the ECB statement read.

However, the International Monetary Fund does expect the ECB to hike rates twice this year by 50 basis points to curb energy-driven inflation, according to a report by Reuters. Interest rates could come down in 2027, the report quoted Alfred Kammer, the head of IMF's European Department, as saying.

Following were the levels of major European indices at 1435 IST:

(Ruchira Kagita)

Equity Alert: Waaree Renewable soars 13% as PAT, revenue double YoY in FY26

MUMBAI--1430 IST--Shares of Waaree Renewable Technologies rose over 13% to an intraday high of INR 1,202 on NSE after strong March quarter earnings. The company's revenue from operations and its profit rose to INR 33.31 billion and INR 4.79 billion, respectively in 2025-26 (Apr-Mar), implying an over 100% year-on-year jump in both metrics.

For the quarter ended March, the company's revenue more than doubled to INR 11.02 billion and the engineering, procurement, and construction player's bottom line surged 66.1% on year to INR 1.56 billion. The company reported a order book of 2.83 gigawatt-peak, along with a bidding pipeline of more than 36 gigawatt-peak.

The company's operating performance improved, with its earnings before interest, tax, tax, depreciation, and amoritsation rising almost 64% on year to INR 2.07 billion. However, its EBITDA margins declined to 18.8% from 26.5%, largely because of a big jump in EPC contract costs, which almost doubled on year to INR 8.71 billion.  (Eshitva Prakash)

Equity Alert: Angel One jumps 10% after co's consol net profit surges on year

MUMBAI--1400 IST--Shares of Angel One rose over 10% to INR 322.90 a day after the company released its March quarter results. Its consolidated net profit for the quarter surged almost 84% on year to INR 3.2 billion. The revenue from operations jumped over 38% to INR 14.59 billion. The profit soared sequentially as well with volatility in the market boosting futures and options trading activity, brokerage Motilal Oswal Financial Services said. The volatility, however, resulted in a flat performance for orders in the cash market.

The company's gross broking revenue for the quarter rose 41% on year to INR 8.9 billion. The sequential rise in broking revenue was led by F&O trading activity. Brokerage fees for cash trading were up 15% on year. Fees from commodity trading rose 54% on year. The company's net brokerage income rose 42% on year to INR 6.9 billion.

The employee expenses rose 31% on year but declined 11% sequentially to INR 2.4 billion due to a reversal in grants under an employee stock option plan worth INR 111 million. However, this reversal was offset by the one-off client reimbursement in administration expenses, excluding which the company's profitability would have been better, Motilal Oswal said.

The new business of loan distribution witnessed a slowdown during the quarter, according to Motilal Oswal. Other new businesses, such as distribution of fixed deposits, wealth management, and asset management company, are likely to gain traction over the medium term, it said.  (Eshitva Prakash)

Equity Alert: Sentiment in Asia weak on ambiguity over US-Iran peace talks

MUMBAI--1348 IST--Key Asian indices closed lower Friday because of uncertainty around peace talks between the US and Iran. Though US President Donald Trump has said that Israel and Lebanon have agreed to a 10-day ceasefire starting Friday, there is still lack of clarity over the ceasefire between the US and Iran that ends on Tuesday. Trump also hinted that Israel and Lebanon could meet for a second round of peace talks "probably, maybe, next weekend."

While crude oil supply remains highly restricted, a South Korean vessel passed through the Strait of Hormuz for the first time since the blockade. "The government is concentrating all its capabilities to overcome the crisis brought about by the Middle East war," South Korean President Lee Jae Myung said on social media, acknowledging this development.  Brent Crude Oil futures were 4% higher from Thursday's low at over $98 per barrel.

However, high energy prices continue to pose growth risks to Asian economies. Sarah Hunter, the chief economist and assistant governor (economic) at the Reserve Bank of Australia, said it is necessary to monitor how high energy prices impact supply chains and cause any "indirect second effects." Households in Australia and other countries will struggle with high fuel prices, Hunter said. "They will be making some really hard trade-offs, and that could well, in many countries, slow growth down and put pressure on our unemployment rates," Hunter added.

Japan's benchmark Nikkei 225 closed almost 2% lower after hitting a fresh high Thursday. Over 80% of the total 225 stocks in the index fell Friday. The broader market TOPIX was down almost 1.5%.

Following were the levels of major Asian indices at 1345 IST:

(Ruchira Kagita)

Equity Alert: FMCG cos rise; Nifty FMCG index up 5% in 3 days

MUMBAI--1345 IST--Shares of fast-moving consumer goods companies rose Friday with the Nifty FMCG index being the top gainer among its sectoral peers. The sectoral index was 2.4% higher with all its constituents trading in the green. The index was up for the third straight session and gained nearly 5% during this period. FMCG stocks Hindustan Unilever and Nestle India were the top gainers in the Nifty 50 index, up 2-5%. Emami, Radico Khaitan, and Colgate Palmolive (India) were the top gainers in the Nifty FMCG index, up almost 6% each.

"This is a technical bounce-back from the oversold," Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said. "This bounce-back rally could lead FMCG index towards 50600–51000 levels in the coming weeks," he said. At 1344 IST, the Nifty FMCG index was at 49565.20 points.

While most FMCG companies were able to manage the raw material price inflation, ICICI Securities sees its full impact to be reflected in the first half of 2026–27 (Apr-Mar), the brokerage said in its report. "In our view, such cost environments tend to favour large players like HUL, Marico, Nestle, given their superior pricing power, distribution strength, and ability to absorb short-term shocks—potentially gaining market share at the expense of regional or smaller brands," ICICI said in its report.

At 1338 IST, shares of Tata Consumer Products, ITC, Marico, Nestle India, Varun Beverages, Godrej Consumer Products, Hindustan Unilever, Colgate Palmolive, and Emami were 0.7–6% higher.  (Arundathi A R)

Equity Alert: Broader mkt indices rebound to pre-West Asia war levels

MUMBAI--1322 IST--Broader market indices have recovered from the lows hit after the war started in West Asia. Traders had trimmed their exposure to mid- and small-cap stocks in a bid to position against the volatility in the market and risks due to supply chain disruption after the US and Israel struck Iran on Feb. 28. However, these stocks have bounced back to pre-war levels, largely in April. The recovery was led by the Nifty Smallcap 100 among the small-cap indices and the Nifty Midcap 100 among its peers. At 1304 IST, the mid-cap indices were 0.8% higher and the small-cap ones were trading over 1% up each.
 

Mid- and small-cap indices had fallen 11-12% since the war had begun as these indices are generally hit the hardest in the time of market uncertainty and any external crisis. This is because the risk appetite of the companies comprising these indices is less. While the mid-cap indices have risen 13-15%, their small-cap peers have jumped around 16-17% during the period between Feb. 28 till date. Among mid-cap stocks, Apar Industries, Adani Total Gas, Bank of Maharashtra, and Bajaj Housing Finance have gained 19-24%, lifting the respective mid-cap indices. As for the small-cap space, Allied Blenders and Distillers, Angel One, Aditya Infotech, and Aditya Birla Real Estate have gained 25-39%.  (Gopika Balasubramanium)

Equity Alert: Indices steady; FMCG, energy stocks lead gains

MUMBAI--1320 IST--Benchmark indices held onto their marginal gains, with stocks of fast-moving consumer goods companies remaining the top performers. Shares of energy and healthcare companies also saw steady gains and supported the Nifty 50 index. While information technology companies continued to be the major laggards in the Nifty 50, shares of select automobile companies also limited the gains in the index.

At 1252 IST, the Nifty 50 was largely unchanged at 24273, up 0.3% from Thursday. The BSE Sensex was at 78210.28, up 0.3%. Hindustan Unilever, up 4.5%, was the highest gainer in the 50-stock index. Among sectoral indices, the Nifty FMCG was up 2%, followed by the Nifty Energy Index which was up 1%. Shares of Power Grid Corp. of India, Coal India, and Oil and Natural Gas Corp. were up 1-2%.

The Nifty IT index continued to be the worst performing sectoral index dragged down by the stocks of major players. Wipro continued to feature among the worst performing stocks across the Nifty 50, Nifty 200, and Nifty 500 indices. Notably, Tech Mahindra deviated from its peers to trade over 1% higher. The Nifty Consumer Durables index was down marginally with shares of Titan Co. slipping into the red, down 1%. Kalyan Jewellers was down 4% and was the worst hit in both the Nifty 200 and Nifty 500 indices.

FMCG companies were the main gainers in the Nifty 200 as well. Colgate-Palmolive India, up 6%, was the biggest gainer while shares of Radico Khaitan, Godfrey Philips, and United Spirits rose 4% each. The Nifty 200 index was also supported by shares of energy companies Suzlon Energy and Siemens Energy India, which were up around 5% each. Shares of Crisil came off their intraday high but were still up 4%. The ratings agency reported a 17-quarter-high rise in its consolidated net profit for the March quarter, driven by a record high growth in revenue. The company's consolidated net profit rose nearly 46% on year to INR 2.33 billion. Its consolidated revenue from operations grew 30% on year, but fell over 2% on quarter to INR 10.58 billion.  (Shruti Nair)

Equity Alert: Jio Financial Services up ahead of Jan-Mar earnings

MUMBAI--1315 IST--Shares of Jio Financial Services were up ahead of its earnings for the March quarter, due later in the day. The non-bank financier is expected to report a sharp 30% on year jump in its net profit at INR 4.12 billion on the back of an over 60% growth in its interest income, according to Motilal Oswal Financial Services.

The brokerage expects Jio Financial to deliver an assets under management growth of 145% on year for 2025-26 in its lending business. Operational metrics across all its businesses are expected to improve. The top line of the company is estimated at INR 4.32 billion by Motilal Oswal.

At 1310 IST, shares of the company were trading 0.3% higher at INR 242.10 on the NSE. The brokerage expects credit costs to remain benign and will watch out for the commentary on NBFC growth outlook and progress in other businesses.

There is only one brokerage report on the financier available with Informist, with a "buy" recommendation on the stock and a target price of INR 320, over 33% higher than the current market price. The financial services holding company reported a net profit of INR 2.69 billion for the December quarter, down nearly 9% on year.  (Kabir Sharma)

Equity Alert: HDFC Life falls 4% post Jan-Mar results; down 5% in 2 days

MUMBAI--1220 IST--Shares of HDFC Life Insurance Co. fell 4% to the day's low of INR 606.20. The stock has been down since Thursday, when the company reported its March quarter earnings post market hours, shedding over 5% during this period. Before Thursday, the company had gained for three consecutive sessions. At 1213 IST, shares of HDFC Life traded nearly 3% lower at INR 613.80. 

Brokerage Elara Securities has maintained its 'buy' recommendation on the HDFC Life scrip as the franchise value and long-term business economics remain intact despite 2025-26 (Apr-Mar) being challenging, the brokerage said in its report. It has revised its target price to INR 760 from the previous target price of INR 890. The trimming of the target price reflects a valuation multiple cut to 2 times the March 2028 estimates of price-to-embedded value, as the brokerage has factored in a more gradual recovery.

JM Financial has raised its target price on the stock to INR 670 from the earlier target of INR 644. The brokerage sees a quick re-rating on the stock, in case of any pickup in growth. 

The life insurance company reported a net profit of INR 4.96 billion for the March quarter, up 4% on year. Sequentially, the profit jumped nearly 18% from INR 4.21 billion in the December quarter. Its net premium income rose nearly 9% on year and 42% on quarter to INR 258.29 billion in the March quarter.

So far in the day, 5 million shares of the company have changed hands on the exchange, higher than over 1 million shares traded till the same time Thursday.  (Arundathi A R)

Equity Alert: Benchmark indices post marginal gains on rise in FMCG stocks

MUMBAI--1120 IST--Benchmark equity indices rose marginally in early trade on the back of gains in stocks of fast-moving consumer goods companies. While the majority of the constituents in the Nifty 50 turned green, stocks of select information technology and pharmaceutical majors traded lower. At 1117 IST, the Nifty 50 was up 0.3% at 24273.55, while the BSE Sensex was at 78260.91, up 0.4%.

Among sectoral indices, the Nifty FMCG index was the best performer, up over 2%, with all of its constituents trading in the green. Hindustan Unilever was up 4%, and it was the top-gaining stock in the Nifty 50 index, while shares of peers Nestle India, ITC, and Tata Consumer Products were up 1.5–2%. In the Nifty 200, Godfrey Phillips India and Colgate Palmolive (India) were among top gainers, up 4-6%, with the latter being the best-performing stock in the index. 

Index heavyweights Reliance Industries and HDFC Bank were up 0.6-1% in the Nifty 50 with the latter set to announce its earnings on Saturday. Conversely, their peer ICICI Bank was down nearly 1% ahead of its quarterly results due Saturday.

Stocks of select IT companies were the worst hit in the Nifty 50 index. They were a drag on the Nifty IT index as well, which was down marginally and was among the few sectoral indices in the red. Shares of Wipro were down 3% and remained among the worst-hit stocks in the Nifty 50 and the Nifty 200 indices after releasing its March quarter earnings on Thursday. Several brokerages cut their revenue growth estimates for Wipro after the company missed estimates for the March quarter and gave a weak outlook for the June quarter. Most brokerages have flagged concerns about weak growth, although a few remain bullish on the stock due to its attractive valuations.

HDFC Life Insurance remained the worst-performing stock in the Nifty 50. The stock was down nearly 3% after the company released its March quarter earnings results on Thursday. Following its weak results for the quarter, most brokerages have slashed their estimates for the company's value of new business for 2026-27 (Apr-Mar), a key performance metric for the insurer, despite retaining their 'buy' recommendation on the stock.  (Shruti Nair)

Equity Alert: Wipro dn 4% on weak FY27 margin guidance; valuations attractive

MUMBAI--1110 IST--Shares of Wipro fell nearly 4%, making it the worst-hit Nifty 50 constituent, after the company's margin guidance for the June quarter and the current financial year failed to cheer up the Street. While its net profit was in line with forecast, its sales failed to surpass analysts' estimates. Consequent to the weak margin guidance, brokerages have also cut their estimates on the IT major's sales. However, some broking firms have found the valuations of the company attractive as the fall in the number of outstanding shares after the buyback translates into higher earnings per share.

At 1109 IST, the stock was down 2.9% at INR 204.19. However, barring Persistant Systems and HCL Technologies, which fell around 2%, and Infosys, which is marginally down, stocks of the remaining six IT companies that comprise the Nifty IT index were trading higher. The Nifty IT was down 0.5% and was the worst-hit index among sectoral indices.

Brokerages see timely execution of deals as a determining factor to improve growth visibility for the company in the near-term. Continued client-specific challenges that may persist through Apr-Jun and slower deal conversion are likely to weigh on near-term organic growth, Prabhudas Lilladher said. While the management expects normalisation from the September quarter, Motilal Oswal Financial Services sees visibility in the near-term remains limited due to delays in ramp-up of deals and seasonality. 

The banking, financial services, and insurance vertical was impacted by delays in execution of deals and client-specific issues. While the technology and communications vertical continues to lead, supported by artificial intelligence-led deals, healthcare vertical remains weak due to seasonality and policy changes, Motilal Oswal said. "Manufacturing continues to see pressure from tariffs and demand uncertainty. Overall, we believe a broad-based recovery is still some time away, with growth likely to remain uneven across verticals," Motilal Oswal said.  (Gopika Balasubramanium)

Equity Alert: Om Power Transmission lists at 6% premium to IPO price on NSE 

MUMBAI--1050 IST--Om Power Transmission Friday listed at INR 186 apiece on the NSE, a premium of over 6% to its issue price of INR 175 per share. On the BSE, the stock listed at INR 181.10 apiece, a premium of over 3% to its issue price. At 1058 IST, the stock was up over 7% at INR 188 on the NSE and nearly 2 million shares had changed hands.

The initial public offer of Om Power Transmission had closed on Monday and it was subscribed 3.33 times. Over 14 million bids were placed against the 6 million shares on offer. The company raised INR 450.15 million from anchor investors. 

Om Power Transmission is an engineering, procurement, and construction company engaged in power transmission infrastructure. It specialises in the execution of high-voltage and extra-high-voltage transmission lines, substations and underground cabling projects on a turnkey basis. For the nine months ended December, the company had reported a net profit of INR 233.68 million on a revenue of INR 2.75 billion.  (Ruchira Kagita)

Equity Alert: Indices up after opening tad dn; Israel-Lebanon ceasefire aids

MUMBAI--0955 IST--After opening lower Friday, the domestic headline indices recovered and soon turned green amid optimism over crude oil prices staying below the $100-per-barrel mark. The lower opening came tracking a fall in Asian indices in early trade as investors turned cautious due to uncertainty around US-Iran peace talks. Meanwhile, US President Donald Trump late Thursday announced that Israel and Lebanon have agreed to a 10-day ceasefire, which came into effect Friday.

At 0951 IST, the Nifty 50 was 0.1% higher at 24225.45, up over 28 points. The BSE Sensex was 0.2% higher at 78137.53, up nearly 149 points. Most Nifty 50 constituents were trading in the green in the early session. Broader market indices outperformed their headline peers in early trade. All smallcap indices were nearly 1% higher, and all midcap indices were up 0.4%. However, India VIX suggested an ease in nervousness among investors. The volatility index was down nearly 1% lower at 17.9425.

Barring the Nifty Healthcare, the Nifty Pharma, the Nifty Financial Services, and the Nifty Metal, all sectoral indices were in the green. The Nifty Media was the top gaining sectoral index, up over 1%. It was followed by the Nifty FMCG, up almost 1%.

ITC was the top-gaining stock in the Nifty 50 index, up over 1%. Automobile stocks such as Maruti Suzuki India and Tata Motors Passenger Vehicles also gained, which largely supported the 50-stock index. Shares of Maruti Suzuki were up over 1% and those of Tata Motors PV were nearly 1% higher.

Energy stocks NTPC and Power Grid Corp. also contributed to the gains in the index. The stocks were up nearly 1% each in early trade.

In the Nifty 200 index, another cigarette stock Godfrey Phillips India was the top gainer, up over 4%. Gujarat State Petronet emerged as the highest gainer in the Nifty 500 index, and was up nearly 13%.

HDFC Life Insurance Co. and Wipro were the two biggest laggards in the 50-stock index. The stocks were among the worst performers in the Nifty 200 and the Nifty 500 indices as well. Shares of HDFC Life Insurance fell after some brokerages cut the value of its new business estimates. The life insurance company Thursday reported a net profit of INR 4.96 billion for the quarter ended March, up 4% on year. Sequentially, the insurer's profit jumped nearly 18% from INR 4.21 billion in the December quarter.

Shares of Wipro fell after brokerages cut their revenue growth estimates for the company after it gave a weak guidance for the June quarter. The IT company reported a consolidated net profit of INR 35.02 billion for the March quarter, up over 12% sequentially but down around 2% on year. Its revenue for the reporting quarter grew around 3% sequentially and around 8% on year to INR 242.36 billion.

Om Power Transmission was listed at INR 181.10 on the BSE on Friday. The stock was listed at a 3.5% premium to its initial public offering price of INR 175.  (Arundathi A R)

Equity Alert: Brokerages retain 'buy' on HDFC Life, cut new business forecast

MUMBAI--0952 IST--Most brokerages have retained their 'buy' recommendation on HDFC Life Insurance Co. post its weak March quarter results. However, they have cut their estimates for value of new business for 2026-27 (Apr-Mar), a key metric for performance of an insurance company. Factors such as aggressive non-par product pricing by competitors in the HDFC Bank channel which lead to loss of counter share, loss due to exemption of goods and services tax, and new surrender regulations in FY26, affected the company's show for the March quarter, hitting value of new business. This was, however, partially offset by higher protection sale, rider attatchments, and longer tenure products, Nuvama Institutional Equities, said. Its shares traded at INR 609.40, down 3.5% at 0950 IST.

The insurer's value of new business came in at INR 12.6 billion, down 8.4%. The company's new business margin was 24.2% as of Mar. 31, compared with 25.6% a year ago. If not for the impact of the goods and services tax cut and a change in regulation, as per which surrender value increases after completion of the first policy year, the insurer's new business margin would have been 25.5% at the end of FY26. Emkay Global cut estimates of value of new business for FY27 by 3% and Nuvama cut its estimate by 7.3%. Nuvama cut its target price of HDFC Life by around 7% to INR 850 while maintaining its 'buy' recommendation.

The insurer reported a net profit of INR 4.96 billion for the quarter ended March, up 4% on year. HDFC Life's net premium income rose nearly 9% on year and 42% on quarter to INR 258.29 billion in the March quarter. But a loss of INR 64.81 billion on investments dragged the company's total income to INR 197.32 billion, down 17% on year and 32% on quarter. The sustained momentum in retail protection, growth acceleration in credit life on the back of growth in micro-finance, and a likely pick up in the non-par savings product are likely to support FY27 growth and profitability, Emkay Global Financial Services said. The brokerage held 'buy' call on the stock and kept target price unchanged at INR 750. 

Non-participating insurance plans sales declined in March quarter as the company avoided irrational pricing, Nuvama said. With a much favourable yield curve, the management expects a rebound in this segment, as per the brokerage. Going forward, the management anticipates a gradual shift in the annual premium equivalent mix as customers rebalance toward long-term savings and protection. "They expect non-par savings to gain share relative to FY26, while protection and annuities are projected to grow ahead of the company average," Systematix Institutional Equities said, which maintained its 'buy' call and target price of INR 770 on the stock.  (Gopika Balasubramanium)

Equity Alert: Brokerages cut revenue estimates of Wipro after weak guidance

MUMBAI--0852 IST--Brokerages have cuts their revenue growth estimate for Wipro after the company missed estimates for the March quarter earnings and gave a weak outlook for the June quarter. While some remain bullish on the stock due to attractive valuations, most of the brokerages have raised concerns about weak growth and advised against buying the stock.

Nuvama Wealth Management, Emkay Global Financial Services, and Nirmal Bang Equities have cut their estimates for Wipro's sales growth in 2026-27 (Apr-Mar) by 0.3-3.6%. These brokerages expect Wipro's IT services business to report a sales growth of 1-4% in dollar terms.

"Wipro's weak Q1 guidance is likely to start FY27 on a soft note," Nuvama said, while maintaining its 'buy' recommendation on the stock citing attractive valuation. The brokerage has raised the target price by 6% to INR 255 to account for the share buyback and rupee depreciation.

However, several foreign brokerages are bearish on the stock due to weak growth. Morgan Stanley has cut Wipro's target price by nearly 21% to INR 192 on guidance miss and expectations that its revenue growth will remain below peers. Wipro guided its revenue growth in Apr-Jun to be flat or fall by up to 2%. BoFA Securities remains underweight on Wipro and Citi continues to recommend selling the stock, according to NDTV Profit.

Brokerage Nirmal Bang pointed out that weak conversion of contract value to revenue is a "huge point of concern". "Wipro has delivered a disappointing revenue and TCV, reducing forward visibility as caution persists, driven by lower ACVs due to longer deal durations, low discretionary spending, and macro uncertainty," the brokerage said. Nirmal Bang has maintained 'hold' recommendation on Wipro with a target price of INR 204.  (Anshul Choudhary)

Equity Alert: Seen opening lower; Q4 earnings, US-Iran peace talks in focus

MUMBAI--0845 IST--Domestic equity indices are expected to open lower tracking their peers in Asia which fell in early trade as investors turned cautious ahead of the weekend, awaiting more clarity on developments in West Asia, especially on reopening of the Strait of Hormuz. This defied the US market, where the benchmark indices reached an all-time high for the second straight session Thursday.

Late Thursday, US President Donald Trump announced that Lebanon and Israel agreed pn a 10-day ceasefire starting Friday and also told reporters at White House that there was going to be a "good" deal with Iran. Additionally, investors would also focus on the March quarter earnings, with more stock-specific movements expected.

Technical analysts expect the Nifty 50 to open lower on Friday, and see the index between 24000-24300. A close above or below these levels would set the tone for the upcoming sessions. Participants likely await the index heavyweights to declare their March quarter results before taking longer bets, they said. HDFC Bank and ICICI Bank are scheduled to report their earnings on Saturday. The April futures contract of GIFT Nifty indicates a gap-down for the Nifty 50. At 0756 IST, the contract was at 24175.50 points, a discount of around 30 points to the index's close Thursday. The Nifty 50 had closed at 24196.75 points. On Thursday, foreign investors and domestic investors were net sellers and offloaded shares worth INR 3.82 billion and INR 34.28 billion, respectively.  

Analysts are concerned about crude oil prices remaining at higher levels and see this as a risk to India's economic growth as well as corporate earnings. High energy costs and costs of moving into alternative fuels are seen eating into the profits of companies. There are also expectations of slowdown in credit growth, especially in rural areas, owing to high fertiliser costs and weak outlook for the upcoming monsoon season. That said, analysts tracking autobile sector said a hit in rural demand due to above reasons will directly hit two-wheeler as well as tractor sales. Meanwhile, consumer durables sector awaits demand to improve as summer season has not picked up, even at the second-half of April.

IT major Wipro disclosed its earnings for the March quarter after market hours Thursday. Its net profit was in line with consensus expectations while its consolidated revenue fell short of Street expectations. Following the results, Nirmal Bang retained its 'hold' stance for Wipro and kept target price unchanged. Morgan Stanley maintained "underweight" stance, cutting target price by around 21% to INR 192. The brokerage sees the guidance for June quarter as weak and does not expect the company to reach the full year guidance of 17.0-17.5%. Jio Financial Services will declare its results later in the day.  (Gopika Balasubramanium)

Equity Alert: Mkts in Asia fall on uncertainty around US-Iran peace talks

MUMBAI--0835 IST--Markets in Asia were in the red Friday due to uncertainty around US-Iran peace talks and the agreed two-week ceasefire. Thursday, US President Donald Trump said that Israel and Lebanon have agreed to a 10-day ceasefire starting Friday and they could meet for a second round of talks "probably, maybe, next weekend."

"I have directed Vice President JD Vance and Secretary of State Rubio, together with the Chairman of the Joint Chiefs of Staff, Dan Razin' Caine, to work with Israel and Lebanon to achieve a Lasting PEACE," Trump said in a post on social media platform Truth Social.

Brent Crude Oil futures again rose to $100 per barrel overnight but came off those highs early Friday to around $98 per barrel.

Japan's Nikkei 225 was down almost 1% after hitting a record high Thursday. Shares of Mitsubishi UFJ Financial Group, SoftBank Group Corp., and Tokyo Electron fell over 3% each. Bank of Japan Governor Kazuo Ueda said uncertainty due to the war in West Asia remains high, but did not give any indication of a future rate hike, according to a report by Reuters. "If the economy slows, that would put downward pressure on prices. On the other hand, rising crude oil prices would put upward pressure on underlying inflation through inflation expectations," Ueda said.

Japan's export credit agency will set up an investment window of up to 600 billion yen or $3.8 billion to help Asian countries secure energy supplies, CNBC reported. Meanwhile, the yen depreciated for the third straight day against the dollar, falling 0.4%. South Korea's benchmark KOSPI snapped its three-day gaining streak.

Following were the levels of major Asian indices at 0805 IST:

(Ruchira Kagita)

Equity Alert: US mkts up as 10-day ceasefire between Israel, Lebanon starts

MUMBAI--0745 IST--Major indices on the Wall Street sustained gains, with benchmark S&P 500 and the tech-heavy Nasdaq hitting record closing highs Thursday, amid optimism of a likely truce between the US and Iran. Further, US President Donald Trump late Thursday said in a post on social media platform Truth Social that Israel and Lebanon have agreed to a 10-day ceasefire, which took effect Thursday, which also buoyed sentiment. Trump also said the next round of peace talks between Israel and Lebanon could take place "probably, maybe, next weekend." Market participants are likely to wait for further clarity on the progress of peace talks in West Asia.

"I just had excellent conversations with the Highly Respected President Joseph Aoun, of Lebanon, and Prime Minister Bibi Netanyahu, of Israel. These two Leaders have agreed that in order to achieve PEACE between their Countries, they will formally begin a 10 Day CEASEFIRE at 5 P.M EST," Trump said in his Truth Social platform. In another social media post, Trump emphasised the need for Hezbollah to "act nicely". "No more killing. Must finally have PEACE!," Trump said in the post.

The NASDAQ Composite gained for the 12th consecutive session, and the S&P 500 for the fourth straight day. Both indices ended the trading session Thursday with modest gains.

"11 days, we got to new all-time highs. There's nothing wrong with that, but I think we need to see a little bit more participation under the surface to feel some comfort that there is something lasting here," Liz Ann Sonders, chief investment strategist at Charles Schwab, told CNBC.

On the earnings front, food and beverage major Pepsi Co. reported better-than-expected earnings for the quarter ended March. The company's revenue climbed 8.5% on year to $19.44 billion, and its earnings per share rose 27% on year to $1.70. The company's call to slash prices of some of its chips and snacks likely supported the growth, The Wall Street Journal reported. Pepsi said it sees its organic revenue growing 2–4% in 2026, and its core constant currency earnings per share rising 4-6%. Shares of Pepsi closed over 2% higher.

Meanwhile, the number of people applying for fresh unemployment claims in the US fell 11,000 to 207,000 in the week ended Apr. 11, Reuters reported. This was lower than Reuters' estimate of 215,000. The figures indicated that the labour market remained steady, according to the report. However, there are possibilities of hiring taking a hit due to the war in West Asia. Continuing claims rose 31,000 to 1.82 million in the week ended Apr. 4.

Following are the closing levels of US indices Thursday:

(Ruchira Kagita)

US$1 = INR 92.93

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

Edited by Akul Nishant Akhoury

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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