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Informist, Thursday, Apr. 23, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Mkt seen down as investors await clarity on US-Iran conflict

MUMBAI--1621 IST--The Nifty 50 is expected to open lower Friday as investors have no clarity on when the US-Iran conflict will end with uncertainty about the peace talks persisting. Crude oil prices continued to stay above the psychological mark of $100 per barrel. Analysts are of the opinion that the overall market sentiment remains positive. On Thursday, the Nifty 50 ended at 24173.05 points, down 205.05 points or 0.8%.   

Support for the Nifty 50 index is expected around 24100 points, which is the 40-day moving average, Jatin Gedia, vice-president, technical research, at Teji Mandi Investment Technologies, said. Resistance is expected around 24420-24500 points, Gedia added. "If Nifty (50) fails to sustain above 24100 points, then it might fall towards 23920 points," he said.

However, according to Shrikant Chouhan, head of equity research at Kotak Securities, the 50-stock index is expected to move downwards, potentially reaching 23900 points. "On intraday charts, it is forming a continuation of the correction, and on daily charts, a bearish candle has been formed, which is largely negative," Chouhan said in a note.

The domestic composite purchasing manager's index showed continued expansion in business activity, but this positive impact was offset by concern about rising input costs, margin pressures, and softer export demand, according to Vinod Nair, head of research at Geojit Investments. "Sector performance was largely skewed to the downside, with defensives, particularly pharma and healthcare, standing out as relative safe havens amid the broader selloff," he said in a note.  (Adhithya Aji)

Equity Alert: Indices end lower as crude oil prices remain above $100/bbl

MUMBAI--1542 IST--The benchmark indices ended lower as crude oil prices climbed above $100 per barrel. Crude oil prices rose after US President Donald Trump said the blockade of the Strait of Hormuz would continue. Automobile and banking stocks were the major drags on the indices. Pharma stocks were the major gainers.

The Nifty 50 ended at 24173.05 points, down 205.05 points or 0.8%. The BSE Sensex ended at 77664 points, down 852.49 points or 1.1%.

Pharmaceutical majors Dr. Reddy's Laboratories and Cipla were the top gainers in the Nifty 50, ending over 9% and nearly 6% higher, respectively. Adani Enterprises and Apollo Hospitals Enterprises ended nearly 2% higher. Jio Financial Services defied the trend in its peers and closed over 4% higher. The stock rose after the company and Allianz Europe B.V. entered into a binding agreement to form a 50:50 primary insurance joint venture.

Financial services companies SBI Life Insurance Co., Bajaj Finserv, Bajaj Finance, and Kotak Mahindra Bank ended around 2-3% lower. Heavyweight banking stocks HDFC Bank and ICICI Bank ended nearly 2% down and over 1% lower, respectively.

Trent was the worst-hit stock in the Nifty 50. It closed over 4% lower. Brokerages are of the view that consumer demand is showing signs of moderation because of macroeconomic uncertainty on account of global disruptions. Moreover, the company faces the risk of higher input costs because of a potential spike in inflation.

Automobile companies Tata Motors Passenger Vehicles, Mahindra & Mahindra, Eicher Motors, and Maruti Suzuki India also ended 1-3% lower.

All the broader market indices ended in negative territory. The Nifty Smallcap indices ended 0.6-0.7% lower while the Nifty Midcap indices ended 0.5-0.8% lower. Among the sectoral indices, Nifty Pharma and Nifty Healthcare were the top gainers, closing around 2% higher each. In contrast, the Nifty Auto was the worst hit, closing over 2% lower.

Union Bank of India fell sharply intraday after the public-sector bank detailed its March quarter earnings. The stock closed over 7% lower to be the biggest underperformer in the Nifty 200 index. The bank's net profit surpassed analysts' estimates but the net interest income stalled sequentially. This has sparked concern about the bank's future earnings growth.

Dr. Reddy's Laboratories was the top gainer among the Nifty 200 constituents as well. Oracle Financial Services Software was another big gainer, ending over 8% higher after the company posted 38% sequential growth in its consolidated net profit for the March quarter. In the Nifty 500, Onesource Specialty Pharma was the top gainer, ending nearly 10% higher. IIFL Finance was the worst hit in the index, falling over 10%.  (Adhithya Aji)

Equity Alert: Nifty 50 April ends at discount of 7.05 points to spot index

MUMBAI--1540 IST--The April futures contract of the Nifty 50 closed at a discount of 7.05 points to the spot index Thursday. Open interest in the contract fell 4.6% to 15.48 million, according to provisional data.

--Nifty 50 closed at 24173.05 points, down 205.05 points or 0.8% vs Wednesday

--Nifty 50 April closed at 24166.00 points, down 215.20 points or 0.9% vs Wednesday

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

Call: 24200, Put: 23000

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

Call: 26000, Put: 23000

(Simran Rede)

Equity Alert: Union Bank falls 9% as Q4 slippages rise, NII growth stalls QoQ

MUMBAI--1500 IST--Shares of Union Bank of India fell almost 9% to an intraday low of INR 177.30 after it reported March quarter earnings. The bank's net profit was higher than analysts' estimate, but net interest income growth stalled sequentially, raising concerns about future earnings growth. Elevated slippages indicate stress on asset quality in upcoming quarters, an analyst said.

"Fresh slippages have risen sequentially, and it may result in asset quality stress going forward," Sunny Agrawal, head of research at SBICAP Securities, said. The bank reported fresh slippages of INR 20.23 billion, down from the INR 24.83 billion reported a year ago. Sequentially, the fresh slippages jumped up almost 22%. Higher provisions added to investor concerns, with the bank reporting an almost 80% sequential rise in the metric to INR 4.23 billion. Higher provisions mean the bank setting aside more money for potential bad loans, raising fears of overall profitability being affected going forward.

The bank's core income for the quarter was weak, with its net interest income rising a mere 1% on quarter to INR 94.06 billion. The net profit, however, rose almost 6% on quarter to INR 53.16 billion. Other income was up over 19% at INR 54.12 billion, with a major part of this coming from recovery from written-off loans, an analyst said. The bank made a recovery of INR 6.58 billion from the Sterling Biotech account in the March quarter.

Another analyst said that a sequential increase in the lender's credit cost to 0.16%, up from 0.09% a quarter ago, has also soured investor sentiment. However, Agrawal said this is largely attributable to seasonal stress and this uptick is unlikely to set a precedent for elevated credit costs in the upcoming quarters.  (Eshitva Prakash)

Equity Alert: European indices mixed; earnings-driven stock moves in focus

MUMBAI--1455 IST--European indices were mixed in early trade with some earnings-driven moves being witnessed. The S&P Global Flash Eurozone Composite Purchasing Managers' Index showed private-sector activity in the eurozone contracted for the first time in 16 months in April. The index was at 48.6, indicating economic pressure from the war in West Asia. The pan-European STOXX 600 was down 0.6%.

The decline in the flash composite index was driven by slower growth in the services index, which contracted to 47.4 in April from 50.2 in March. "The war is currently hitting the service sector hardest, where business activity is falling at a rate not seen since the pandemic lockdowns of early 2021," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in the report.

For Germany as well, the S&P Global Flash Germany Composite Purchasing Managers' Index fell for the first time in over a year to 48.3 in April from 51.9 in March. Weak demand led to the steepest drop in new business since December 2024, S&P Global said in the report.

Meanwhile, the S&P Global Flash UK Composite Purchasing Managers' Index advanced to 52.0 in April from 50.3 in March. The services and manufacturing indices gained over the previous month. The improvement is partly due to people rushing in for purchases ahead of expected price hikes and supply shortages, S&P Global noted.

Shares of French multinational cosmetics major L'Oreal, Finnish telecommunications company Nokia, and eyewear maker EssilorLuxottica were in focus after the companies reported their earnings for the March quarter. L'Oreal's like-for-like sales in the three months ended March beat estimates to grow 7.6% on year. The fragrance and haircare segments drove growth in the quarter, the company said. The stock rose almost 9% and was the top performer in France's CAC 40 index.

Meanwhile, shares of EssilorLuxottica fell even after the company reported double-digit revenue growth for the third straight quarter. The eyewear manufacturer's sales grew 10% on year, supported by demand for artificial intelligence glasses and performance by Ray-Ban.

Following were the levels of major European indices at 1453 IST:

(Ruchira Kagita)

Equity Alert: Indices stay down; auto cos, banks major drags; HDFC Bk dn 2%

MUMBAI--1400 IST--Indices remained lower with most constituents of the Nifty 50 in the red. The 50-stock index, however, pared some of the intraday fall and climbed back above 24200 points. Shares of automobile companies, financial services companies, and banks continued to be the major laggards.

At 1356 IST, the Nifty 50 was down 0.6% at 24234.70. The BSE Sensex fared worse, shedding 0.8% to be at 77861.30. Pharmaceutical companies continued to be the main gainers in the Nifty 50 with shares of Dr. Reddy's Laboratories climbing over 10%. The stock rose the most across the Nifty 50, Nifty 200, and Nifty 500 indices. Its peers, Cipla and Sun Pharmaceutical Industries, also rose to be up 6% and 2%, respectively. The depreciation of the rupee over recent months against major global currencies is seen as a positive for earnings of companies in the pharmaceutical sector as a large share of their revenues comes from exports, according to a research report by brokerage Elara Securities (India).

Automobile companies Eicher Motors, Tata Motors Passenger Vehicles, and Mahindra & Mahindra were down 2–3% and were among the worst-hit stocks in the Nifty 50. Information technology major Infosys extended its intraday fall and was down 1.3% ahead of its earnings later in the day. The company is expected to report a 5% sequential fall in consolidated net profit for the March quarter to INR 75.56 billion.

All bank stocks in the Nifty 50 were down, with heavyweights ICICI Bank and HDFC Bank shedding 1.3% and 1.9%, respectively. Among mid-cap stocks, shares of Union Bank of India fell over 7% following the release of its March quarter results. While the bank's bottom line beat the Street's estimate and rose 7% on year to INR 53.16 billion, its total income fell 3% on year to INR 318.51 billion on lower interest income. The stock was the worst performer in the Nifty 200 index and the major laggard in the Nifty PSU Bank, which in turn fell 2.4% to be the worst performer among sectoral indices. On the other hand, the Nifty Pharma index was up 2.6% and continued to be the highest gaining sectoral index.  (Shruti Nair)

Equity Alert: Asian mkts down on report US intercepted Iranian tankers

MUMBAI--1354 IST--Stock markets in Asia ended lower Thursday on reports of three Iranian-flagged oil tankers being intercepted by the US military. The tankers were intercepted in Asian waters near India, Malaysia, and Sri Lanka, Reuters reported citing sources. On Wednesday, Iran said it had seized two container ships near the Strait of Hormuz.

US President Donald Trump has extended the ceasefire with Iran and said that the truce will hold till Iran submits a proposal for peace or till talks conclude. Trump also the US blockade of the Strait of Hormuz will continue. As a result, Brent Crude Oil futures remained higher at almost $103 per barrel.

Japan's Nikkei 225 hit a fresh record high in the early hours of the session, but pared all of those gains to end almost 0.8% lower. South Korea's KOSPI also hit a new all-time-high for the third straight day, but it came off the high to close with 0.9% gains. Strong GDP growth in the three months ended March is likely to have supported the index. KOSPI heavyweight Samsung Electronics Co. supported the index as the stock gained over 3%. SK Hynix, however, closed with only marginal gains even after reporting better-than-expected earnings. Market participants will look for developments in the strike by Samsung Electronics labour unions over wages. In other news, the DowJones Newswires reported that 173 non-owner executives of Samsung and SK Hynix had stock valuations exceeding 1 billion won as on Wednesday, according to research by Korea CXO Research Institute.

Following were the levels of major Asian indices at 1351 IST:

(Ruchira Kagita)

Equity Alert: InterGlobe Aviation down 3%; Morgan Stanley cuts target price 9%

MUMBAI--1313 IST--Shares of InterGlobe Aviation fell nearly 3% to an intraday low of INR 4,510. Global brokerage Morgan Stanley has cut the target price on the stock of IndiGo operator 9% to INR 5,913 from INR 6,498 earlier. Morgan Stanley maintained an 'overweight' recommendation on the stock. The brokerage said that Indian airlines are facing intense heat from a sharp rise in crude oil prices, weaker demand, and currency depreciation, NDTV Profit reported. 

Morgan Stanley expects a weak first half of 2026-27 (Apr-Mar) for InterGlobe Aviation. However, the brokerage estimates a gradual recovery in the second half of FY27. The recovery is expected on the back of structural cost advantages, Morgan Stanley said. 

IndiGo's rival, Tata Group-owned Air India, has reported a loss of INR 200 billion in FY26 and is planning to cut down operations. This comes on the back of rising jet fuel prices and operational challenges, the Hindu Business Line reported, citing industry sources. The domestic airline is evaluating a 15-20% reduction in flight operations, the report said.

At 1308 IST, shares of InterGlobe Aviation traded 2% lower at INR 4,544.40. The stock has shed nearly 7% since the commencement of the US-Israel led war on Iran, which led to higher crude oil prices.  (Adhithya Aji)

Equity Alert:  Oracle Financial hits 52-week high; Q4 profit up 38% QoQ

MUMBAI--1308 IST--Shares of Oracle Financial Services Software surged over 9% to hit their highest level in 52 weeks at INR 8,887.5 after the company's net profit for the quarter ended March rose 38% sequentially despite a modest 5% rise in its revenue.

Oracle Financial's profit growth was primarily driven by the company keeping its employee benefit expenses under control. Its employee benefits expenses, which were its biggest cost, fell more than 14% to INR 8.23 billion.

During the financial year 2025-26 (Apr-Mar), the company's consolidated net profit rose nearly 11% to INR 26.39 billion and revenue rose 12% to INR 76.72 billion. Brokerage Choice Institutional Equities reiterated its "buy" call on the stock and raised its target price from INR 9,955 to INR 10,890. This implies a nearly 24% upside for the stock from its current market price. At 1306 IST, shares of Oracle Financial traded 8.5% higher at INR 8,811.50.  (Ruchira Kagita)

Equity Alert: Indices fall further as fincl svcs companies extend losses

MUMBAI--1245 IST--Benchmark indices fell further, with most of the Nifty 50 constituents trading in the red. Shares of select financial services extended their losses. Pharmaceutical companies and select energy companies were among the index gainers.

At 1231 IST, the Nifty 50 was 0.9% lower at 24171.85. The BSE Sensex was down 1% at 77698.10. Dr. Reddy's Laboratories extended its gains and traded over 6% higher, remaining the top-performing stock in the index. Shares of SBI Life Insurance Co. fell further, shedding 3% and was the worst-hit in the index.

Financial services companies Shriram Finance, Bajaj Finserv, and Bajaj Finance were down over 2% each and among the biggest laggards in the Nifty 50. Their peer Jio Financial bucked the trend and was among the highest gainers in the index, rising over 3%. On Wednesday, the company had said it will form a primary insurance joint venture with insurer Allianz Europe BV. Among other gainers in the index were pharmaceutical majors Cipla and Sun Pharmaceutical Industries, which were up 4% and 1%, respectively.

Trent was down 2.5% and among the worst-hit stocks in the index. On Wednesday, the company reported a 30% jump in its bottom line, exceeding the Street's view, while its top line met the estimates. Brokerages flagged risk to the company posed by slowing consumer demand due to global disruptions and higher input costs. Index heavyweights Reliance Industries, HDFC Bank, and ICICI Bank shed 1.0–1.6% and were also a drag on the Nifty 50 index. Shares of InterGlobe Aviation were down after Morgan Stanley trimmed the target price on the stock 9%. The global brokerage expects the stock to feel the heat of higher crude oil prices, weak demand, and rupee depreciation.

All broader market indices were in the red though they fell more modestly than their benchmark peers. The Nifty Smallcap indices were down 0.1-0.2%, and the Nifty Midcap indices were down 0.1-0.4%. Among sectoral indices, the Nifty Pharma index was the highest gainer, up nearly 2%, followed by the Nifty Healthcare index, which rose 1.6%. The Nifty Auto and Nifty Consumer durables were the worst hit among their peers, down over nearly 2% each.

Shares of Oracle Financial Services Software and GE Vernova T&D were up around 8.5% each and were the top gainers in both the Nifty 200 and Nifty 500 indices. Oracle Financial exceeded the Street's estimate with a 38% sequential jump in its bottom line to INR 8.42 billion in the March quarter.

Havells India shed 6% and remained the worst-performing stock in the Nifty 200 index, while IIFL Finance extended its losses, falling nearly 9%, and was the worst-hit stock in the Nifty 500 index.  (Shruti Nair)

Equity Alert: GE Vernova T&D hits 52-wk high after parent co raises guidance

MUMBAI--1243 IST--Shares of GE Vernova T&D rose over 9% to their highest level in 52 weeks at INR 4,628. This was after the company's US-based parent GE Vernova reported a strong set of earnings for the quarter ended March.

GE Vernova raised its full-year forecast for revenue and core profit margin. It sees the revenue in 2026 between $44.5 billion and $45.5 billion, up from $44 billion to $45 billion guided earlier. The company also hiked its guidance for adjusted earnings before interest, taxes, depreciation, and amortisation margin for the full year to 12–14% from 11-13%.

For the quarter ended March, GE Vernova's total revenue was up 16% on year at $9.34 billion. The company's value of orders in the electrification segment grew over twofold on year to $7.11 billion, driven by orders to support data centres, the company said.

"...we now expect to reach at least 110 GW of combined gas turbine backlog and slot reservation agreements by year-end 2026 and are raising our 2026 financial guidance," GE Vernova Chief Executive Officer Scott Straz said in a press release. The company's backlog also grew to $163 billion.

On Wednesday, shares of GE Vernova had soared over 13% to hit a new high, and it also emerged as the best performing stock in the S&P 500 index. At 1243 IST, shares of GE Vernova T&D were up 8.6% at INR 4,602.20, with over 1.5 million shares being traded on NSE.  (Ruchira Kagita)

Equity Alert: SBI Life down 3%; Q4 PAT falls on low investment income

MUMBAI--1142 IST--Shares of SBI Life Insurance Co. fell 3% to an intraday low of INR 1,807.70, a day after the company detailed its March quarter earnings post market hours. The company reported an over-1% fall in its net profit for the March quarter to INR 8.05 billion. The bottom line of the company was weighed down by a drop in the investment income for the reporting quarter.  

SBI LIfe Insurance Co. reported a net investment loss of INR 239.39 billion, widening from a loss of INR 155.31 billion in the trailing quarter. The net premium income of the company fell over 8% on quarter but rose over 16% on year to INR 276.84 billion. The annualised premium equivalent growth for SBI Life was 13% on year for financial year 2025-26 (Apr-Mar), Nomura said. Annualised premium equivalent growth for the March quarter slowed to 6% on year, particularly dragged down by volatility in the month of March, the brokerage said.

The value of new business margin for FY26 was 27.5%, which was the upper end of the guidance of 26–28% by SBI Life Insurance, Nomura said. For FY27, the management revised the value of new business margin to 27–28% as the company expects enhancement in product and customer profile should support higher margins. Nomura has trimmed the target price on the stock of SBI Life Insurance Co. marginally to INR 2,440 from INR 2,455. The brokerage maintained a 'buy' recommendation on the stock.

SBI Life Insurance Co. has outperformed its peers, which saw negative operating variance, according to Nomura. Meanwhile, SBI Life Insurance Co. reported a positive operating variance of 1.82% in FY26. This was aided by better-than-expected mortality and persistency trends, the brokerage said. 

At 1139 IST, shares of SBI Life Insurance Co. were trading nearly 3% lower at INR 1,830.60. Over 2 million shares of the company changed hands on the bourse, which is slightly higher than nearly 1.6 million shares traded till the same time Wednesday.  (Adhithya Aji)

Equity Alert: Infosys falls ahead of Q4 results; PAT seen dn 5% QoQ

MUMBAI--1135 IST--Shares of Infosys extended their losses for the second consecutive day ahead of the company's March quarter earnings, due later in the day. At 1134 IST, the stock was trading nearly 1% lower at INR 1,258.60 with only 5.40 million shares having changed hands so far in the day, nearly half of the 10 million shares traded until the same period Wednesday. 

The company is expected to report a consolidated net profit of INR 75.56 billion, down nearly 5% on a sequential basis, owing to fewer billing days, higher visa costs, and performance bonus payouts to employees. The company is expected to report a revenue of INR 465.79 billion, up 2.4% on quarter, according to an average of estimates by 18 brokerages.  

Brokerages Anand Rathi Share and Stock Brokers, HDFC Securities, Emkay Global Financial Services, and Nomura expect no change in the demand environment during the March quarter for IT companies. However, Elara Capital expects demand for productivity from clients will deflate revenues in the near to medium term. HDFC Securities expects IT companies to take time to recover from the revenue deflation from artificial intelligence despite artificial intelligence-centric deals.  (Prateem Rohanekar)

Equity Alert: Havells falls as Q4 misses estimates; brokerages cut target

MUMBAI--1127 IST--Havells India opened sharply lower by 4% at INR 1,294.6 and continued to fall after the company's revenue for the quarter ended March missed estimates as its room air conditioner business suffered the most. Most brokerages have cut their earnings per share estimates for the company, and revised their stock price targets lower.

In the quarter ended March, lower revenue from the company's Lloyd and electrical consumer durables businesses was offset by a healthy 14% on-year growth in its wires and cables segment. Demand for Havells India in the wires and cables space is likely to be healthy, and an increase in its cables and solar capacities should support growth, Nomura said in a research report. However, high competition and commodity costs are likely headwinds for Lloyd. Nomura sees Lloyd's earnings before interest and taxes margin at (-)1% in 2026-27 (Apr-Mar), compared to 3% earlier. The brokerage has also cut the company's total revenue estimate for FY27 by over 4%. Nomura has maintained its "buy" call on the stock but trimmed its target price to INR 1,620 from INR 1,798.

Lloyd's profitability is seen improving gradually, but volatility related to summer demand, cost inflation, and macroeconomic challenges remain, Nuvama Institutional Equities said in a report. The brokerage now sees the earnings per share of the company at INR 27.4 in FY27, 1% lower than its earlier estimate. Nuvama also trimmed its target slightly to INR 1,610 from INR 1,680 while retaining its "buy" recommendation on the stock.

Havells management said the company retained its market share in the electrical consumer durables business despite a weaker start to summer, and that its inventory of room air conditioners may improve by the end of April. In a call with analysts after announcing the earnings, the company said Lloyd undertook price hikes of 8-15% to offset high input costs.

Increased advertising and promotion spends, higher investment in research and development, and chances of Havells not sustaining its margin in its wires and cables business hint at a modest growth in its overall margin going forward, JM Financial Institutional Securities said in a report. The brokerage firm has cut its earnings per share forecast by 3.3% to INR 28.7 for FY27. JM Financial has also downgraded the stock to "add" from "buy" and kept its target price at INR 1,490 compared to INR 1,515 earlier.

Trajectory of commodity prices, impact of new product launches, change in competition, demand scenario, and execution-linked risks will be key to watch for Havells, Citigroup Inc. said in a report. The brokerage has maintained its "neutral" recommendation on the stock, but cut its target price to INR 1,500 from INR 1,600. Growth in the company's wires and cables and solar segments is healthy, but some pressure on margins is likely as new players enter the place, the brokerage noted. "...overall growth acceleration in ECD, Switchgear, Lloyd bundled with margin improvement will be key for re-rating," Citi said.

Havells India's Jan-Mar net profit registered the highest on-year growth in the last seven quarters while its revenue growth was the slowest in 23 quarters. Its revenue grew just over 2% on year to INR 66.88 billion, and was lower than consensus expectations of INR 71.10 billion. At 1127 IST, shares of the company were down over 6% at INR 1,265.10, with over 3.2 million shares changing hands on NSE.  (Ruchira Kagita)

Equity Alert: Trent dn 4%; brokerages see moderation in consumer demand 

MUMBAI--1040 IST--Shares of Trent fell over 4% to an intraday low of INR 4,252, a day after the company detailed its March quarter earnings post-market hours Wednesday. Brokerages are of the view that consumer demand is showing signs of moderation due to macroeconomic uncertainty due to global disruptions and risk of higher input costs due to potential inflation. 

The Zudio operator reported a net profit of INR 4.55 billion for the March quarter, up 30% on year. The company comfortably surpasses the analysts' estimate of INR 3.71 billion for the bottom line. The revenue of the company grew 20% on year to INR 49.37 billion, beating the Street's view of INR 49.37 billion and also surpassed the company's provisional figures for the quarter. 

Consumer sentiment for the March quarter was stable, according to the global brokerage, Morgan Stanley. However, discretionary spending moderated owing to macro uncertainties, Morgan Stanley added. Morgan Stanley maintained an 'overweight' call on the stock with a target price of INR 4,835, NDTV Profit reported. The revenue growth for Trent was supported by strong store additions, according to Bernstein. The global brokerage said that the company would face near-term risks from macroeconomic trends and input cost inflation, ET Now reported.

Voicing the same, Goldman Sachs said that the risk of input cost inflation is emerging for the fashion retail company. Goldman Sachs maintained a 'neutral' recommendation on the stock and raised the target price over 4% to INR 4,330. The brokerage adjusted the estimates marginally despite strong performance in the March quarter, ET Now reported.

At 1031 IST, shares of Trent fell nearly 4% to INR 4,266.10. The stock fell after rising for six consecutive sessions, during which it gained over 14%. Over 2 million shares of the company changed hands on the bourse, which is higher than over 1 million shares traded till the same time Wednesday. Over the last seven days, the stock has gained nearly 5%, while over the last 30 days the stock has gained nearly 28%.  (Adhithya Aji)

Equity Alert: Kotak Equities sees petrol, diesel prices up INR 25-INR 28/ltr

MUMBAI--1020 IST--Kotak Institutional Equities expects retail prices of petrol and diesel to rise sharply after the ongoing state assembly elections due to elevated crude oil prices. The brokerage sees a hike of INR 25–INR 28 per litre, with the Indian crude oil basket at $120 per barrel and low fixed margins for petrol and diesel prices, it said in a report.

Kotak Institutional Equities sees absence of a truce in West Asia also result in price hikes. "However, political considerations will likely prevail and actual hikes may be more modest," the brokerage said in its report. Oil prices have been elevated and volatile since early March due to the disruption of crude oil supply through the Strait of Hormuz. Though Iran allowed transit during the ceasefire, the relief was limited as the standoff worsened.

This has led to a distinct disconnect between futures and physical crude markets, the brokerage said. "Physical oil markets are therefore likely to remain tight and a normalization of flows appears unlikely in the absence of a comprehensive truce," according to its report. According to the broking firm, a price hike would be appropriate to limit the losses of refiners as well as to signal limited demand, even though excise duty cuts and windfall export taxes gave partial relief.  (Arundathi A R)

Equity Alert: Benchmark indices open lower as crude oil rises above $100/bbl

MUMBAI--0947 IST--Domestic benchmark indices opened lower Thursday as crude oil prices rose above $100 per barrel. Crude oil prices were up after US President Donald Trump said blockade of the Strait of Hormuz would continue. Banking stocks were the biggest laggards.

At 0945 IST, the Nifty 50 was at 24239.55 points, down 138.55 points or 0.6%. The BSE Sensex was at 77930.31 points, down 586.18 points or 0.8%. More than half of the Nifty 50 constituents were trading lower.

Dr. Reddy's Laboratories was the top Nifty 50 gainer. The stock was up over 4%. Oil and Natural Gas Corp. rose nearly 2%. Shares of pharma companies Cipla and Sun Pharmaceutical Industries rose around 1% each. Nestle India rose nearly 1% as well.

Tech Mahindra was the worst hit in the index. The stock fell nearly 3%. The company reported a 21% sequential growth in its net profit for the March quarter to INR 13.54 billion, missing analysts' estimate of INR 14.98 billion. Emkay Global has cut Tech Mahindra's earnings per share estimate for 2026-27 (Apr-Mar) by 1.5%.

Mahindra & Mahindra, Eternal, InterGlobe Aviation, and Asian Paints fell around 2% each. Shares of financial services companies Shriram Finance, Bajaj Finance, and Bajaj Finserv fell 1-2%. Banking heavyweights ICICI Bank fell nearly 2% and HDFC Bank was down around 1%. SBI Life Insurance Co. was down nearly 1% after it reported an over 1% fall in its net profit for the March quarter to INR 8.05 billion. The company reported a net investment loss of INR 239.39 billion, up from a loss of INR 155.31 billion in the trailing quarter.

Havells India was the worst hit among the Nifty 200 and Nifty 500 indices. The stock was down over 5%, despite the company reporting a 41% on-year growth in its bottom line for the March quarter to INR 7.34 billion. This was sharply higher than analysts' estimate of INR 4.61 billion. The revenue grew just 2% on year to INR 66.88 billion, falling short of the Street's estimate of INR 71.10 billion.

GE Vernova T&D India was the top gainer in both the Nifty 200 and Nifty 500 indices. It was up nearly 8%. Oracle Financial Services rose over 6% in the Nifty 200 index. The company's net profit for the March quarter grew 38% sequentially to INR 8.42 billion. Ashok Leyland fell nearly 4%. It was the second biggest loser among the Nifty 200 and Nifty 500 constituents.  (Adhithya Aji)

Equity Alert: Nuvama ups Trent target price over 6%, maintains 'hold' call

MUMBAI--0920 IST--Nuvama Institutional Equities has raised the target price on Trent's stock by over 6% to INR 4,828 and maintained a 'hold' call on the stock. Earnings before interest, tax, depreciation, and amortisation margins of the company rose due to improvement in gross margin and cost optimisation, leading to a strong improvement in profitability, the brokerage said.

The Zudio operator reported a net profit of INR 4.55 billion for the March quarter, up 30% on year. The company comfortably surpasses the analysts' estimate of INR 3.71 billion for the bottom line. The revenue of the company grew 20% on year to INR 49.37 billion, beating the Street's view of INR 49.37 billion and also surpassed the company's provisional figures for the quarter.

The brokerage has raised Trent's revenue estimate for 2026-27 (Apr-Mar) by 1% and EBITDA estimate by 0.1%. However, Nuvama has cut the FY28 revenue estimate by 3% and EBITDA estimate by 1.3%.         

"Management did indicate cost pressure on RM (raw materials) due to the geopolitical issues and also mentioned that there could be potential implications for near-term demand and may also affect margins going forward," Nuvama said. The company's suppliers are facing labour issues in certain geographies, which the management is currently tackling with calibrated sourcing actions and selective supplier engagement, according to Nuvama. 

The management also highlighted that the near-term demand conditions remain cautious, with consumers moderating discretionary spending amid ongoing macro uncertainties, geopolitical disruptions, and potential inflationary pressures, Nuvama said. The brokerage has reduced the valuation multiple for the standalone business from 65 times of FY28 to 60 times. This reflects the expectations of earnings growth falling below 20% going forward, Nuvama said. 

Nuvama expects the company's most cost-driven optimisation to already be realised. Future margin expansion is likely to be driven primarily by productivity improvements, partially offset by raw material inflation pressures owing to the conflict in West Asia, Nuvama added.

At 0920 IST, shares of Trent were marginally higher at INR 4,440 on the National Stock Exchange.  (Adhithya Aji)

Equity Alert: Emkay cuts Tech Mahindra FY27 EPS view; Nuvama ups target price

MUMBAI--0910 IST--Emkay Global Financial Services trimmed its estimate for Tech Mahindra's earnings per share by 1.5% for 2026-27 (Apr-Mar), factoring in the company's March quarter earnings, which were in line with the brokerage's estimates. It retained the 'reduce' rating on the stock with a target price of INR 1,450.

The company managed to report revenue slightly higher than Emkay Global's estimate, with its EBIT margin expanding 70 basis points on quarter to 13.8%. The brokerage is positive on the revenue beat, steady expansion of EBIT margin, and healthy deal intake during the March quarter. Revenue from top five clients declined 1.4% on quarter and revenue growth in retail, transport and logistics declined 5.3% sequentially, which the brokerage was sceptical of.  

The brokerage expects the company's EBITDA to grow 20.2% on year in FY27 but only 9.2% on year in FY28. It also sees a 35.6% growth in adjusted earnings per share in FY27 and just 11.1% growth in FY28. The revenue is seen rising 8% in FY27 and 6.8% in FY28, according to Emkay Global's projections.

Nuvama Institutional Equities has maintained a 'buy' on Tech Mahindra and raised its target price by over 6% to INR 1,750. The brokerage has raised its FY27 and FY28 estimates by 8% and 6%, respectively. Nuvama believes the information technology giant is on track to achieve its FY27 targets. "FY26 has turned out to be the year of transformation for TechM, with growth turning positive, margins expanding sharply and record deal wins."

Tech Mahindra's strong deal wins in FY26, which were up 42% on year, position it well to catch up with or even beat large-cap peers on growth in FY27, Nuvama said. The brokerage is still sceptical of its 15% margin target in FY27 and projects it to be 14.5%. "That leaves scope for further earnings upgrade, if the company does manage that feat," it said. Nuvama believes the company is set to report a compound annual growth rate for earnings of 23% over the next two years.

The IT major reported a near 21% sequential rise in its consolidated net profit for the reporting quarter at INR 13.54 billion. Analysts had pegged the company's bottom line for Jan-Mar at INR 14.98 billion. Its consolidated top line for the March quarter grew almost 5% sequentially and nearly 13% on year to INR 150.76 billion. This was higher than the INR 148.12 billion expected by analysts.  (Simran Rede)

Equity Alert: Indices to open lower Thu as crude oil price up over $100/bbl

MUMBAI--0830 IST--Domestic headline indices are likely to open lower Thursday as Brent crude oil price surged to over $100 a barrel. Oil prices resumed their climb after US President Donald Trump's decision to continue with the blockade of the Strait of Hormuz. Though the extension of the ceasefire deadline could boost sentiment, market direction for the coming days will largely depend on the developments around the US-Iran peace talks, analysts say.

Meanwhile, Trump told The New York Post that "good news" about a second round of talks between the US and Iran may be coming as soon as Friday. In another development, Israeli forces attacked Lebanon and killed five people. Iran's top negotiator and parliament Speaker Mohammad Bagher Ghalibaf has said Israel's warmongering and "flagrant" ceasefire breaches made reopening the Strait of Hormuz "impossible", Al Jazeera reported.

At 0712 IST, the April futures contract of Gift Nifty was at 24212, short of 160 points from the Nifty 50's previous close. On Wednesday, the 50-stock index closed 0.8% lower at 24378.10 and the BSE Sensex settled 1% lower at 78516.49. The June futures contract of Brent crude was 0.2% higher and surged back to over $100 per barrel. "A decisive breakdown below 24350 level could trigger further downside momentum, potentially dragging the index towards the 24000 zone," Sundar Kewat, technical and derivatives analyst at Ashika Group, said.

Nuvama Institutional Equities has maintained its 'buy' recommendation on Tech Mahindra and raised the target price by 6% to INR 1,750 from INR 1,650. The information technology giant posted a near 21% sequential rise in its consolidated net profit for the March quarter to INR 13.54 billion. On a year-on-year basis, the bottom line grew 16%.

Post market hours Wednesday, SBI Life Insurance reported an on-year decline of 1.1% in its net profit for the March quarter at INR 8.05 billion. The company's net investment loss for the quarter was INR 239.39 billion, up from a loss of INR 10.41 billion in the year-ago period. Nuvama has kept its target price on SBI Life unchanged at INR 2,390 and slightly reduced its value of new business estimates for FY27 and FY28 by 0.9% each. Trent also reported its Jan-Mar results post market hours. Its net profit rose 30% on year to INR 4.55 billion and revenue was up over 20% on year to INR 49.37 billion.

Market participants await the March quarter results of IT major, Infosys, scheduled later in the day. Its consolidated net profit for Jan-Mar is expected to decline around 5% sequentially to INR 75.56 billion. On a year-on-year basis, the bottom line is seen rising over 7%. Its consolidated revenue for the March quarter is expected to rise a little over 2% on a sequential basis to INR 465.79 billion.

Other Asian indices were mixed in early trade, with most in the red. Wednesday, all the US indices settled sharply higher after ending lower for two sessions.  (Arundathi A R)

Equity Alert: Indices in Asia mixed; Nikkei 225, KOSPI notch fresh highs

MUMBAI--0825 IST--Indices were mixed early Thursday, with most markets down amid caution even as Japan's Nikkei 225 and South Korea's KOSPI hit fresh record highs for two consecutive sessions. Despite US President Donald Trump extending the ceasefire in West Asia, uncertainty over peace talks with Iran kept Brent Crude oil futures high. Crude prices were up over $103 per barrel, and are likely to be a dampener for market sentiment.

South Korea's GDP for the three months ended March expanded at its highest pace in nearly six years, at 1.7% on quartery and 2.7% annually. Reuters had estimated the country's GDP to grow 1% on quarter. Exports increased 5.1% in the quarter, supported by exports of information technology goods such as semiconductors.

Further, the South Korean chipmaker SK Hynix posted record profit and revenue in the quarter ended March. The company's revenue nearly tripled from the same period last year, and operating profit rose fivefold on year, CNBC reported. The stock of the company was higher during early trade, but it could not sustain the gains. At 0822 IST, SK Hynix was down 0.4%. 

In Japan, the Nikkei 225 jumped 0.7% to touch a new record of 60013.98 points during early trade, but the index pared all those gains. At 0756 IST, the benchmark 225-stock index was down 0.7%. On the macroeconomic front, the S&P Global Flash Japan Purchasing Managers' Index was seen at its softest pace in four months as it slipped to 52.4 in April from 53.0 in March. Lesser growth in the services index was offset by growth in the manufacturing index. The manufacturing index rose to 54.9 points in April from 51.6 in March, while the services index fell to 51.2 from 53.4. "There were reports that some manufacturing firms boosted output due to concerns and uncertainty surrounding the war in the Middle East and the potential for further supply chain disruptions. The latter contributed to not only a much sharper rise in costs, but the most pronounced increase in average delivery times for manufacturers' inputs for nearly four years," Annabel Fiddes, the economics associate director at S&P Global Market Intelligence, said in a report.

Following were the levels of major Asian indices at 0823 IST:

(Ruchira Kagita)

Equity Alert: US mkts rally on earnings boost; S&P 500, Nasdaq hit new highs

MUMBAI--0740 IST--Benchmark indices in the US ended on a strong note Wednesday as earnings momentum gripped market participants. The S&P 500 and NASDAQ hit fresh all-time-highs during the session. Positive sentiment stemming from US President Donald Trump extending the ceasefire pact with Iran also supported upward moves on Wall Street. However, Brent Crude oil futures were, however, still high at over $100 per barrel. 

Of 87 S&P companies that have reported their earnings so far, 81% have reported surpassed profit estimates, while 76% have reported better-than-expected revenue, CNBC reported. Shares of Boston Scientific, GE Vernova, Boeing, and United Airlines were in focus after the companies reported better-than-expected earnings for the quarter ended March. Aviation giant Boeing's losses contracted more than what was estimated in the March quarter to $7 million from $31 million a year ago. The loss per share was at 20 cents, significantly lower than the 83-cent-per-share loss anticipated by analysts. Shares of the company rose almost 6%, and was the top performer in the blue-chip Dow Jones Industrial Average.

On the flip side, shares of United Airlines fell 6% after the company slashed its outlook for the full year. The company sees earnings to fall between $7 and $11 per share, down from its earlier guided forecast of $12 and $14 a share. High jet fuel prices due to the war in West Asia are seen having an adverse impact even while demand is likely to be strong. 

GE Vernova soared over 13% to hit a new high and emerged as the best performing stock in the S&P 500. The company raised its forecast for revenue and core profit margin. It expects revenue to be between $44.5 billion and $45.5 billion in 2026, compared with a range of $44 billion-$45 billion guided earlier. The company also hiked its guidance for adjusted earnings before interest, taxes, depreciation, and amortisation margin for the full year to 12-14% from 11-13%. Among some other standout movers was chipmaker Micron Technology, whose shares jumped almost 9%. 

Following are the closing levels of US indices on Wednesday:

(Ruchira Kagita)

US$1 = INR 94.10

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

Edited by Rajeev Pai

All prices from National Stock Exchange, unless otherwise specified.

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

All times are Indian Standard Time.

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