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Informist, Tuesday, Apr. 28, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 May ends at premium of 85.40 points to spot index

MUMBAI--1546 IST--The May futures contract of the Nifty 50 closed at a premium of 85.40 points to the spot index Tuesday. Open interest in the contract rose 22.5% to 14.81 million, according to provisional data.

--Nifty 50 closed at 23995.70 points, down 97.00 points or 0.4% vs Monday

--Nifty 50 May closed at 24081.10 points, down 128.60 points or 0.5% vs Monday

Nifty 50 options, expiring May 5, with maximum change in open interest:

Call: 25000, Put: 23000

Nifty 50 options, expiring May 5, with maximum open interest:

Call: 25000, Put: 23000

(Simran Rede)

Equity Alert: Benchmark indices remain lower; IT, auto cos major drag

MUMBAI--1450 IST--The benchmark indices remained lower, with the majority of the Nifty 50 constituents in the red. Shares of information technology stocks and automobile companies were among the major laggards in the 50-stock index. Energy companies continued to be top performers in the index while select pharmaceutical and metal companies also enjoyed some gains. While nearly half of the Nifty sectoral indices were in the red, the broader market indices outperformed their headline peers, with both the Nifty Smallcap and Nifty Midcap indices holding on to their marginal gains.

At 1446 IST, the Nifty 50 was at 24030.65, down 0.3%. The BSE Sensex was at 76972.15, down 0.4%. The market's fear gauge India VIX was down over 2% at 17.9350. Oil and Natural Gas Corp. rose nearly 5% and was the top performer in the Nifty 50 and Nifty 200 indices. 

Shares of e-commerce major Eternal were down over 3% ahead of its earnings due later in the day and was the worst performer in the 50-stock index. Shares of InterGlobe Aviation were down nearly 3%, having shed nearly 2% from its opening level as crude oil prices rose further. At 1440 IST, the June futures contract of Brent Crude was at $111 per barrel, up nearly 3%.

Among IT stocks, shares of HCL Technologies, Infosys, and Wipro were down 1–3%, dragging the Nifty 50 down. Shares of automobile players Bajaj Auto, Eicher Motors, and Tata Motors Passenger Vehicles were down over 1-2%. Shares of Maruti Suzuki were down over 2% after the company reported a net profit of INR 35.91 billion on a revenue of INR 524.49 billion for the March quarter, missing the Street's view on both figures. Shares of financial services companies Jio Financial Services and Shriram Finance were down over 1% and 2%, respectively, and were among the worst performers in the index.

Index heavyweights HDFC Bank and ICICI Bank were down 0.6% and 1.3%, respectively. Conversely, their peer, Reliance Industries, rose 1.7%.

Energy companies Oil India, Adani Total Enterprises, and Adani Total Gas were up 4-5% and remained among the top gainers in the Nifty 200 while shares of Union Bank of India were down over 3% and continued to be the worst-hit stock in the index. In the Nifty 500, shares of Cohance Lifesciences became the highest gainer once again. The stock was up nearly 14%. Elecon Engineering Co. was down nearly 4% and was the worst-hit stock in the Nifty 500.  (Shruti Nair)

Equity Alert: IFCI falls 4% after Q4 consol PAT declines 94% on year

MUMBAI--1433 IST--Shares of IFCI Ltd. fell over 4% to an intraday low of INR 58.71 on the NSE after the non-banking finance company reported a 94% on-year decline in its consolidated net profit for the March quarter during market hours Tuesday. At 1421 IST, the stock traded 2.6% lower at INR 59.75. So far in the day, over 23 million shares of the company changed hands on the exchange Tuesday, over three times the 7.5 million shares traded till the same time Monday. The stock has risen only 6% in the last 6 months as opposed to nearly 36% in the last 52 weeks.

The company reported consolidated net profit of INR 132.2 million on revenues of INR 4.70 billion. The company had reported losses of INR 152.4 million in the previous quarter.

The company's revenue for the quarter rose nearly 14% on year to INR 4.70 billion, mainly driven by sale of products which jumped more than 600 times to INR 253.9 million, but fell around 66% sequentially. The company's interest income contributed INR 1.53 billion to its top line. The company reported total expenses of INR 4.39 billion, up 482% on year.  (Prateem Rohanekar)

Equity Alert: Asian indices end on a muted note; Bank of Japan holds rates

MUMBAI--1400 IST--Most of the indices in Asia ended lower Tuesday as concerns about the war between the US and Iran prolonging dampened market sentiment. US President Donald Trump is not keen on Iran's proposal to reopen the Strait of Hormuz, according to media reports, as Iran's stance on its nuclear enrichment programme remains the key reason for the stalemate. High Brent crude oil futures at over $110 per barrel have worsened the risk-off mood.

Bank of Japan kept its policy rate steady at 0.75% even as three members dissented and called for a rate hike. The central bank revised its inflation estimates upwards and trimmed GDP expectations as supply-linked disruptions due to the war in West Asia are seen posing risks. The central bank sharply hiked its estimates for core inflation for 2026 to 2.8% from 1.9%. This is significantly higher than the bank's 2% inflation target. Bank of Japan lowered its growth forecast for 2026 to 0.5% from 1.0%.

"...the rise in crude oil prices reflecting the impact of the situation in the Middle East is expected to push down corporate profits and households' real income through factors such as a deterioration in the terms of trade. However, the economy is expected to continue growing moderately, albeit at a decelerated rate," the Bank of Japan said in its outlook for economic activity and prices.

"The outcome of the BOJ policy meeting was a bit hawkish, with three board members dissenting from the decision, not two. That weighed on investor sentiment as they braced for an interest rate hike in June," Kazuaki Shimada, the chief strategist at Iwaicosmo Securities, told Reuters. Japan's benchmark Nikkei 225 fell 1%.

In South Korea, the central bank's Composite Business Sentiment Index for all industries was 94.9, up 0.8 points from March. The outlook for May also rose by 0.8 points to 93.9. This rise was mainly supported by manufacturing sector. The improved business sentiment, however, could be a solely statistical improvement and on-ground sentiment is likely to be weak due to the West Asia war.

Following were the levels of major Asian indices at 1340 IST:

(Ruchira Kagita)

Equity Alert: Indices remain lower; Eternal shares 3% down ahead of earnings

MUMBAI--1325 IST--Benchmark indices slipped further with the Nifty 50 index remaining only slightly above 24000 level. Shares of banks, select automobile stocks, and financial service companies were a drag on the 50-stock index. Most energy companies continued to enjoy the highest gains in the index. 

At 1333 IST, the Nifty 50 was at 24006.55, down 0.4, while the BSE Sensex was at 76911.79, down 0.5%. Shares of Oil and Natural Gas Corp. extended their gains and rose nearly 4%, becoming the highest gainer in the Nifty 50 and Nifty 200 indices. On the other hand, shares of Eternal were down over 3%, trading around their intraday low, and remained the worst performers in the Nifty 50 index. The e-commerce company is set to release its March quarter results later in the day. Eternal's consolidated bottom line for the March quarter is expected to jump 286% on year to INR 1.50 billion, while its consolidated top line is seen 208% higher on year at INR 180 billion.

Select automobile stocks were also a drag on the Nifty 50 index, with shares of Tata Motors Passenger Vehicles, Eicher Motors, and Bajaj Auto, shedding around 1% each. Their peer, Maruti Suzuki India, came off its earlier highs and traded nearly 1% lower, ahead of its March quarter results due later in the day. The company's net profit for the March quarter is seen at INR 41.4 billion, up 11% on year, marking the automaker's highest growth in net profit in four quarters.

Most of the sectoral indices slipped into the red. The banking sectoral indices were the worst performers among their peers, shedding 1–2%. Shares of Union Bank fell further, shedding nearly 4%, and was the worst-hit stock in both the Nifty 200 and Nifty 500 indices. The Nifty Oil & Gas and Nifty Energy indices were each nearly 1% higher and continued to be the highest gainers among their sectoral peers.  (Shruti Nair)

Equity Alert: Indices fall marginally; Nifty 50 slips below 24100 mark

MUMBAI--1155 IST--Benchmark indices gave up their marginal gains and the Nifty 50 slipped below the 24100 level Tuesday. Banks and select information technology stocks were the biggest laggards in the index, while shares of power companies were gainers.

At 1140 IST, the Nifty 50 was at 24081.30, down 0.1%, while the BSE Sensex was at 77165.77, down 0.2%. Coal India maintained its gains and traded nearly 4% higher, remaining the best performer in the 50-stock index. Shares of e-commerce major Eternal fell further, trading over 3% lower and was the worst-performer in the Nifty 50 and Nifty 200 indices. 

In line with the rise in Coal India, energy stocks Adani Enterprises and Oil and Natural Gas Corp. rose around 2% and 4%, respectively. Despite coming off their intraday highs, the three stocks remained among the highest gainers in the Nifty 50 and Nifty 200 indices. Among midcaps, shares of Oil India and Waaree Energies saw similar gains of over 3%. Shares of Adani Total Gas came off their earlier gains and traded over 1% higher. For the March quarter, the company reported a 9% on-year jump in its consolidated bottom line to INR 1.68 billion, while its top line rose 17% on year to INR 16.95 billion. Rising energy costs due to the conflict in West Asia limited the growth in the company's bottom line.

The Nifty Metal, Nifty Energy, and Nifty Oil & Gas indices gained around 1% each and were the top-performers among their sectoral peers. The Nifty PSU Bank was the worst-hit sectoral index, falling nearly 2%. Shares of Bank of India, Union Bank of India, and Canara Bank shed around 2–3% each and were the main laggards in the sectoral index as well as in the Nifty 200 index. In the Nifty 50, shares of Axis Bank plunged over 2% and were the second-worst hit stock in the index.

In the Nifty 500, Cohance Lifesciences broadly maintained its gains of over 15% and remained the highest-performing in the index. The stock hit a nearly four-month high during early trade after breaching the upper circuit on Monday. Canara HSBC Life Insurance extended losses, shedding over 4% ahead of its earnings due later in the day. The stock remained the worst performer in the Nifty 500 index. (Shruti Nair)

Equity Alert: Piramal Finance at 52-week high; consol PAT jumps 5 times YoY

MUMBAI--1140 IST--Shares of Piramal Finance rose nearly 12% Tuesday to a 52-week high of INR 2,061.90. The stock rose after its consolidated net profit for the March quarter jumped nearly 5 times on year. The stock has risen for the fifth time in the last six sessions.

Piramal Finance's consolidated net profit for the reporting quarter came in at INR 5.01 billion. A one-time income of INR 13.26 billion from the sale of imaging business helped the company's bottom line to surge on a year-on-year basis. Its consolidated revenue for the quarter was INR 34.24 billion, up 20% on year.

At 1100 IST, shares of Piramal Finance were 8.5% higher at INR 2,000 on the NSE. So far in the day, nearly 5 million shares of the company have changed hands on the exchange, higher than 62,000 shares traded till the same time Monday.

All the five brokerage recommendations available with Informist on the company have a 'buy' recommendation with an average target price of INR 1,972.  (Arundathi A R)

Equity Alert: Brokerages up Varun Beverages target price on healthy Q1 result

MUMBAI--1134 IST--Shares of Varun Beverages continued to rise Tuesday on positive comments by brokerages after the company posted a healthy set of numbers for the quarter ended March. Supported by high volumes, the company's net profit for the quarter was better than expected, and the management's commentary on expanding the international business and sustaining margin growth boosted investor confidence.

Given the higher-than-expected rise in its profit on an annual basis, and its acquisition of South Africa-based beverage player Twizza, Emkay Global Financial Services is positive on Varun Beverages' growth trajectory. The brokerage has maintained its "buy" recommendation on the stock and raised its target price to INR 620 from INR 540. In the near term, demand due to El Nino is also expected to play out positively for the company. Varun Beverages is also well-placed for margin growth, Emkay Global said in its report. The company's inventory is seen sustaining for six months, which ensures "limited near-term impact and enabling margin management through efficiencies and calibrated discounting," the brokerage said in a report. High gasoline prices are the only potential headwind for the company in the medium term as transportation costs may go up, Emkay Global noted.

Varun Beverages' earnings for the first quarter of 2026 were healthy despite unseasonal rains across the north and eastern regions of India, Nuvama Institutional Equities said. The company ruled out the likelihood of price hikes in the near term, and instead said it may opt to lower the discounts offered to is sales channels. This move is seen supporting the beverage player's margin growth, the brokerage noted. Nuvama also said that strong demand for the company's summer portfolio is likely due to the El Nino effect. The brokerage has raised its target price on the stock to INR 600 from INR 558, while reiterating its "buy" stance.

The fast-moving consumer goods company's margin growth was healthy in the three months ended March. It is important to see whether it can be sustained without further dilution in realisations or product mix, ICICI Securities said in a report. Execution and growth quality will be critical over the near to medium term, the brokerage noted. The company's India business is expected to see healthy volume growth, and its international business is also scaling up well, ICICI Securities said. The broking firm has maintained its "hold" call on the stock, but increased its target price to INR 500 from INR 450.

For the quarter ended March, Varun Beverages reported a consolidated net profit of INR 8.72 billion, up over 20% on year. Its consolidated revenue grew over 18% on year to INR 67.22 billion. At 1134 IST, shares of the company were flat at INR 518.65, with over 8.6 million shares changing hand on NSE. Earlier in the day, the shares had risen to a high of INR 529.40, up over 2% from Monday.  (Ruchira Kagita)

Equity Alert: Maruti Suzuki slightly up, Eternal down 3% ahead of Q4 results

MUMBAI--1050 IST--Shares of Maruti Suzuki India were trading marginally higher while those of Eternal were down 3% ahead of March quarter earnings, due later in the day. Maruti Suzuki India and Eternal are expected to post a healthy growth in the respective net profits and revenues for the reporting quarter. 

Automaker Maruti Suzuki India is expected to report a net profit of INR 41.4 billion for the quarter. The 11% on-year growth in net profit shall be the highest in four quarters. The revenue of the company is pegged to grow 27% on year to INR 514.98 billion, according to brokerages. Higher domestic and export despatches, and improved realisation per vehicle is likely to aid Maruti Suzuki India's March quarter earnings, according to brokerages.  

Eternal is estimated to post a consolidated net profit of INR 1.50 billion for the March quarter, 286% higher on year. The consolidated top line of the company for the reporting quarter is seen at INR 180 billion, up 208% on year. Geographic expansion and the addition of dark stores that aid Eternal's grocery delivery business is expected to boost its March quarter earnings, as per brokerages.

At 1043 IST, shares of Maruti Suzuki India were trading nearly 0.2% higher at INR 13,245, while shares of Eternal were trading over 3% lower at INR 246.69. (Adhithya Aji)

Equity Alert: Nomura cuts Lodha Developers target price by 14%, maintains buy

MUMBAI--1047 IST--Nomura has cut its target price for Lodha Developers by nearly 14% to INR 1,250 because of a higher weighted average cost of capital assumption by the global brokerage and slower-than-expected infrastructure upgrades in Palava, where the company holds a major chunk of land. Lodha Developers announced its March quarter earnings on Friday. At 1047 IST, its shares were up 0.2% at INR 881.25. 

"Our TP cut is driven by: 1) a cut to premium-to-NAV from 30% to 20% driven by a higher WACC assumption to reflect increased risk premium amid elevated global uncertainty...," the brokerage said in a report. The stock currently trades at a discount of around 16% to the company's net asset value, 21 times its 2026-27 (Apr-Mar) price to earnings ratio, and 15 times its FY27 enterprise value to earnings ratio, the brokerage said. Nomura also trimmed its price growth assumptions for Palava land bank to 5% from 6% earlier. Further, the brokerage has added the company's new data centre business to its sum-of-the-parts valuation.

The company reported an over 9% year-on-year increase in its consolidated net profit for the March quarter to INR 10.08 billion. The company's top line for the quarter grew nearly 12% on year to INR 47.14 billion, marking the slowest growth in four quarters. However, both revenue and net profit for Jan-Mar surpassed analysts' estimates. 

The brokerage has retained its buy recommendation on the stock due to its solid expansion strategy in the Mumbai Metropolitan Region, Bengaluru, and National Capital Region, and robust business model. The company's operating cash flow generation grew at an over 15% compound annual growth rate supported by strong collections, the brokerage noted in its report. The brokerage further said it saw the company's annuity income growing 10 times in six years, driven by growth in its office, warehousing, and data centres portfolios. (Prateem Rohanekar)

Equity Alert: Canara HSBC Life Insurance Co falls 4% ahead of Q4 results

MUMBAI--1049 IST--Shares of Canara HSBC Life Insurance Co. fell over 4% ahead of the company's March quarter earnings Tuesday. The company's net profit is seen rising nearly 10% on quarter to INR 303 million due to rise in net premium income, according to Motilal Oswal Financial Services. At 1049 IST, the stock was down 1.4% at INR 137.85.

Canara HSBC Life's net premium income for the March quarter is expected to rise 14% on quarter to INR 32.7 billion, the brokerage said. The company is likely to post a new business annualised premium equivalent of INR 7.19 billion, down nearly over 28% on quarter, it said.

The brokerage expects the company to maintain a strong double-digit on year growth trajectory in annualised premium equivalent. The value of new business is expected to see a healthy growth, driven by double-digit annualised premium equivalent growth. Risk of restructuring commissions remains a key metric to look out for growth, according to the brokerage.

Of the two brokerage reports on the life insurer available with Informist, both have a "buy" recommendation on the stock with an average target price of INR 190, nearly 42% higher than the current market price. (Durgesh Nandan)

Equity Alert: Coal India surges 5% as co posts 11% on-year rise in Q4 PAT

MUMBAI--1015 IST--Shares of Coal India rose nearly 5% to a one-month high of INR 473.90, a day after the state-owned energy company reported an 11% on-year rise in its consolidated net profit to INR 108.39 billion for the March quarter. This was way above the Street's view of INR 91.22 billion.

The consolidated top line of the company rose 6% on year to INR 464.90 billion. The analysts' had estimated the revenue of the Maharatna company at INR 374.64 billion. "Coal India delivered a decent performance, mainly supported by higher e-auction volumes," Motilal Oswal said. Electronic-auction volumes accounted for around 14% of the company's total volumes, the brokerage added. 

Motilal Oswal estimates Coal India to post a 4% volume compound annual growth rate from financial year 2025-26 (Apr-Mar) to FY28. A higher share of e-auction volumes with better premium will support overall net sales realisations and margins, the brokerage said. This is expected to translate into CAGR of 5% and 12% in revenue and earnings before interest, tax, depreciation, and amortisation, respectively, over FY26–FY28, according to Motilal Oswal. The brokerage maintained a 'buy' recommendation on the stock with a target price of INR 530. 

At 1008 IST, shares of the company were trading nearly 4% higher at INR 470.50. The stock was the top gainer among the Nifty 50 constituents. Over 12 million shares of the company changed hands on the bourse, which is nearly seven times higher than the number of shares traded till the same time Monday.  (Adhithya Aji)

Equity Alert: HSBC initiates 'buy' on JSW Steel, Jindal Stainless

MUMBAI--0950 IST--Brokerage HSBC Global Investment Research is positive on India's steel sector given the strong demand expectations, companies' healthy balance sheets, and policy support. The brokerage has initiated a "buy" call on JSW Steel, Jindal Stainless, CNBC-TV18 reported. Growth in urbanisation and infrastrucure is expected to outpace capacity additions in the steel sector, the media outlet said.

HSBC Global started coverage on JSW Steel with a target price of INR 1,460, and on Jindal Stainless with a target of INR 800. The brokerage also initiated coverage on Jindal Steel & Power with a "hold" call and a target of INR 1,280. HSBC Global, meanwhile, maintained a "buy" recommendation on Tata Steel with a target price of INR 255. (Ruchira Kagita)

Equity Alert: Go Digit General Insurance down 0.5% ahead of Mar qtr results

MUMBAI--0945 IST--After opening slightly higher, shares of Go Digit General Insurance fell 0.5% to an intraday low of INR 318.65 on the National Stock Exchange ahead of its March quarter earnings scheduled later in the day. The company's net profit is expected to rise on year, led by growth in gross written premium.

According to brokerage Emkay Global Financial Services Ltd., the company's net profit for the reporting quarter is expected to rise nearly 12% on year to INR 1.29 billion. However, sequentially, the brokerage sees the bottom line falling nearly 8%. The sequential fall in the company's bottom line is due to a likely fall in the combined ratio, Emkay said in its report.

The company's claims ratio is expected to decline 2.8 percentage points from 72.5% in the year-ago quarter, according to the brokerage. The company's combined ratio is expected to fall 1.9 percentage points on year and 1.3 percentage points on quarter.

The company's gross written premium for the reporting quarter is expected at INR 29.37 billion, up nearly 14% on year, driven by growth in the motor and health segments. But the on-year net profit growth is likely to be limited by a slowdown in growth in commercial lines. Sequentially, the company's gross premium income is seen growing 1%, Emkay said. The company's net earned premium is expected at INR 21.97 billion, down over 2% on year, but up nearly 2% on quarter.

Meanwhile, Go Digit General Insurance on Mar. 7 received a demand notice of about INR 1.70 billion from the Office of the Commissioner of GST & Central Excise for short payment of goods and service tax for five years, which is higher than the estimated net profit for the March quarter. However, the company said it does not expect any financial impact from the GST demand.

For the December quarter, Go Digit General's net profit was INR 1.40 billion and its gross premium written was INR 29.09 billion. At 0936 IST, shares of the company traded at INR 319.80 on the National Stock Exchange, down 0.1% from the previous close. The stock has fallen 3.6% since Jan. 22, when it detailed its December quarter earnings.

Of the three brokerage reports on the company available with Informist, two have a 'buy' or equivalent recommendation with an average target price of INR 355. This is around 11% higher than the current market price. One brokerage has a 'sell' recommendation on the insurer with a target price of INR 290. (Divya Moolayattil)

Equity Alert: Indices open lower on high crude oil prices, turn flat later

MUMBAI--0937 IST--Benchmark equity indices opened lower as crude oil prices were above $109 per barrel and as uncertainty around the US-Iran peace talks weighed on market sentiment. Soon after opening, indices turned flat. For the past five sessions, Brent crude oil prices have remained above the psychological mark of $100 per barrel. Banking stocks were the major laggards in the session so far. 

At 0935 IST, the Nifty 50 was at 24095.40 points, up 2.70 points or nearly flat, and the BSE Sensex was at 77225.77 points, down 77.86 points or 0.1%. 

Coal India was the top gaining stock among Nifty 50 constituents. It rose over 4% after the company's net profit for the March quarter rose 11% on year to INR 108.39 billion. This was way ahead of analysts' consensus estimate of INR 91.22 billion. Adani Enterprises was up nearly 2%. Grasim Industries, Adani Ports and Special Economic Zone, Oil and Natural Gas Corp., Tata Steel, and Bharat Electronics rose around 1% each. 

UltraTech Cement and Eternal were the worst-hit stocks in the Nifty 50, down around 1% each. Stocks of banks and financial services companies State Bank of India, HDFC Life Insurance Co., Bajaj Finserv, and Axis Bank were down around 1% each as well.

In the Nifty 200, Adani Total Gas was the top gainer, rising over 6%. Shares of Indus Towers rose nearly 3%. Bank of India was the top underperformer in the index, falling nearly 3%. Bank of Baroda and SBI Cards and Payment Services were down over 2% each as well. 

Cohance Lifesciences was the top performing stock in the Nifty 500, rising nearly 18%. City Union Bank was up nearly 5% in the index. The bank's net profit for the March quarter rose nearly 25% on year to INR 3.60 billion,  slightly abover the Street's view of INR 3.47 billion.  (Adhithya Aji)

Equity Alert: Asian markets mixed; doubts over US-Iran peace deal weigh

MUMBAI--0830 IST--Asian indices were mixed Tuesday as fears of the war between the US and Iran prolonging weighed on market sentiment. US President Donald Trump does not seem open to Iran's proposal to reopen the Strait of Hormuz, as Iran's stance on its nuclear enrichment programme remains the key bone of contention, according to media reports. High Brent crude oil futures at $110 per barrel have further dampened the sentiment.

On the macroeconomic front, Bank of Japan is set to announce its interest rate decision Tuesday. The central bank is largely expected to hold rates steady, but market participants will keenly await commentary on the health of the economy. Japan's unemployment rate inched up to 2.7% in March, a tad higher than the 2.6% a month ago. Labour force participation remained mostly unchanged at 63.6% in March compared to 63.5% in February.

Moreover, Japan's Finance Minister Satsuki Katayama has said that the recent movement in the currency market is speculative, and that "decisive action" would be taken if necessary, the DowJones Newswires reported. The yen has largely been range-bound for the past few days, though depreciating slightly against the dollar. In Japan's stock market, the benchmark Nikkei 225 fell while the broader market TOPIX advanced.

Meanwhile, the FTSE Singapore Strait Times index gained in early trade after falling for four straight sessions. In South Korea, the benchmark KOSPI extended gains. KOSPI heavyweight SK Hynix continued its gains from Monday, and was up over 2%.

Following were the levels of major Asian indices at 0818 IST:

(Ruchira Kagita)

Equity Alert: Indices to open down on high oil prices; Maruti Suzuki in focus

MUMBAI--0825 IST--Benchmark equity indices are likely to opening lower Tuesday as Brent crude oil prices hovered around $100 per barrel. The escalation in crude oil prices since last week and uncertainty over US-Iran peace talks have been worsening market sentiment. Nifty 50 constituents Maruti Suzuki and Eternal are in the spotlight as they will announce their March quarter results later in the day.

The April futures contract of the GIFT Nifty suggests a lower opening for the market. At 0818 IST, the GIFT Nifty contract was 0.5% lower at 23987.50, short over 100 points from the 50-stock index's previous close of 24092.70. The June contract of Brent crude was trading higher for the seventh session in a row. At 0820 IST, Brent crude futures were trading over 1% higher at $109.45 a barrel.

"A decisive breach below 24000 may trigger profit booking pressure, which could drag the index towards 23800 followed by 23500 levels," Sundar Kewat, technical and derivatives analyst at Ashika Group said. "On the upside, if Nifty 50 surpasses the previous session's high of 24130.70, fresh buying momentum may emerge, potentially driving the index towards the 24500 resistance zone."

In the latest development from the West Asia war front, US President Donald Trump's national security team is reviewing an Iranian peace plan to stop the war and open the Strait of Hormuz, while postponing talks on its nuclear programme, Al Jazeera reported.

Maruti Suzuki is expected to post a net profit of INR 41.14 billion for the March quarter, up 11% on year. Its revenue is expected to rise 27% on year to INR 514.98 billion. Eternal's consolidated revenue for the quarter is likely to rise over three times on year to INR 179.45 billion. Its net profit is expected to rise nearly fourfold to INR 1.50 billion.

In the global equity market, Asian indices showed a mixed performance in early trade. Australia's S&P/ASX 200 INDEX was leading the pack of losers, while South Korea's KOSPI gained the most. Barring the Dow Jones Industrial Average, the other two indices in the US closed higher for the second straight session Monday.  (Arundathi A R)

Equity Alert: Indices on Wall Street mixed; NASDAQ, S&P 500 hit new highs

MUMBAI--0735 IST--The S&P 500 and the NASDAQ Composite notched fresh highs intraday Monday even though gains were relatively modest. The Dow Jones Industrial Average closed with slight losses. Worries over peace talks between the US and Iran coming to a standstill weighed on market sentiment. Shipments through the Strait of Hormuz are still constrained, and Brent Crude oil futures hovered around $108 per barrel. 

On Monday, shares of Intel Corp., Nvidia Corp., Alphabet Inc., and US Energy Corp. supported the NASDAQ. Organon & Co. closed 17% higher after Sun Pharmaceutical Industries confirmed it will acquire the US company in a $11.75-billion deal. "The market is just trying to deal with the rally that's been going on and digest the latest all-time highs that we've made on the indices," Robert Pavlik, senior portfolio manager at Dakota Wealth told Reuters. 

Many of the magnificent seven stocks will be reporting their earnings for the quarter ended March, and they will be among the major triggers on Wall Street this week. Microsoft, Alphabet, Amazon, and Meta Platforms are set to post their earnings for the quarter gone by on Wednesday while Apple will release its earnings on Thursday. Further, 139 companies in the S&P 500 reported their first-quarter results. Of those, 81% have beaten estimates, Reuters said.

In other news, the Federal Open Market Committee's decision on interest rates is due Wednesday and the committee is expected to maintain a status quo. This could be the current chair Jerome Powell's final meeting as he may retire in May. Investors will keep an eye out for the US Federal Reserve's commentary. 

Following are the closing levels of US indices on Monday:

(Ruchira Kagita)

US$1 = INR 94.54

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.

All times are Indian Standard Time.

NSE: National Stock Exchange
NYSE: New York Stock Exchange
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Government's Press Information Bureau - http://www.pib.nic.in

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