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Informist, Wednesday, Apr. 29, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 May ends at premium of 54.35 points to spot index

MUMBAI--1630 IST--The May futures contract of the Nifty 50 closed at a premium of 54.35 points to the spot index Wednesday. Open interest in the contract rose 1.2% to 14.63 million, according to provisional data.

--Nifty 50 closed at 24177.65 points, up 181.95 points or 0.8% vs Tueday

--Nifty 50 May closed at 24232.00 points, up 163.00 points or 0.7% vs Tueday

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

Call: 24300, Put: 24200

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

Call: 24500, Put: 24000

(Gopika Balasubramanium)

Equity Alert: Indices end higher on better-than-expected Q4 earnings of cos

MUMBAI--1600 IST--Benchmark indices ended higher Wednesday as better-than-expected March quarter earnings of companies boosted investor sentiment. Fast-moving consumer goods companies were the biggest gainers.

The Nifty 50 ended at 24177.65 points, up 181.95 points or 0.8%. The BSE Sensex closed at 77496.36 points, up 609.45 points or 0.8%. More than half of the constituents of both the indices ended higher.

ITC and Tech Mahindra were the top Nifty 50 gainers. Both ended nearly 4% higher. Maruti Suzuki India, Coal India, and Bharti Airtel ended around 3% higher. Index heavyweight Reliance Industries ended nearly 3% higher. Mahindra & Mahindra, Sun Pharmaceutical Industries, and Eicher Motors ended around 2% higher. FMCG majors Tata Consumer Products and Nestle India ended around 2% higher.

On the other hand, InterGlobe Aviation ended more than 2% lower and was the biggest loser among the Nifty 50 constituents. Dr. Reddy's Laboratories ended down nearly 2%. NTPC, Bajaj Finserv, Hindalco Industries, Asian Paints, and Apollo Hospitals Enterprise ended around 1% lower. Heavyweight banking stock ICICI Bank ended nearly 1% lower.

Among the sectoral indices, Nifty FMCG ended was the best performer. It ended nearly 2% higher, supported by ITC. Nifty Media fell the most, down nearly 0.5%.

Among the Nifty 200 stocks, Godfrey Phillips India ended nearly 8% higher. Shares of cigarette makers rose on a media report that the companies are planning price hikes. Conversations with distributors indicate an expectation of a 17% hike in cigarette prices, NDTV Profit reported.

Vedanta ended nearly 5% higher in the Nifty 200. The company reported a consolidated net profit of INR 66.98 billion for the March quarter, up over 92% on year. However, the bottom line was below the Street's view of INR 83.48 billion.

JSW Energy ended nearly 4% lower and was the worst hit in the Nifty 200. REC ended over 3% lower. The stock fell as the company's March quarter net profit fell 21% on year to INR 33.62 billion. The bottom line was down for the first time in 14 quarters.

Among the Nifty 500 stocks, Sapphire Foods India ended 19% higher and was the top gainer. Cohance Lifesciences, down over 5%, was the worst hit.  (Adhithya Aji)

Equity Alert: Most European mkts down; focus on earnings, UAE exit from OPEC

MUMBAI--1510 IST--Most indices in Europe were down Wednesday as investors assessed corporate earnings and pondered over the stalemate in the West Asia conflict and the decision of the United Arab Emirates to exit the Organization of the Petroleum Exporting Countries. The June futures contract of Brent crude oil rose past the $115 per barrel mark for the first time in April due to the continuing impasse between the US and Iran.

"Europe is perceived as one of the largest financial markets victims of the war in Iran. As oil prices stay high, economic damage to Europe is likely to be bigger than in other countries," Marija Veitmane, head of equity research at State Street, was quoted as saying by Reuters. "European companies are reporting okay numbers and some of them are ahead of expectations, but the market is not really rewarding them for that (due to the) underlying macro headwinds."

US President Donald Trump said he was unhappy with Tehran's latest proposal to end the war and told his aides to prepare for a prolonged blockade of Iran, The Wall Street Journal reported late Tuesday, citing US officials. "Iran has just informed us that they are in a 'State of Collapse.' They want us to 'Open the Hormuz Strait,' as soon as possible, as they try to figure out their leadership situation (Which I believe they will be able to do!)," Trump wrote on Truth Social. However, Iranian officials continue to publicly insist that the US must lower its demands before Tehran gives up its own blockade on the Strait of Hormuz.

Among individual stocks, UBS gained 5% after it reported a better-than-expected net profit for the Jan-Mar quarter at $3 billion, CNBC reported. Shares of Adidas rose over 6% after it reported better-than expected earnings, with sales rising 14% on year to 6.6 billion euros and operating profit up 16% to 705 million. Shares of Deutsche Bank, on the other hand, fell over 2% after the German lender revealed a higher-than-expected credit loss provision of 519 million euros arising from a single-name exposure. The stock fell despite a record post-tax profit of 2.17 billion euros for the latest quarter, up 8% on the year.

Following were the levels of major European indices at 1451 IST:

(Arya S. Biju)

Equity Alert: Most Asian indices up on hopes oil supply crisis may ease

MUMBAI--1410 IST--Most Asian indices ended higher Wednesday on hopes of an increase in oil supply from the United Arab Emirates after the country's exit from OPEC. UAE's exit from OPEC is a heavy blow to the group, but it raises hopes that constraints on supply of crude oil due to the West Asia crisis will ease.

The UAE is in a privileged position to find a way around the blockade of the Strait of Hormuz, routing more than half of its oil exports across the country through pipelines, Dow Jones reported. This is likely to benefit Asian countries, who are net importers of crude oil.

China's CSI 300 index ended 1.1% higher and Hong Kong's Hang Seng gained 1.7%.  Australia's SP/ASX 200 Index ended lower by 0.3% after the country's inflation surged to its highest level since September 2023. The inflation rose 4.6% in the year to March, against 3.7% reported in February. South Korea's KOSPI ended 0.8% higher, supported by gains in heavyweight stock Samsung Electronics, which closed nearly 2% higher. Japan's markets were closed for a national holiday.

Market participants are waiting for the US Federal Reserve's interest rate decision later in the day. This is likely to be the last policy meeting of Fed Chairman Jerome Powell, CNBC reported. Market participants are 100% sure that the central bank will keep the interest rates unchanged at 3.50-3.75%, according to CME Fed Watch.

Following were the levels of major Asian indices at 1406 IST:

(Adhithya Aji)

Equity Alert: Indices remain higher as strong Q4 earnings drive bullish bets

MUMBAI--1330 IST--Benchmark indices remained higher, buoyed by strong March quarter earnings of major companies announced in the previous session, analysts said. Automobile companies and fast-moving consumer goods companies were among the biggest gainers in the market, while relative weakness in some metal and healthcare-related stocks limited the Nifty 50's rise. Some analysts said the indices fell Tuesday because of the monthly expiry of the Nifty 50 derivative contract, while fresh bets Wednesday supported a rise.

At 1326 IST, the Nifty 50 was at 24318.10 points, up 322.40 points or 1.3%. The BSE Sensex was at 77931.67 points, up 1044.76 points or 1.4%. Maruti Suzuki India, up over 4%, was the top gainer in the 50-stock index. Most brokerages have retained their "buy" call on the stock due to healthy volume expectations. The company's management has projected a 10% growth in passenger vehicle sales volume in 2026–27 (Apr-Mar). Shares of Eternal were off the day's high but still up 1.5% after the company's net profit grew manifold on year in the March quarter and its revenue jumped up. Positive commentary by the company on improving its quick-commerce profitability was a key trigger for bullish bets, analysts said.

"Yesterday's earnings were solid, which has pushed investors to purchase stocks that have corrected sharply since the war in West Asia," Sunny Agrawal, head of research at SBICAPS, said. "Investors are hopeful that the US-Iran war will come to an end soon. With the UAE's exit from the Organization of the Petroleum Exporting Countries, which has long dictated the price of crude oil, traders are betting on crude oil prices coming off highs quickly when the Strait of Hormuz is open for transit again," Agrawal said.

The White House said the US was examining Iran's latest proposal to unblock the Strait of Hormuz. Tehran insisted that Washington was no longer in a position to "dictate" policy to others. The June futures contract of crude oil was up almost 1% at $112.37 per barrel on the Intercontinental Exchange.

Shares of cigarette companies ITC and Godfrey Phillips India traded over 4% and over 6% higher, respectively. Agrawal said these stocks have underperformed for several months and a hit to cigarette offtake is already priced into their share price. Investors are now hoping that even if volumes decline in the next couple of quarters, they will pick up again, in line with the historical trend of volumes rising after a few quarters post price-hike.

Apollo Hospitals Enterprise, InterGlobe Aviation, and Dr. Reddy's Laboratories traded lower by 0.4-1.0%. Select metal stocks such as Hindalco Industries and JSW Steel were also slightly down. Power Finance Corp. was the worst hit in the Nifty 200 index. Cohance Lifesciences fell nearly 5% after rising almost 37% in the last two sessions.  (Eshitva Prakash)

Equity Alert: REC shares down 5%; co posts 21% on-year fall in Q4 PAT

MUMBAI--1320 IST--Shares of REC fell nearly 5% to an intraday low of INR 358.10. The stock fell as the company's March quarter net profit fell 21% on year and it was the first fall in the bottom line in 14 quarters. REC also failed to meet the Street's expectations on net profit. 

For the March quarter, REC reported a net profit of INR 33.62 billion, down nearly 21% on year. Analysts' estimate for the bottom line was at INR 40.77 billion. Total income of the company fell 5% on year to INR 144.06 billion for the reporting quarter. The public sector company's revenue from operations fell over 5% to INR 143.86 billion.

At 1316 IST, shares of REC traded nearly 3% lower at INR 364.80. The stock was among the worst hit in the Nifty 200. Nearly 16 million shares of the company changed hands on NSE, which was over two times higher than the number of shares traded till the same time Tuesday.  (Adhithya Aji)

Equity Alert: Bandhan Bank hits 52-week high; bank's Q4 PAT jumps 68% YoY

MUMBAI--1310 IST--Shares of Bandhan Bank rose 14% to its 52-week high of INR 203.54 after the lender reported its March quarter earnings Tuesday post market hours. At 1309 IST, shares of Bandhan Bank were nearly 14% higher at INR 203 on the NSE. So far in the day, nearly 94 million shares of the company have changed hands on the exchange, much higher than 4 million shares traded till the same time Tuesday.

Bandhan Bank reported a net profit of INR 5.34 billion in the March quarter, up over 68% on year. This was way above analysts' estimate of INR 3.99 billion. The bottom line of the bank rose as provisions and contingencies for the quarter fell 46% on year to INR 6.77 billion. Its total income for Jan-Mar rose only over 1% on year to INR 61.99 billion.

Brokerage Emkay Global Financial Services has raised its target price by 22% to INR 220 and maintained its 'buy' recommendation on the stock, factoring in the improving growth and return on assets trajectory. Slower-than-expected growth and delay in asset-quality recovery are the key risks posed to the company. It also estimated the bank to deliver a 1.3–1.7% return on assets over 2026-27 (Apr-Mar) and FY29.

ICICI Securities also maintained its 'buy' call on the stock with a revised target price. The stock's target price was raised over 31% to INR 230. The brokerage sees the bank as the key beneficiary of easing stress and growth revival in the microfinance institutions.

Of nine brokerage recommendations available with Informist on the bank, five have a 'buy' recommendation with an average target price of INR 186. Of the remaining four, three have a 'hold' recommendation and one has a 'sell' recommendation on the stock. (Arundathi A R)

Equity Alert: Nomura ups Phoenix Mills price aim by 10%, remains 'neutral'

MUMBAI--1253 IST--Nomura has raised its target price for The Phoenix Mills by 9.7% to INR 1,700. The international brokerage expects the gap between the company's retail consumption growth and retail income growth to moderate in 2-3 years. It has maintained a 'neutral' recommendation on the stock due to slow growth expectations in the company's retail revenue and premium valuation.

The company's management said the gap between retail consumption growth and retail revenue is largely due to the lease model, where rentals are the higher of minimum guarantee or revenue share, Nomura said. "...so strong consumption does not immediately translate into higher rents," the brokerage said. Nomura is of the view that stores are below their revenue thresholds, implying that only fixed rent is recognised despite rising sales. Category mix also impacts this gap. "Over time, as thresholds are crossed and leases reset, rentals catch up and the gap narrows," Nomura said.

The brokerage sees a compound annual growth rate of 19% for the company's core business earnings before interest, tax, depreciation, and amortisation between 2025-26 (Apr-Mar) and FY29. Nomura expects core segment EDBITA to show healthy growth and advises investors to wait for a better entry point.

The brokerage estimates the company's retail revenue to grow at a slower 13-14% compound annual growth rate over FY26-FY29 as opposed to a compound annual growth rate of 20% over FY23-FY26. This is due to high base, relatively slower execution to bring new malls to the market, and slower retail income generation from recently opened malls, according to Nomura. The company's stock is trading 21 times higher to its estimated enterprise value-to-EBITDA which limits the stock's upside potential, as per the brokerage.

The company announced its March quarter and FY26 earnings Tuesday. Phoenix Mills reported a consolidated net profit of INR 4.03 billion for the March quarter, up 50% on year and over 46% sequentially. The company's consolidated revenue rose over 21% on year and 10% sequentially to INR 12.33 billion. At 1253 IST, share of the company were up 4.2% at INR 1,818.  (Prateem Rohanekar)

Equity Alert: Benchmark indices remain higher; auto cos lead the gains

MUMBAI--1220 IST--Shares of major automobile companies and select information technology companies continued to support the gains in the Nifty 50. Less than 10 constituents of the 50-stock index were in the red, with several metal stocks being among the biggest laggards.

At 1155 IST, the Nifty 50 was at 24275.95, up 1.2%. The BSE Sensex was at 77789.51, up 1.2%. Maruti Suzuki India held onto gains of over 4% and remained the top performer in the Nifty 50 and Nifty 200 indices. InterGlobe Aviation gave up its early gains and slipped to the bottom of the 50-stock index, shedding 1% as crude oil prices remained elevated around the $111 per barrel mark.

Among index heavyweights, Reliance Industries rose over 2% and HDFC Bank was up 0.3%. However, ICICI Bank remained weak, down 0.3%. Broader market indices rose to a lesser extent than their headline peers, with both the Nifty small-cap and mid-cap indices gaining around 1% each. All the sectoral indices were in the green except for Nifty Media index, which was down marginally. The Nifty Auto and Nifty Realty indices led the gains among sectoral peers, rising around 2% each.

REC continued to be the worst performer in the Nifty 200 index, shedding over 3%. The company reported a dip in its on-year bottom line growth for the first time in 14 quarters. The company's net profit for the March quarter fell 21% on year to INR 33.62 billion, sharply missing the Street's estimate of INR 40.77 billion. In the Nifty 500, Sapphire Foods extended its gains, climbing nearly 14%, and moved to the top of the index. (Shruti Nair)

Equity Alert: PL Capital says 'Accumulate' Coal India; ups target price 18%

MUMBAI--1218 IST--PL Capital, the new branding of brokerage firm Prabhudas Lilladher, has revised its recommendation on Coal India to 'Accumulate' from 'hold.' It has also raised the target price on the stock by over 18% to INR 515. The revised recommendation is supported by the company's dividend yield and power demand tailwinds, PL Capital said in its report. Coal India beat the Street's estimates on its March quarter bottom line and top line by a wide margin.

PL Capital has raised its estimates for Coal India's earnings before interest, tax, depreciation, and amortisation for 2026-27 (Apr-Mar) and FY28 by around 2%, factoring in stronger e-auction realisations. "We model modest volume growth of 2/3% YoY (year-on-year) with EBITDA (ex-OBR) growth of 16%/7% YoY for over FY27/28E," PL Capital said in its report. The brokerage also expects the company's total dividend distribution to be INR 170 billion, which translates into an estimated dividend per share of INR 29.6 for FY27.

At 1218 IST, Coal India shares were up 3.4% at INR 482.65. So far Wednesday, 12.45 million shares of the company have changed hands on the NSE.

Of the 12 brokerage recommendations available with Informist on the company, nine have a 'buy' recommendation with an average target price of INR 509. The remaining three have a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Capital Small Finance Bank up 4% ahead of March qtr earnings

MUMBAI--1141 IST--Shares of Capital Small Finance Bank rose around 4% to a two-month high of INR 274.40 ahead of the bank's March quarter earnings announcement later in the day. The bank's net profit for the quarter is seen rising on year as well as sequentially, supported by strong loan growth and lower credit costs. At 1124 IST, the stock was up 3.7% at INR 273.99 on the National Stock Exchange.

Net interest income for the March quarter is expected to rise to INR 1.24 billion, up over 20% on year and nearly 4% sequentially, while net profit is seen at INR 394 million, up over 15% on year as well as on quarter, according to Equirus Securities Pvt. Ltd.

According to the brokerage, loan growth is expected to rise both on year and sequentially on the back of growth in disbursement. "Loan growth is expected at (approximately) ~21% yoy (year-on-year)/ ~6.5% qoq (quarter-on-quarter), supported by (approximately) ~20% growth in disbursements," it said. The bank's deposit growth is likely to be around 20% on year, as per the brokerage's pre-earnings report, while net interest margin is expected to remain flattish at 4.2% on a sequential basis, and credit costs are expected to decline sequentially, it said.  

Only one brokerage report on Capital Small Finance Bank was available with Informist. It has a "buy" recommendation on the stock with a target price of INR 460, nearly 68% higher than the current market price. For the December quarter, the bank had reported a net profit of INR 344.1 million and a total income of INR 2.98 billion.  (Shumaila Firoz)

Equity Alert: Jana Small Finance Bank down 3% ahead of Jan-Mar earnings

MUMBAI--1141 IST--Shares of Jana Small Finance Bank fell nearly 3% to an intraday low INR 501 ahead of its March quarter earnings Wednesday. At 1141 IST, the shares were down 2.6% at INR 478.50.

ICICI Securities, the only brokerage with estimates for Jana Small Finance Bank, expects it to report a net profit of INR 1.28 billion, up over 3% on year. Net interest income is seen at INR 6.80 billion, up nearly 14% on year and up nearly 1% on quarter.

The small finance bank's gross advances are expected to rise 20% on year to INR 354.90 billion, while deposits are seen growing 23% on year to INR 357.57 billion, according to the brokerage firm. ICICI Securities expects the lender's net interest margin to contract by 40 basis points on year to 8.3%. For the quarter ended March, the credit cost is expected to decline 41 bps on year to 2.0% and 141 bps sequentially.

ICICI Securities has a 'buy' recommendation on the stock with target price of INR 480, over 2% higher than the current market price. For the December quarter, the bank had reported a net profit of INR 96.94 million and a total income of INR 16.29 billion.  (Shumaila Firoz)

Equity Alert: Eternal off highs after rising 5% in early trade to 2-mo high

MUMBAI--1125 IST--Shares of Eternal came off highs after rising nearly 5% to a two-month high of INR 265.40 soon after open. The stock rose after the food delivery and quick commerce company, just before the market close Tuesday, reported an over four-fold on-year rise in its consolidated net profit and a near three-time jump in its net sales for the March quarter. While brokerages maintained a positive stance on the stock post the earnings announcement, some of them slashed target price and earnings estimates factoring in higher competition in the quick commerce space. 

At 1058 IST, shares of Eternal traded over 1% higher at INR 256.34. So far in the day, around 108 million shares of the company have changed hands on the National Stock Exchange, around 4.5 times the near 24 million shares traded till the same time Tuesday. 

The parent company of Zomato reported a consolidated net profit of INR 1.74 billion for the reporting quarter, up 346% on year and 70.6% on quarter. Its consolidated revenue for the quarter jumped over 196% on year and 6% sequentially to INR 172.92 billion. While the bottom line for the quarter surpassed the Street's estimate, its revenue lagged expectations. 

The sharp rise in both revenue and net profit was primarily led by growth in the company's quick commerce vertical, Blinkit, followed by its food delivery business. Going forward, analysts flag higher competition in the quick commerce space which could lead to market share loss, higher costs, and a slowdown in consumption as the major risks for the company's earnings. (Arya S. Biju)

Equity Alert: Fino Payments Bank rises over 3% ahead of Q4 results

MUMBAI--1122 IST--Shares of Fino Payments Bank rose over 3% to an intraday high of INR 138.95 ahead of its March quarter earnings scheduled later in the day. The payments bank is expected to report a sharp year-on-year fall in the net profit for the March quarter, Emkay Global Financial Services, which has an 'add' recommendation on the stock, said in a preview report. At 1103 IST, shares of Fino Payments Bank traded at INR 136.16, up 2%.

The bank's net profit is expected to be INR 130 million, down nearly 46% on year but up over 6% on quarter, according to Emkay. The payments bank's net interest income is expected at INR 363 million, up above 35% on year and over 8% sequentially. During the reporting quarter, Fino Payments Bank's deposits rose to an all-time high of over INR 29.50 billion and disbursement rose 96% sequentially to around INR 6 billion, according to provisional data released by the bank earlier this month. The payments bank also reported its highest-ever quarterly renewal income of INR 622 million.

The bank's earnings before interest, tax, depreciation, and amortisation are expected at INR 182 million, down nearly 39% on year but up over 4% on quarter. The bank's total customer base was around 17.5 million at the end of the March quarter after it added around 700,000 new bank accounts, during the quarter.

For the December quarter, the payments bank's net profit was INR 122.5 million on total income of INR 3.94 billion. Shares of the bank have fallen nearly 36% since its December quarter results were announced. Emkay has a target price of INR 330 for the stock, which is more than double its current price.  (Durgesh Nandan)

Equity Alert: Brokerages slash target price of Eternal post Q4 earnings

MUMBAI--1120 IST--Brokerages have slashed their target price for Eternal after the company announced its March quarter results Tuesday. Eternal's bottom line grew four-fold and beat estimates by analysts. However, the company's revenue missed the Street's estimate.

Nuvama has cut its target price for Eternal by 11.6% to INR 380 and maintained its 'buy' call on the stock. However, the brokerage has cut its estimates for the company's earnings before interest, tax, depreciation, and amortisation for 2026-27 (Apr-Mar) by 9.8% and for FY28 by 10.5% due to higher competition in quick commerce. "We continue to value the Food delivery business at 40x adjusted EBITDA and quick commerce at 50x adjusted EBITDA," the brokerage said in its report.

Nomura has cut its target price for Eternal by 10.5% to INR 340 due to lower profitability in the quick commerce business for an extended period. Zomato's medium- to long-term target of 20% growth in net order value rests on modest market share gains and improved affordability to customers, the brokerage said. The brokerage has estimated an 18% on-year growth in the company's net order value. The brokerage has lowered its net order estimates for Blinkit by 15% for FY27 and FY28 despite Blinkit staying away from irrational growth and focusing on assortment expansion, geographic expansion and increasing demand density.

"Eternal expects USD1bn ($1 billion) adj EBITDA in the consumer business (FD, QC and District) by FY29E (2028-29(Apr-Mar) (lower than our estimates and Bloomberg consensus). We think disciplined execution and focus on profitability can help the company achieve its target," the brokerage said in its report.

Citi has cut its target price for Eternal by 10% to INR 360 after the management revised its guidance to add near-term wiggle room, NDTV Profit posted on its X account, quoting the brokerage. Eternal will solidify first-mover advantage as it expands to tier-2 and tier-3 cities. The brokerage remains positive on Eternal's structural advantages, saying that they are unlikely to be threatened by customer discounts.  (Prateem Rohanekar)

Equity Alert: Indices rise further; Nifty 50 inches towards 24300 mark

MUMBAI--1119 IST--Headline equity indices extended their gains as the Nifty 50 index inched closer to the 24300 level. Among the top gainers were stocks of automobile companies, select information technology companies and fast-moving consumer goods players. Less than 10 stocks in the Nifty 50 traded in the red, of which select metal companies remained the major laggards.

At 1059 IST, the Nifty 50 index was at 24284, climbing 1.2%, while its peer BSE Sensex was at 77836.18, up 1.2%. Shares of Maruti Suzuki was 4% higher and remained the top gainer in the Nifty 50 and Nifty 200 indices. The stock's peers, Eicher Motors and Mahindra & Mahindra, trailed its gains, rising 2% and 3%, respectively. Information technology stocks Tech Mahindra and Infosys were also among top gainers, rising 3% and 2%, respectively. Dr. Reddy's Laboratories became the worst-hit stock in the Nifty 50, as other laggards pared some of their earlier losses. Earlier in the day, the pharmaceutical company said it had received approval from Health Canada for its generic semaglutide injection.

Sectoral indices broadly mirrored the trend seen in the 50-stock index, with the Nifty Auto outperforming its peers by a wide margin, gaining over 2%. The Nifty IT and Nifty FMCG indices were also among the top gainers, rising over 1% each. The Nifty Metal index came off its earlier lows and rose marginally, though it remained the lowest-gaining sectoral index. The index was weighed down by shares of Jindal Steel and National Aluminium Co., which were down nearly 2% each and were also among the worst-performing stocks in the Nifty 200 index.

REC shed 3% and continued to be the worst-hit stock in the Nifty 200 index. State-owned REC on Tuesday has reported a fall in its net profit for the March quarter, the first time in 14 quarters and the sharpest in six years. While shares of Bandhan Bank rose nearly 12% after strong March quarter earnings, and were the top performer in the Nifty 500 index, shares of Cohance Lifesciences shed over 4% and the stock was a major laggard in the index.  (Shruti Nair)

Equity Alert: Brokerages retain 'buy' on Maruti Suzuki after steady Q4 show

MUMBAI--1040 IST--Brokerages retained their "buy" call on the Maruti Suzuki India stock after the company reported a steady set of earnings for the quarter ended March. The automaker's revenue beat estimates even as net profit fell for the first time in the last fourt quarters, but brokerages remained positive on the company's growth trajectory on the back of healthy volume expectations. The management predicted 10% on-year growth in passenger vehicle sales volumes in 2026-27 (Apr-Mar). Shares of the company rose 5% to an intraday high of INR 13,537. 

New products, sustained growth in its sport utility vehicles and compressed natural gas vehicles, and higher exports should support growth for the company, Nuvama Institutional Equities said in report. Maruti's range of products is also seen expanding by FY28. New launches and recovery in demand for its hatchback should aid the company over FY26 and FY31, the brokerage said. Maruti's earnings before interest, tax, depreciation and amortisation for the quarter ended March came in below estimates, but this was largely due to commodity inflation triggered by the war in West Asia, Nuvama noted. The brokerage retained its "buy" call with an unchanged target price of INR 15,800.

Citing higher commodity prices, brokerage Citigroup Inc. was also cautious on the automobile company's margins. Demand momentum, however, is robust and domestic volumes are seen rising, it said in a report. The brokerage increased its volume estimates for the company by 2% over FY27 and FY28 but lowered its expectations for earnings before interest and taxes by 0-4%. The brokerage maintained its "buy" recommendation and raised its target price on the stock slightly to INR 18,500 from INR 18,200 earlier.

Even as pressure from commodity inflation persisted, there is room for the company's average selling prices going up, primarily because of its higher-end models and electric vehicle mix, Emkay Global Financial Services said in its research report. Maruti aims to gain market share in the passenger vehicles segment owing to a healthy pipeline, the broking firm noted. Emkay Global kept its earnings per share estimates for FY27 and FY28 unchanged for Maruti, and also held on to its target price of INR 16,200, while maintaining its "buy" recommendation.

JM Financial Institutional Securities sees Maruti's volumes growing 10% on year in FY27 and 7.8% in FY28. "Strong growth in exports is likely to be driven by eVitara and continued success of Jimny and Fronx," the brokerage said in its report. JM Financial maintained its "buy" stance on the stock and revised its target price to INR 16,570 from INR 16,350.

For the March quarter, Maruti Suzuki reported a net profit of INR 35.91 billion, down almost 7% on year and below analysts' expectations. Its revenue grew 28% on year to INR 524.49 billion. At 1115 IST, shares of the company were almost 5% higher at INR 13,480 on the NSE.(Ruchira Kagita)

Equity Alert: IIFL Finance up over 3% ahead of Jan-Mar earnings

MUMBAI--1045 IST--Shares of IIFL Finance rose over 3% to an intraday high of INR 453.30, ahead of the company's March quarter earnings Wednesday. The lender's consolidated net profit for the quarter is expected to surge over 157% on year and nearly 10% on quarter to INR 5.34 billion, mainly due to growth in its assets under management, according to brokerage Motilal Oswal Financial Services Ltd. At 1043 IST, shares of the company traded nearly 3% higher at INR 449.50.   

The company is likely to report a consolidated net interest income of INR 16.63 billion for the March quarter, up nearly 27% on year and over 5% on quarter, according to the estimate available with Informist. The assets under management are likely to grow nearly 37% on year to INR 1.07 trillion, Motilal Oswal said in a report. The brokerage expects IIFL Finance's credit costs to decline nearly 50 basis points on quarter to nearly 2.1%. Investors will closely monitor its outlook on the gold loan business, loan growth, and margins, the brokerage said. 

Two brokerages, whose reports on IIFL Finance are available with Informist, have a 'buy' recommendation on the stock with an average target price of INR 678 per share, nearly 51% higher than the current market price.  (Diksha Tripathy)

Equity Alert: Maruti Suzuki up 5%; brokerages see India demand for co robust

MUMBAI--1039 IST--Shares of Maruti Suzuki India rose 5% to an intraday high of INR 13,530. The company's management said it expects passenger vehicle sales in India to rise 10% in 2026-27 (Apr-Mar). Brokerages are also of the view that the domestic demand environment for the company remains robust despite macroeconomic challenges.

The company detailed its March quarter earnings Tuesday. The automaker's net profit for the quarter declined 7% on year to INR 35.91 billion. It was below the Street's expectations of INR 40.65 billion. The company's revenue rose by over 28% on year to INR 524.49 billion, above the Street's expectation of INR 514.52 billion.

A robust 61% on-year growth in export volume boosted the top line of Maruti Suzuki, said Nirmal Bang Institutional Equities. The brokerage said that over the medium term, Maruti Suzuki remains structurally well positioned supported by its dominant domestic passenger vehicle presence, recovery in demand for small cars post goods and services tax cut, and robust sport utility vehicles-led launch pipeline.

"While the near-term outlook remains cautiously optimistic, with retail demand holding up despite the West Asia situation, risks could emerge from sustained increases in fuel, energy, and freight costs if geopolitical tensions persist," Nirmal Bang said. The brokerage has maintained a 'buy' call on the stock with a target price of INR 14,894.

JM Financial expects demand traction in the domestic market to sustain for Maruti Suzuki. The brokerage has maintained its 'buy' recommendation on the stock and raised the target price over 1% to INR 16,570.

At 1039 IST, shares of Maruti Suzuki were up 4.6% at INR 13,481. The stock was the top gainer among the Nifty 50 constituents. Over 351,000 shares of the company have changed hands so far Wednesday on the NSE, over four times higher than the number of shares traded till the same time Tuesday. (Adhithya Aji)

Equity Alert: Indices open higher despite high crude oil prices; auto cos up

MUMBAI--0947 IST--Benchmark indices opened higher despite crude oil prices staying above $110 per barrel. The delay in US-Iran peace talks and the continued closure of the Strait of Hormuz failed to weigh on market sentiment. Automobile companies were the biggest gainers.

At 0943 IST, the Nifty 50 was at 24126.20, up 130.50 points or 0.5%. The BSE Sensex was at 77305.25 points, up 418.34 points or 0.5%. Maruti Suzuki India rose over 4% and was the top Nifty 50 gainer. The company said it expects its India passenger vehicle sales to rise 10% in 2026-27 (Apr-Mar). ITC rose nearly 3%. Automobile companies Eicher Motors, Tata Motors Passenger Vehicles, Bajaj Auto, and Mahindra & Mahindra rose 1-2%.

Metal stocks JSW Steel and Tata Steel were the worst hit among the Nifty 50 constituents. They were down around 1% each. NTPC, Asian Paints, Bajaj Finance, and Bajaj Finserv were down 0.3-0.6%.

Maruti Suzuki was the top gainer among the Nifty 200 constituents as well. Ship making companies Mazagon Dock Shipbuilders and Cochin Shipyard rose nearly 4% and 3%, respectively. REC was the worst hit stock in both the Nifty 200 and Nifty 500 indices. The company's net profit for the March quarter fell nearly 21% on year to INR 33.62 billion.

Garden Reach Shipbuilders & Engineers rose over 15% in the Nifty 500. Bandhan Bank gained over 9% after its March quarter net profit surged 68% on year to INR 5.34 billion. This was sharply above analysts' estimate of INR 3.99 billion.  (Adhithya Aji)

Equity Alert: Indices seen rangebound; crude prices, US-Iran talks to weigh

MUMBAI--0850 IST--Headline indices are likely to move in a range Wednesday amid uncertainty over global developments. Crude oil prices staying above $110 a barrel, delay in US-Iran peace talks, and closure of the Strait of Hormuz continue to weigh on market sentiment. Corporate earnings for the March quarter could lead to stock-specific action. At 0821 IST, the June futures contract of Brent crude was trading 0.5% lower at $110.74 per barrel.

The US is still engaging with Iran in negotiations and will "not be rushed into making a bad deal," Al Jazeera reported quoting Anna Kelly, White House spokeswoman. In another development, the United ‌Arab Emirates announced its decision to leave Organization of the Petroleum Exporting Countries and OPEC+ to focus on "national interests", dealing a heavy blow to the oil-exporting groups.

At 0850 IST, the May contract of Gift Nifty was 0.1% higher at 24111, which is over 110 points higher than the Nifty 50's previous close of 23995.70.

The March quarter results of Bajaj Finance are scheduled to be announced later in the day. The company's net interest income for Jan-Mar is estimated at INR 122.80 billion, up 25% on year. Its net profit is estimated at INR 54.40 billion, up over 21%, supported by robust growth in interest income and assets under management and signs of moderation in credit costs.

In the global equity market, Asian indices showed a mixed performance with most of them in the red. Singapore's FTSE Singapore Strait Times and Taiwan's Taiex were the worst performers, losing 0.5% each. All the US indices settled lower Tuesday, with S&P 500 and Nasdaq Composite closing lower after two sessions. The Dow Jones Industrial Average closed lower for the fourth session in a row.  (Arundathi A R)

Equity Alert: Asian markets jittery; UAE move to leave OPEC raises concerns

MUMBAI--0820 IST--Asian indices were muted Wednesday as market participants were jittery after the United Arab Emirates said it will leave the Organization of the Petroleum Exporting Countries after 60 years of participation from May 1. Brent crude oil futures hovered above $110 per barrel, and concerns about the war in West Asia prolonging capped gains in equities.

"With the UAE leaving, Opec loses about 15% of its capacity and one of its most compliant members," Saul Kavonic, head of energy research at MST Financial, told BBC.

Meanwhile, the Hang Seng index defied the broader market sentiment to be up over 1%. South Korea's benchmark KOSPI was marginally lower as heavyweights Samsung Electronics Co., SK Hynix, LG Energy Solution, and Hyundai Motor Co. fell almost 1% each.

On the macroeconomic front, Australia's inflation jumped to 4.6% in the year to March, from 3.7% in February. This is the steepest rise in the country's inflation in two years and it was driven higher by high energy prices. The case for the Reserve Bank of Australia hiking its interest rates next week has strengthened after this higher-than-expected inflation print. Australia's benchmark S&P ASX 200 was down 0.2%.

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

(Ruchira Kagita)

Equity Alert: US indices end lower Tue on renewed concerns over tech stocks

MUMBAI--0805 IST--US indices ended lower Tuesday after touching record highs the previous session as renewed concerns of an artificial intelligence boom triggered a sell-off in shares of major chip-makers and companies in allied businesses. The fall comes ahead of the quarterly earnings announcement by five of the US technology sector's "Magnificent Seven" companies this week.

On Monday, a report by The Wall Street Journal said that OpenAI recently missed its targets for revenue and new user growth. The report claimed that OpenAI's Chief Financial Officer Sarah Friar told other company leaders that the AI developer might not be able to finance future computing contracts if the top line growth does not pick up fast enough.

Following the report, stocks of major chipmakers tumbled, with VanEck Semiconductor ETF (SMH), Broadcom, and 

Advanced Micro Devices sliding 3–4%, while industry leader Nvidia shed 2%. Shares of Oracle, which engages closely with OpenAI, fell 4%.

Investors will keep an eye out for the earnings of Alphabet, Amazon, Meta Platforms, and Microsoft, which are slated to come out Wednesday, while those of Apple are due Thursday.

As negotiations between the US and Tehran have seemingly reached a standstill, Brent crude oil prices remained over $111 per barrel, further weighing on investor sentiment. On Monday, White House press secretary Karoline Leavitt confirmed that US President Donald Trump and his national security team have discussed Iran's proposal to reopen the Strait of Hormuz if the US lifts its blockade.

Following are the closing levels of US indices on Tuesday:

(Shruti Nair)

US$1 = INR 94.84

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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