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

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Equity Alert: Indices may open lower Tue as crude prices cross $110/bbl

 

MUMBAI--0825 IST—-Domestic benchmark indices are likely to open lower Tuesday as crude oil prices surged again above $110 per barrel. Crude prices rose after news reports that the US attacked seven Iranian "fast boats" in the Strait of Hormuz on Monday and Iran attacked an oil facility in the United Arab Emirates. Market participants will also focus on the March quarter results of Nifty 50 constituents Mahindra & Mahindra and Larsen & Toubro, due later in the day.

 

The UAE on Monday said it had come under attack from Iran for the first time since a fragile ceasefire took hold in early April, the Associated Press reported. Meanwhile, two American-flagged merchant ships were reported to have successfully transited the Strait of Hormuz as part of a new safeguarding initiative, according to the report.

 

At 0827 IST, the July Brent crude futures contract was trading over 1% lower at $113.15 per barrel. The May futures contract of Gift Nifty suggested a lower opening for the domestic equity market Tuesday. At 0828 IST, the Gift Nifty contract was largely flat at 24075, but down over 40 points from the Nifty 50's previous close of 24119.30. "Buy on dips is expected with the Nifty 50 finding support at 23800 points," Nandish Shah, senior derivative analyst at HDFC Securities, said.

 

M&M is expected to post robust year-on-year growth on the back of higher sales of its sport utility vehicles, an increased focus on premiumisation, and improved realisations. Its bottom line is expected to rise 43% on year to INR 34.93 billion in the March quarter. The Mumbai-based automaker's top line is seen at INR 383.40 billion during the quarter.

 

Larsen & Toubro is expected to report a moderate rise in its consolidated top line and bottom line for the quarter, driven by the healthy execution of its robust order book. The company's consolidated net profit, excluding exceptional items, is seen at INR 55.65 billion, up nearly 11% on year. The company's revenue is expected to rise nearly 12% on year to INR 831.90 billion.

 

In global markets, Asian indices showed a mixed performance in early trade. South Korea's Kospi led the pack of gainers, up over 5%. The CSI 300 Index was the worst hit, down nearly 1%. All the US indices closed lower in the previous session.  (Arundathi A R)

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Equity Alert: US indices end lower as strife in West Asia escalates again

 

MUMBAI--0740 IST--Indices on the Wall Street closed lower Monday after concerns over the war in West Asia reared their head again. Market sentiment weakened after the United Arab Emirates said Iran launched missile attacks and drones against it. Meanwhile, US President Donald Trump said the US military struck seven Iranian boats in the Strait of Hormuz. Brent Crude oil futures soared above $110 per barrel again on the back of these developments. Among the key S&P 500 sectoral indices, the S&P 500 Energy was the only one to close in the green, up almost 1%.  

 

In an interview with Fox News, Trump said that Iran will be "blown off the face of the Earth" if it attacks US vessels carrying out what he termed 'Project Freedom'. Trump, who launched the project over the weekend, said the US will free up ships which were stuck in the Strait of Hormuz. "We have the best equipment. We have stuff all over the world. We have these bases all over the world... we can use all of that stuff, and we will, if we need it," Trump said. 

 

Meanwhile, shares of the data analytics firm Palantir Technologies fell by over 3% even as the company raised its ‌annual revenue forecast and beat estimates for the quarter ended March. Shares of Duolingo Inc. tumbled more than 10% in after-hours trading after the language-learning company topped first-quarter expectations, but signalled again that 2026 will bring slower growth and higher costs. Investors will watch the April jobs report, due later Tuesday, to gauge the resilience of the labour market. 

 

The following were the closing levels of major US indices on Monday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	48941.90	(-)1.13
NASDAQ Composite	25067.801	(-)0.19
S&P 500	7200.75	(-)0.41

 

(Ruchira Kagita)

 

US$1 = INR 95.09

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

 

Edited by Saji George Titus

 

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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