Equity Alert
Most IT stocks gain after falling for 3-4 sessions in a row
This story was originally published at 13:52 IST on 15 May 2026
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Equity Alert: Most IT stocks gain after falling for 3-4 sessions in a row
MUMBAI--1340 IST--After falling for the past three to four sessions straight, most information technology stocks rose Friday, with the Nifty IT index rising as much as 2.8% to an intraday high of 28114.10 points. At 1323 IST, the index was at 27889.75, up around 2% from the previous close and among the top gaining sectoral indices. Except for Mphasis, all constituents of the index traded with gains, up 1.1–3.0%.
The rise in these stocks came after they entered a deep correction zone during the week, following OpenAI's announcement of a new company to help businesses build and deploy AI systems, Rishab Vasa, research analyst at Indsec Securities & Finance, said. The IT index had shed nearly 7% in the first four sessions of the week.
Going forward, he expects the trend reversal in these stocks to continue after their recent sharp correction, which left no room for further downside move. However, any negative news such as product launches in the artificial intelligence space remains an overhang on these stocks, given their limited exposure to AI trade compared to peers.
Vasa remains cautiously optimistic on these stocks and sees the current levels as good entry points. If the West Asia war eases in the coming months, and in case of positive news on deal wins and budgetary allocation by clients comes in, he expects the Nifty IT index to attain 33000 points by December. (Arya S. Biju)
Equity Alert: OMCs down 3% post retail fuel price hike; some relief seen
MUMBAI--1316 IST--Oil marketing majors Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. were trading around 3% lower each after the hike in retail petrol and diesel prices. IOC raised the retail prices of petrol and diesel by INR 3 per litre. The price of petrol is now INR 97.77 per litre in Delhi and that of diesel is INR 90.67 per litre.
Both BPCL and HPCL follow IOC in fuel price revisions. The hike of INR 3 in petrol and diesel prices will provide some relief to the oil marketing companies, but the hike was below expectations, according to Swarnendhu Bhushan, co-head of research at Prabhudas Lilladher. Bhushan said that the expectation was of a hike of INR 5 per litre. Going ahead, he expects a hike of INR 2 per litre, which is expected to aid oil marketing companies in the long term.
At 1311 IST, shares of IOC and HPCL were down nearly 3% at INR 136.26 and INR 366.40, respectively. BPCL was down 3% at INR 285.90. These stocks were the worst hit stock among the Nifty Oil & Gas constituents. The Nifty Oil & Gas fell over 1% and was the underperformer among sectoral indices. (Adhithya Aji)
Equity Alert: Data Patterns falls 11% to over 3-wk low as Q4 sales miss view
MUMBAI--1309 IST--Shares of Data Patterns fell 11% to an over-three-week low of INR 3,565.60 after the company's revenue for the March quarter missed the Street's estimate and fell on year. The stock recovered some of its initial losses and was trading 3.7% lower at INR 3,862.40 at 1306 IST. The volume of shares traded so far soared three times to 2.86 million shares compared to the same time Thursday.
The company's revenue for the March quarter fell 13% on year to INR 3.45 billion, missing expectations of INR 3.86 billion. However, its net profit was up 21% at INR 1.38 billion for the quarter. Its earnings before interest, tax, depreciation, and amortisation rose 29% on year to INR 1.93 billion for the March quarter.
The company had an order book of INR 9.27 billion as of Mar. 31, and expects order inflows of another INR 20 billion in 2026-27 (Apr-Mar). The company has received orders worth INR 467.8 million in the June quarter so far. The stock has declined over 5% in a week but has risen over 12% in the last 30 days. It has also risen around 48% in a year.
Of the five brokerage recommendations on the stock available with Informist, four have a 'buy' or equivalent rating on the stock with a target price of INR 3,542. The stock is trading higher than the average target price of 'buy' recommendations. Only Motilal Oswal Financial Services has a 'neutral' rating on the stock with a target price of INR 3,000. (Ashutosh Pati)
Equity Alert: Indices off highs, dragged down by metal stocks
MUMBAI--1250 IST--Indices pared some of their earlier gains and were marginally higher during midday trade. Less than 20 constituents in the Nifty 50 traded lower as some of the earlier gainers slipped into the red. Broader market indices traded lower, shedding their modest gains from earlier. The Nifty mid-cap and small-cap indices were down 0.2–0.5%.
At 1221 IST, the Nifty 50 was at 23732.70, up 0.2%, while the BSE Sensex was at 75515.09, up 0.2%. Tata Motors Passenger Vehicles remained the highest gainer in the Nifty 50 and Nifty 200 indices. The stock traded nearly 7% higher. Shares of Hindalco Industries remained the worst performer in the 50-stock index, down over 2%. Other metal companies, JSW Steel and Tata Steel, also gave up their earlier gains and fell marginally. Shares of Tata Steel shed around 0.3% ahead of its earnings due later in the day.
"The INR 3 hike in petrol and diesel prices reflects the pressure of elevated global crude oil prices and rising import costs on the government's fiscal position," Jateen Trivedi, research analyst at LKP Securities, said. The hike in retail fuel prices is likely to add to inflation worries and impact transportation and consumption costs, Trivedi added. He also said this is part of the government's move to mitigate fuel subsidies and support foreign exchange reserves amid global uncertainty.
Among sectoral indices, the Nifty Media and Nifty IT indices were the highest gainers, up 3.8% and 1.7%, respectively. On the other hand, the Nifty Oil & Gas and Nifty Realty indices fell around 1.4?ch and were the major laggards among sectoral peers.
In the Nifty 200, shares of Samvardhana Motherson International, Aditya Birla Capital, and Vishal Megamart were among the highest gainers, up 3–4%. Housing & Urban Development Corp. remained the worst-hit stock in the index, having shed 7%. Despite the fuel price hike, shares of oil marketing companies Bharat Petroleum Corp., Indian Oil Corp., and Hindustan Petroleum Corp. remained among the main laggards in the Nifty 200, down around 3?ch.
In the Nifty 500, shares of Saregama India traded 14% higher and remained the best-performing stock in the index by a wide margin, buoyed by its March quarter earnings. Sai Life Sciences remained the worst-hit stock in the index, down nearly 8%. (Shruti Nair)
Equity Alert: Great Eastern Shipping up 11%, recovers 4-session losses
MUMBAI--1240 IST--After four straight sessions of decline, Great Eastern Shipping Co. rose nearly 11% Friday to an all-time high of INR 1,642.70. The stock rose after the company reported nearly threefold on-year growth in its net profit for the March quarter, post market hours Thursday. The volume of the shares traded was nearly 54 times that in the previous session.
The company reported a consolidated net profit of INR 10.44 billion for Jan-Mar. Its top line for the quarter recorded growth of 24% on year at INR 15.11 billion. On a sequential basis, the net profit grew 29% and revenue rose 4%.
At 1226 IST, shares of Great Eastern were over 3% higher at INR 1,536.20 on the NSE. So far in the day, nearly 8 million shares of the company have changed hands on the exchange, way higher than over 142,000 shares traded till the same time Thursday. (Arundathi A R)
Equity Alert: Continued energy crisis may push Nifty 50 to 21000 pts - Emkay
MUMBAI--1210 IST--Continued energy crisis due to the conflict in West Asia could push the Nifty 50 index to 21000 points, around 11.4?low Thursday's closing price and 12.4?low its long-term average price-to-earnings multiple, Emkay Global Financial Services said in a report Friday. While the market had partially priced in the post-war normalcy, it has not fully priced in the macroeconomic risks of continued higher oil prices, the brokerage said. At 1206 IST, the 50-stock index traded at 23762.05, up 72.45 points or 0.3%.
The brokerage puts forward possible defensive policy measures that the government may need to consider, apart from the recent fuel prices and import duty hikes, to protect the country's financial stability and support the rupee, if crude oil prices remain elevated at $100-110 per barrel. This includes monetary policy tightening, restrictions on outward remittances, cutting and simplifying capital gains tax, direct intervention by the Reserve Bank of India in the foreign exchange market, and domestic travel curbs among others. "Our base case, though, remains that a US-Iran agreement will be reached in coming weeks and most of these actions may not be needed," Emkay Global said.
The brokerage expects the government's recent import duty hikes on gold and silver to 15% from 6?rlier to cushion the country's current account deficit to GDP by 23 basis points. However, this may impact the consumer price index by 8–9 bps, it said.
Further, the brokerage expects the government to hike retail fuel prices by INR 10 per litre either in one shot or through multiple ronds over 2–3 weeks, to cover around 50% of the under-recoveries of oil marketing companies. Early Friday, Indian Oil Corp. had announced an INR 3 per litre hike in prices of petrol and diesel in New Delhi. Emkay estimates the under-recoveries of oil marketing companies to be around INR 17-INR 18 per litre at current crude levels even after the excise duty cuts taken last month.
In the absence of any relief on oil prices, Emkay sees a rate hike "increasingly inevitable" in the next round of RBI's monetary policy meeting, with a slight possibility of an inter-meeting move. It expects a 10 per litre price hike in retail fuel prices to likely push inflation to around 4.4% in June, compressing real rates to below 100 bps. However, the brokerage said that rate hikes are an "imperfect tool to defend the rupee" as equity outflows could overwhelm debt inflows and tightening could be perceived by markets as policy panic. A rate hike could also disrupt the earnings recovery in rate-sensitive sectors, it said. (Arya S. Biju)
Equity Alert: Adani cos mixed; reports say US to drop charges vs Gautam Adani
MUMBAI--1200 IST--Stocks of Adani Group companies were on focus following reports suggesting that US authorities are moving to drop fraud charges against Chairman Gautam Adani and resolve the criminal lawsuit brought by the US Securities and Exchange Commission. Adani Enterprises and Adani Ports and Special Economic Zone traded higher after being choppy in the early hours. Adani Ports hit its all-time high of INR 1,823.90. Adani Energy Solutions, Adani Green Energy, and Adani Power were volatile for most of the session.
US authorities plan to resolve the fraud charges against Gautam Adani, potentially ending a criminal case that has weighed on the conglomerate for more than a year, people familiar with the matter told Bloomberg Thursday. According to the report, the US Justice Department could announce the dismissal of charges as early as this week.
In another development, Adani Power Thursday clarified to the exchanges that it got approval from the Competition Commission of India to submit its resolution plan to the committee of creditors for the acquisition of GVK Energy. The company has submitted its resolution plan for the acquisition, along with some other companies.
At 1152 IST, shares of Adani Enterprises, Adani Ports and Special Economic Zone, and Adani Energy Solutions were 0.1–2% higher. Both Adani Green Energy and Adani Power were down 0.3–1.2%. (Arundathi A R)
Equity Alert: Muthoot Fin dn; brokerage remarks positive post above-view PAT
MUMBAI--1100 IST--Shares of Muthoot Finance slipped over 6% to their lowest level in a month of INR 3,305.10. The stock declined despite a more than two-fold increase in the company's bottom line to INR 30.86 billion, and even above the street's view of INR 27 billion. The gold financier said post earnings that Prime Minister Narendra Modi's recent austerity call discouraging people from buying gold would not affect its business. Brokerages remain positive on the company's growth potential in the near to medium term.
While the non-banking financial company's asset quality deteriorated sequentially, this was largely attributed to the reclassification of borrowers as mandated by the Reserve Bank of India, Nuvama Wealth Management said in a report. Muthoot Finance's gross non-performing asset ratio was 2.35% as against 1.58% a quarter ago and net non-performing asset ratio was 2.04%, up 74 basis points. The company outperformed its peers and the demand for gold loans is likely to sustain, the brokerage noted. Nuvama maintained its "buy" stance on the stock and trimmed the target price nearly 13% to INR 4,100.
The gold financier's gold tonnage reduced 4% sequentially even as its gold assets under management rose 10% on quarter and 50% on year. Higher gold prices likely supported this increase. For now, the management forecast a 15% growth in gold loans in 2026-27 (Apr-Mar). However, Motilal Oswal Financial Services expects the company to deliver a higher growth of 25% in the same period. The brokerage reiterated its "neutral" call on the stock with a target price of INR 3,720 and also highlighted risks of market share losses for the company due to high competition.
At 1058 IST, Muthoot Finance was down over 5% at INR 3,350.70 on the NSE. Over 2.7 million shares of the company changed hands on the bourse, lower than over 3 million shares traded till the same time Thursday. (Ruchira Kagita)
Equity Alert: Tata Steel choppy ahead of Q4 results, touches all-time high
MUMBAI--1120 IST--Shares of Tata Steel rose 1.5% to hit its lifetime high of INR 224.40 ahead of its March quarter results, scheduled later in the day. However, its shares have been highly volatile for most of the session so far. The stock climbed for the third straight session, gaining almost 6% during this period. Volume of shares traded were lower than those traded in the previous session.
The company's consolidated net profit for Jan-Mar is expected at INR 30.75 billion, up 82% on year. Its top line is seen at INR 619.76 billion, up over 10% on year. Higher realisations in the company's domestic operations due to the rise in steel prices is expected to drive the on-year surge in its March quarter bottom line. Sales growth is likely to be supported by higher volumes.
At 1109 IST, shares of the company were marginally lower at INR 221 on the NSE. So far in the day, over 13 million shares of the company have changed hands on the exchange, lower than 17 million shares traded till the same time Thursday.
Of the 15 brokerage recommendations available with Informist on the company, 13 have a 'buy' recommendation with an average target price of INR 229, which is almost 4% higher than the current market price. The remaining two have a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Indices rise further; IT, energy stock lead gains
MUMBAI--1105 IST--Headline indices rose further, with stocks of information technology companies and select energy companies leading the gains in the Nifty 50 index. A majority of the constituents in the 50-stock index traded in the green. At 1057 IST, the Nifty 50 was at 23829.70, up 0.6%, while the BSE Sensex was up 0.5% at 75798.91. Broader market indices were up but trailed their benchmark peers. Both the Nifty mid-cap and small-cap indices rose around 0.3?ch.
Tata Motors Passenger Vehicles was the biggest gainer in the Nifty 50 and Nifty 200 indices, trading nearly 6% higher. The company's consolidated net profit for the March quarter was INR 57.83 billion and surpassed the Street's estimate. Among other gainers in the 50-stock index were IT majors Tata Consultancy Services, Tech Mahindra, and Infosys, which rose 2–3%. State-owned energy companies Coal India and Power Grid Corp. of India rose around 3% and 2%, respectively. Index heavyweights HDFC Bank and ICICI Bank also supported the Nifty 50, gaining 1.3% and 0.3%, respectively.
Conversely, shares of Hindalco Industries remained the worst-hit stock in the index, shedding 2.6%. Heavyweight stock Reliance Industries also limited the gains in the index, falling over nearly 2%. Among other laggards were shares of Trent and Mahindra & Mahindra, which were down over 1?ch.
In the Nifty 200, shares of United Spirits, Samvardhana Motherson International, and Aditya Birla Capital rose 3–4%. Shares of pharmaceutical companies Biocon and Mankind Pharma were also among the gainers, climbing around 3% and 2%, respectively. Housing & Urban Development Corp. was the worst-hit stock in the index, shedding nearly 7%. Shares of metal companies Vedanta and Hindustan Zinc fell 3% and 5%, respectively, and were among the laggards in the Nifty 200.
In the Nifty 500, shares of Saregama India rose over 13% and were the highest gainers buoyed by the company's March quarter results released Thursday. The record label's consolidated net profit for Jan-Mar rose over 25% on year to INR 753.9 million. The stock also hit its all-time high during the session. Sai Life Sciences was the major laggard in the Nifty 500, shedding nearly 10?ter the company reported a net profit of INR 1.04 billion on revenues of INR 6.02 billion for the March quarter. (Shruti Nair)
Equity Alert: Power Grid rises ahead of Q4 results; sales seen up 17% YoY
MUMBAI--1050 IST--Shares of Power Grid Corp. of India rose 2% to the day's high of INR 307.80 ahead of the company's announcement of March quarter earnings, due later in the day. The stock was up for the second straight session. Volume of shares traded was almost in line with those in the previous session.
Power Grid is expected to report a net profit of over INR 44 billion for the March quarter, up over 2% on year. Its top line for the quarter is seen at over INR 128 billion, which would mean a growth of 16.63% on year. The rise in revenue is expected on the back of better telecom and consulting revenues, in addition to asset capitalisation.
At 1044 IST, shares of the company were over 1% higher at INR 306.10 on the NSE. So far in the day, nearly 3 million shares of the company have changed hands on the exchange, slightly lower than the shares traded till the same time Thursday.
Of the 10 brokerage recommendations available with Informist on the company, eight have a 'buy' recommendation with an average target price of INR 348. One has a 'hold' recommendation while the other has a 'sell' recommendation on the stock. (Arundathi A R)
Equity Alert: Tata Motors PV up 8%; co reports profit Q4 as JLR ops recover
MUMBAI--1033 IST--Tata Motors Passenger Vehicles' shares rose over 8% to an intraday high of INR 366.95. The stock gained momentum after it posted a consolidated net profit for the March quarter against a loss in the previous quarter. The company posted net profit growth on the back of recovery in its UK subsidiary JLR, Jaguar-Land Rover.
For the March quarter, the Safari-maker reported a consolidated net profit of INR 57.83 billion, down nearly 32% on year. In the December quarter, the company reported a consolidated net loss of INR 34.86 billion due to the impact of a cyberattack on JLR. A recovery in the operations of JLR aided the company's bottom line. The net profit was sharply above the Street's view of INR 40.67 billion. The revenue of the company grew over 7% on year to INR 1.05 trillion, down from the analysts' estimate of INR 1.11 trillion.
JM Financial Services has upgraded the stock to 'buy' from reduce as it expects the demand outlook for JLR to improve, domestic demand remains healthy, and a strong launch pipeline. "Demand (for JLR) in the EU (European Union) and the UK is stable, while North America appears strong," JM Financial said. On the domestic front, the launch of new products such as Sierra Electric Vehicle in June with two new nameplates and four facelifts, are expected to support the company's participation in industry growth. "But supply-side issues continue, which it plans to mitigate via ramp-up at suppliers," the brokerage added. JM Financial raised the target price on the stock 27% to INR 415.
The India, passenger vehicles revenue is expected to grow at a compound annual growth rate of 19%, led by launches and healthy demand, Nuvama Institutional Equities said. The earnings before interest, tax, depreciation, and amortisation of the company are expected to grow at a faster CAGR of 36% on a higher scale, better mix, receipt of production linked incentives schemes and cost savings, the brokerage added. Nuvama maintained a 'buy' call on the stock and raised the target price nearly 18% to INR 470.
At 1030 IST, Tata Motors PV's shares traded nearly 5% higher at INR 355.35. Nearly 21 million shares of the company changed hands on NSE, which is 10 times higher than the number of shares traded till the same time Thursday. The stock is the top gainer among the Nifty 50 constituents. (Adhithya Aji)
Equity Alert: ITC Hotels shares up nearly 2% ahead of Jan-Mar earnings
MUMBAI--1040 IST--Shares of ITC Hotels rose nearly 2% to an intraday high of INR 158.10 ahead of its March quarter earnings due later in the day. At 1037 IST, the stock was at INR 157.39, up 1.3% from Thursday's close. Over 1 million shares of the company changed hands on the National Stock Exchange, higher than over 579,000 shares till the same time Thursday.
For the March quarter, Elara Securities (India) Pvt. Ltd. expects the company's net profit to rise nearly 21% on year to INR 3.10 billion, while JM Financial Institutional Securities Pvt. Ltd expects it at INR 2.98 billion, up nearly 16% on year. For the year-ago quarter, the company reported a consolidated net profit of INR 2.57 billion.
On the revenue front, Elara Securities expects the company's consolidated sales at INR 12.20 billion, up 15% on year. JM Financial expects the top line at INR 11.68 billion, up over 10% on year. The brokerage attributes the likely growth in revenue to "ramp-ups at its (ITC Hotels') newer properties." The brokerage also expects the company's earnings before interest, taxes, depreciation, and amortisation to grow 9% on year and its revenue per available room to report single-digit growth.
All five research reports on the company available with Informist have a "sell" rating on the stock with an average target price of INR 242 per share, which is nearly 54% higher than the current market price. (Shruti Nair)
Equity Alert: Markets open higher Friday amid focus on US-China talks
MUMBAI--0940 IST--Benchmark indices opened higher Friday with information technology companies as the major gainers. The investors focused on the US-China talks, which would indicate the future of the US-Iran war. At 0939 IST, the Nifty 50 was at 23769.30, up 79.70 points or 0.3%, and the BSE Sensex was at 75648.83, up 250.11 points or 0.3%
Tata Motors Passenger Vehicles was the best-performing Nifty 50 constituent, rising nearly 5?ter the automaker reported a consolidated net profit for the March quarter compared with losses in the previous quarter. The company turned a profit as its UK subsidiary JLR recovered from losses.
Information technology companies Tech Mahindra, Infosys, Tata Consultancy Services, HCL Technologies, and Wipro rose 1-3%. IT companies bounced back after declining in the previous four sessions. Coal India, Dr. Reddy's Laboratories, Power Grid Corp. of India, Maruti Suzuki India, and Bharti Airtel rose 1% higher each.
Hindalco Industries was the worst hit stock among Nifty 50 constituents, down nearly 3%. Bharat Electronics, Eternal, Trent, and Reliance Industries were down 1?ch.
Nifty IT was the top gainer among the sectoral indices, up over 2%, while Nifty Metal was the worst hit, down over 1%. All the broader market indices opened lower. The Nifty smallcap indices were down 0.7-0.9%, while the Nifty midcap indices declined 0.1-1.2%.
Tata Motors PV was also the top gainer in the Nifty 200. United Spirits rose nearly 5?ter the company's March quarter net profit beat the Street estimate by a wide margin. Housing & Urban Development Corp. was the worst hit in the Nifty 200, down nearly 7%. Muthoot Finance fell by over 5%.
In the Nifty 500, Great Eastern Shipping Co. was the top gainer, rising over 8%. Sai Life Sciences fell nearly 12% and was the worst hit stock in the Nifty 500. (Adhithya Aji)
Equity Alert: Seen opening higher; focus stays on US-China talks, oil prices
MUMBAI--0850 IST--Domestic benchmark indices may open slightly higher despite a fall in Asian market indices in early trade. The Gift Nifty May futures contract movement suggested a higher opening for the Nifty 50. At 0846 IST, the Gift Nifty was marginally lower at 23771.50, up over 80 points from the Nifty 50's previous close of 23689.60. The US-China talks and crude oil prices will be the major triggers that could determine the market direction ahead.
As per the latest development, US President Donald Trump and China's President Xi Jinping agreed Iran must never obtain nuclear weapons, The Sunday Guardian reported. The agreement highlighted concerns over escalating tensions in West Asia and uncertainty about the region's security, the report said. Trump and Xi Jinping discussed the Strait of Hormuz opening, with the Chinese leader agreeing that the waterway "must remain open to support the free flow of energy," Al Jazeera reported, citing the White House officials.
At 0850 IST, the Brent crude oil July futures contract was over 1% higher at $107.11 a barrel. "If the crude is going to fall to $90 per barrel or below that, the market will react positively," Sanjeev Hota, head of equities strategy at Sharekhan, said. "If the crude is going to be above $120 or $125 a barrel mark, then the market will fall," he said, adding the market would be volatile if crude is going to stay at the current state.
Early Friday, Indian Oil Corp. hiked petrol and diesel prices by INR 3 per litre in New Delhi amid the energy crisis due to the West Asia war. The price of retail petrol saw a hike of INR 3 per litre to INR 97.77 per litre from INR 94.77 per litre. Diesel prices were hiked to INR 90.67 per litre from INR 87.67 per litre earlier, as per the data from IOC.
"The Nifty 50 is expected to face resistance at 23800 levels and find support at 23580-23500," Vipin Kumar, derivatives and technical analyst at Globe Capital Market, said. Market participants will watch for the March quarter corporate results of Power Grid Corp. of India, Tata Steel, and State Bank of India, due later in the day. Power Grid is expected to report a net profit of over INR 44 billion for the March quarter, up over 2% on year. Its top line for the quarter is seen at over INR 128 billion, which would mean a growth of 16.63% on year.
Shares of Adani Group companies Adani Enterprises, Adani Ports, Adani Green Energy, Adani Energy Solutions, and Adani Power were also in focus, after multiple reports suggested that the US authorities are moving to resolve the fraud charges against Gautam Adani and end a criminal case, according to a report by CNBC-TV18. Adani Enterprises ended Thursday's session nearly 9% higher and Adani Ports And Special Economic Zone was over 2% higher. Adani Green Energy, Adani Energy Solutions, and Adani Power settled 0.1-5% higher.
In the global equity market, all Asian indices were lower, with Indonesia's IDX Composite falling 2%. The Nikkei 225 index was down over 1% in early trade. In the US market, all three major indices settled nearly 1% higher each Thursday. (Arundathi A R)
Equity Alert: Asia indices fall, KOSPI down 4%; focus stays on Trump-Xi meet
MUMBAI--0835 IST--Indices in Asia were lower as market participants remained watchful of the meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing. The talks between Washington and Beijing signalled a step in the right direction, according to media reports.
"China and the US are fully capable of and should continue to be friends and partners, helping each other succeed and achieving shared prosperity," Bloomberg quoted Chinese Premier Li Qiang as saying. The top American executives, including Elon Musk, Jensen Huang, and Tim Cook, told the Chinese president they hoped to boost cooperation and business in China, according to the media agency.
Meanwhile, Trump said that China will purchase oil from the US. "...they're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska," Trump told Fox News in an interview, CNBC reported. There is no response from China on this comment yet. Brent Crude oil futures, however, were over 1% higher at nearly $107 per barrel.
In some stock market-related action, South Korea's benchmark KOSPI was sharply lower by 4% even as the index notched a fresh record high during the start of the trading session Friday. The KOSPI briefly breached past the 8000 mark before slipping into the red. Shares of heavyweights Samsung Electronics Co. and SK Hynix tumbled over 4% and 3%, respectively. The South Korean benchmark index rallied 1000 points in eight sessions despite the strife between the US and Iran escalating.
The following were the levels of major Asian indices at 0833 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4897.5504 | (-)0.35 |
| Hang Seng Index | 26122.40 | (-)1.01 |
| Nikkei 225 Day | 61849.81 | (-)1.28 |
| TOPIX FIRST SECTION | 3864.90 | (-)0.37 |
| KOSPI | 7731.65 | (-)3.13 |
| FTSE Singapore Strait Times | 4984.42 | (-)0.23 |
| S&P/ASX 200 Index | 8630.80 | (-)0.11 |
(Ruchira Kagita)
Equity Alert: US indices end on strong note; S&P 500, NASDAQ hit new highs
MUMBAI--0750 IST--US Indices ended Thursday on a strong note. The S&P 500 and NASDAQ Composite notched fresh record highs for the second consecutive session, and the Dow Jones Industrial Average closed above 50000 for the first time in a little over two months. While technology stocks continued to drive indices higher, market participants were also buoyed by positive signals from the crucial meeting between US President Donald Trump and Chinese President Xi Jinping.
"American enterprises are deeply involved in China's reform and opening up, a process from which both sides have benefited," Bloomberg quoted the Chinese leader as saying, citing China Central Television. "China's door to the outside world will only open wider," Xi said.
Among some key individual movers was Cisco. The company's shares surged after it reported strong earnings for the quarter ended April. Orders linked to artificial intelligence infrastructure from hyperscalers rose to $5.3 billion till April, already surpassing its full-year guidance of $5.0 billion. The company also raised its sales forecast for the full year ending July, and it expects revenue to be between $62.8 billion and $63.0 billion. The company earlier guided for revenue to be in the range of $61.2 billion–$61.7 billion. Shares of Cisco closed over 13% higher.
In macroeconomic news, advance estimates of US retail sales rose 0.5% on month to $757.1 billion after a downwardly revised 1.6% jump in March. On a yearly basis, retail sales were up 4.9%. Receipts at gasoline stations increased 2.8% on month after posting a 13.7% surge in March.
"The powerful equity market rally is supporting spending on the upper leg of the K-shaped expansion, more than offsetting any pullback from those on the lower leg who are struggling with higher fuel, transportation and food costs," Sal Guatieri, a senior economist at BMO Capital Markets, told Reuters.
The following were the closing levels of major US indices on Thursday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
50063.46 | 0.75 |
|
NASDAQ Composite |
26635.22 | 0.88 |
|
S&P 500 |
7501.24 | 0.77 |
(Ruchira Kagita)
US$1 = INR 95.94
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India
Internet links:
Securities and Exchange Board of India - http://www.sebi.gov.in
Bombay Stock Exchange - http://www.bseindia.com
National Stock Exchange of India - http://www.nseindia.com
Directory of Indian government websites - http://goidirectory.nic.in
Indian Ministry of Finance - http://www.finmin.nic.in
Reserve Bank of India - http://rbi.org.in
Controller General of Accounts, Government of India - http://www.cga.nic.in
Government's Press Information Bureau - http://www.pib.nic.in
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