Equity Alert
Indices recover further but stay in red; energy stocks lead
This story was originally published at 13:13 IST on 20 May 2026
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Equity Alert: Indices recover further but stay in red; energy stocks lead
MUMBAI--1235 IST--Indices further recovered but were down. Select stocks and heavyweight Reliance Industries rose more. Energy stocks were the major gainers in the indices. Shares of Mahindra & Mahindra, Wipro, and Axis Bank gained further and were around 1% higher each. Reliance Industries rose further and was nearly 2% higher.
At 1232 IST, the Nifty 50 was at 23594.85, down 23.15 points or 0.1%, and the BSE Sensex was at 75097.71, down 103.14 or 0.1%.
Hindalco Industries continued to be the top gainer among Nifty 50 constituents, up over 3%. The company's UK subsidiary Novelis' management said the Oswego plant had made a strong recovery after a fire incident and commissioning activities were being ramped up. Bajaj Auto, Oil and Natural Gas Corp., and Apollo Hospital Enterprises gained 1-2%.
On the other hand, Bharat Electronics was the major laggard in the Nifty 50, down 3%. The Navaratna company's net profit for Jan-Mar grew at its slowest pace in 13 quarters. Tata Steel and JSW Steel fell nearly 2% and 1%, respectively. Nestle India, Eternal, Shriram Finance, ITC, Graism Industries, Hindustan Unilever, and Bajaj Finance fell around 1?ch.
The broader market indices were mixed, with Nifty Midcap 50 and Nifty Midcap 100 marginally higher. The Nifty Smallcap indices fell 0.2-0.4%. Nifty Oil & Gas was the top performer among the sectoral indices and was up over 1%. Nifty Energy was up nearly 1%. Nifty Media was the worst hit sectoral index, down nearly 2%. The index was weighed down by Zee Entertainments, which declined over 6%.
Shares of the company fell after the company posted a consolidated net loss for the March quarter against a net profit year ago.
Siemens Energy India and Tata Communications were the top gainers among the Nifty 200 constituents, up nearly 6?ch. Meanwhile, PI Industries was the worst hit stock in both the Nifty 200 and Nifty 500 indices, down nearly 7%. (Adhithya Aji)
Equity Alert: KEC Intl off highs; Nomura cuts co's target price by 40%
MUMBAI--1205 IST--KEC International came off highs after opening almost 2% higher Wednesday. Brokerage Nomura Financial Advisory and Securities downgraded its recommendation on the stock to 'neutral' from 'buy' and trimmed its target price by 40% to INR 507. The stock gained after three straight sessions of fall and shed 15.5% during this period.
The brokerage also cut its earnings before interest, tax, depreciation, and amortisation margin estimates for 2026-27 (Apr-Mar) and FY28 by 74 basis points and 78 bps respectively, considering the company's significant exposure to commodity and logistics cost inflation, Nomura said in its report. It also factored in increased finance costs due to higher debt. Nomura's estimates for the company's earnings-per-share for FY27 and FY28 were cut by 35% and 36% lower respectively, due to execution and margin headwinds. The revenue growth estimates for FY27 and FY28 were also cut by 10% and 13%, respectively, and the brokerage's revised estimates will imply revenue growth of 8.9% and 9.5% for the same period.
At 1200 IST, shares of KEC International were 0.3% higher at INR 470.75 on the NSE. So far, over 860,000 shares of the company have changed hands on the exchange, lower than nearly 2 million shares traded till the same time Tuesday.
Of the 13 brokerage recommendations available with Informist on the company, 12 have a 'buy' recommendation with an average target price of INR 735, while the remaining one has a 'hold' recommendation. (Arundathi A R)
Equity Alert: Brokerages largely negative on IOC, cuts target prices 4-24%
MUMBAI--1150 IST--Brokerage remain largely negative on Indian Oil Corp., even after the company reported a better-than-expected net profit for the March quarter, due to a weak near-term earnings visibility amid persistent higher crude oil prices in the wake of the ongoing West Asia war. Several domestic and global brokerages have cut their target prices on the stock by 3.6–24.3%. Equirus Securities downgraded the stock to "reduce" from "add" with a target price of INR 140 amid worsening liquefied petroleum gas under-recoveries, weak marketing margins and rising pressure on the balance sheet.
Nuvama Institutional Equities, on other hand, upgraded the stock to "hold" from "reduce" as it sees limited downside for the stock after it corrected 23% over three months, despite the subdued earnings visibility in near term. The brokerage, however, cut its estimates for the company's earnings before interest, taxes, depreciation, and amortisation for 2026-27 (Apr-Mar) and FY28 by 12?ch to factor in lower marketing margins, it said in a report. Nuvama, along with some other brokerages, also flagged concern over the company not disclosing their gross refining margin amid the volatile macroeconomic environment. Nomura expects that the company may continue with non-disclosure of gross refining margin till the situation normalises.
The March quarter earnings of the oil marketing company was insulated from the impact of West Asia war due to crude inventories procured prior to the escalation of the war and a discounted refinery transfer price on diesel or aviation turbine fuel. However, the company's management remained cautious over the June quarter with focus on continuity of supply and energy security over pricing, Nuvama said.
HDFC Securities expects the company to see a correction in its FY27 marketing margin from FY26 owing to a sharp increase in benchmark product prices in the international market. These losses are, however, expected to be limited by the refining business and an increase in retail fuel prices, the brokerage said. Motilal Oswal Financial Services expects the company to report gross petrol and diesel marketing margin losses of INR 5 per litre and INR 2.5 per litre in the June quarter and September quarter, respectively. Its LPG under-recovery per cylinder is seen at INR 200 in the June quarter and INR 100 in the September quarter, Motilal Oswal said.
Nomura believes that the company is better placed compared with its peers amid expectation of continued higher crude oil prices going forward because of lower fuel retailing volume as a proportion of its refining throughput. The brokerage has cut its FY27 and FY28 EBITDA estimates for the company by 66% and 3%, respectively. However, it believes that further upside to its FY27 and FY28 earnings estimates and target price may come from recovery of LPG losses incurred in FY26 and the expected loss in FY27.
At 1146 IST, shares of IOC traded at INR 138, up over 2% from the previous close. So far in the day, over 13 million shares of the company changed hands on the National Stock Exchange, lower than around 15 million shares traded till the same time Tuesday. (Arya S. Biju)
Equity Alert: PI Ind falls 8%; co's Q4 PAT, sales miss view by wide margin
MUMBAI--1133 IST--PI Industries' shares fell over 8% to a one-month low of INR 2,860.10 after the company released its March quarter earnings late night on Tuesday. The company reported the sharpest fall since 2019 in its consolidated net profit growth for the reporting quarter. The top line of the company declined as well. Both the net profit and sales were sharply below the Street's expectations.
PI Industries reported a consolidated net profit of INR 2 billion, down over 39% on year, and sharply below the analysts' view of INR 2.79 billion. The revenue of the company fell over 12% on year to INR 15.65 billion and failed to meet the estimate of INR 16.41 billion.
The company said that going ahead it expects the increase in input costs driven by geopolitical situations to lead to pricing pressure. PI Industries is cautiously optimistic for the second half of 2026-27 (Apr-Mar) on the back of customer offtake plans. Climatic uncertainty into the ongoing Kharif Season is expected to be partially mitigated by higher reservoir levels, the company said in an investor presentation.
At 1127 IST, shares of PI Industries traded nearly 7% lower at 2,910.30. Nearly 2 million shares of the company changed hands on NSE, which is nearly 17% higher than the number of shares traded till the same time Tuesday. The stock was the worst hit stock in both the Nifty 200 and Nifty 500 indices. (Adhithya Aji)
Equity Alert: Bharat Electronics dn 3%; co's Q4 PAT growth slowest in 13 qtrs
MUMBAI--1125 IST--Bharat Electronics declined almost 3% to a nearly two-month low of INR 407 after the company reported a 13-quarter-low net profit growth in the March quarter. The stock fell for the fifth straight session and lost over 2% during this period. The volume of shares traded Wednesday rose threefold from the previous session.
Bharat Electronics reported a 5% on-year rise in its net profit for Jan-Mar to INR 22.03 billion. It surpassed the Street's view of INR 21.16 billion. The defence major's top line for the March quarter grew nearly 12% on year to INR 101.77 billion. The revenue growth reported in Jan-Mar was the slowest in three quarters but was higher than the analysts' expectations of INR 98.70 billion.
Brokerage JM Financial maintained its 'add' recommendation on the stock with an unchanged target price of INR 485. Nomura Institutional Equities retained its 'neutral' recommendation on the stock with a target price of INR 454. These brokerages await management commentary on order inflow guidance for 2026-27 (Apr-Mar) and outlook on margins.
At 1116 IST, shares of Bharat Electronics were 2.5% lower at INR 412.15 on the NSE. So far in the day, nearly 16 million shares of the company have changed hands on the exchange, way higher than nearly 5 million shares traded till the same time Tuesday.
Of the 11 brokerage report available with Informist on the company, eight have a 'buy' recommendation on the stock with an average target price of INR 504. Of the remaining three, two have a 'hold' recommendation and one has a 'sell' recommendation on the stock. (Arundathi A R)
Equity Alert: Zydus Life hits 1-year high on strong outlook, brokerage remarks
MUMBAI--1055 IST--Zydus Lifesciences surged over 7% to hit its highest level in more than one year of INR 1,093.65 after the company posted a healthy set of earnings for the quarter ended March. The company's profit, when adjusted for its one-time payment made to settle the patent for Mirabegron, beat the Street's estimates. The management guided for its earnings before interest, taxes, depreciation, and amortisation to be over 24% in 2026-27 (Apr-Mar). It also expects its US sales to grow in single digits in FY27 despite competitive intensity. Brokerages largely retained their positive outlook on the company and raised their target prices.
Across all key segments, growth was strong and beat expectations, Nuvama Wealth Management said in its report. The business is adapting to a better mix with exposure to biosimilars, contract development and manufacturing organisations, specialty assets, and medical technology. Zydus Life is seen benefitting from Rolvedon, Beizray, gCopaxone, and the likely launch of gJynarque in the US market. Nuvama expects the company's US business growth to be flattish in FY27 and FY28 due to heightened competition. The base for the company's US business at $323 million was strong, considering the setback due to the expiry of gRevlimid patent. Nuvama upgraded the stock to 'hold' from 'reduce' and hiked the target price by over 16% to INR 1,050 from INR 900 earlier.
Going forward, the company's growth in its India branded business and synergies from recent acquisitions will be key for growth, Systematix Shares and Stocks (India) said in its report. One of the key catalysts for the stock is the approval for Saroglitazar by the US Food and Drug Administration, and the launch of gPalbociclib in the March quarter of FY27. Systematix sees Zydus Life's revenue growing 10.6% at a compounded annual rate between FY26 and FY28. The brokerage maintained its 'hold' call and raised its target price to INR 1,162 from INR 1,052.
While the March quarter for Zydus Life was strong, the key overhang for the company will be its US business. Lesser sales of gRevlimid and Mirabegron are expected to cause a sharp erosion of US sales, JM Financial Institutional Securities said in a report. "The resulting revenue and margin void is unlikely to be fully offset by new launches," the brokerage said. JM Financial estimates the pharmaceutical major's non-US business to grow 17% at a compounded annual rate over the next two years, but its overall revenue is seen increasing 7%. The brokerage maintained its 'reduce' stance but hiked the target price by 12% to INR 970.
The pharmaceutical major reported a consolidated net profit of INR 12.73 billion, up nearly 9% on year and over 22% on quarter while its revenue for the period rose over 16% on year to INR 75.87 billion. At 1042 IST, Zydus Life was up almost 6% at INR 1,074.55. Over 8 million shares of the company changed hands on the NSE, sharply higher than the 425,375 shares traded till the same time Tuesday. The stock was also among the top gainers in the Nifty 100 and the Nifty 200 universes. (Ruchira Kagita)
Equity Alert: Indices off lows; fincl svcs, metal cos remain major drags
MUMBAI--1050 IST--The benchmark indices came off the earlier lows even as most Nifty 50 constituents were in the red. Shares of financial services and steel companies were among the main laggards in the 50-stock index while select pharmaceutical and automobile companies rose.
At 1040 IST, the Nifty 50 was at 23553.50 points, down 0.3%, and the BSE Sensex was at 74926.23 points, down 0.4%. The market's fear gauge, India VIX, was up 2% at 19.0575. The broader market indices tracked the fall in their benchmark peers. The Nifty mid-cap indices were down around 0.3?ch and the Nifty small-cap indices were down 0.5–0.8%.
Hindalco Industries remained the top performer in the Nifty 50, rising over 3%. The aluminium manufacturer's US subsidiary, Novelis, detailed its March quarter earnings Tuesday, reporting a consolidated net loss of $84 million against a net profit of $294 million for the year-ago quarter. Novelis's revenue rose 4% on year to $4.79 billion. However, its earnings before interest, taxes, depreciation, and amortisation rose 32% on quarter to $459 million. Further, while its volumes in the March quarter were affected by the fire incidents at Oswego in New York State, operations at the plant are likely to resume in early June. Brokerage Nuvama Institutional Equities raised the estimate for Hindalco's earnings before interest, tax, depreciation, and amortisation for the financial year 2026-27 (Apr-Mar) by 20%, factoring in higher aluminium prices and better profitability at Novelis.
Pharmaceutical companies Cipla and Sun Pharmaceutical Industries were also among the gainers, rising around 0.4?ch. Automobile stocks Bajaj Auto, Tata Motors Passenger Vehicles, and Maruti Suzuki India rose around 0.3–1.4%.
Bharat Electronics was the worst-hit stock in the Nifty 50, falling 3% and hitting a one-month low. The company's net profit for the March quarter grew 5% on year, the slowest rise in 13 quarters. Tuesday, the company reported a net profit of INR 22.03 billion on revenues of INR 101.77 billion. Among other laggards, Tata Steel and JSW Steel were down around 2.4% and 1.3%, respectively. Financial services companies Bajaj Finance, Jio Financial Services, and Shriram Finance fell around 1?ch.
GE Vernova T&D India rose nearly 9% and was the top performer in the Nifty 200 and Nifty 500 indices. Conversely, PI Industries was the worst performer in both indices, falling 6.4% and hitting a one-month low during early trade. (Shruti Nair)
Equity Alert: Apollo Hospitals tad up ahead of Q4 results; PAT seen up 22% YoY
MUMBAI--1045 IST--Shares of Apollo Hospitals Enterprise rose slightly to the day's high of INR 8,046.50 after opening lower ahead of its Jan-Mar earnings, scheduled for later in the day. The volume of shares traded Wednesday jumped almost threefold from the previous session.
Apollo Hospitals is likely to post a strong increase in its net profit and revenue for the March quarter, driven by healthy performance in its hospital business and pharmacy segment. It is expected to post a net profit of INR 4.75 billion, up 22% on year. The top line of the company is seen at INR 64.52 billion for the reporting quarter, up 15% on year. The hospital business is expected to grow 12–21% on year and the pharmacy distribution business is likely to rise by 17–19% on year.
At 1042 IST, Apollo Hospitals was 0.1% higher at INR 8,033.50 on the NSE. So far in the day, nearly 141,000 shares of the company have changed hands on the exchange, much higher than over 54,000 shares traded till the same time Tuesday.
Of the 11 brokerage recommendations available with Informist on the company, nine have a 'buy' recommendation with an average target price of INR 8,995 and the remaining two have a 'hold' recommendation. (Arundathi A R)
Equity Alert: Hindalco Ind up 4% post Novelis Q4 results, management comments
MUMBAI--1025 IST--Shares of Hindalco Industries rose nearly 4% to an intraday high of INR 1,089.50 after the company's US subsidiary Novelis detailed its March quarter earnings and gave a positive outlook for 2026-27 (Apr-Mar). The management of Novelis also said the Oswego plant had made a strong recovery after a fire incident.
For the March quarter, Novelis reported a consolidated net loss of $84 million compared to a net profit of $294 million in the corresponding quarter year ago. The revenue fell 4% on year to $4.79 billion. The adjusted earnings before interest, tax, depreciation, and amortisation fell 3% on year to $459 million. "Oswego production interruptions caused rolled product shipments to be an estimated 73 kilotonnes lower than expected, resulting in an estimated negative $53 million impact on Adjusted EBITDA," the company said.
Novelis said the Oswego plant was seeing a strong recovery after the fire incident in September and commissioning activities were being ramped up. "We expect the hot mill to be back in service in the next few weeks, positioning us to support pent-up demand and normalize shipments over time," Novelis said. Going forward, it expects to return to free cash flow by the end of FY27 with the restart of the Oswego plant and completion of Bay Minette, said Dev Ahuja, Novelis executive vice president and chief financial officer.
Higher capital expenditure to complete the Bay Minette project and costs incurred due to the Oswego fire incident are likely to stretch Novelis' balance sheet until FY27, according to Nuvama Institutional Equities. The brokerage said strong aluminium prices supported earnings. Nuvama raised its FY27 EBITDA estimates by 20%, factoring in higher aluminium prices and improved profitability at Novelis. Nuvama has a 'hold' recommendation on Hindalco Industries and raised the target price over 13% to INR 1,039.
Novelis has guided for its capex for FY27 at around $2.1 billion to $2.4 billion. The capex guidance includes $350 million for maintenance and $1.7 billion for Bay Minette plant, JM Financial said. The project cost of Bay Minette is unchanged at $5 billion, with $3.2 billion spent through FY26, the brokerage said.
At 1021 IST, shares of Hindalco Industries traded over 3% higher at INR 1,084. Over 4 million shares of the company changed hands on the NSE, over five times the number of shares traded till the same time Tuesday. The stock was the top gainer among Nifty 50 constituents. (Adhithya Aji)
Equity Alert: Grasim Ind dn 2% ahead of Q4 earnings, likely to post net loss
MUMBAI--1010 IST--Shares of Grasim Industries fell nearly 2% to the day's low of INR 2,888.10 ahead of the company's March quarter results, due later in the day. The stock was down for the second straight session and shed almost 2% during this period. However, the volume of the shares traded surged over two times the shares traded Tuesday.
Grasim Industries is expected to report subdued earnings for Jan-Mar as its volumes are likely to see a fall and margins in its paints and chemical businesses are likely to be weak. The company is expected to report a net loss of INR 1.42 billion, lower than the net loss of INR 2.88 billion reported in the year-ago quarter. Grasim's revenue from operations for the quarter is seen at INR 106.16 billion, up almost 19% on year.
At 1004 IST, shares of Grasim Industries were 1.5% lower at INR 2,892.60 on the NSE. So far in the day, 166,000 shares of the company have changed hands on the exchange, way higher than over 73,000 shares traded till the same time Tuesday.
Of the three brokerage recommendations available with Informist on the company, two have a 'buy' recommendation and the other has a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Markets open down after Trump's threat to Iran; rupee at record low
MUMBAI--0937 IST--The benchmark indices opened lower after US President Donald Trump issued fresh threats of resuming military strikes on Iran. Following this, the July futures contract of Brent Crude rose to a high of over $111 per barrel. The rupee fell to a new record low of 96.96 after the open. At 0936 IST, the Nifty 50 was at 23508.95, down 109.05 points or 0.5%. The BSE Sensex was at 74828.86, down 371.99 points or 0.5%.
Hindalco Industries was the only Nifty 50 stock in positive territory when the market opened. The stock was up over 1% and was the top gainer in the 50-stock index. After a couple of minutes, shares of Cipla and Sun Pharmaceutical Industries also moved into positive territory, rising 0.5% and 0.4%, respectively. Information technology majors Infosys, Tata Consultancy Services, and Wipro rose 0.1-0.2%.
Tata Steel was the worst-hit stock in the Nifty 50, down nearly 3%. Its peer JSW Steel fell nearly 2%. Mahindra & Mahindra, Grasim Industries, Maruti Suzuki India, UltraTech Cement, Nestle India, State Bank of India, and Eternal all fell around 1?ch. Bharat Electronics fell over 2%. The company's March quarter profit grew at its slowest pace in 13 quarters.
All the broader market indices were in the red. The Nifty Midcap indices were down 0.4% and the Nifty Smallcap indices fell 0.5-0.6%. The Nifty Pharma was the best performer among sectoral indices, up 0.4%. The Nifty Media fell nearly 2% and was the worst-hit sectoral index.
Zydus Lifesciences was the best performer in both the Nifty 200 and Nifty 500 indices. It rose nearly 5%. Various brokerages have upgraded their recommendation on the stock after the company posted its March quarter earnings during market hours Tuesday. Nuvama changed its call on Zydus Life to "hold" as the brokerage expects the company's business to progress to a better mix.
PI Industries was the worst hit in both the Nifty 200 and Nifty 500 indices, falling nearly 6%. The company reported its worst fall since 2019 in consolidated net profit for the March quarter. The bottom line fell over 39% on year to INR 2 billion. (Adhithya Aji)
Equity Alert: To open down after Trump threat to attack Iran; oil prices rise
MUMBAI--0825 IST--The benchmark indices are expected to open lower after US President Donald Trump said the US might need to strike Iran again. Brent crude oil price crossed the $110 per-barrel mark again after Trump's comment. Asian equity indices were in the red in early trade. The global news flow and consequent changes in crude oil price are expected to largely decide market sentiment in the near term, analysts said. At 0820 IST, the Brent Crude July futures contract was largely flat from Tuesday's close at $111.25 a barrel.
Trump said Iran will have to face a fresh strike if it does not reach a deal in "two or three days" to end the war, adding that Iran's leaders are "begging" for a deal. He made the comment a day after his decision to call off planned attacks on Iran.
Addressing a White House press briefing Tuesday, US Vice-President J.D. Vance said the Iran conflict will not become a "forever war", Firstpost reported. He further said he was "not certain" about the prospects of a peace deal with Iran, but added that he feels good about the chances of working towards an agreement.
At 0822 IST, the May futures contract of GIFT Nifty was down 0.4% at 23419.50 points from Tuesday's close. The movement in the GIFT Nifty suggested a lower opening for the benchmark indices. The spot level of the GIFT Nifty was nearly 200 points short of the Nifty 50's Tuesday close of 23618 points. "The index faces immediate resistance near 23800, while the support zone is placed in the 23262–23317 range in the near term," Nandish Shah, senior derivative and technical analyst at HDFC Securities, said.
Shares of Grasim Industries and Apollo Hospitals Enterprise will be in focus as they will detail their March quarter earnings later in the day. Grasim Industries is expected to report subdued earnings as the company's volumes are likely to see a dip and the margins of its paints and chemical businesses are likely to be weak. The company's net loss is expected to shrink in the March quarter to INR 1.42 billion from INR 2.88 billion, reported in the corresponding quarter a year ago. Its top line is likely to rise almost 19% to INR 106.16 billion on a standalone basis.
Apollo Hospitals is expected to post a strong rise in its net profit and revenue for the March quarter, driven by healthy performance in its hospital business and pharmacy segment. It is expected to post a net profit of INR 4.75 billion, up 22% on year. The company's top line is seen at INR 64.52 billion for the reporting quarter, up 15% on year.
Most Asian equity indices were down, with the TOPIX First Section down 1.7%. All three major US indices settled lower for the previous session. (Arundathi A R)
Equity Alert: Indices in Asia fall on inflation fears, West Asia conflict
MUMBAI--0815 IST--All major stock indices in Asia opened lower Wednesday as concerns about a prolonged war between the US and Iran continue to plague investors. Higher bond yields further dampened sentiment. Markets in Japan underperformed their peers in the region. The Nikkei 225 and the TOPIX were down 1.2% and 1.5%, respectively.
In Japan, the 30-year and 10-year bond yields eased slightly but were still elevated. The 10-year yield was up over 2.7%. "...in Japan, 10-year yields have continued to march higher to multi-decade highs at 2.7% as the Bank of Japan remains concerned about the inflation outlook and as two additional hikes are priced in by year-end by the market," research firm BMI said in a report.
In other news, Russian President Vladimir Putin will meet Chinese President Xi Jinping in Beijing for bilateral talks. This comes soon after US President Donald Trump's meeting with Xi concluded. Energy will be among the key topics at the discussion table, according to several reports. In focus will be making progress on a long-due energy project, the Power of Siberia 2 pipeline. The project is expected to carry 50 billion cubic metres of gas per year to China through Mongolia. Around 40 documents are expected to be signed, and a 47-page joint statement on strengthening ties will likely be issued, Reuters reported, citing the Kremlin.
The following were the levels of major Asian indices at 0814 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4851.6658 | (-)0.03 |
| Hang Seng Index | 25654.43 | (-)0.56 |
| Nikkei 225 Day | 59872.92 | (-)1.12 |
| TOPIX FIRST SECTION | 3785.04 | (-)1.70 |
| KOSPI | 7296.57 | 0.34 |
| FTSE Singapore Strait Times | 5033.83 | (-)0.76 |
| S&P/ASX 200 Index | 8531.50 | (-)0.85 |
(Ruchira Kagita)
Equity Alert: US indices end lower as inflation concerns drive yields higher
MUMBAI--0729 IST--All the three major indices on Wall Street ended in the red Tuesday as concerns about inflation rearing its head again dampened sentiment. Bond yields surged yet again, with the benchmark US 10-year treasury yield at 4.687% and the 30-year yield touching 5.19% at one point. The S&P 500 and the NASDAQ ended lower for the third straight session.
Brent crude oil futures slipped a tad but remained above $110 per barrel, worsening risk-off sentiment. Investors do not anticipate the war between the US and Iran to cease soon. "There's nothing constructive that's leading us to believe there's going to be a ceasefire with any sort of substance," Michael James, managing director and equity sales trader at Rosenblatt Securities, told Reuters.
Investors will watch out for chipmaker Nvidia Corp's earnings for the quarter ended late April. The company is expected to generate revenues of $78.5 billion for the quarter, S&P Global said. Strong demand for its graphic processing units from cloud service providers is supporting its growth in revenue, the firm said.
"So, the numbers they report tomorrow matter. More broadly, of course, investors across the Street — and really across asset classes — look to Nvidia as a signal for where the AI infrastructure buildout is going, and we'll be watching closely," Ben Snider, chief US equity strategist at Goldman Sachs, told CNBC. Shares of Nvidia closed almost 1% lower.
Following were the closing levels of major US indices on Tuesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
49363.88 | (-)0.65 |
|
NASDAQ Composite |
25870.71 | (-)0.84 |
|
S&P 500 |
7353.61 | (-)0.67 |
(Ruchira Kagita)
US$1 = INR 96.87
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.
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