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Informist, Friday, May 22, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 May ends at premium of 57 points to spot index

MUMBAI--1617 IST--The May futures contract of the Nifty 50 closed at a premium of 57 points to the spot index Friday. Open interest in the contract rose nearly 0.6% to 14.40 million, according to provisional data.

--Nifty 50 closed at 23719.30 points, up 64.60 points or vs 0.3% Thursday

--Nifty 50 May closed at 23776.30 points, up 144.90 points or 0.6% vs Thursday

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

Call: 24400, Put: 23750

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

Call: 24000, Put: 23000 

(Gopika Balasubramanium)

Equity Alert: Benchmark indices end higher on gains in banks; ICICI Bk up 2%

MUMBAI--1536 IST--Benchmark indices ended higher Friday, led by gains in bank stocks. Most Asian stock indices ended higher as well. The Nifty 50 was supported by index heavyweights ICICI Bank and HDFC Bank, which ended nearly 2% and 1% higher, respectively. The Nifty 50 ended at 23719.30, up 64.60 points or 0.3%, and the BSE Sensex ended at 75415.35, up 231.99 or 0.3%. 

Trent ended as the top gainer among the Nifty 50 constituents, up 3%. Financial companies Shriram Finance, Axis Bank, Bajaj Finance, Jio Financial Services, Kotak Mahindra Bank, SBI Life Insurance Co., and Bajaj Finserv ended 1-3% higher. Wipro, Asian Paints, Eicher Motors, Hindustan Unilever, Nestle India, Larsen & Toubro, Hindalco Industries, and UltraTech Cement ended 1-2% higher.

On the other hand, Max Healthcare Institute was the worst hit stock in the Nifty 50, down over 6%. The company's March quarter consolidated net profit and revenue were sharply below the Street's expectations. Sun Pharmaceutical Industries was the second-worst hit stock and was down nearly 3%. The pharmaceutical company's consolidated bottom line was below analysts' expectations as well.

ITC, Oil and Natural Gas Corp., Power Grid Corp. of India, Bajaj Auto, Bharat Electronics, Dr. Reddy's Laboratories, Coal India, and Bharti Airtel ended 1-2% lower. 

Broader market indices closed mixed, with Nifty mid-cap indices up 0.1% each, and Nifty small-cap indices down 0.1-0.2%. Among the sectoral indices, the Nifty Private Bank, Nifty Bank, and Nifty Financial Services ended over 1% higher each and were the top performers. The Nifty Healthcare fell nearly 2%, the worst hit sectoral index. 

Astral and Dixon Technologies were the top gainers in the Nifty 200, up over 4% each. Max Healthcare Institute was the worst hit in the Nifty 200. Glenmark Pharmaceuticals and Aurobindo Pharma closed nearly 6% and 5% lower, respectively, in the Nifty 200. 

In the Nifty 500, JSW Cement closed over 8% higher to be the top gainer. The stock rose after the company reported a nearly 11% on year growth in its consolidated net profit. Engineers India was the worst hit stock in the Nifty 500, down nearly 9%.  (Adhithya Aji)

Equity Alert: European mkts up on peace deal hopes, support from tech stocks

MUMBAI--1515 IST--Major stock indices in Europe were higher Friday. Hopes of a peace deal between the US and Iran, and a rally in technology stocks supported the positive momentum. US Secretary of State Marco Rubio had earlier said there have some good signs regarding the peace talks. The UK's benchmark FTSE 100 advanced for the fifth straight day, although it was only slightly up during early hours of trade.

Shares of semiconductor companies Infineon Technologies, STMicroelectronics, ASM International, and ASML added between 2.5% and 4.4%. Among others, shares of Spain-based Puig tumbled around 13% after discussions of a merger with US beauty conglomerate Estee Lauder fell through.

The consumer confidence indicator in Germany recovered moderately by 3.3 points to (-)29.8 in June from (-)33.1 in May, the GfK Consumer Climate report showed. Income expectations improved significantly to (-)13 in May from (-)24.4 in April. Income expectations had fallen sharply due to the war in West Asia. The willingness to buy improved by 1.2 points compared to April, and stood at (-)13.2 points. "Consumer Climate has, at least for the moment, ended its downward trend and is recovering somewhat this month," Rolf Burkl, head of consumer climate at Nuremberg Institute for Market Decisions, said in the report, adding that the negative impact of the war has not waned.

Even in the UK, consumer confidence improved by two basis points in May to (-)23 from (-)25 in April. The measure for the general economic situation over the next 12 months rose five points to (-)38. Sentiment on personal finances in the next year bettered by 2 points to (-)2 in May. "Inflation may have fallen in April, but with price pressures expected to rise again and continued uncertainty around interest rates, it's unlikely May marks the beginning of a sustained improvement," Neil Bellamy, the consumer insights director at GfK, said in the report. 

The following were the levels of major European indices at 1516 IST:

(Ruchira Kagita)

Equity Alert: Stock markets in Asia end Friday on healthy note

MUMBAI--1415 IST--Asian stock indices held on to gains as market participants stuck to the likelihood of a positive outcome of the peace talks between the US and Iran. US President Donald Trump said earlier this week that discussions on a peace deal between the two warring nations were in their final stages. The bone of contention between the two parties remains Iran possessing enriched uranium. Brent crude oil futures were a tad higher compared to Thursday's lows but still below $106 per barrel.

Japan's benchmark Nikkei 225 outperformed its peer indices. The index advanced almost 3% while the broader market TOPIX gained 1%. The 225-stock index heavyweight Softbank Group Corp. posted stellar gains for the second straight day. The stock ended 12% higher Friday after gaining almost 20% Thursday. Shares of Fast Retailing Co., another major constituent, closed up 3%. Among the Nikkei 225 index constituents, a total of 120 stocks ended with gains. On a weekly basis, the Japanese benchmark index gained over 3%. Japan's retail inflation easing on an annualised basis in April compared to March likely aided the positive momentum. 

Indices in China gained Friday after posting losses for two consecutive trading sessions. The SSE Composite index was up 1%, while the CSI 300 was up a little over 1%. Both indices, however, declined for the second straight week. In South Korea, the benchmark KOSPI closed marginally higher on the last trading day of the week but posted healthy gains of almost 5% on a weekly basis.

The following were the levels of major Asian indices at 1413 IST:

(Ruchira Kagita)

Equity Alert: Info Edge off highs after rising 6%; Q4 PAT up 25% QoQ

MUMBAI--1341 IST--Shares of Info Edge (India) rose over 6% to an intraday high of INR 985 after the company released its March quarter earnings. Later, the stock came off highs. The information technology company's bottom line rose in double-digit and was higher than the Street's view. The top line of the company was also higher than expectations.

For the March quarter, the company reported net profit of INR 3.09 billion, up over 25% on quarter. This was above the analysts' estimate of INR 2.69 billion. The revenue of the company rose over 5% sequentially to INR 8.05 billion, above the Street's view of INR 7.74 billion. The operating profit of the company rose over 39% on year to INR 3.23 billion.

At 1337 IST, Info Edge's shares traded over 3% higher at INR 955.25. Nearly 4 million shares of the company changed hands on the NSE, higher than nearly 2 million shares traded till the same time Thursday. For a brief period of time, the stock was the top gainer among the Nifty 200 constituents.  (Adhithya Aji)

Equity Alert: Indices climb higher; fincl svcs cos stay up; energy cos drag

MUMBAI--1325 IST--Benchmark indices rose further even as some more Nifty 50 constituents slipped into the red. The 50-stock index remained steady above the 23800 level with nearly 20 stocks in the red. Banks and financial services companies continued to support gains in the index, while select energy and pharmaceutical companies remained main laggards. 

At 1311 IST, the Nifty 50 was at 23819.50, up 0.7%, while the Senex was at 75776.47, up 0.8%. Shriram Finance extended its gains and rose to the top of the Nifty 50. Shares of peers Jio Financial Services, Bajaj Finance, and Bajaj Finserv were up 1-2%. Axis Bank and ICICI Bank were up around 3% and 2%, respectively, and led the gains in banking stocks. Shares of Wipro were also among the notable gainers, up 3%, and rose for the seventh session in a row. Eicher Motors was up 2% ahead of its earnings.

Max Healthcare Institute was nearly 5% lower and remained the worst-hit stock in the index. State-owned energy companies Coal India, Power Grid Corp. of India, Oil and Natural Gas Corp. were also among the notable laggards, down 0.7-1.5%. Sun Pharmaceutical Industries was down 1.6% ahead of its earnings due later in the day. For the March quarter, the company is expected to report a consolidated net profit of around INR 27.86 billion on revenues of INR 145.94 billion.

In the Nifty 200, Bosch rose 4% and was the top gainer in the index. Aurobindo Pharma fell over 6% and remained the worst-hit stock. One 97 Communications was down nearly 4% amid media reports that early investors, such SAIF Partners and Elevation Capital Entities, among others, have likely sold shares worth over INR 9.60 billion. More than 8 million shares of the company changed hands in the pre-open market on the BSE in four large deals of over 1 million shares each.

In the Nifty 500, shares of Honasa Consumer rose 10% and was the top performer in the index. The stock hit its 52-week high at INR 402.80. Shares of Engineers India shed nearly 8% and remained the worst-hit stock in the Nifty 500 index.  (Shruti Nair)

Equity Alert: ITC falls nearly 2% post mixed Q4 results; brokerages cautious

MUMBAI--1320 IST--Shares of ITC fell around 2% to an intraday low of INR 302.25 after the company reported mixed earnings for the March quarter just before market close Thursday. At 1308 IST, shares of the fast-moving consumer goods company traded over 1% lower at INR 303.95 and were among the worst hit in the Nifty 50 index. So far in the day, over 19 million shares of the company have changed hands on the National Stock Exchange, way higher than the 12 million shares traded till the same time Thursday. 

ITC's gross revenue, which includes excise duty paid by the company on cigarettes, increased 17% on year to around INR 217 billion. However, discounting the excise duty, the company reported a 7% decline in sales to around INR 161 billion. The company's net profit from continuing operations for the quarter grew around 5% on year to INR 51.13 billion. This does not take into account the profit from the hotels business and ITC's gains after the demerger of the hotels division. Both the top line and bottom line for the reporting quarter were better than analysts' expectations.   

Most brokerages remain cautious on the stock, with many flagging margin pressure from sharp hikes in cigarette tax from February. "We note on the old mix, the tax hike was 40% and ITC has taken weighted average price hike of 25–30%, which will lead to a sharp margin contraction and EBIT (earnings before interest and tax) decline for 1Q (Apr-Jun)," Nomura said. The company is taking a staggered price hike approach to minimise the volume loss to illicit cigarettes, Nomura noted. It expects the company to continue hiking prices in the coming quarters, leading to better earnings from the September quarter. 

Noumra trimmed its target price on the stock by around 6% to INR 300, while maintaining its "reduce" call. It models a volume decline of 5% and an EBIT decline of 15% on a year-on-year basis, in FY27. Similarly, Prabhudas Lilladher expects the company's cigarette business to see severe pressure on volumes and profitability as the full impact of sharp increase in excise and subsequent price hikes play out. Going forward, it expects a gradual but delayed recovery, once the base is settled.

Nuvama Institutional Equities also trimmed its target price on the stock over 4% to INR 350, while maintaining its "hold" call on the stock. It also trimmed its FY27 and FY28 earnings per share estimates for the company by 5% and 6%, respectively, amid weak cigarette business. Meanwhile, Axis Securities remains positive on the medium to long-term growth of ITC, even though it sees inflationary pressures from energy shocks and recent cigarette tax hikes as near-term concerns.  (Arya S. Biju)

Equity Alert: NTPC Green Energy almost flat ahead of Mar quarter earnings

MUMBAI--1315 IST--Ahead of its earnings for the March quarter, shares of NTPC Green Energy were nearly flat on the NSE, with trading volume at over four million. Elara Securities (India) sees the company's net profit up a 32% on year at INR 3.1 billion on revenues of INR 8.2 billion. Revenue is expected to rise 32% year-on-year. The renewable energy major's earnings before interest, taxes, depreciation, and amortisation is expected to go up 29% to INR 7.3 billion.

The brokerage has an 'accumulate' call on the stock with a target price of INR 96. It implies a downside of around 9% from the current market price of INR 105.38.

Higher power consumption in India is seen as a tailwind for the sector over 2025-26 (Apr-Mar). Peak power demand rose 4% on year to 245.4 gigawatts in January, 3% to 244 GW in February, and then 1% in March, Elara Securities noted in its report. The power utilities sector is likely to see a healthy March quarter due to revival in power generation and peak demand, according to the report. The brokerage expects peak power demand to cross 270 GW in FY27, primarily driven by an intense summer.  (Ruchira Kagita)

Equity Alert: Indices rise further; less than 15 Nifty constituents in red

MUMBAI--1155 IST--Benchmark indices rose further, with banks and financial services companies continuing to support gains in the Nifty 50 index. Less than 15 stocks in the 50-stock index were in negative territory. Broader market indices trailed the gains in their headline peers, and climbed into gains. While Nifty small-cap indices rose 0.2–0.3%, Nifty mid-cap indices rose around 0.2% each.

At 1153 IST, the Nifty 50 index was at 23803.95, up 0.6%, while the BSE Sensex was at 75694.65, up 0.7%. Wipro rose 2.6%, the most in the Nifty 50 index. Shriram Finance and Jio Financial Services were up around 2% each, leading the gains among their peers. Banking stocks also continued to support the index, with Axis Bank, ICICI Bank, and HDFC Bank up nearly 1–2%.

Shares of Eicher Motors were up over 1.3% ahead of its earnings later in the day. On the other hand, Sun Pharmaceutical Industries, also set to announce its earnings Friday, was down 1.5% and was one of the worst hit stocks in the Nifty 50. Peers Cipla and Dr. Reddy's Laboratories were also among the laggards, down 0.2% and 0.5%, respectively. Max Healthcare Institute pared some of its earlier losses but remained the worst hit stock in the Nifty 50 index, down over 4%.

In the Nifty 200, Dixon Technologies continued to be the top gainer despite coming off highs. The stock was up 4.4%. Tata Communications, up nearly 4%, rose for the third straight session and hit a six-month high of INR 1979 per share. On Wednesday, the stock had hit a four-month high.

Aurobindo Pharma extended its losses and slipped to the bottom of the Nifty 200 index. The stock was down nearly 6% after the company's consolidated net profit for the March quarter missed the Street's view. For the March quarter, the company's consolidated bottom line was INR 9.21 billion on revenues of INR 88.53 billion.

JSW Cement continued to be the top gainer in the Nifty 500 index. The stock was up nearly 10% after the company's net profit for the March quarter grew 11-fold on year to INR 3.71 billion. Engineers India shed 6% and was the worst hit stock in the Nifty 500 index. The stock hit a one-month low at INR 213 per share. (Shruti Nair)

Equity Alert: Central Bank of India down 7%; govt to sell 4% stake via OFS

MUMBAI--1146 IST--Shares of Central Bank of India fell nearly 7% to a one-month low of INR 31.83 after the government decided to sell 4% stake in the bank through an offer for sale. Non-retail investors can subscribe to the offer on Friday, while retail investors can make their bids on Monday. The floor price of the offer is set at INR 31 per share, which is an 8% discount to the stocks's previous close. 

The government proposes to sell up to 362 million shares of the bank, which represents 4% of its stake. As of Mar. 31, the government held 89.27% stake in Central Bank of India.

At 1138 IST, shares of Central Bank of India traded nearly 6% lower at INR 32.02. Over 45 million shares of the company changed hands on NSE, sharply higher than over 1 million shares traded till the same time Thursday. The number of shares traded Friday is nearly six times the three-month average daily traded volume.  (Adhithya Aji)

Equity Alert: Sun Pharma falls 2% ahead of Jan-Mar earnings

MUMBAI--1125 IST--Shares of Sun Pharmaceutical Industries declined nearly 2% to INR 1,861.50, the lowest price intraday, ahead of its March quarter earnings, due later in the day. The stock fell for the third time in the last four sessions. The volume of shares traded so far was over 50% higher than that till the same time Thursday.

Sun Pharma is expected to report an on-year rise in its bottom line and top line, led by its India formulations business and specialty products. The company is expected to post a rise of nearly 11% on year in consolidated net profit for Jan-Mar at nearly INR 27.86 billion. Its revenue is seen at INR 145.94 billion, up nearly 13% on year.

At 1119 IST, shares of Sun Pharma were over 1% lower at INR 1,866.40 on the NSE. So far in the day, nearly 659,000 shares of the company have changed hands on the exchange, higher than over 439,000 shares traded till the same time Thursday.

Of the 17 brokerage recommendations available with Informist on the company, 15 have a 'buy' recommendation with an average target price of INR 2,041. Of the remaining two, one has a 'sell' recommendation and the other has a 'hold' recommendation on the stock.  (Arundathi A R)

Equity Alert: Hindalco Ind tad up ahead of Q4 earnings

MUMBAI--1110 IST--Hindalco Industries rose nearly 1% to the day's high of INR 1,106 ahead of its March quarter earnings, scheduled later in the day. Thursday. The stock was up for the third straight session and gained 5.5% during this period. The stock had hit a 52-week high of INR 1,110.9 on Thursday.

Hindalco Industries' net profit for the quarter is seen declining nearly 10% on year and rising nearly 1% sequentially to INR 47.60 billion. Its top line is expected to rise over 9% on year and nearly 7% sequentially to INR 709.27 billion. The company's bottom line is expected to be weighed down by cost pressures and the impact of a fire incident at the Oswego plant of Novelis Inc.. Its consolidated volumes are expected to rise, driving overall revenues.

At 1104 IST, shares of Hindalco Industries were 0.3% higher at INR 1,103 on the NSE. So far in the day, over 1 million shares of the company were traded, lower than over 2 million shares traded till the same time Thursday.

Of the 11 brokerage recommendations available with Informist on the company, six have a 'hold' recommendation with an average target price of INR 937. Of the rest, four have a 'buy' recommendation with an average target price of INR 1,072 and one has a 'sell' recommendation.  (Arundathi A R)

Equity Alert: Indices move higher, led by banks, financial services stocks

MUMBAI--1045 IST--The benchmark indices moved slightly higher with a majority of the constituents of the Nifty 50 index in positive territory. Shares of banks and select financial services companies were among the notable gainers in the 50-stock index. Energy companies were among the main laggards. The broader market indices, however, continued to underperform their headline peers with the Nifty Smallcap and Nifty Midcap indices being flat.

At 1018 IST, the Nifty 50 was at 23781.80 points, up 0.5%. Its peer BSE Sensex was at 75627.86 points, up 0.6%. Asian Paints, up over 2%, rose the most in the 50-stock index. A rise in heavyweight stocks ICICI Bank and HDFC Bank also supported the index. Both banking stocks were up nearly 2%. Peers Axis Bank, Kotak Mahindra Bank, and State Bank of India rose 0.4–1.7%. Financial services companies Shriram Finance, Jio Financial Services, Bajaj Finserv, and Bajaj Finance rose 1–2%.

Max Healthcare Institute, down over 6%, was the worst-hit stock in the Nifty 50 and Nifty 200 indices after the company's March quarter earnings, detailed Thursday, missed the Street's view on net profit and sales by a wide margin. ITC fell nearly 2% after the company's March quarter earnings announcement Thursday. The company's net profit and sales surpassed the Street's view, but revenue from cigarette sales fell amid price hikes and the reintroduction of a sharp excise duty. Brokerage Nomura cut the target price on the stock to INR 300, down 6%.

Among other laggards, state-owned energy enterprises Coal India, Oil and Natural Gas Corp., and Power Grid Corp. of India were down 0.3–1.6%.

In the Nifty 200, Dixon Technologies (India) was the biggest gainer, up 4%. Varun Beverages was also among the notable gainers after the company extended its exclusive bottling and trademark licensing agreement in India with PepsiCo until April 2049. Further, the clause limiting Varun Beverages to PepsiCo's special purpose vehicle was removed. The stock hit its 52-week high during the session at INR 538.

In the Nifty 500, JSW Cement was the top gainer, up 11%, after the company reported a consolidated net profit of INR 3.71 billion on revenues of INR 18.95 billion for the March quarter. Engineers India was the worst-hit stock in the index.  (Shruti Nair)

Equity Alert: Eicher Motors rises 2% ahead of Jan-Mar earnings

MUMBAI--1040 IST--Shares of Eicher Motors rose nearly 2% to the day's high of INR 7,000 ahead of the company's March quarter earnings, due later in the day. The stock was up for the second session and gained over 2%. The volume of shares traded was slightly higher than the shares traded till the same time the previous day.

The consolidated on-year revenue growth of the automobile major for the March quarter is seen at a six-quarter low, as dispatches of its Royal Enfield motorcycles underperformed the industry due to production constraints. The company's consolidated net profit for the quarter is expected at INR 14.39 billion, up 5.6% on year.

At 1036 IST, shares of Eicher Motors were over 1% higher at INR 6,972.50 on the NSE. So far in the day, over 145,000 shares of the company have changed hands on the exchange, higher than nearly 117,000 shares traded till the same time Thursday.

Of the 13 brokerage recommendations available with Informist, seven have a 'buy' recommendation with an average target price of INR 8,486. Of the remaining six, five have a 'hold' recommendation with an average target price of INR 7,607 and one has a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Max Healthcare shrs fall 7%; Q4 PAT, sales sharply below view 

MUMBAI--1011 IST--Shares of Max Healthcare Institute fell over 7% to an intraday low of INR 1,011.30. The company detailed its March quarter earnings post market hours Thursday. The company's consolidated net profit and revenue were sharply below the Street's expectations. A double-digit rise in expenses and an unchanged average bed occupancy rate impacted the company's Jan-Mar earnings. 

For the March quarter, Max Healthcare Institute reported a consolidated net profit of INR 3.42 billion, up over 7% on year. This was sharply below the Street's expectations of INR 4.39 billion. The revenue of the company rose over 12% on year to INR 21.43 billion. This was sharply below analysts' estimate of INR 26.33 billion. The company's average bed occupancy was 75% in Jan-Mar, unchanged from the year-ago quarter. 

Total expenses of the company rose 11% on year to INR 17.26 billion. Of the total expenses, professional and consultancy fees, which account for the majority, rose over 16% on year to INR 4.73 billion. 

At 1007 IST, shares of Max Healthcare Institute were down over 6% at INR 1,021.05. Nearly 4 million shares of the company changed hands on the NSE, higher than over 1 million shares traded till the same time Thursday. The stock was the worst hit among Nifty 50 constituents.  (Adhithya Aji)

Equity Alert: Market opens tad higher, rises more as banking stocks climb

MUMBAI--0941 IST--The benchmark indices opened slightly higher, then rose as banking stocks began rising. The market rose as Iran's government continued to review a proposal from the US for a peace deal in West Asia. Progress on the peace talks is a key market mover currently. Most markets across the Asian continent also moved up. At 0940 IST, the Nifty 50 was at 23748.50 points, up 93.80 points or 0.4%. The BSE Sensex was at 75551.99, up 368.63 points or 0.5%.

Heavyweight banking stock ICICI Bank and SBI Life Insurance Co. were the top gainers in the Nifty 50, up nearly 2% each. Their financial sector peers Kotak Mahindra Bank, Axis Bank, Jio Financial Services, Shriram Finance, State Bank of India, and HDFC Life Insurance Co. were up around 1% each. Eicher Motors rose over 1% ahead of its March quarter results later in the day. HDFC Bank, the other heavyweight banking stock in the Nifty 50, also rose over 1%.

Max Healthcare Institute was the worst-hit in the 50-stock index, down 7%. The company's consolidated bottom line for the March quarter was sharply below the Street's view. The company released its earnings Thursday after market hours. The stock was the major laggard in the Nifty 200 index as well. Fast-moving consumer goods major ITC, Power Grid Corp. of India, and Dr. Reddy's Laboratories fell around 1% each.

All the broader market indices were in the red. The Nifty Smallcap indices fell 0.1-0.2%, and the Nifty Midcap indices were flat or down 0.1%. Among sectoral indices, the Nifty Private Bank, Nifty Bank, and Nifty Financial Services were the top performers, up around 1% each. The Nifty Media was the underperformer, down over 1%.

Page Industries was the top gainer among Nifty 200 constituents, up nearly 5%. The company's March quarter earnings, detailed Thursday, were above the Street's expectations. Varun Beverages and Dixon Technologies rose over 2% each in the index. Aurobindo Pharma fell over 4%. The pharmaceutical company's bottom line growth was the slowest in three quarters.

In the Nifty 500, Honansa Consumer rose nearly 9% to be the top performer while Engineers India was the worst hit, down over 7%. Engineers India's March quarter net profit was down 37% on year.  (Adhithya Aji)

Equity Alert: To open higher as Asian indices rise; peace talks hopes to aid

MUMBAI--0845 IST--The domestic headline indices are expected to open on a positive note tracking gains in Asian markets in early trade. The Iranian government's ongoing review of the latest proposal from the US for a potential deal to end the war in West Asia will largely decide the market's direction for the near term. The fall of crude oil prices to around $105 a barrel is also expected to support market sentiment.

US President Donald Trump said he is willing to wait "a couple of days" for an Iranian response to the latest American offer, CBS News reported. He also said his team is "pretty impressed" by Iran's negotiators, but that "we have to get the right answers" to avoid a return to war. Esmaeil Baqaei, Iranian foreign ministry spokesman, said Tehran had "received the points of view of the American side" and was examining them, Firstpost reported. At 0831 IST, the Brent Crude July futures contract was up over 1% at $104.08 a barrel. Crude oil prices have eased since Wednesday after optimistic developments on the global front.

At 0832 IST, the May futures contract of GIFT Nifty was largely flat at 23669 points. This is over 14 points higher than the Nifty 50's previous close of 23654.70 points. The June futures contract of GIFT Nifty was also flat at 23729, over 70 points higher than the Nifty 50's Thursday closing level.

"The Nifty index yesterday faced resistance near the 23800 level, which is likely to continue acting as a key resistance zone in today's session as well," Sundar Kewat, technical and derivatives analyst at Ashika Group, said. "On the downside, the 23500 level is expected to provide immediate support."

Hindalco Industries, Eicher Motors, and Sun Pharmaceutical Industries will be in focus Friday as they will announce their March quarter earnings later in the day. The consolidated year-on-year revenue growth of Eicher Motors for the March quarter is seen at a six-quarter low, as dispatches of its Royal Enfield motorcycles underperformed the industry due to production constraints. The company's consolidated net profit for the quarter is expected at INR 14.39 billion, up 5.6% on year. Sun Pharmaceutical is likely to report a rise of nearly 11% on year in consolidated net profit for the March quarter to nearly INR 27.86 billion. Its revenue is seen at INR 145.94 billion, up nearly 13% on year.

Shares of Max Healthcare Institute will also be in the spotlight as the company reported its March quarter results Thursday after market hours. It reported a 7% on-year rise in consolidated net profit for the quarter. Its top line rose over 12% on year. Both metrics missed the Street's view on the company's performance in the March quarter.

In the global equity markets, all Asian indices were up on optimism of the US and Iran making progress towards finally agreeing to a peace deal. Japan's Nikkei 225 rose over 2% in early trade. All the three major US indices also settled higher Thursday.  (Arundathi A R)

Equity Alert: Asian indices rise, Japan's Nikkei 225 outperforms

MUMBAI--0830 IST--Indices in Asia rose as market participants assessed the likelihood of the US and Iran striking a peace deal. The Brent crude oil price remaining slightly lower than in the past few days also possibly supported the indices. Brent Crude futures were near $104 per barrel. All major benchmark indices in the region were up. Japan's Nikkei 225 Day outperformed peers to rise over 2%.

Japan's inflation eased on an annualised basis in April compared to March. Consumer prices in the country rose 1.4% on year and 0.1% on month. Core inflation, which excludes fresh food and fuel prices, slowed to a four-year low. Core inflation rose 1.9% on year in April. "Although inflationary pressures eased in April, they will pick up again before long. Accordingly, we still think the Bank of Japan is likely to resume its tightening cycle sooner rather than later," Abhijit Surya, senior Asia-Pacific economist at Capital Economics, told Reuters.

Meanwhile in South Korea, consumer sentiment improved in May after having declined for two months running. Consumer sentiment regarding current living standards was at 93, two points higher than in April. Sentiment regarding current domestic economic conditions was significantly higher by 15 points on month at 83. One-year forward inflation expectations were lower at 2.8% compared to 2.9% in April. Semiconductor exports and the rally in the South Korean stock market probably supported the sentiment.

South Korea's broader market KOSDAQ was very volatile during early trade. Trading in the index was suspended briefly after it rose over 5%, the Dow Jones Newswires reported. The KOSDAQ had opened over 1% higher Thursday. The benchmark index, KOSPI, advanced modestly.

The following were the levels of major Asian indices at 0828 IST:

(Ruchira Kagita)

Equity Alert: US indices gain for second day albeit with muted moves

MUMBAI--0745 IST--Indices on Wall Street extended gains for the second straight session. Some semiconductor stocks lent support to the market but trade remained largely muted. The 'magnificent seven' stocks were largely flat in the trading session, with the exception of Nvidia Corp. falling almost 2% and Alphabet rising a little over 1%. Brent crude oil prices falling to around $103 per barrel also likely helped limit some losses. 

"The silver lining is that from a market perspective, the fragile ceasefire is still holding. It's positive there's still, according to news reports, the possibility of an off-ramp. Oil and market sentiment is very sensitive to every headline," Marc Dizard, chief investment officer at Huntington Wealth Managemen, told Reuters.

Among the major stocks in focus was Walmart. The retailer's shares tanked over 7% Thursday after the company retained its guidance for the full year. The company sees net sales growing 3.5-4.5%, and earnings per share to be between $2.75 and $2.85. "If the current elevated cost environment persists, we'd expect somewhat higher retail price inflation in Q2 and the second half of the year," Walmart Chief Financial Officer John David Rainey said on a call with analysts, NBC News reported. 

On the macroecnomic front, the number of people in the US filing for fresh jobless claims fell to 209,000 in the week ended May 16 from 212,000 reported last week. The Wall Street Journal had estimated initial jobless claims at 210,000. Continuing claims, meanwhile, were 1.78 million in the week ended May 9. In the previous week, continuing claims were revised to 1.78 million. The data on unemployment does signify a stable labour market but it will be important to see how the impact of the war in West Asia changes course for the US labour market. 

Following were the closing levels of major US indices on Thursday:

(Ruchira Kagita)

US$1 = INR 95.69

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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