Equity Alert
Most auto cos down; Nomura sees demand falling on rising costs
This story was originally published at 11:41 IST on 2 June 2026
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Equity Alert: Most auto cos down; Nomura sees demand falling on rising costs
MUMBAI--1125 IST--Most automobile companies were down Tuesday after several players detailed their sales for May on Monday. The Nifty Auto index was among those in the red, down 0.6% with most of its constituents in the negative territory. The index was down for the third session in a row during which it shed nearly 5%. Eicher Motors, Tata Motors Passenger Vehicles, Ashok Leyland, and Maruti Suzuki India were down 1.3–1.7% and were among the notable laggards.
Brokerage Nomura said that while healthy growth momentum was seen in May among the private vehicle and two-wheeler segments, demand is likely to moderate in the coming months due to the recent increase in fuel prices and inflationary conditions. For May, private vehicle wholesale and retail volumes grew 28% and 21% on year, respectively. The two-wheeler segment reported a 12% wholesale and 7% retail growth on year. Notably, the two-wheeler electric vehicle retail sales jumped 63% on year to 170,000 units in May.
The brokerage expects commercial vehicle and two-wheeler segments to be better placed to pass on cost pressures over the next six months driven by price hikes by original equipment manufacturers. In the private vehicle segment, the brokerage sees the price hikes to have a more acute impact on the demand for entry-segment cars and two-wheelers. The brokerage also flagged a risk to rural demand after the Indian Meteorological Department lowered its rainfall forecast to around 90% of long-period average from 92% for 2026.
The brokerage also highlighted the shift in demand towards electric vehicles and believes that the sector is at an inflection point. Supportive government policies could continue to support sales in the sector, the brokerage said. (Shruti Nair)
Equity Alert: Fall in RIL drags dn Nifty 50 further; IT cos continue to gain
MUMBAI--1103 IST--The Nifty 50 fell further, dragged down by a decline in shares of Reliance Industries. The index earlier came slightly off intraday lows as index heavyweight HDFC Bank sharply pared some of its initial losses. The Sensex briefly turned green but failed to sustain its gains. On other hand, shares of information technology companies continued to defy the trend. Nifty IT was the only sectoral index to be in positive territory, gaining nearly 4%.
At 1101 IST, the Nifty 50 was at 23304.75, down 77.85 points or 0.3%, and the BSE Sensex was at 74077.49, down 189.85 points or 0.3%. As estimated by technical analysts Monday, the 50-stock index opened gap down and remained under selling pressure on the expiry of derivative contracts of the Nifty 50.
Among the sectoral indices, Nifty Pharma was the worst hit, falling 1.3%, followed by Nifty Healthcare, which was down 1%. On the fundamental front, global brokerage Jefferies said most March quarter earnings of pharmaceutical companies came in higher than estimates with Lupin and Zydus Lifesciences topping the charts, according to a post on X, formerly Twitter, by NDTV Profit. The brokerage has raised the earnings-per-share estimate for Zydus by 14% but cut it by 5-10% for Lupin.
All broader market indices were in the red with mid-cap indices falling more than their small-cap peers. Almost all of these indices underperformed the benchmark indices. Nifty Midcap 150, Nifty Midcap 100, and Nifty Midcap 50 were down 0.7?ch, while Nifty Smallcap 250, Nifty Smallcap 100, and Nifty Smallcap 50 were 0.3-0.6% lower.
The volatility in the market remained low with the index moving in a confined range. The fear gauge of the Dalal Street, India VIX, was 2.3% lower at 16.1575. Traders added short bets in the call options of the Nifty 50 derivatives while also selling put options. They also bought some put options at 23300 and 23350 strikes, indicating caution in the market. (Simran Rede)
Equity Alert: NMDC up 5%; brokerages see high volumes to drive earnings
MUMBAI--1046 IST--Shares of NMDC rose nearly 5% to an all-time high of INR 96.88. Brokerages are of the view that higher volumes will drive earnings for the steelmaker after it reported a healthy earnings for Jan-Mar. The company in a post earnings conference call said that it plans to double the capital expenditure to INR 60 billion in 2026-27 (Apr-Mar). It also plans to scale this up to INR 90 billion–INR 100 billion in the next three-four years.
For the March quarter, the company had reported a net profit of INR 20.20 billion, up 35% on year. The revenue of the company gained nearly 61% on year to INR 111.73 billion. The earnings before interest, tax, depreciation, and amortisation of the company were at INR 26.4 billion, up 29 on year. The EBITDA growth was driven by higher volumes, which was partially offset by lower prices, Nuvama Institutional Equities said.
The company has taken a price hike of INR 500-INR 600 per tonne in the June quarter due to higher international and strong domestic steel prices, Nuvama said. The brokerage raised the EBITDA estimate for FY27 by 13% and by 16% for FY28. This is by factoring in higher volume and iron ore prices, Nuvama said. The brokerage maintained a 'hold' recommendation on the stock and raised the target price nearly 18% to INR 100.
NMDC reported strong earnings for the March quarter supported by strong volumes, according to Motilal Oswal Financial Services. The management of the company guided for production volume to increase to 60 million tonnes in FY27. "We largely maintain our estimates for FY27/28 and expect volumes and prices to remain elevated, in line with strong demand from steel makers," Motilal Oswal said. The brokerage maintained a 'buy' call on the stock with a target price of INR 106.
At 1043 IST, shares of the company traded nearly 4% higher at INR 95.69. Over 55 million shares of the company changed hands on the NSE, which is nearly four times higher than the number of shares traded till the same time Monday. (Adhithya Aji)
Equity Alert: IT cos rise; Nifty IT up for third day, hits over-1-month high
MUMBAI--1030 IST--The Nifty IT continued to rise for the third consecutive session Tuesday, hitting an over-one-month high of 30849.60 points. The index was the top gainer among its sectoral peers, with all its constituents trading higher. Tata Consultancy Services gained the most among constituents of the Nifty 50 index.
"Valuations (of IT companies) are attractive," said Sumit Pokharna, vice-president of fundamental research at Kotak Securities. He expects this rally to continue for the coming days.
Brokerage firm Morgan Stanley expects IT services companies to be the dark horse as the world pivots to these firms to build artificial intelligence applications and solutions, NDTV Profit posted on its 'X' account, citing the brokerage.
At 1020 IST, the Nifty IT index was almost 4% higher. Its constituents Coforge, HCL Technologies, Infosys, LTM, Mphasis, Oracle Financial Services, Persistent Systems, Tata Consultancy Services, Tech Mahindra, and Wipro were trading 0.7-6.2% higher. (Arundathi A R)
Equity Alert: Indices open lower as Iran suspends talks with US
MUMBAI--0941 IST--Benchmark indices opened lower Tuesday after Iran said it will suspend talks with the US over Israel's expanding military attack in Lebanon. Though US President Donald Trump said initially that he doesn't "care if they're (war) over, honestly," he later said after a conversation with Israeli Prime Minister Benjamin Netanyahu that there will be no military movement to Lebanon. The July Brent crude futures rose to $94 per barrel from the previous day's low of $92 per barrel.
At 0936 IST, the Nifty 50 was at 23293.55, down 89.05 points or 0.4%, and the BSE Sensex was at 74022.96, down 244.38 points or 0.3%. Information technology stocks were major gainers in the indices. Infosys, Tata Consultancy Services, Tech Mahindra, and HCL Technologies were the top gainers among the Nifty 50 constituents, rising 2–3%. Hindalco Industries, Tata Steel, and Asian Paints rose over 1?ch.
On the other hand, Bajaj Finance was the biggest laggard in the 50-stock index, down over 2%. Bajaj Finserv, SBI Life Insurance Co., Shriram Finance, HDFC Life Insurance Co., and Kotak Mahindra Bank fell around 1?ch. Shares of Apollo Hospitals Enterprises, Eternal, NTPC, Coal India, Larsen & Toubro, and Dr. Reddy's Laboratories also fell around 1?ch. The heavyweight banking stocks HDFC Bank and ICICI Bank also declined 1?ch.
The broader market indices were in the red, with the Nifty midcap indices down 0.4-0.5% and the Nifty smallcap indices 0.1-0.2% lower. Nifty IT was the top gainer among the sectoral indices, up over 2%. All the constituents in the index traded higher. Nifty Financial Services was the biggest laggard among the sectoral indices, down over 1%.
In the Nifty 200, NMDC was the top gainer, up nearly 4%. NHPC fell over 3%, making it the worst-hit stock in the Nifty 200 after the government decided to sell a 6% stake in the company through an offer for sale. Hitachi Energy India fell 3%. Among the Nifty 500 constituents, Sonata Software was the top gainer, up over 6%. RHI Magnesita India was the biggest underperformer in the index, down 6%. Force Motors fell nearly 5?ter its May sales fell 15% on-year. (Adhithya Aji)
Equity Alert: To open lower as Iran suspends talks with US; oil at $94/bbl
MUMBAI--0825 IST--The headline stock indices are likely to open lower Tuesday as Iran has suspended talks with the US over Israel's expanding military attack in Lebanon. A rise in crude oil prices to around $94 a barrel will weigh on indices.
At 0825 IST, the Brent crude oil futures contract was 0.4% lower at $94.65 per barrel. All three major US indices closed higher Monday, while Asian markets were mixed in early trade.
Iran's negotiating team will stop exchanging messages with the US through mediators following attacks on Lebanon by Israel, CNBC reported, quoting Iran's state-owned media Tasnim. Iran will also close the Strait of Hormuz in retaliation for violations of the ceasefire. "No dialogue will take place" till Israel fully withdraws from the occupied areas in Lebanon, Iran said, according to the report.
Reacting to Iran's decision to suspend talks, US President Donald Trump said, "I don't care if they're over, honestly," CNBC reported. He said the discussions "started to get very boring." On his Truth Social media, Trump posted he "had a very productive call" with Netanyahu. "There will be no Troops going to Beirut, and any Troops that are on their way have already been turned back," CNBC reported.
At 0827 IST, the June futures contract of GIFT Nifty was 0.7% lower at 23277.50 points from its previous close. This was over 100 points lower than the Nifty 50's Monday's close of 23382.60. "The Nifty 50 is expected to face resistance at the 23600 level and to find support at the 23200 level," Nirav Harish Chheda, assistant vice president of derivatives and technical research at Nirmal Bang, said.
Brokerage firm Prabhudas Lilladher said in a report on the cement sector on Monday that several markets saw rollbacks of earlier price hikes or flat prices in May due to weak demand and heightened competitive intensity. Subdued construction activity, labour shortages, and heatwaves weighed heavily on demand during May, according to the brokerage, which led to price corrections in several markets. The all-India average price of cement declined INR 2 per bag on a month-on-month basis to INR 331 per bag, it said.
India's goods and services tax collections grew just 3.2% on year to INR 1.94 trillion in May, government data released Monday showed. Due to a fall in integrated goods and service tax and compensation cess, the central government's tax collections in April fell 1.9% on year to INR 2.66 trillion, data released by the Controller General of Accounts showed Monday. (Arundathi A R)
Equity Alert: Most Asian mkts fall; fragility of US-Iran peace talks weighs
MUMBAI--0825 IST--Most indices in Asia opened lower Tuesday amid renewed concerns about the progress of peace talks between the US and Iran. "I don't care if they're over, honestly," US President Donald Trump was quoted as saying by CNBC. Japan's Nikkei 225 and TOPIX, and South Korea's KOSPI were firmly in the red while Hong Kong's Hang Seng bucked the trend and was up over 1%.
The US is continuing its talks with Iran on a peace deal, CNN reported, citing sources. Trump had a heated phone call Monday with Israel's Prime Minister Benjamin Netanyahu and emphasised on Israel scaling back its military offensive in Lebanon, the media agency reported. Brent Crude Oil futures remained around $95 per barrel but were still more than 3% higher from Monday's lows.
In other macroeconomic news, South Korea's retail inflation jumped to the highest level in over two years. Consumer prices inched up 3.1% on year in May. The last time the country witnessed inflation at this level was in March 2024. Core inflation, which excludes volatile food and energy prices, rose 2.5% year-on-year. "It is expected that inflation will stay at the 3% level for the time being due to spillover effects of the oil price shock on other sectors," the Bank of Korea said after the data release, Reuters reported. The media agency had polled inflation to rise 3% on an annualised basis in May.
The following were the levels of major Asian indices at 0826 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4872.8655 | 0.59 |
| Hang Seng Index | 25747.34 | 1.37 |
| Nikkei 225 Day | 65833.49 | (-)1.64 |
| TOPIX FIRST SECTION | 3387.16 | (-)1.36 |
| KOSPI | 8639.54 | (-)1.69 |
| FTSE Singapore Strait Times | 5074.85 | 0.73 |
| S&P/ASX 200 Index | 8677.60 | (-)0.59 |
(Ruchira Kagita)
Equity Alert: Major US indices touch fresh highs, tech stocks lend support
MUMBAI--0750 IST--Indices on Wall Street ended with gains as technology stocks continued to drive gains. The Dow Jones Industrial Average, S&P 500, and the NASDAQ Composite rose to fresh highs Monday. Market participants held on to some positivity after US President Donald Trump said talks with Tehran are in progress. "Talks are continuing, at a rapid pace, with the Islamic Republic of Iran," Trump said in a post on Truth Social.
"The market seems to think that something's going to get done at some point, but we don't have very good information to go on, like what the Iranians really want and what Trump is willing to settle for," Thomas Martin, senior portfolio manager at GLOBALT, told Reuters.
Shares of Nvidia Corp. closed 6% higher after the company announced that it will expand into making chips for personal computers. This is a domain where Intel Corp., Advanced Micro Devices, and Qualcomm have traditionally held dominance. Intel slid nearly 5% Monday, Advanced Micro Devices over 1%, and Qualcomm as much as 9%. In other news, Anthropic, the maker of artificial intelligence model Claude, filed to list on the US bourses.
"Filing shortly after SpaceX allows Anthropic to capitalize on strong investor interest in AI and growth stocks while the window remains favorable," Kat Liu, vice president at IPO research firm IPOX, told Reuters.
Among the other stocks in focus was Hewlett-Packard Enterprise. The technology major soared by over 30?ter it posted robust earnings for the quarter ended April. The company's revenue rose 40% on year to $10.7 billion. It reported earnings per share of $0.79, significantly higher than its forecast of $0.51-$0.55. This was Hewlett-Packard's biggest-ever beat on its earnings per share since February 2018, CNBC reported. The company projected its earnings per share for the full year at $3.35-$3.45, up from $2.30-$2.50 earlier.
The following were the closing levels of major US indices on Monday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
51078.88 | 0.09 |
|
NASDAQ Composite |
27086.81 | 0.42 |
|
S&P 500 |
7599.96 | 0.26 |
(Ruchira Kagita)
US$1 = INR 95.17
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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