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Informist, Wednesday, Jun. 3, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 seen recovering in near term, RBI policy in focus

MUMBAI--1608 IST--The Nifty 50 is expected to rise from current levels as banking stocks show resilience ahead of the Reserve Bank of India's monetary policy announcement on Friday. Investors will look to the policy decision for cues on the interest rate trajectory. However, analysts believe the broader market trend remains bearish.

On Wednesday, the Nifty 50 ended 0.3% lower at 23405.60 points, and the Sensex settled 0.4% lower at 74346.17 points. A slight recovery in banking stocks helped the index settle off its lows on Wednesday. The 50-stock index bounced back from the consolidation range with immediate support at 23200-23000 and the resistance at around 23800-24000, said Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market. "Moving forward, we reiterate that traders should maintain level-based trading and focus on a stock-and sector-specific trading approach," Kumaar said. 

Support for the Nifty 50 is expected around 23150-23100, while resistance is pegged at 23750-23800, according to Jatin Gedia, senior vice president, technical research at Teji Mandi Investment Technologies. Gedia expects the 50-stock index to recover from recent losses. He also said the Nifty Bank shows resilience, having touched the 61.8% retracement level.  

Investors remain cautious ahead of the upcoming RBI policy decision and GDP data, which are expected to provide further clarity on growth challenges amid inflation risks, according to Vinod Nair, head of research at Geojit Investments. "Meanwhile, the developments in US–India trade negotiations and broader geopolitical dynamics could influence near-term market direction," Nair said in a note.  (Adhithya Aji) 

Equity Alert: Indices end slightly lower, banks aid in recovery from lows

MUMBAI--1611 IST--Benchmark stock indices recovered from steep intraday losses and ended slightly lower on Wednesday. Indices came off lows after investors bought banking stocks. However, information technology companies, which were the worst hit throughout the session, limited the recovery of the Nifty 50 index. 

The Nifty 50 index, which was down 1.4% at one point, came off lows and ended only 0.3% lower from Tuesday at 23405.60 points. The Sensex also shed most of the intraday losses and settled at 74346.17 points. 

Most small-cap and mid-cap indices ended 0.1-0.6% lower, while the Nifty Smallcap 250 index managed to end a tad higher. Among sectoral indices, the Nifty IT closed 5.6% lower and was the worst performer throughout the session by a wide margin. The fall in IT stocks was driven by a sell-off in the aftermath of the rally seen in the sectoral index over the previous three sessions during which the Nifty IT index gained 8%.

Tata Consultancy Services ended the session 8.4% lower and was the worst performer in the Nifty 500 index. Infosys, HCL Technologies, and Tech Mahindra closed around 3.8-6.3% lower. Mid-cap IT stocks were also down, with Coforge and Persistent Systems ending 6-7% lower.

Buying in banks was the major reason behind benchmark indices shedding losses with the Nifty Bank and Nifty PSU Bank up 0.9% and 1.7%, respectively. Index heavyweights HDFC Bank and ICICI Bank ended 0.7% and 1.3% higher, respectively. Peers Axis Bank, State Bank of India, and Kotak Mahindra Bank ended 0.3-1.4% higher, recovering from their earlier lows.

Among other major stock movements, Vodafone Idea ended 5% higher after ratings agency ICRA upgraded the company's long-term fund-based term loans to "A-" from "BBB". Among other gainers, Ola Electric Mobility and Ather Energy ended the session 10% and 6.4% higher, respectively. Both stocks rose sharply in the second half of the session after Pradip Batra, cabinet minister of Uttarakhand, said the state would soon implement an electric vehicle policy to provide subsidies and establish allied industries.  (Shruti Nair)

Equity Alert: Nifty 50 June ends at premium of 84.40 points to spot index

MUMBAI--1537 IST--The June futures contract of the Nifty 50 closed at a premium of 84.40 points to the spot index Wednesday. Open interest in the contract jumped nearly 11% to 19.33 million, according to provisional data.

--Nifty 50 closed at 23405.60 points, down 77.95 points or 0.3% from Tuesday

--Nifty 50 June closed at 23490.00 points, down 113.70 points or 0.5% vs Tuesday

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

Call: 24000, Put: 22000

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

Call: 24000, Put: 22000

(Anshul Choudhary)

Equity Alert: European indices down amid West Asia war, new tariff concerns

MUMBAI--1430 IST--Indices in Europe were down Wednesday amid heightened tensions between the US and Iran. The US Central Command said it struck down ballistic missiles from Iran directed at its neighbours in the Persian Gulf region. Brent crude oil futures inched up almost 6% from Tuesday's low to around $98 per barrel. Sentiment was futher dampened by the US trade representative proposing additional tariffs of 10% and 12.5% on countries exporting goods to the US made using forced labour. The pan-European STOXX 600 was down 0.3% in the early hours of trade.

"The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable. This creates a dynamic where American workers are forced to compete globally on an unlevel playing field," US Trade Representative Jamieson Greer said in the official press release on the newly proposed tariffs. The UK, Switzerland, and Norway would face an additional 12.5% tariff while the European Union would face a duty of 10%.

Among some key individual movers was Akzo Nobel. Shares of the paint maker tumbled almost 19% after plans for a takeover by Nippon Paint and Sherwin-Williams fell through. Akzo Nobel had rejected a joint cash takeover offer worth $85 per share, CNBC reported. Meanwhile, Zara and Massimo Dutti's parent Inditex rose nearly 6% after the company said its in-store and online sales went up 11.5% on year in constant currency from May 1 through Jun. 1. For the quarter ended April, the company's sales grew 5.8% on year in euros and 8.8% in constant currency terms.

The following were the levels of major European indices at 1426 IST:

(Ruchira Kagita)

Equity Alert: Indices recover a bit; banks, healthcare cos rise, IT cos stay down

MUMBAI--1426 IST--The benchmark indices came further off the day's lows but remained in the red in afternoon trade. Nearly 20 constituents of the Nifty 50 index were up. A rise in stocks of select banks and healthcare companies helped the index recover from its earlier fall, though not fully. Further, the government said the proposed 12.5% tariff announced by the US trade representative on countries, including India, that fail to prohibit goods made using forced labour has not yet been finalised. The government said India is engaging with the US on the matter. Information technology companies remained down, preventing the benchmark index from climbing back into the green.

At 1425 IST, the Nifty 50 was at 23403.65, down 0.3% against 0.8% lower earlier. The BSE Sensex was at 74420.22, also down 0.3% against 0.9% lower earlier. The market volatility gauge India VIX was at 16.3900, up 6.7%. In the broader market, the Nifty small-cap indices were down 0.2-0.4% and the Nifty mid-cap indices were down 0.5-0.7%. More than half of the sectoral indices recovered from their earlier fall and climbed into the green with the Nifty Bank, Nifty PSU Bank, and Nifty Private Bank indices up 0.5-0.9%, leading the gains. Nifty IT continued to be the worst-performing sectoral index, down 5.3%.

Tata Consultancy Services was down 8.3% and remained the worst performer in the Nifty 50, Nifty 200, and Nifty 500 indices. IT peers Infosys, HCL Technologies, and Tech Mahindra also remained among the poor performers in the Nifty 50, down 3.7–5.5%. On the other hand, Apollo Hospitals Enterprise, up over 2.3%, remained the top gainer in the 50-stock index. Sector peer Max Healthcare Institute rose 1.6%. Index heavyweights ICICI Bank and HDFC Bank were up 1.5% and 0.3%, respectively. Peers Axis Bank and Kotak Mahindra Bank rose 0.6% and 0.5%, respectively.

Vodafone Idea rose sharply, up 5% to be the top gainer in the Nifty 200 index. The stock rose after rating agency ICRA upgraded the company's long-term fund-based term loans to "A-" from "BBB" and revised the outlook on the debt instrument to "stable" from "positive". The stock hit its highest level since September 2024 at INR 15.09 per share. IFCI rose nearly 11% and became the highest gainer in the Nifty 500 index.  (Shruti Nair)

Equity Alert: Most Asian markets up, tech stocks support gains amid West Asia woes

MUMBAI--1345 IST--Most stock indices in Asia closed higher on Wednesday as market participants seemed to look past the tensions between the US and Iran. Technology stocks drove indices higher. Japan's Nikkei 225 index closed above 68000 for the first time after hitting a record high earlier in the session. In Japan, Tokyo Electron ended over 13% higher, Advantest Corp. over 5%, Yaskawa Electric Corp. 8%, and Keyence Corp. nearly 3%.

Goldman Sachs raised its recommendation on Taiwan to 'overweight' and increased its 12-month target on South Korea's KOSPI by 33.3% to 12000, Reuters said. This implies an upside of around 36% from its current level. The firm is bullish on North Asia compared to other markets in the continent. "North Asia has greater buffers to the Iran war energy shock and is the epicentre of the AI trade, whereas South Asia is more exposed to energy price pass-throughs and has little listed AI representation," Goldman Sachs was quoted as saying by the media agency. Further, stocks delivering good earnings growth are being rewarded, it said. Taiwan's key index TAIEX was up 2%, while the South Korean stock market was closed for elections.

Meanwhile, China's general services' purchasing managers index edged up to 54.4 in May from 52.6 in April, the steepest increase in services activity in three months, data compiled by RatingDog and S&P Global showed. Increased client demand, business innovation, new client acquisitions, better market conditions, and new projects supported the expansion. "Regarding prices, input costs rose for the fifteenth consecutive month, with the rate of inflation accelerating to the highest since October 2024. Firms linked higher costs to oil and fuel prices, increased procurement and higher wages," Yao Yu, founder of RatingDog, said in a press release. China's CSI 300 ended up 0.5% and the SSE Composite 0.2%.

Following were the levels of major Asian indices at 1348 IST:

(Ruchira Kagita)

Equity Alert: Cartrade Tech up 8%, Kotak Institutional upgrades to 'buy'

MUMBAI--1308 IST--Shares of Cartrade Tech rose over 8% to an intraday high of INR 1,946.90 on the NSE. The stock was one of the top gainers in the Nifty 500 universe. Kotak Institutional Equities upgraded the stock to 'buy' from 'sell' and hiked its target price by nearly 28% to INR 2,300 from INR 1,800, CNBC-TV18 reported. At 1300 IST, shares of Cartrade were 7.9% higher at INR 1,935.20 and over 2 million shares of the company changed hands on the bourse. At 1300 IST, the stock has fallen 45% from its record high of INR 3,290 posted in November 2025, the brokerage is quoted as saying by the media outlet. 

The company's deep dealer database and value-added offerings may help it offset the adverse impact of artificial intelligence models. Cartrade's OLX business is seen a major tailwind by the brokerage. Gross merchandise value is seen to be steady for OLX, thus supporting monetisation and margin. Kotak Institutional raised its earnings per share estimate for the company by 1-5% for the period between 2026-27 (Apr-Mar) and FY29. All nine broking firms which track Cartrade now have a 'buy' recommendation on the stock, CNBC-TV18 said.  (Ruchira Kagita)

Equity Alert: Indices off lows; select banking stocks rise; IT cos remain dn

MUMBAI--1307 IST--Benchmark indices came off lows amid gains in the stocks of select banks. However, the indices remained in the negative zone with less than 15 constituents in the Nifty 50 index in the green. Information technology companies remained the main drag in the 50-stock index. Financial services companies and select pharmaceutical companies were also among notable laggards. 

At 1300 IST, the Nifty 50 was at 23280.30, down 0.9% against 1.3% lower earlier. The BSE Sensex was at 73948.09, down 0.9% from 1.5% lower earlier. Broader market indices also remained in negative territory but came off earlier lows. The Nifty small-cap indices were down 0.6-0.9% and the Nifty mid-cap indices were down around 1% each.

Most sectoral indices remained in the red. However, the Nifty PSU Bank, Private Bank, and Nifty Healthcare indices recovered from earlier lows and turned flat. The Nifty IT index was down 5.5% and remained the worst-hit sectoral index by a wide margin. The index snapped its three-session winning streak with all of its constituents now in the red. A sector analyst attributed the "cool-off" to the rally seen in the past few sessions amid concerns about artificial-intelligence-based disruption voiced by global brokerages.

Tata Consultance Services extended its losses and fell nearly 9% and remained the worst-performer in the Nifty 50, Nifty 200, and Nifty 500 indices. Infosys, HCL Technologies, and Tech Mahindra were down 4–5%. On other hand, Apollo Hospital Enterprise rose 2.5% and remained the best performer in the Nifty 50 index. Select banking stocks recovered their earlier losses and climbed into positive territory. Index heavyweights, ICICI Bank and HDFC Bank were up 0.4% and 0.1%, respectively, while peers Kotak Mahindra Bank and Axis Bank also saw marginal gains. In the Nifty 200, GE Vernova T&D India rose 5% and was the highest gainer. RHI Magnesita India was up nearly 8%, the highest gainer in the Nifty 500 index.  (Shruti Nair)

Equity Alert: Concord Biotech up 9% after US FDA OK to Mycophenolate mofetil

MUMBAI--1146 IST--Shares of Concord Biotech rose 9% to a three-month high of INR 1,273 a day after the company received the US Food and Drug Administration's approval for Mycophenolate mofetil USP. The stock rose for the third consecutive session Wednesday and has gained around 21% during the period. 

Mycophenolate mofetil USP is used to prevent organ rejection in patients who have received kidney, heart, or liver transplant, in combination with other immunosuppressants. The drug has a market size of about $30 million in the US, Concord Biotech said.

At 1143 IST, shares of Concord Biotech traded nearly 8% higher at INR 1,256.90. Over four million shares of the company changed hands on NSE, six times higher than the number of shares traded till the same time Tuesday.  (Adhithya Aji)

Equity Alert: IT cos snap 3-day rising streak; Nifty IT down 5%, TCS 8%

MUMBAI--1140 IST--After rallying for the past three sessions, the Nifty IT index pared its gains Wednesday. All constituents of the Nifty IT fell, and the index was the top loser among its sectoral peers. Tata Consultancy Services, down over 8%, was the major loser in the Nifty 50, Nifty 200, and Nifty 500 indices.

"Global brokerages are coming out with some notes to clients, where they are talking about the AI-based disruption happening currently, and this has led to a sell-off," said Rishubh Vasa, IT sector research analyst at Indsec Securities & Finance. "There has been a rally and because of that a cool-off is seen."

At its analyst meeting Tuesday, LTM said it targetted around 2 times revenue by 2030-31 (Apr-Mar), which implies a compound annual growth rate of around 15% with an earnings before interest, tax, depreciation, and amortisation margin expansion of nearly 200 basis points. "It expects revenue growth to be broadly consistent throughout this period, barring lumpy M&As (mergers and acquisitions)," Emkay Global Financial Services said in the company's analyst meet update report.

"The management expects net AI-led compression to be $0.3 trillion. However, this is likely to be negated by anticipated growth through platformized services adding around $0.5 trillion and nearly $0.8 trillion from new business AI and AI-led digital engineering services," according to Emkay's report.

At 1112 IST, LTM, Persistent Systems, Coforge, Tech Mahindra, HCL Technologies, Infosys, Mphasis, Wipro, and Oracle Financial Services were 2.2–7.6% lower. The Nifty IT index was down 5%. The index gained nearly 8% during its previous three sessions.  (Arundathi A R)

Equity Alert: ITC needs to up cigarette costs by 35%, says Motilal Oswal

MUMBAI--1105 IST--"Classic" cigarette seller ITC plans calibrated price hikes to offset the hit from high taxes. Costs for cigarette players have gone up, given the hike in excise duty in addition to the already-implemented reforms in goods and services tax. Initially, the company is likely to focus on steady price increases to become tax-neutral while protecting its market share among legal players, Motilal Oswal Financial Services said in a report. It would need to raise prices by over 35% across its portfolio to be neutral in earnings before interest and taxes. At 1101 IST, shares of ITC were down more than 2% at INR 276.50 on the NSE. 

Volatility in cigarette volumes and earnings before interest and taxes are likely to moderate after this initial phase, Motilal Oswal said. However, the brokerage is still uncertain about the company's cigarette business since revisions in market retail prices are still going on. "...the extent of consumer acceptance for revised prices will be a key monitorable," the brokerage said. Motilal Oswal pencilled in a 15% decline in sales for ITC's cigarette segment and a 19% dip in EBIT for 2026-27 (Apr-Mar).

Only after the initial phase can the company's standing among illegal and legal players be assessed, the broking firm said. The unprecedented price hike makes it difficult to gauge the degree of fall in the cigarette industry's volumes going forward. Motilal Oswal said ITC's cigarette business is likely to see its EBIT at a compounded annual rate of around (-) 8% between FY26 and FY28. Volumes, meanwhile, are seen falling by 10% in FY27 and being flat in FY28.

Meanwhile, ITC's fast-moving consumer goods' others division is strong, Motilal Oswal noted. The brokerage sees this segment growing at a compounded annual rate of 10% between FY26 and FY28. Motilal Oswal also sees the company's paperboards business to improve despite pricing pressure from China. The firm pegged the segment to grow at a compounded annual rate of about 14% between FY26 and FY28. The EBIT margin from the paperboards segment are seen being stable at 7.5%

"Earnings pressure on cigarettes would take away near-term catalysts," Motilal Oswal said while adding that the stock's valuations are comfortable. The brokerage maintained its "neutral" call on the stock but cut its target by 10% to INR 300 from INR 335.  (Ruchira Kagita)

Equity Alert: Indices remain lower as US, Iran trade strikes; IT cos main drag

MUMBAI--1057 IST--Benchmark indices remained lower during early trade with less than 10 constituents in the Nifty 50 in the green. Fund managers attributed the fall in the indices to the recent escalation in the West Asia conflict. After Iran launched missiles at Kuwait and Bahrain, the US attacked Iran's Qeshm island. Subsequently, Brent Crude August futures rose 1% to $97 per barrel. The negative view surrounding large-cap stocks also dampened the sentiment on the Street. However, indices are expected to recover by the end of the session and end higher, according to a Mumbai-based fund manager. 

At 1055 IST, the Nifty 50 was at 23230.20, down 1.1%, while its peer, the BSE Sensex, was at 73816.43, down 1.1%. Broader market indices tracked the losses of their benchmark peers. The Nifty small-cap indices were down 0.7–1%, while the Nifty midcap indices were down 1–1.3%. All sectoral indices were down. The Nifty IT index snapped its three-session gaining streak and fell 4.6%. The index was the worst performer among sectoral peers, followed by the Nifty Realty index which was down 2.3%.

Information technology companies remained the main laggards in the Nifty 50 index after rising over the past few sessions. Tata Consultancy Services shed nearly 8% and was the worst-hit stock in the Nifty 50, Nifty 200, and Nifty 500 indices. Peers HCL Technologies, Infosys, and Tech Mahindra were down 4–5% in the Nifty 50, while Coforge, LTM, and Persistant Systems were down 4.5–7% and among the worst-hit in the Nifty 200 index.

Apollo Hospitals Enterprise rose 1.4% and was the highest gainer in the Nifty 50. Select automobile players such as Mahindra & Mahindra and Maruti Suzuki rose 0.2% and 0.7%, respectively, and were also among the gainers in the 50-stock index.

In the Nifty 200, power player NHPC rose nearly 5% and was the highest gainer after the government said it will exercise a greenshoe option to sell an additional 3% stake in the company through an offer for sale. The government had offered to sell up to 6% stake in NHPC through an offer for sale – a base issue of 3% and a greenshoe option of 3%.

Concord Biotech rose nearly 6% and was the highest gainer in the Nifty 500 index. The stock hit an over-three-month high at INR 1,264.90 during early trade. The company's Abbreviated New Drug Application for Mycophenolate mofetil USP received approval from the US Food and Drug Administration.  (Shruti Nair)

Equity Alert: NHPC up 5%; govt to exercise full greenshoe option for co's OFS

MUMBAI--1030 IST--Shares of NHPC rose over 5% to an intraday high of INR 76.17 after the government decided to use the entire greenshoe option to sell an additional 3% stake in NHPC through an offer for sale. The OFS comprises a base issue of 3% and a greenshoe option of 3%. The retail investors can place their bids for an offer for sale in which the government will sell up to 6% stake in the company.  

Non-retail investors made their bids on Tuesday. "Offer for Sale in NHPC Ltd. received enthusiastic response from investors and was oversubscribed 3.47 times on the first day," Chawla said in a post on X. "Allocation will be on price priority basis." The floor price for the offer for sale has been fixed at INR 71 per share. Post the offer, the government's stake in the company will decline to 61.40% from 67.40%. 

At 1027 IST, NHPC's shares were trading 4.5% higher at INR 75.56. Nearly 87 million shares of the company changed hands on NSE, which is nearly two times higher than the number of shares traded till the same time Tuesday.  (Adhithya Aji)

Equity Alert: Markets open lower amid escalating US-Iran war, tariff concerns 

MUMBAI--0945 IST--Benchmark indices opened lower Monday after the US and Iran launched fresh strikes on each other amid US President Donald Trump's comments that the peace talks were going on. Following the fresh escalation , the July Futures of Brent crude oil rose to nearly $97 per barrel. Also, the US Trade Representative has proposed an additional tariff of 12.5% on all countries that failed to impose a prohibition of the import of goods produced with forced labour, including India.

At 0940 IST, the Nifty 50 was at 23260.95, down 222.60 points or 1%, and the BSE Sensex was at 73815.20, down 834.64 points or 1.1%. Apollo Hospital Enterprises, Oil and Natural Gas Corp., Maruti Suzuki India, Bajaj Auto, and Coal India were the top gainers in the Nifty 50, up 1% each.  Tata Consumer Products, Adani Ports and Special Economic Zone, Nestle India, Asian Paints, and Bharti Airtel rose 0.1-0.5%.

Information technology companies were the major laggard in the indices Wednesday. Tata Consultancy Services, Tech Mahindra, Infosys, and HCL Technologies fell 3-6%. The American depository receipts of Wipro fell around 8% and those of Infosys fell over 2% overnight. ITC fell over 2%. Financial services companies Bajaj Finserv, Shriram Finance, Jio Financial Services, Bajaj Finance, and HDFC Life Insuranec Co. fell 1-2%. State Bank of India and Axis Bank were down over 2% each. Eternal fell 2%. 

All the broader market indices were in the red. The Nifty Smallcap indices declined 0.7-0.8%, and the Nifty Midcap indices fell around 1% each. All the sectoral indices were in the red as well. Among the sectoral indices, Nifty IT was the worst hit. It fell nearly 4% after rising for three consecutive sessions. 

NHPC was the top gainer among the Nifty 200 constituents, up over 4%. The stock rose after the government decided to exercise the entire green-shoe option of the company's offer for sale. Siemens Energy India rose over 3% and NMDC gained nearly 2% in the index. Meanwhile, information technology companies were the major laggards in both the Nifty 200 and Nifty 500 indices. LTM, TCS, and Persistent Systems fell 5-7% and were the worst hit stocks in both the Nifty 200 and Nifty 500.  (Adhithya Aji)

Equity Alert: To open lower Wed as crude oil prices surge to $97/bbl

MUMBAI--0830 IST--The domestic equity indices are expected to open a tad lower Wednesday as crude oil prices have surged on fresh US attacks on Iran. Oil prices rose to $97 per barrel from the previous session's low of $92 a barrel. According to various news reports, the US military's Central Command conducted "self-defence" strikes on Qeshm Island in Iran and "defeated multiple" Iranian missiles and drones, as civilian vessels and regional allies Kuwait and Bahrain came under attack.

US President Donald Trump reacted to the reports that negotiations with Iran to end the war have stalled, saying that "conversations between us have been going on continuously." According to a statement from the US military's Central Command, Iran had launched several ballistic missiles at regional neighbours, though none hit their intended targets, CNBC reported.

At 0830 IST, the Brent crude oil August futures contract was 1% higher at $96.86 per barrel. So far this week, oil prices have risen by over 6%.

Emkay Global Financial Services expects 13.8% earnings-per-share growth for the Nifty 50 in 2026–27 (Apr-Mar), after companies delivered strong earnings growth in the March quarter for a second consecutive quarter. "The internals of the results were encouraging, robust topline, strong broad-based growth, and healthy cash flows and balance sheets," the brokerage said in its India strategy report.

However, the brokerage flagged a slowing in capital expenditure to 9% on-year as a concern. It sees a strong earnings recovery setting the stage for a robust FY27 for Indian equities, while the continued war in West Asia, with an extended closure of the Strait of Hormuz for the next one to two months, poses a serious risk.

In another development, InterGlobe Aviation Tuesday said it planned to return one Boeing 787-9 Dreamliner to Norse Atlantic Airways. Due to ongoing international airspace constraints that have significantly increased flight durations and a challenging cost environment, the airline discontinued its flight operations to and from Manchester with effect from Aug. 31, the company said in a press release Tuesday. Shares of InterGlobe Aviation closed 0.3% higher Tuesday.

At 0831 IST, the June futures contract of GIFT Nifty was largely flat at 23483.50 points from its previous close. This was almost in line with the Nifty 50's Tuesday's close of 23483.55. "On the downside, immediate support is placed at 23420 (level)," Rupak De, senior technical analyst at LKP Securities, said. "A breach below this level could trigger another decline towards 23200. On the upside, resistance is positioned around 23600."

Barring the IDX Composite and Hang Seng Index, all major Asian indices were higher in early trade. Japan's Nikkei 225 and Taiwan's TAIEX were the biggest gainers, up over 2% each. All three major US indices settled higher on Tuesday.  (Arundathi A R)

Equity Alert: Most indices in Asia up, Japan's Nikkei 225 hits new high

MUMBAI--0815 IST--Indices gained Wednesday even as war between the US and Iran escalated, posing fresh challenge to a peace deal. Japan's benchmark Nikkei 225 index advanced almost 3% to hit a new record high and breach the 68000 mark for the first time. Technology stocks continued to drive indices higher. In Japan, heavyweights Advantest Corp. gained more than 5% and Tokyo Electron almost 12%.

Hong Kong's Hang Seng was the only major index declining in the region, down 1.3%. In China, the SSE Composite and the CSI 300 were up 0.3% and 0.9%, respectively. South Korea's KOSPI was closed Wednesday for local elections. 

On the macroeconomic front, Australia's GDP expanded 0.3% for the March quarter, lower than expectations. Reuters had polled a 0.5% increase for the quarter. "Modest growth reflects subdued household and government consumption, and adverse weather impacts that hampered mining production and exports," the Australian Bureau of Statistics said in a press release. On an annualised basis, GDP grew 2.5%. 

The following were the levels of major Asian indices at 0815 IST:

(Ruchira Kagita)

Equity Alert: US indices end higher, most S&P 500 sector indices gain

MUMBAI--0740 IST--All three US indices ended in the green Tuesday as optimism around artificial intelligence continued to drive stocks up. Only four of 11 major S&P 500 sectors declined. However, gains were limited as investors were on edge amid fresh strikes between the US and Iran.

"Iran launched several ballistic missiles toward regional neighbors; however, all failed to hit their intended targets. Two Iranian missiles fired at Kuwait fell short or broke apart enroute, and three missiles launched at Bahrain were immediately intercepted by U.S. and Bahrain air defense forces," the US Central Command said in a statement. 

Among some stand-out shares were Marvell Technology. The company's shares soared more than 32% after Nvidia Corp. Chief Executive Officer Jensen Huang called it the next "trillion-dollar company". Broadcom rose over 4% to touch a record high a day ahead of its earnings for the quarter ended April. In other news, Google parent Alphabet revealed plans to raise $80 billion to expand infrastructure for artificial intelligence and computing. The company also said it will sell $10 billion in stock to Berkshire Hathaway in a private placement. Shares of Alphabet fell almost 4%.

Meanwhile, US job openings rose 4.6% in April to 7.6 million, up from the upwardly revised 6.9 million in March. This is the highest rise in nearly two years. Meanwhile, the hiring rate fell to 3.2% in April from 3.5% in March. "For now, the labor market remains mostly stable. With the quits rate and the layoff rate ticking down in April, neither employees nor employers are in a hurry to make moves." CNBC quoted Matthew Martin, senior US economist at Oxford Economics, as saying in a note.

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

(Ruchira Kagita)

US$1 = INR 95.71

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

Edited by Saji George Titus

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

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
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