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Informist, Thursday, Jun. 4, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 June ends at premium of 118.45 points to spot index

MUMBAI--1534 IST--The June futures contract of the Nifty 50 closed at a premium of 118.45 points to the spot index Thursday. Open interest in the contract rose a tad over 4% to 19.81 million, according to provisional data.

--Nifty 50 closed at 23416.55 points, up 10.95 points or 0.1% from Wednesday

--Nifty 50 June closed at 23535.00 points, up 19.30 points or 0.1% vs Wednesday

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

Call: 24200, Put: 22500

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

Call: 24000, Put: 22500

(Simran Rede)

Equity Alert: European indices mixed, sentiment muted amid West Asia woes 

MUMBAI--1512 IST--Indices in Europe were mixed Thursday as escalated tension between the US and Iran kept market participants on the edge. The UK's benchmark FTSE 100 and Italy's FTSE MIB were down 0.4-0.6% while Switzerland's SLI, France's CAC 40, and Germany's DAX Performance rose 0.2-0.6%. Technology stocks fell in Europe, mirroring moves in Asia and the US markets. The STOXX 600 Technology index was down over 1%. The other key STOXX 600 sectoral indices were also muted during early hours of the trading session. 

Shares of France-based Remy Cointreau advanced over 10% after the company announced its transformation plan targeting 100 million euros (INR 11.12 billion) more in operating profit over the next three years. The alcoholic beverage maker's organic sales for the year ended March were in line with its guidance, up 0.2% on year. Shares of Universal Music Group fell almost 7% after The Wall Street Journal reported Bill Ackman's hedge fund Pershing Square Holdings will sell its stake worth over $1.5 billion in the company to gain a profit of $600 million. Ackman's fund sold its stake after the company rejected a takeover proposal from the investment group, the media agency said.

Switzerland's retail inflation inched up 0.6% on year in May, unchanged from April. The prices of fruiting vegetables, petrol, car rental and car sharing also recorded a price increase, the Federal Statistical Office said in the press release. The prices of petroleum products, meanwhile, soared almost 18% on year in the previous month and international air transport prices were up almost 9%. Core inflation, which excludes food and energy prices, increased 0.3% on year. 

The following were the levels of major European indices at 1510 IST:

(Ruchira Kagita)

Equity Alert: Indices in Asia fall amid renewed tensions around US-Iran war

MUMBAI--1418 IST--Asian indices remained lower throughout the trading session Thursday and ended in the red. The escalation in the US-Iran war likely made market participants cautious. Brent Crude Oil futures also remained elevated near $97 per barrel. Technology stocks, which were driving gains for the past few trading days, fell across indices in the region. These stocks mirrored the performance of their peers on Wall Street overnight.

Japan's key Nikkei 225 fell over 1%. Shares of heavyweight SoftBank Group Corp. were down more than 11% amid concern about the company's high bets on artificial intelligence, particularly in OpenAI. Meanwhile, Taiwan's TSMC was also down almost 2% while Foxconn fell more than 5%. Taiwan's benchmark TAIEX index fell 1.4%

In South Korea, heavyweights Samsung Electronics Co. declined 2.5% and SK Hynix was down around 2.65%. SK Hynix got positive feedback on its proposed listing in the US on good demand for advanced memory semiconductors, Reuters reported while citing sources with knowledge of the matter.

Meanwhile, the impact of the war in West Asia is seen weighing modestly on growth in Australia, Reserve Bank of Australia Governor Michele Bullock said. Signs of tightening measures working are beginning to be seen, but one or two more years may be required for full effects to flow through the economy, Bullock said. The Australian central bank has hiked interest rates by 75 basis points this year, and it stands at 4.35%.

"If high inflation persists, it risks becoming embedded in price and wage-setting behaviour," the governor said while emphasising the need to bring inflation under control. Consumer prices are seen peaking at over 4.5% in the June quarter, higher than the target of 2–3%. The monetary policy board will take measures to deliver price stability and full employment, she said. The governor also said that GDP growth this year is likely to slow down. Australia's GDP had expanded 0.3% for the March quarter.

The following were the levels of major Asian indices at 1415 IST:

(Ruchira Kagita)

Equity Alert: Nuvama cuts Nifty 50 FY27 earnings per share estimate by 1%

MUMBAI--1330 IST--Brokerage Nuvama Institutional Equities trimmed its earning-per-share estimate for the Nifty 50 by 1% for 2026-27 (Apr-Mar), it said in an earnings review report. However, the brokerage sees a steep earnings recovery at a compounded annual rate of 17% between FY26 and FY28, higher than the 9% growth seen between FY24 and FY26.

"This could disappoint consensus given weak income dynamics, corporate and government capex (capital expenditure) slowdown and oil supply shock," according to the brokerage report. It also expects weak currency and rising credit growth as some tailwinds for earnings. Sectors such as consumers, automobile, and industrials faced a cut in earnings, while metals earnings were upgraded, said the brokerage.

The earnings-per-share estimates for FY27 and FY28 at INR 1,230 and INR 1,415, respectively, are expected to be at risk given the large uncertainties, according to Nuvama. Markets are likely to be volatile due to oil shocks amid higher valuations and weak incomes.  (Arundathi A R)

Equity Alert: UBS downgrades BHEL to 'neutral', ups target price to INR 460

MUMBAI--1316 IST--Global brokerage UBS downgraded its rating on Bharat Heavy Electricals to "neutral" from "buy" while raising its target price on the stock around 23% to INR 460. The primary reason for the downgrade is because of the company's sharp outperformance to the Nifty 50 in the last 12 months. A big chunk of the company's order book expansion is already behind it and competition has also intensified over the last three years, the brokerage was quoted as having said by media reports. 

UBS expects the company to secure new orders worth INR 1.36 trillion during 2026-27 (Apr-Mar) and FY28, CNBC TV18 reported. The brokerage remains constructive on the company's order inflow outlook in its thermal power and industrial segments and believed the risk-to-reward profile has become balanced, the report said. Despite the downgrade in rating, UBS believes market participants are underestimating the company's growth potential.

The global brokerage has raised the company's valuation multiple to 28 times from 25 times on the back of improved earnings visibility and sustained order inflows. UBS also raised FY27 and FY28 earnings estimates by 1-3%, CNBC TV18 reported. 

Meanwhile, Bharat Heavy Electricals Wednesday said it received an order worth INR 20 billion-INR 25 billion from Nigeria's Dangote Petroleum Refinery & Petrochemicals Free Zone Enterprise. The order is for the design, manufacture, and supply of eight gas turbine generators. This also includes supervising the erection, commissioning, and performance guarantee tests. The project is slated to be executed in 26 months.

At 1312 IST, shares of the company traded 0.6 lower at INR 403.90. So far in the day, around 9 million shares have changed hands on the National Stock Exchange, up from around 8 million shares at the same time Thursday. The stock has risen around 7% in the last 30 days and around 59% in the last one year. Of the seven brokerage reports on the company available with Informist, six have a "buy" recommendation on the stock with an average target price of INR 424. Only brokerage Prabhudas Lilladher has a "reduce" rating on the stock.  (Ashutosh Pati)

Equity Alert: Nifty 50 falls more as RIL extends losses, HDFC Bank turns red

MUMBAI--1328 IST--Benchmark indices fell more as index heavyweight Reliance Industries extended losses and HDFC Bank went into negative territory. While the Nifty 50 moved in a range of less than 70 points in choppy trade, it has risen 0.9% from its intraday low level. Shares of consumer durables companies continued to be among the top gainers in the market.

Traders continued to add short bets in the options chain of the Nifty 50 derivatives. They sold call options across multiple strikes and also bought some put options, indicating caution in the market. They also added short positions in the futures contracts for June, July, and August.

At 1326 IST, both the Nifty 50 and BSE Sensex were down 0.2% at 23364.25 points and 74187.92 points, respectively. However, broader market indices showed resilience, with mid-cap indices rising more than their small-cap peers. The Nifty Midcap 50 was up 0.8% and the Nifty Smallcap 50 was up 0.4%, outperforming the benchmark indices. 

Among the Nifty 50 constituents, Trent was the worst hit, down over 2%, after gaining in the previous two sessions. The stock lost all the gains from those two sessions. On the other hand, Eternal stayed as the top gainer in the index, up nearly 3% from its previous close.

Shares of Physicswallah gained 15% and the stock was the top gainer in the Nifty 500 index after the company said it was restructuring its INR 1.2-billion investment in its fully-owned subsidiary FinZ Finance. Zensar Technologies was down over 5%, the worst performing Nifty 500 constituent.

Rajesh Exports' stock stayed at its 5% lower circuit after the Securities and Exchange Board of India said almost all the company's sales were misrepresented and barred the promoter. However, the company, in its latest update at 1310 IST, said the SEBI order was interim and had no adverse conclusions so far.  (Simran Rede)

Equity Alert: ICICI Bk top pick in bks, asset quality benign - Motilal Oswal

MUMBAI--1245 IST--Banking heavyweight ICICI Bank is Motilal Oswal Financial Services' preferred pick in the sector given its operating performance and good delivery across loan growth, margin, and asset quality. The bank's asset quality is strong with credit costs low and provisions strong, the brokerage said in a research report. The bank's growth in deposits and loans are expected to be strong while costs disciplined. 

ICICI Bank is focusing on expanding market presence with a risk-calibrated approach and its net profit is seen growing at a compounded annual rate of 15% between 2025-26 (Apr-Mar) and FY28. Its return on assets is seen at 2.3% in FY28 and return on equity at 16.2%. The brokerage pegs the bank's gross non-performing assets to remain near 1.4% in FY28 and net non-performing assets to rise a tad bit to 0.4% in FY28 from 0.3% in FY26.

The bank's business banking and personal loan segments are likely to see strong growth going forward, the brokerage report noted. In the medium term, strong customer engagement, partnerships, and more of the bank's physical branches generating business are seen supporting growth in its deposits. The brokerage expects ICICI Bank's deposits to grow at compounded annual rate of 15% over FY26-28. The lender's loan growth is seen at a compounded annual growth rate of 16% loan over FY26-FY28.

The private lender's fee income, which is being driven by increased customer engagement and a stronger supply chain, is expected to support revenue growth. Further, the company's cost-to-income ratio is expected to remain controlled near 40% and they may improve to around 38% as volumes pick up. "ICICIBC (ICICI Bank) is well positioned to deliver a gradual improvement in operating leverage," the brokerage said.

However, the bank's margin may be range-bound over the medium term even as the benefit of deposit re-pricing has played out, Motilal Oswal cited the lender as saying. Notwithstanding, the brokerage said "margins to maintain an upward bias, supported by sustained pricing power". Further, the brokerage believes the bank's liquidity coverage ratio of around 126% and domestic credit-deposit ratio of 85.5% make it well-positioned to capitalise on growth opportunities.

Motilal Oswal has a 'buy' call on the stock with a target price of INR 1,750. The target implies a nearly 40% upside from its current market price. At 1233 IST, shares of ICICI Bank were almost 1% up at INR 1,252.30 on the NSE with trading volume close to 9 million.  (Ruchira Kagita)

Equity Alert: Jain Irrigation up 14% at 3-wk high; co commissions biochar unit

MUMBAI--1239 IST--Shares of Jain Irrigation Systems surged around 14% to a near three-week high of INR 33.09 after the company commissioned an around 20,000 tonnes per annum biochar facility in Jalgaon, Maharashtra. The unit has capacity to process over 50 tonnes of agricultural and fruit residue per day. The company plans more such facilities and these are under development.

At 1231 IST, shares of the company pared some of the gains and were trading over 9% higher at INR 31.82. More than 32 million shares have exchanged hands on the National Stock Exchange so far in the day, way higher than over 2 million shares at the same time Wednesday. The stock has fallen over 5% in the last month and around 49% in the last year.

Crop residue, once treated as waste, is converted into biochar and returned to farmers' fields to improve soil fertility, enhance water retention, and strengthen climate-ready agriculture. For the March quarter, the company had reported a consolidated net loss of INR 120.10 million. It earned revenues of INR 18.24 billion for the quarer.  (Ashutosh Pati)

Equity Alert: Physicswallah shrs up 18% after co reworks investment in arm

MUMBAI--1220 IST--Physicswallah shares gained sharply and were the top gainer in the Nifty 500 index amid higher volumes traded. The stock rose nearly 18% to an intraday high of INR 108.44. So far on Thursday, around 51 million shares of the company have changed hands on the National Stock Exchange, sharply up from daily average volume of 6.34 million over the previous three months. This is also much higher than the 979,000 shares traded until the same time Wednesday.

This comes after the education technology company said it was restructuring its INR 1.2 billion investment in its fully-owned subsidiary, FinZ Finance following feedback from its partners to focus on its core operations. Physicswallah is reworking its lending strategy and has engaged multiple regulated third-party non-banking financial companies for student financing needs. This decision is expected to materially reduce balance sheet and credit-related risks for the company, Physicswallah said in an exchange filing.

At 1214 IST, shares of the company were up over 16% at INR 106.99 per share. With the gains, the stock broke its five-session losing streak during which it shed nearly 18%. Despite the gains, the stock traded at a near 2% discount from its issue price of INR 109 when it was listed in November. (Shruti Nair)

Equity Alert: Bluestone up 8%; co aims 50% sales CAGR over FY26 to FY30

MUMBAI--1226 IST--Shares of Bluestone Jewellery and Lifestyle rose nearly 8% to their one-month high of INR 547 after the management on its Investor Day said it aims for sales worth INR 120 billion by 2029-30 (Apr-Mar). The revenue target indicates a compounded annual growth rate of around as much as 50% between FY26 and FY30, brokerages which attended the meeting highlighted. This 50% rise will be seen to be driven by like-for-like sales growth and network expansion. The company pegged its same-store sales growth at 30%, supported by customer ageing, better retention, and improved wallet share.

Bluestone Jewellery expects its margin on earnings before interest, taxes, depreciation, and amortisation to grow to about 15% in FY30 from 7% in FY26, and its store-level EBITDA margin to reach around 19%. Margin growth will be driven by operating leverage, scaling corporate costs falling from 4.6% to 1.6% of revenue, the company said. Marketing spend declining to 4.5% from 6.6% of revenue mix will also aid margin improvement. 

The company's active customer base grew to 940,000 in FY26 from 260,000 in FY22, it highlighted while adding that its average order value went up 24.2% at a compounded annual growth rate during the same period. The company plans to add 365 new stores by FY30 from its current network of 340 stores, Nuvama noted. The company's total addressable market is seen growing to $130–$140 billion in worth by 2026 from the current $75 billion. On an aggregate basis, the company sees its revenue productivity per store touching INR 200 million by FY30. 

"Bluestone has developed an agile design-to-market process, with new products taking just 3–4 weeks from concept to shelf," Emkay Global Financial Services noted in its report. Bluestone Jewellery focusses on the value segment, with around 40% of its total designs priced below INR 60,000, the brokerage highlighted. The company has also launched over 100 collections to date, including nine new collections in FY26, it noted. At 1149 IST, shares of Bluestone Jewellery were 6.5% higher at INR 541.30.  (Ruchira Kagita)

Equity Alert: InterGlobe Aviation tad up; Morgan Stanley cuts price aim 9%

MUMBAI--1225 IST--Shares of InterGlobe Aviation extended their gains for a fourth straight session Thursday, but the gains were only marginally after Morgan Stanley trimmed its target price on the stock. The brokerage has cut its target price on the stock by 9% to INR 5,913 and maintained an 'overweight' call.

At 1156 IST, shares of InterGlobe Aviation were 0.2% higher at INR 4,518.90. So far in the day, over 246,000 shares of the company have changed hands on the exchange, higher than nearly 168,000 shares traded till the same time Wednesday.

Morgan Stanley expects the company to witness a weak first half of 2026–27 (Apr-Mar), which will be followed by a gradually recovering second half, ET Now posted on its X account, citing the brokerage. The brokerage also sees near-term margin pressure on the company due to rising crude oil prices, moderation in demand, and depreciating currency, according to the ET Now post.

The Union Cabinet Wednesday approved a one-time budgetary provision of INR 100 billion for oil marketing companies to provide price stabilisation support for aviation turbine fuel. The brokerage sees this measure as positive for airline cash flows and helps stabilise operating costs, which currently constitute 40–60% of airline expenditure, according to the brokerage.

Of the 10 brokerage report on the company available with Informist, eight have a 'buy' recommendation with an average target price of INR 5,361. Of the remaining two, one has a sell recommendation and the other has a 'hold' recommendation on the stock.  (Arundathi A R)

Equity Alert: Indices recoup early losses; only Nifty IT, Nifty Metal in red

MUMBAI--1147 IST--Benchmark indices turned green after staying choppy amid uncertain cues from the West Asia war. A fall in crude oil prices helped the recovery in the market. In a major development in the war, Israel and Lebanon agreed to renew the ceasefire, which boosted hopes for progress in peace talks between the US and Iran. Also, the US House of Representatives passed a resolution seeking to curb US President Donald Trump's authority from taking further military action in Iran.

The benchmark indices were volatile and at 1142 IST, the Nifty 50 and the BSE Sensex were 0.3% higher each at 23461.95 points and 74537.93 points, respectively. Domestic equities continued to mirror losses in Asian markets. Crude oil prices were lower on the ceasefire news with the August futures contract of Brent Crude oil down 1.1% at $96.72 on the Intercontinental Exchange. 

A slight rise of the rupee amid renewed hopes of an early end to the military conflicts in West Asia also limited the fall in Indian equities. At 1142 IST, the Indian unit was marginally up at 95.68 a dollar. Sharp selling by foreign investors in Indian equities continued for the sixth session Wednesday, further weighing on investor sentiment.

"In the absence of any resolution of the West Asia crisis, there is no scope for a healthy rally in the market," V.K. Vijayakumar, chief investment strategist at Geojit Investments, said in a note. "The bullish undertone of the booming markets in US, Japan, South Korea and Taiwan suggests more FPI selling in India," he added.

Barring Nifty IT and Nifty Metal, all sectoral indices were in the green. Nifty Metal was down 0.3% and was the worst hit among the sectoral indices, followed by Nifty IT, which was marginally down. All broader market indices were sharply higher than their benchmark peers with the Nifty Midcap 100 gaining 0.8%.  (Simran Rede)

Equity Alert: JBM Auto shrs up 7.4% after co's e-bus mkt shr hit 49% in May

MUMBAI—1115 IST--Shares of JBM Auto rose 7.4% to hit an over-eight-month high of INR 718.60 apiece. This comes a day after the automaker said it is now the top player in India's electric bus segment with a market share of nearly 49% in May, up from 18% in April, based on data from VAHAN portfolio.

During May, the company recorded 157 electric bus registrations, up from 62 in April, as per data shared by the company with Informist. On a year-to-date basis, the company's market share in the electric bus segment stood at 33% as of May, the highest in the category, based on VAHAN data compiled by the company.

Further, the stock rose amid the government's approval of a two-year incentive scheme with a total outlay of INR 95.85 billion aimed to replace older buses in the Delhi-NCR region with BS-VI-compliant or electric vehicles. The government estimates around 16,329 buses will be covered under the scheme, according to a Press Information Bureau release.

At 1137 IST, shares of the company were trading over 5% higher from Wednesday's close at INR 703.50. So far in the day, over 13 million shares of the company changed hands on the National Stock Exchange, much higher than around 205,000 shares traded until the same time Wednesday. (Shruti Nair)

Equity Alert: Citi starts coverage of 4 power equipment cos; gives ‘buy' on 3

MUMBAI--1022 IST--Power equipment players GE Vernova T&D, Hitachi Energy India, Siemens Energy India, and CG Power and Industrial Solutions were in focus after brokerage Citigroup initiated coverage on them. Citi started coverage on GE Vernova, Hitachi Energy, and CG Power with a ‘buy' call. The broking firm started coverage on Siemens Energy with a ‘neutral' stance. At 1111 IST, shares of the four stocks were 2.7–5.4% higher on the NSE. The brokerage is bullish on these companies as renewable energy adoption, electrification, and data centres are seen driving a $15 trillion global transmission and distribution capital expenditure cycle between 2025 and 2050. 

India is well-positioned to benefit from a large domestic transmission buildout, Citi said, while adding that increasing adoption of high-voltage direct-current systems, favourable localisation policies, and export opportunities should play out positively for the sector. The Central Electricity Authority's INR-7.9-trillion power transmission plan by integrating 900 gigawatts of renewable energy by 2035-36 (Apr-Mar) points to a multi-year buildout of high voltage and high-voltage direct-current projects, the brokerage said in a research report. 

Renewables should make up around 80% of capacity additions in the future, the brokerage said, citing BloombergNEF. Higher transmission and grid stabilisation should sustain investment demand, Citi said. More upside from power transmission and distribution original equipment manufacturers' capacity additions is expected.

Hitachi Energy is a market leader and it has the potential to capture more market share, and display long-term growth. The company is likely to gain profitability on near-term order wins for high-voltage direct-current projects. Citi has set a target price of INR 46,700 on the stock, implying an upside of over 26% from the current market price. The brokerage sees the company's earnings per share growing at a compounded annual rate of 43% between FY26 and FY30.

GE Vernova has tailwinds from its US parent GE Vernova's dominance in the energy equipment manufacturing space and also from exposure to high-voltage direct-current infrastructure. The brokerage set the target price for the stock at INR 6,200, which indicates an upside potential of close to 22%. Meanwhile, CG Power has exposure to transmission, railways, industrials, and semiconductors. The company's aggressive capacity addition plans are also seen benefiting the company, Citi said. The broking firm has a target price of INR 1,100 on the stock. 

For Siemens Energy, Citi noted that the company's limited near-term exposure to high-voltage direct-current systems could be a negative factor. It, however, has good exposure to high-voltage transmission infrastructure and exports, Citi said. The brokerage sees the company's earnings per share going up at a compounded annual growth rate of 23% between FY25 and FY30. The firm set the target price for this stock at INR 4,000, thus implying an upside of over 7% from its current market price. 

High-voltage direct-current systems present an opportunity worth INR 1.6 trillion for original equipment manufacturers in this segment. However, among the key risks for stocks in this sector are slower-than-expected capital expenditure, delays in executing high-voltage direct-current projects, high competition, according to the Citi report.  (Ruchira Kagita)

Equity Alert: Rajesh Exports hits lower circuit post SEBI order against co  

MUMBAI--1016 IST--Shares of Rajesh Exports fell 4.99% to hit the lower circuit soon after the stock opened for trading. This comes after the Securities and Exchange Board of India issued an interim order against the multinational gold and jewellery company, and its promoter Rajesh Mehta. The order pertains to the misrepresentation of the company's revenue between 2020-21 (Apr-Mar) and FY26. 

The market regulator barred the company's promoter and Executive Chairman Rajesh Mehta from dealing in the securities of the company due to his involvement in presenting inflated figures of financials.

Rajesh Exports claimed that most of its sales came from its step-down arm Valcambi SA, which is based in Switzerland. The market regulator is of the view that Valcambi's revenues were miniscule in comparison to Rajesh Exports' consolidated revenue, which did not match with the company's claims of the subsidiary being the "principal operating entity". SEBI noted that the company was not able to explain this mismatch.  (Adhithya Aji)

Equity Alert: Trent falls 3%; HSBC ups target price 12%, maintains 'buy'

MUMBAI--1015 IST--Financial services group HSBC raised its target price on shares of Trent by 12% and maintained a 'buy' recommendation on the stock. It raised Trent's target price to INR 4,910. It expects the company's core business to be stable and operations of Star Bazaar to moderate. However, shares of Trent fell nearly 3% to INR 2,759.50.

The stock was down after closing higher for the past two sessions. It gained over 2% during this period. At 0959 IST, shares of the company traded over 1% lower at INR 2,802.20 on the NSE. It was also among the worst hit Nifty 50 constituents in the session. The volume of shares traded was 6.5 times higher than those traded till the same time Wednesday.

Trent-owned Zudio's disclosure of store split by tier and revenue per square feet are expected to build comfort on the company's trends ahead, NDTV Profit posted on its X account, citing HSBC. It also sees a 10 times target to stay but without a clear timeline.

So far in the day, nearly 432,000 shares of the company changed hands on the exchange, way higher than over 66,000 shares traded till the same time Wednesday.

All the eight brokerage reports available with Informist on the company have a 'buy' recommendation with an average target price of INR 5,023.  (Arundathi A R)

Equity Alert: Mkts open lower amid no sign of de-escalation in West Asia war

MUMBAI--0939 IST--Benchmark indices opened lower amid the ongoing West Asia war which does not indicate any sign of de-escalation. The July Futures of Brent Crude Oil remained elevated at around $97 per barrel. Analysts are of the view that investors took a cautious stance ahead of the Reserve Bank of India policy outcome. 

At 0937 IST, the Nifty 50 was at 23365.40, down 40.20 or 0.2%, and the BSE Sensex was at 74213.52, down 132.65 points or 0.2%. Adani Enterprises and Eternal were the top gainers in the Nifty 50, up around 2% each. Titan Co., Asian Paints, Tech Mahindra, and Adani Ports and Special Economic Zone rose around 1% each.   

Trent was the worst hit stock in the Nifty 50, down over 2%. Tata Motors Passenger Vehicles fell nearly 2%. Infosys and Eicher Motors were down over 1% each. The heavyweight banking stock HDFC Bank fell over 1%. SBI Life Insurance Co., InterGlobe Aviation, Dr. Reddy's Laboratories, and Hindalco Industries were down around 1% each. Financial services companies Bajaj Finserv, Kotak Mahindra Bank, Bajaj Finance, and Axis Bank fell 0.5-1.0%. 

Meanwhile, the broader market indices defied the trend in their benchmark peers. The Nifty Smallcap indices rose 0.1-0.2%, and the Nifty Midcap indices gained 0.1% each. Among the sectoral indices, Nifty Consumer Durables was the major gainer, up 0.8%, while Nifty Realty was the underperformer and fell 0.5%. 

Voltas and Blue Star were the top gainers among the Nifty 200 constituents, up nearly 4% each. Adani Total Gas and Hitachi Energy India gained around 3% each. In contrast, National Aluminium Co. was the worst hits in the index, down nearly 3%. In the Nifty 500, MMTC was the top gainer, up nearly 6%. On other hand, Schneider Electric India hit the lower circuit at INR 1,066.20, down 5%.  (Adhithya Aji)

Equity Alert: May open lower on weak global cues, higher oil prices

MUMBAI--0830 IST--The domestic equity indices may open lower Thursday, tracking the early fall in other Asian markets, as crude oil prices remained higher at $96 a barrel. The GIFT Nifty June futures contract movement also suggested a lower opening for the indices despite US President Donald Trump Wednesday saying the talks with Iran are going "very well" and could yield results over the weekend.

"I hear the negotiation itself is going very well actually," NDTV World reported Trump saying. "It could happen... over the weekend." In another development, the US House of Representatives passed a measure that seeks to stop Trump from taking further military action against Iran, according to a BBC report. According to Iran's Foreign Minister Seyed Abbas Araghchi, while contact with the US has not been cut off, no progress has been made either in the war negotiations, Al Jazeera reported.

At 0818 IST, Brent crude oil August futures were down over 1% from Wednesday at $96.62 a barrel. In a week, the August futures contract has risen 6%. Investors are expected to closely monitor the crude oil price trend as it will dictate the market's direction.

At 0820 IST, the GIFT Nifty June futures contract was largely flat from Wednesday at 23338.50 points. This is over 60 points lower than the Nifty 50's previous close of 23405.60 points. "The Nifty (50) index once again bounced back from the lower band support of a downward-sloping consolidation range," Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. "Immediate supports are placed at the 23200–23000 spot levels while resistances are around the 23800–24000 spot zones."

He added, "A depreciating INR, elevated crude oil prices, persistent FII (foreign institutional investor) outflows, and an unstable Middle East (West Asia) remain the key headwinds to keep an eye on." Investors will also monitor the Reserve Bank of India's Monetary Policy Committee's decision on interest rates Friday. The GDP for the March quarter and the provisional estimate for the financial year 2025–26 (Apr-Mar) will also be released Friday by the statistics ministry. Those data, however, will come after the stock market closes.

Among Asian indices, which were all in the red in early trade, South Korea's KOSPI was the big loser. It was down over 2% from Wednesday after rising for three successive sessions. All three major US indices also closed lower Wednesday, with the Dow Jones Industrial Average down over 1%.  (Arundathi A R)

Equity Alert: Indices in Asia fall amid heightened concerns of West Asia war

MUMBAI--0825 IST--All major stock markets in Asia were in the red as the war between the US and Iran escalated. Brent Crude Oil futures fell from Wednesday's highs but remained elevated near $97 per barrel. Indices in Japan, South Korea, and Hong Kong fell the most in the region. US President Donald Trump said he would not resume the war unless Iran kills American troops, The Wall Street Journal reported, citing sources. Repeated attacks have increased pressure on Trump and cast doubts over the long-term viability of the ceasefire, the media agency's sources said. 

Israeli Prime Minister Benjamin Netanyahu told CNBC in an interview that Iran was playing with fire and that the US and Israel may return to military action if needed. "Israel is ready and the US forces are ready. I think Iran should take that into account. I think they are taking into account, but they're playing with fire," Netanyahu said. He said Trump is the greatest friend to Israel and that both nations have common goals. 

South Korean indices resumed trading after a one-day break for elections and the KOSPI fell the most compared with its peers. The benchmark index was down over 2%. The technology and semiconductor rally took a breather; shares of SK Hynix were down more than 3% and those of Samsung Electronics Co. nearly 2%. LG Energy Solution fell almost 6%. 

On the macroecnomic front, the upside risks to prices seem greater and are likely to emerge sooner, Bank of Japan Governor Kazuo Ueda said. "If the turmoil surrounding the situation in the Middle East becomes prolonged, there is a greater possibility that the persistence of the shock will also have an impact on underlying inflation," Ueda said in his speech. Securing alternative sources of supply and income for households will help minimise downside risks to economic activity, he said, while also highlighting that, as of now, weaker sentiment has not caused a decline in consumption. 

Further, firms have pointed out that shortages in the labour force and a surge in prices are potential barriers to investments for growth, Japan's central bank governor said. "The bank will continue to raise the policy interest rate at an appropriate pace," he said. The governor was hawkish in his speech and expectations of a rate hike in June have gone up. The Japanese central bank had kept its interest rates unchanged in its April meeting at 0.75%.

The following were the levels of major Asian indices at 0823 IST:

(Ruchira Kagita)

Equity Alert: US indices fall; S&P 500, NASDAQ snap 9-day gaining streak

MUMBAI--0740 IST--All the three major US indices closed in the red Wednesday as the war between the US and Iran escalated. The S&P 500 and the NASDAQ Composite snapped their nine-day gaining streak. The Dow Jones Industrial Average posted a steeper decline compared with the technology-heavy NASDAQ and the broader market S&P 500 indices. The Dow Jones' five-day gaining spell broke as the index closed over 600 points lower.

In the blue-chip Dow Jones, shares of International Business Machines Corp., Salesforce, and Honeywell International were the top losers, down 5–7%. Only four of the S&P 500 sectoral indices closed in the green, with the S&P 500 Energy being the best performer. The energy index closed more than 1% higher. Shares of energy giants ExxonMobil and Chevron closed over 1% higher. 

In some more news, Elon Musk-led SpaceX plans to set its price for the initial public offer at $135 per share to raise $75 billion, Reuters reported, citing sources. The satellite operator plans to sell 555.6 million shares and achieve a valuation of $1.75 trillion, Reuters' source said. The media agency also reported that JPMorgan Chase Chief Executive Officer Jamie Dimon will pitch the SpaceX IPO to the bank's wealthy clients this week. 

Meanwhile, the economic impact of the war in West Asia will depend on how long the crucial Strait of Hormuz remains closed, Lorie Logan, the president and CEO of the Federal Reserve Bank of Dallas, said Wednesday at the University of Texas. "The impact in the Middle East has been the most significant disruption in energy in history," Logan said. "We in the US have been less impacted," Logan said while pointing out that the US is a net exporter of crude oil. Logan said she sees further upside risks to inflation, and the labour market is seen to be stable. "We need at least mildly restrictive policy" to bring inflation down to 2%. 

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

(Ruchira Kagita)

US$1 = INR 95.79

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

Edited by Avishek Dutta

All prices from National Stock Exchange, unless otherwise specified.

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

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