Equity Alert
NBFCs rise; no change in interest rates to provide some relief
This story was originally published at 13:18 IST on 5 June 2026
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Equity Alert: NBFCs rise; no change in interest rates to provide some relief
MUMBAI--1252 IST--Shares of non-banking financial companies traded higher Friday. Analysts were of the view that the Reserve Bank of India keeping the interest rates unchanged is likely to provide some relief over the long term. Bajaj Finance, Shriram Finance, Jio Financial Services, REC, Power Finance Corp., Max Financial Services, and Cholamandalam Investment and Finance Co. traded 1–2% higher.
Analysts tracking these companies said that the optimism was due to the interest rates being kept unchanged by the Reserve Bank of India. "More of the fact that they (NBFCs) were expecting rates cut--that has not happened,". In the short term, these companies would see some gains due to high interest rates. "Bigger problem would have if they (RBI) hiked the (interest) rates," an analyst said. The customers of these companies, such as medium, small, and minor enterprises are likely to feel the heat of higher input costs due to inflation, which may lead to default of loans coupled with higher interest rates, according to the analyst. The analyst also added that freight costs could go up due to high energy costs which would impact customers who availed loans for commercial vehicles.
RBI kept the interest rates changed at 5.25?ter the monetary policy meeting Friday. RBI Governor Sanjay Malhotra said that the underlying inflation pressure remains benign as of now. The central bank raised the inflation view for FY27 to 5.1% from 4.6?rlier and for the June quarter it was raised to 4.2% from 4.0%. (Adhithya Aji)
Equity Alert: Metal cos fall; Tata Steel down over 2?ter fire at UK plant
MUMBAI--1148 IST--Shares of metal companies traded in the red, with index heavyweights Tata Steel and Hindalco Industries down over 2%, amid broader weakness in metal prices. A massive fire broke out at Tata Steel's Port Talbot plant in the UK on Wednesday evening, with the company still unable to assess the cause of the fire or the scale of the damage and its potential impact on operations, also likely weighed on the stock price.
"Nevertheless, the company is investigating a number of options in order to minimise the potential impact on its downstream businesses and external customers," Tata Steel said in a statement Thursday. "A company spokesperson has confirmed that the fire was restricted to a confined area, and that while the site's Hot Rolling Mill was paused as a precaution, it was unaffected and is expected to re-start production shortly," it added.
At 1132 IST, shares of Tata Steel, Hindalco Industries, Vedanta, Steel Authority of India, National Aluminium Co., and NMDC were down 1.9-3.3%. The Nifty Metal Index was down around 1%. Futures contracts of aluminium, copper, and zinc traded on the Multi Commodity Exchange of India plunged around 1?ch while silver prices fell over 2%. Shares of Hindustan Zinc fell around 5% amid weakness in silver prices, which contributes a significant amount to the company's profitability. (Ashutosh Pati)
Equity Alert: Wipro down 8% on record date for co's largest share buyback
MUMBAI--1115 IST--Shares of Wipro shed nearly 8% and hit an intraday low of INR 188.15 on Friday, the record date for its share buyback. In April, the company had announced its largest-ever buyback worth INR 150 billion at INR 250 per share. Thursday was the last day for market participants to buy shares of the company to be eligible for the share buyback. "Please note this is our largest buyback, and we expect to buy back 5.7% of our paid-up capital," said Wipro's Chief Financial Officer, Aparna Iyer, in a post-earnings call with analysts. The buyback is expected to be completed within the June quarter, Iyer had said.
At 1108 IST, shares of Wipro were trading down 3.8% at INR 196.64 per share on the National Stock Exchange. The stock was the worst-hit on the Nifty 50 index. Over 26 million shares of the company had exchanged hands on the NSE so far in the day. This is more than double the 11.4 million shares traded until the same time Thursday. (Shruti Nair)
Equity Alert: Mkts largely unchanged post MPC outcome, later slips into red
MUMBAI--1100 IST--Benchmark indices were largely unchanged after the Reserve Bank of India's Monetary Policy Committee decided to keep the repo rates unchanged at 5.25%. Later, the markets gave up gains and fell. RBI Governor Sanjay Malhotra said that the underlying inflation pressure remains benign as of now. The inflation view for FY27 was raised to 5.1% from 4.6?rlier and for the June quarter it was raised to 4.2% from 4.0%.
Malhotra said that the monetary policy committee noted that elevated energy prices have an adverse spillover on the economy. The regulator has trimmed the GDP estimate for 2026-27 (Apr-Mar to 6.6% from 6.9?rlier. The estimate for the June quarter was reduced to 6.6% from 6.8?rlier.
At 1057 IST, the Nifty 50 was at 23399.55 points, down 17 or 0.1%, and the BSE Sensex was at 74322.70 points, down 37.31 points or 0.1%. Financial services companies--Bajaj Finance, HDFC Life Insuranc Co., Shriram Finance, Bajaj Finserv and SBI Life Insurance Co.--were the major gainers in the Nifty 50. They were up 1-3%. Adani Enterprises, Asian Paints, Tech Mahindra, and Adani Ports and Special Economic Zone rose around 1?ch.
On other hand, Wipro continued to be the major laggard in the Nifty 50, down 4%. Trent, Coal India, HCL Technologies, UltraTech Cement, Oil and Natural Gas Corp., Bharti Airtel, and Kotak Mahindra Bank were down 1-2%. Metal companies--Tata Steel and Hindalco Industries--were down around 2?ch.
The broader market indices were in green territory as well. The Nifty Midcap and Nifty Smallcap indices rose 0.3-0.4%. Nifty Media was the top gainer among the sectoral indices, up over 3% supported by the gains in the stock of Zee Entertainment Enterprises. The stock rose nearly 8% and was the top gainer in the Nifty 500.
Adani Green Energy and Adani Energy Solutions were the top gainers in the Nifty 200, up around 3?ch. Metal stocks Hindustan Zinc and National Aluminium Co. were down nearly 4% and 3%, respectively. In the Nifty 500, Wockhardt was the worst hit stock, down 7%. (Adhithya Aji)
Equity Alert: Indices open higher ahead of MPC, crude oil eases slightly
MUMBAI--0933 IST—Benchmark indices opened higher Friday ahead of the Reserve Bank of India's monetary policy decision. Globally, July Brent crude oil futures eased slightly to $95 per barrel from the previous day's high of $97 per barrel. At 0930 IST, the Nifty 50 was at 23464.50, up 47.95 or 0.2%, and the BSE Sensex was at 74557.10, up 197.09 or 0.3%.
HDFC Life Insurance Co. and Tech Mahindra were the biggest in the Nifty 50, up nearly 2?ch. Financial services companies – Bajaj Finance, Bajaj Finserv, SBI Life Insurance Co., and Shriram Finance rose around 1?ch. On the other hand, Wipro was the worst hit in the Nifty 50, down over 4%. Metal companies – Tata Steel and Hindalco Industries fell around 1?ch. Trent and Coal India were down 1% as well.
All the broader markets mirrored the gains in their benchmark peers. The Nifty midcap indices gained 0.4-0.5%, and the Nifty smallcap indices rose 0.2-0.4%. Nifty Media was the top gainer among sectoral indices, rising nearly 2%. Meanwhile, Nifty Metal was the worst hit sectoral index, down 0.7%.
Tech Mahindra was the top gainer in the Nifty 200, up 2%. Lupin and Power Finance Corp. also rose nearly 2?ch. Wipro was the biggest laggard in the Nifty 200. National Aluminium Co. and Lenskart Solutions fell nearly 3% and 1%, respectively.
In the Nifty 500, Go Digit General Insurance was the top gainer, up nearly 10%, while Wockhardt was the biggest underperformer, down nearly 6%. Wockhardt Thursday said it will launch its antibiotic Zaynich in the US, India, Europe, and other emerging markets in two years. (Adhithya Aji)
Equity Alert: JP Morgan sees IT cos Q1 earnings below view, fall in dlr sales
MUMBAI--0841 IST--Global brokerage JP Morgan said channel checks suggest that the earnings of information technology companies for the June quarter could be softer than its current expectations. The brokerage expects a revenue cut of 50-100 basis points in dollar terms for IT companies in the June quarter, according to a X post by CNBC-TV18.
However, the brokerage expects the earnings per share of these companies to likely be protected by foreign exchange benefits. The risks on the upside include deal ramp-up and signing delays due to geopolitical uncertainties globally, the brokerage said. Softer earnings for the June quarter are likely to make the growth targets for 2026-27 (Apr-Mar) more challenging, it said. The brokerage expects IT companies to retain their full year guidance for FY27 in anticipation of a recovery in the September quarter.
Recently, shares of IT companies have been on a "rollercoaster ride" as they saw a strong traction over the past few days, analysts said. "Overall, IT sector is not very much attractive or very much strong at current levels. But no doubt from an investment point of view, the valuations are quite good," said Osho Krishan, technical and derivative analyst at Angel One. "There is volatility in this index, so better to stay sidelined from a trading perspective. But investment point of view, one should start looking for investment in major of the mid cap and large cap IT names," he added.
Among large-cap companies, JP Morgan prefers Tech Mahindra and Infosys, while favouring Coforge and Persistent Systems in the mid-cap space.
Thursday, the Nifty IT closed 0.3% lower at 29300.60 points and was among the only three sectoral indices to end lower. However, the index has risen 0.8% over this week. The fall in the index Thursday was largely due to Tata Consultancy Services, HCL Technologies, and Infosys, which closed 0.03-1.70% lower. (Simran Rede)
Equity Alert: Indices seen up ahead of MPC decision, crude falls to $95/bbl
MUMBAI--0830 IST--Headline stock indices may open higher Friday, extending from Thursday's marginal gains. Despite a fall in most Asian markets, indices are likely to open higher ahead of the Reserve Bank of India's Monetary Policy Committee decision on policy rates, scheduled later in the day. A fall in crude oil prices to $95 a barrel from $97 a barrel Thursday is expected to support the sentiment. At 0829 IST, Brent crude oil August futures were 0.9% higher at $95.87 a barrel from its previous close.
US President Donald Trump Thursday said any killing of US troops by Iran would be a "good reason" to restart war, news agency ANI reported. "There is no navy, no air force, we have wiped out their leadership," ANI reported, quoting Trump as saying. "Then you read in the fake news that they are doing really well in the war, this is unbelievable." According to a CNBC report, Trump said he would meet the Iranian Supreme Leader Ayatollah Mojtaba Khamenei, if a deal is reached to end the US-Iran war.
At 0828 IST, the June futures contract of GIFT Nifty was 0.1% higher at 23565, higher than nearly 150 points from the Nifty 50's Thursday close of 23416.55. Analysts see indices largely in a range after opening higher for the trade. A flat to negative movement was expected by Nandish Shah of HDFC Securities, while Vipin Kumar of Globe Capital Market sees a flat to positive opening.
"On levels front, intraday supports are placed around 23200-23000 spot levels and intraday resistances are around 23600-22650 spot levels, Vipin Kumar said. According to him, the overall trend is sideways as long as the Nifty index remains in the 23000-24000 spot zone. "Expect positive first hour. Then follow up move will depend on RBI policy outcome and the governor's speech," Ruchit Jain, head of technical reserach at Motilal Oswal, said.
In the global equity market, South Korea's Kospi was the top loser, down nearly 4%. Among the gainers in the region, SSE Composite Index and CSI 300 Index were up 0.3?ch. Barring the Nasdaq Composite, all other major US indices closed higher Thursday. (Arundathi A R)
Equity Alert: Asian markets mostly lower as tech stocks come under pressure
MUMBAI--0820 IST--Asian indices were lower Friday as technology stocks came under pressure. Many technolOGY stocks related to artificial intelligence and semiconductors fell overnight in the US too. Japan's Nikkei 225 and South Korea's KOSPI, both technology-heavy indices, fell the most in the region. Further, concerns about a prolonged war between the US and Iran continued to dampen sentiment.
In recent comments, US President Donald Trump said he would be willing to meet Iran's Supreme Leader Ayatollah Mojtaba Khamenei if both nations finalise a peace agreement. "If we make a deal, it's possible that I would meet," Trump said.
In the Nikkei 225, Tokyo Electron fell over 6%, Advantest Corp. almost 5%, and Murata Manufacturing almost 2%. Shares of SoftBank were a tad lower intraday after tumbling more than 11% on Thursday amid concerns about the company's large investments in artificial intelligence. In Taiwan, Foxconn shares were down nearly 3%.
South Korea's KOSPI was down about 7%, and, given heightened volatility in the futures market, trading in the index was briefly halted, Bloomberg reported. Heavyweights SK Hynix and Samsung Electronics were down 5% and 3%, respectively. The broader market, KOSDAQ, was also under strain, down around 3%.
"The issue is not that AI demand has disappeared - it is that expectations had become extremely high, and even good numbers are no longer enough unless guidance keeps moving higher," Charu Chanana, chief investment strategist at Saxo, told Reuters.
The following were the levels of major Asian indices at 0819 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4913.8127 | 0.18 |
| Hang Seng Index | 25105.84 | (-)0.58 |
| Nikkei 225 Day | 66675.22 | (-)1.18 |
| TOPIX FIRST SECTION | 3954.44 | 0.07 |
| KOSPI | 8359.99 | (-)3.23 |
| FTSE Singapore Strait Times | 5063.77 | (-)0.07 |
| S&P/ASX 200 Index | 8646.00 | (-)0.46 |
(Ruchira Kagita)
Equity Alert: US indices end mixed, Dow Jones hits fresh record high
MUMBAI--0740 IST--Wall Street ended mixed Thursday as the recent rally in technology stocks cooled off. The NASDAQ Composite ended in the red for the second straight session, while the broader market S&P 500 index closed higher. The Dow Jones Industrial Average outperformed its peer indices in the US and touched a fresh all-time-high with strong buying witnessed in blue-chip financial and pharmaceutical companies.
In the Dow Jones, shares of UnitedHealth Group and Merck & Co. ended around 5% higher, while those of Amgen Inc. ended a little over 2%. Goldman Sachs was also up by almost 5%, JPMorgan Chase & Co. by over 3%, American Express Co. 4%, and Visa by 2.5%. NVIDIA Corp. rose over 3% and Alphabet was almost 4% higher.
Meanwhile, Federal Reserve Bank of San Francisco President Mary Daly told Bloomberg in an interview that "We just haven't heard from businesses that they are seeing transformative, ongoing productivity gains yet," while speaking about the impact of artificial intelligence on the economy. "I'm pretty bullish. I see the possibilities, and I'm hearing more and more that people are seeing early rewards," she said. Daly said next year will be the litmus test to gauge the success of AI. On the inflation front, Daly said monetary policy is in a good place right now, adding that the Federal Reserve is prepared to respond as needed. "I think giving more forward guidance about what's possible could be misguiding in the end, because we just have to wait for the economy to evolve," she said.
Meanwhile, the number of people filing for fresh unemployment benefits rose by 13,000 to 225,000 for the week ended May 30. This is the highest level seen in almost four months. "The big picture remains that the trend in both initial and continuing claims still is very subdued," Oliver Allen, senior U.S. economist at Pantheon Macroeconomics, told Reuters. "It would be unwise, however, to conclude that all is fine and well with the labor market simply because claims are low. Low fire, low hire remains an apt description of labor market condition," Allen said. The total number of continuing claims for the week ended May 16 was 1.78 million.
The following were the closing levels of major US indices on Thursday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
51561.93 | 1.73 |
|
NASDAQ Composite |
26830.96 | (-)0.09 |
|
S&P 500 |
7584.31 | 0.41 |
(Ruchira Kagita)
US$1 = INR 95.36
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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