Equity Alert
W Asia tensions, crude oil prices to dampen near-term sentiment
This story was originally published at 16:39 IST on 8 June 2026
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Equity Alert: W Asia tensions, crude oil prices to dampen near-term sentiment
MUMBAI--1620 IST--Benchmark indices are expected to trend lower in the near term amid a tumultuous geopolitical environment driving up Brent crude oil prices. On Monday, the Nifty 50 opened gap-down, taking cues from global peers and the situation in West Asia. Following strikes traded by Iran and Israel on Monday, Brent Crude prices rose sharply to a high of $98 per barrel. At 1613 IST, Brent crude August futures were up 4% at nearly $97 per barrel. Market participants will also keep an eye on the Indian rupee, which logged its worst day in four weeks and settled at 95.7075 a dollar Monday, 0.8% lower than its previous close.
On Monday, the Nifty 50 closed at 23123, down 1.04%, while the BSE Sensex closed at 73524.26, down 1%. In the near term, the Nifty 50 is expected to face resistance at 23800-24100 and find support at 22300-22600. Sentiment is likely to be negative over the coming few sessions, according to Rupak De, senior technical analyst at LKP Securities. Developments in West Asia and ensuing crude oil surges are the key factors behind the underperformance of the 50-stock index. "...till the time we are below 23500, there should not be any kind of sustained buying around the market," De said, adding that some volatility is expected in Tuesday's session on account of the expiry of the Nifty 50 derivatives contracts.
Defensive buying among investors in the face of global turmoil allowed pharmaceutical and healthcare stocks to outperform their peers in Monday's session, according to De. However, the Nifty Pharma index gave up its intraday gains and ended the session lower, down 0.4%, while the Nifty Healthcare index was able to end the session higher, up 0.1%. Nevertheless, the two allied sectors are expected to outperform in the near term as well.
De attributed the underperformance of metal stocks to profit-booking after a long "bull run". Profit booking is expected to continue in the sector in the near term, with support for the Nifty Metal index placed at 12800. On Monday, the Nifty Metal was among the worst performing sectoral indices, ending 2.3% lower at 12913.65. (Shruti Nair)
Equity Alert: Nifty 50 June ends at premium of 24.10 points to spot index
MUMBAI--1543 IST--The June futures contract of the Nifty 50 closed at a premium of 24.10 points to the spot index Monday. Open interest in the contract rose around 5% to 20.45 million, according to provisional data.
--Nifty 50 closed at 23123.00 points, down 243.70 points or 1.0% from Friday
--Nifty 50 June closed at 23147.10 points, down 304.60 points or 1.3% vs Friday
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 23200, Put: 23100
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 24000, Put: 22500
(Gopika Balasubramanium)
Equity Alert: Indices end lower as war in West Asia escalates, crude rises
MUMBAI--1530 IST--Benchmark indices extended losses for the second straight session amid the escalating tensions in West Asia, with Iran and Israel attacking each other. The August Brent crude futures rose over 4% to around $97 per barrel. Adding to the negative sentiment, the rupee declined 0.8% to 95.71 against the dollar.
Max Healthcare Institute closed as the top gainer among the Nifty 50 constituents, up 3.1%. Shares of Power Grid Corp. of India, Tech Mahindra, Bharat Electronics, Nestle India, and Bharat Airtel closed around 1-2% higher.
Wipro was the biggest laggard in the 50-stock index, closing over 8% lower. The global brokerage Morgan Stanley said that the company's near-term growth outlook remains clouded by portfolio and client-specific challenges. However, the brokerage said that no incremental deterioration was observed for the June quarter, ET Now reported. Morgan Stanley maintains an 'overweight' call on the stock with a target price of INR 192.
Eternal, Mahindra & Mahindra, InterGlobe Aviation, Adani Enterprises, Hindalco Industries, Tata Consultancy Services, and Tata Motors Passenger Vehicles closed 2-3% lower. Shares of financial services companies Jio Financial Services, Shriram Finance, Bajaj Finance, Bajaj Finserv, and SBI Life Insurance Co. ended 1-3% lower. The heavyweight stocks Reliance Industries, HDFC Bank, and ICICI Bank fell 1-2%.
All the broader markets mirrored their benchmark peers and ended in red territory. The Nifty small-cap indices ended 1.6-1.9% lower, while the Nifty midcap indices ended 0.9-1.4% down. Nifty Healthcare was the only sectoral index that ended in the green, up 0.1%. Nifty Realty and Nifty Metal were the top underperformers, each falling over 2%.
Max Healthcare Institute was also the top gainer among the Nifty 200 constituents. Healthcare stocks Fortis Healthcare, Alkem Laboratories, and Mankind Pharma ended 1-2% higher. Pharmaceutical companies are expected to mitigate the rise in raw material costs due to the war in West Asia by raising prices. Probable defensive buying is also aiding the sector, according to analysts tracking the sector.
Wipro was the worst-hit stock in the Nifty 200. GE Vernova T&D India, Muthoot Finance, and Hitachi Energy India closed 5-6% lower. In the Nifty 500, CCL Products (India) closed nearly 9% to be the top gainer, while Netweb Technologies ended nearly 9% lower to be the worst hit. (Adhithya Aji)
Equity Alert: European markets fall at open amid escalation in West Asia war
MUMBAI--1446 IST--Equity markets in Europe fell at open, mirroring losses in global peers, amid escalation in the West Asia war and sentiment being hit on the back of the sell-off in artificial intelligence stocks in Asia and the US. Surge in brent crude oil prices weighed on the sentiment in the region. Indices in the UK, Germany, Switzerland and France fell, meanwhile Italian MIB Index was flat.
Israel and Iran launched attacks against each other. Iran will continue to respond to Israeli strikes as long as needed, reports said. Washington expects Iran to respond to its latest proposal as soon as Friday, Reuters reported.
"Investors somehow understand that the process of getting to a peace agreement will not be nice, clean, and linear and that there will be setbacks and disagreements along the way," Richard Flax, chief investment officer at Moneyfarm, told Reuters. Another factor that weighed on the sentiment of European traders was US President Donald Trump's warning that the European Union would face much higher tariffs if trade commitments were not met by Jul. 4.
European bond yields also inched higher on Monday, as traders increased their bets on hawkish moves by the European Central Bank. For the UK, there are expectations that Bank of England will hike interest rates twice this year, Bloomberg reported. Meanwhile, European Central Bank is seen hiking rates three times in 2026.
Among specific stocks in the region, Commerzbank was down 4?ter the lender said it plans to cut 3,000 jobs as it targets higher profits. Amadeus rose 1.9?ter the Spanish travel technology company reported quarterly earnings above expectations and maintained its guidance.
The following were the levels of major European indices at 1509 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10345.74 | (-)0.20 |
| CAC 40 | 8172.84 | (-)0.55 |
| MIB INDEX | 49894.32 | 0.00 |
| DAX PERFORMANCE-INDEX | 24575.92 | (-)0.74 |
| SLI PR | 2123.70 | (-)0.58 |
(Gopika Balasubramanium)
Equity Alert: Tech stocks lead deep sell-off in Asian mkts, KOSPI falls most
MUMBAI--1402 IST--Stock indices in Asia closed the day in the red, with South Korea's KOSPI underperforming its peers in the region by a wide margin. The index fell more than 8% Monday as market participants sold artificial intelligence-linked stocks. Asian indices fell after technology giants in the US cratered Friday on bearish sentiment around the impact of large investments in artificial intelligence, coupled with concerns about an interest rate hike.
The KOSPI snapped its three-session gaining streak and posted its worst day since March earlier this year. It ended below the psychologically important 8000 mark after eight trading days. Over the past three sessions, the benchmark index tanked nearly 15%. Shares of heavyweights Samsung Electronics Co. and SK Hynix tumbled around 10% and 8%, respectively. Among other technology stocks, Samsung SDI Co. lost 11%, and LG Innotek Co. and LG Energy Solution almost 6?ch. The country's broader index, KOSDAQ, fell as much as 9% Monday.
"Increased volatility is inevitable, but it is unlikely that the rout will go on for several days, given that the KOSPI's valuation pressure has been lowered by recent correction and earnings momentum remains robust for semiconductor stocks," Han Ji-young, an analyst at Kiwoom Securities, told Reuters.
In Japan, the Nikkei 225 index was down almost 4% and the TOPIX closer to 2.5%. SoftBank Group Corp closed a little over 6% lower, slightly off lows compared to morning trade, and Advantest Corp. fell almost 6%. Shares of Renesas Electronics Corp. were over 9% lower. Shares of major automobile stocks also ended in the red; Mitsubishi Motors Corp. and Nissan Motor Co. declined almost 2%, Mazda Motor Co. more than 1%, and Toyota Motor Corp. almost 1%. In the benchmark 225-stock index, 163 constituents were down, while 61 advanced.
Meanwhile, Brent Crude oil futures inched up and hovered almost 5% higher around $97 per barrel, dampening sentiment further. This increase comes amid an escalation in the war in West Asia. Israel and Iran exchanged attacks against each other. Iran will continue to respond to Israeli strikes as long as needed, The Wall Street Journal quoted the spokesperson of Iran's foreign ministry as saying. The stock market in Australia was closed on Monday for the King's Birthday.
Following were the levels of major Asian indices at 1407 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4713.6358 | (-)2.14 |
| Hang Seng Index | 24657.06 | (-)1.22 |
| Nikkei 225 Day | 64024.60 | (-)3.85 |
| TOPIX FIRST SECTION | 3852.38 | (-)2.45 |
| KOSPI | 7484.41 | (-)8.29 |
| FTSE Singapore Strait Times | 8625.10 | (-)0.70 |
(Ruchira Kagita)
Equity Alert: Indices stay down; Nifty 50 slips below 23200, Wipro down 7%
MUMBAI--1340 IST--Indices remained in the red with less than 15 constituents in the Nifty 50 in the positive territory. Select financial services and technology companies were major laggards in the 50-stock index. Healthcare, pharmaceutical, and energy stocks continued to be among the few gainers.
At 1328 IST, both the Nifty 50 and BSE Sensex were 0.7% lower each at 23197.10 and 73714.38, respectively. Broader market indices also remained in negative territory, with the Nifty small-cap indices down 0.9–1.2%, while the Nifty mid-cap indices were down 0.3–0.7?ch. At an ICICI Securities event, Tuhin Kanta Pandey, chairman of the Securities and Exchange Board of India, said that the market regulator was in talks with the central bank to introduce derivatives of corporate bond indices. Pandey said the SEBI is working to increase the liquidity in the corporate bond market.
Wipro fell further, down 7.1%, and remained at the bottom of the Nifty 50 and Nifty 200 indices following the company's record date on Jun. 5 for its largest ever share buyback of INR 150 billion at INR 250 per share. InterGlobe Aviation, down 2.5%, also remained among the laggards in the Nifty 50 index after crude oil prices rose around 5% to $97.64 per barrel after Iran and Israel exchanged strikes on Monday. Financial services companies Bajaj Finance, Jio Financial Services, and Shriram Finance remained lower, down 1.6–2.3%.
Max Healthcare Institute, up 2.7%, remained the top performer in the Nifty 50 index. Apollo Hospitals and Sun Pharmaceutical Industries, up 1.5% and 0.7%, respectively, were among the top gainers. Select state-owned energy companies also stayed higher, with Power Grid Corp. of India leading the gains, up nearly 2%, followed by NTPC, which was up 0.8%. Select fast-moving consumer goods companies also saw gains with Nestle and ITC climbing 1.4% and 0.4%, respectively.
In the Nifty 500, financial services companies were among the notable laggards, with Motilal Oswal Financial Services, Cholamandalam Investment and Finance Co., and Muthoot Finance, down 2.7–4.6%. Fortis Healthcare, up 3.2%, remained the highest gainer in the Nifty 200. While Netweb Technologies extended its losses, shedding 8%, and remained the worst performer in the Nifty 500 index, CCL Products India, up 7.2%, stayed the top gainer the index. (Shruti Nair)
Equity Alert: Broader mkts fall 0.2-1.0%, mirror losses in benchmark peers
MUMBAI--1326 IST--Broader market indices mirrored loses in their benchmark peers on Monday. Benchmark indices fell 0.5?ch as the West Asia war escalated with Iran and Israel exchanging fresh missile strikes. The Nifty small-cap indices fell 0.8-1.0%, and Nifty midcap indices declined 0.2-0.6%.
The Nifty Smallcap 100 and the Nifty Smallcap 250 fell the most among sectoral indices, down 1.0?ch. Both the indices were weighed down by shares of Aptus Value Housing, Aarti Industries, and Anant Raj. These stocks declined 3-4%. The Nifty Smallcap 50 fell 0.8%, dragged down by shares of Five-star Business Finance, which fell over 3%.
The Nifty Midcap 150 and Nifty Midcap 100 declined around 0.6% and 0.5%, respectively, while the Nifty Midcap 50 fell 0.2%. All the three mid-cap indices were weighed down by shares of automobile major Ashok Leyland. The lorry-maker's stock fell nearly 3%. On Monday, the stock hit a six-month low of INR 140.31. Bharat Dynamics' shares were another major drag on both the Nifty Midcap 100 and Nifty Midcap 150 indices, falling nearly 3%.
At 1320 IST, the Nifty 50 was at 23215.15, down 151.55 points or 0.6%, and the BSE Sensex was at 73772.93, down 470.40 points or 0.6%. The benchmark indices were down around 1?ch after open and gradually came off lows. (Adhithya Aji)
Equity Alert: Nestle India gains as co highlights growth focus for FY27
MUMBAI--1300 IST--Nestle India was among the top gainers in the Nifty 50 index, rising almost 2% to an intraday high of INR 1,412.50 on the NSE. The stock was in focus after the company's annual general report for 2025-26 (Apr-Mar) laid out a four-point strategy to drive growth. The company said it would focus on customer centricity to expand out-of-home contraception through NESCAFE corners, and focus on driving volume growth by expanding market presence and foraying to new categories. Re-investing in brands and capacity, and leveraging technology to improve productivity are also on the management's agenda, the company said in its report.
Neslte India said it will continue to focus on the rural market, adding that it achieved the highest growth among peers in terms of expanding its reach across geographies in the last financial year. "From the bustling streets of urban India to emerging semi-urban markets to rural India, taste preferences are embracing a repertoire of foods and flavours that are simultaneously traditional, local, fusion and international. It is our ambition to serve that diversity with creativity, consistency and quality that is uncompromising," Manish Tiwary, the chairman and managing director of Nestle India, said in the annual report.
Meanwhile, the company highlighted that raw material prices of coffee, cocoa, and sugar are stable. This should pan out well for the fast-moving consumer goods company. However, benefits from coffee and cocoa costs may be offset by high edible oil and milk prices. A weaker-than-expected monsoon this year is seen adversely affecting wheat prices. For the rural market, key indicators to watch will be the monsoon and crop outcomes and the pass-through of food inflation.
Input cost volatility may exert pressure on margins in the first half of FY27 and improvement on the back of stable raw materials could be expected in the latter part of the financial year, ICICI Direct said. "We expect margins to remain flat in FY27 and improve in FY28, aided by a better mix and operational efficiencies," the broking firm said in its report. (Ruchira Kagita)
Equity Alert: IT cos mixed after sharp sell-off in US, Asia peers
MUMBAI--1200 IST--Information technology moved on a mixed note Monday after stocks linked to artificial intelligence fell sharply on Wall Street Friday. Monday morning, several technology giants traded lower on the back of uncertainties related to the impact of investments in artificial intelligence taking centre-stage. Several IT stocks were in the red in the first hour of trade before paring some losses. Technology stocks in India were better off compared with their peers in other Asian countries.
At 1103 IST, the Nifty IT was down almost 1%, with index constituents Coforge, Mphasis, Oracle Financial Services, and Tech Mahindra up 0.2-0.6%. On other hand, HCL Techbologies, LTM, Infosys and Tata Consultancy Services were down 0.1-1.4%. Wipro traded 6% lower given that its record date for the buyback of shares worth INR 150 billion was Jun. 5. Further, Morgan Stanley said that Wipro's margins were likely to be under pressure in the near term, ET NOW reported. The brokerage maintained 'underweight' on the stock with a target price of INR 192.
On Wall Street Friday, major players such as Advanced Micro Devices and Oracle Corp. fell 10?ch and those of Micron Technology declined over 13%, Intel Corp. and Qualcomm 11?ch, Broadcom 8%, and NVIDIA Corp. and Meta Platforms 6?ch. Marvell Technology had tumbled over 16%. Cognizant Chief Executive Officer Ravi Kumar said enterprise AI adoption remained low despite rapid advances in models due to excessive token consumption without clear links to return on interest, Business Standard reported.
"It is important to note that the sell-off in US on Friday was a tech-led sell off. This can trigger a rotation from AI trade to non-AI trade which can be beneficial for India," V.K. Vijayakumar, the chief investment strategist at Geojit Investments, said in a note. (Ruchira Kagita)
Equity Alert: Financial services cos, banks, auto cos keep indices lower
MUMBAI--1205 IST--Indices remained lower around mid-day with the majority of the Nifty 50 constituents in the negative zone. Domestic indices felt the pressure as crude oil prices remained elevated at $97 per barrel, up 4.5%. Broader market indices tracked the fall in their benchmark peers. While the Nifty small-cap indices fell 0.8–1%, the Nifty mid-cap indices were down 0.2-0.5%. Stocks of financial institutions, automobile players, and metal companies were the main laggards.
At 1202 IST, both the Nifty 50 and the BSE Sensex were down 0.7?ch at 23201.85 points and 73730.52 points, respectively. While the March quarter GDP data beat the Street view despite a tumultuous global environment, inflationary risks persist. India's GDP growth rate came in at 7.8% for the March quarter, beating the Informist estimate of 7.3%. Brokerage Elara Securities sees GDP growth for 2026-27 (Apr-Mar) in the 6.5–6.7% range, in line with the central bank's projection of 6.6%, with a downside bias. The brokerage highlighted elevated energy prices, supply-chain challenges, tighter financial conditions, and lingering tariff-related uncertainty as key risk factors, with emerging El Nino conditions likely to exacerbate inflationary concerns.
Wipro shed 6.4% and hit its lowest level since April 2023 at INR 185.60 per share. The stock fell for the second straight session during which it shed around 9% following the company's record date for its largest share buyback of INR 150 billion at INR 250 per share on Jun. 5. The stock was the worst performer in the Nifty 50 and Nifty 200 indices. Automobile players Mahindra & Mahindra and Tata Motors Passenger Vehicles shed around 2?ch and were among the notable laggards in the Nifty 50. Shriram Finance, Jio Financial Services, and Bajaj Finance, were down 1.7-2.3% and led the losses among financial services companies. Index heavyweights, ICICI Bank, HDFC Bank, and Reliance Industries were down 1–1.2% and dragged down the 50-stock index.
Max Healthcare, up 2.7%, remained the highest gainer in the Nifty 50 index, while peer Apollo Hospitals, up 1.7% was also a top performer in the Nifty 50 index. Their mid-cap peer, Fortis Healthcare, rose 3% and was the highest gainer in the Nifty 200 index. The stock hit its near-seven-month high at INR 1003.75 per share during the session. Large-cap pharmaceutical stocks Sun Pharmaceutical Industries and Dr. Reddy's Laboratories also remained among the gainers, up 1% and 0.7%, respectively. Their peers in the Nifty 200, Alkem Laboratories, Torrent Pharmaceuticals, and Mankind Pharma, rose 1–2.3% and were also among the notable gainers. In the Nifty 500, CCL Products India, up 5%, was the highest gainer, while Netweb Technologies sharply extended its losses and shed over 7%, plunging to the bottom of the index. (Shruti Nair)
Equity Alert: Metal cos fall; Nifty Metal down for 4th session; SAIL down 4%
MUMBAI--1125 IST--Shares of metal companies continued their fall on Monday, with the Nifty Metal index falling for the fourth straight session. All the constituents of the sectoral index traded lower. Concern over inflation, rising geopolitical tensions, and the fall in metal prices were the reasons put forth by a metal analyst at a top broking firm.
Steel Authority of India and National Aluminium Co. were the major losers in the Nifty Metal index, down around 4% and 3%, respectively. Shares of Tata Steel were down over 1%. The stock has fallen for the past three sessions and shed nearly 5% during this period. "A fire broke out at Tata Steel's Port Talbot plant in the UK can be the reason for the stock's continuous fall," said Ajit Sahu, research analyst at IDBI Capital.
According to Tushar Chaudhari, metals analyst at Prabhudas Lilladher, higher valuations of metal stocks and the coming off of gold and silver, metals on the London Metal Exchange were some of the factors that led to the fall in domestic metal stocks. "They benefitted last 3 months now some reversal will come," he said.
At 1126 IST, the Nifty Metal index was 1.5% down from its previous close. NMDC, Jindal Stainless, Hindustan Copper, Welspun Corp., Vedanta, and Hindalco were down over 2?ch. The sectoral index fell the most among its peers. (Arundathi A R)
Equity Alert: Pharma, healthcare stocks gain amid bearish market sentiment
MUMBAI--1124 IST--Shares of healthcare and pharmaceutical companies rose amid bearish market sentiment Monday. Pharmaceutical companies are expected to mitigate the rise in raw materials costs due to the West Asia war by taking price hikes. Probable defensive buying is also aiding the sector, according to analysts tracking the sector.
Shares of Max Healthcare Institute and Apollo Hospital Enterprises rose nearly 3% and 2%, respectively, to be the top gainers among the Nifty 50 constituents. Dr. Reddy's Laboratories gained 1%. Shares of Fortis Healthcare, Max Healthcare Institute, Mankind Pharma, Alkem Laboratories, and Torrent Pharmaceuticals rose 1-3% in the Nifty 200. Nifty Healthcare was the best performing sectoral index, up 0.7%, supported by the gains in the stock of Fortis Healthcare. Meanwhile, Nifty Pharma rose 0.3% and was aided by Mankind Pharma.
Pharma companies are likely to pass on the higher raw materials costs to customers amid a stable demand environment, according to Vishal Manchanda, senior vice-president, institutional research at Systematix Institutional Equities. Manchanda also highlighted the possibility of defence buying in the sector. Worldwide stockpiling of medicines amid a war situation is also aiding the sector, he added.
The government is planning a new support scheme for the bulk drug industry without any price hikes on medicines despite higher input costs due to the West Asia war, said Manoj Joshi, secretary, the Department of Pharmaceuticals, in an interview with Business Standard. Joshi said that the scheme would go beyond the production-linked incentive scheme and will focus more on research and development, long-term capacity addition, and stronger academia-industry partnerships, the report said. (Adhithya Aji)
Equity Alert: Indices off lows; Nifty 50 stays lower but holds on to 23200
MUMBAI--1046 IST--Headline indices came slightly off their lows but remained in the red as crude oil prices stayed higher amid renewed tensions between Iran and Israel. At 1033 IST, Brent crude oil futures were 4.3% higher at around $97.10 per barrel. Less than 15 constituents in the Nifty 50 index were in the green, with healthcare and pharmaceutical companies being the main gainers. Stocks of financial institutions and metal companies were among the main laggards.
At 1035 IST, the Nifty 50 and the BSE Sensex were down 0.7?ch at 23208.85 and 73732.14, respectively. All broader market indices were in the red. While the Nifty midcap indices fell 0.2–0.5%, the Nifty small-cap indices were down 0.6–0.7%. Most sectoral indices were in the red as well, with the Nifty Realty, Nifty Metal, and Nifty Auto indices being the worst struck, down 1.0-1.3%. Among the few gainers, the Nifty Healthcare and Nifty Pharma indices rose 0.7% and 0.4%, respectively.
Healthcare stocks, Max Healthcare Institute and Apollo Hospitals Enterprise, rose 2% and 1%, respectively, and were among the top gainers in the Nifty 50. Pharmaceutical majors Sun Pharmaceutical Industries and Dr. Reddy's Laboratories rose 0.5% and 1.0%, respectively. On Sunday, Manoj Joshi, pharmaceutical secretary, said the government was working on a new scheme to support the bulk drugs industry with a focus on building long-term capacity and enabling research and development, in an interview with Business Standard.
Wipro fell 5.4% and was the worst performer across Nifty 50, Nifty 200, and Nifty 500 indices. Stocks of financial services companies Jio Financial Services, Bajaj Finance, and Shriram Finance, down 1.2–2.0%, were also among the main laggards in the Nifty 50. Heavyweight stocks ICICI Bank and HDFC Bank shed 1?ch, further dragging down the 50-stock index. Metal companies, Hindalco Industries and JSW Steel were down 1.8% and 1.2%, respectively. Peer Tata Steel shed 1?ter the company said its plans for its electric steel-making furnace in the UK may be delayed for up to eight months due to issues with electrical connectivity. The project was initially expected to be completed by the end of 2027.
The mix of gainers and laggards in the Nifty 200 broadly mirrored those in the Nifty 50. Metal companies Steel Authority of India and National Aluminium Co. were near the bottom of the index, down around 3?ch. Financial services companies were also among the notable laggards. Muthoot Finance, L&T Finance, and Aditya Birla Capital fell 2–3%. Healthcare and pharmaceutical companies Alkem Laboratories, Torrent Pharmaceuticals, and Fortis Healthcare rose 1.6–3.1%. Physicswallah rose over 6% and was the top gainer in the Nifty 500 index. (Shruti Nair)
Equity Alert: Mkts open lower as Iran-Israel conflict intensifies, crude oil gains
MUMBAI--0940 IST--Benchmark indices opened sharply lower Monday amid the escalating West Asia war where Israel and Iran launched fresh strikes on each other's territories. The July Futures of Brent Crude oil rose to around $96 per barrel. Asian markets opened lower and sell-off in technology shares intensified. Indian indices' fear gauge India VIX was over 15% higher. At 0937 IST, the Nifty 50 was at 23143.75, down 222.95 or 1%, and the BSE Sensex was at 73544.38, down 698.96 or 0.9%.
Pharmaceutical stocks Sun Pharmaceutical Industries and Dr. Reddy's Laboratories were the sole gainers in the Nifty 50 after open. A few minutes later, Nestle India, Power Grid Corp. of India, State Bank of India, and Axis Bank gained, and were up 0.4-0.6%. On other hand, Wipro was the worst hit stock, down over 5%. Hindalco Industries, InterGlobe Aviation, Tata Consultancy Services, and Eternal were down around 2?ch. Financial services companies Shriram Finance, Jio Financial Services, Bajaj Finance, HDFC Life Insurance Co., and Bajaj Finserv fell 1-2%.
All the broader market indices were in the red, the Nifty Smallcap indices fell 0.5-0.7%, and the Nifty Midcap indices were down 0.5-0.8%. Nifty PSU Bank rose 0.6% and was the best performer among the sectoral indices, while Nifty IT was the underperformer and fell 1.6%.
Public sector banks--Union Bank of India, Bank of India, and Indian Bank--gained 1?ch in the Nifty 200. In contrast, Wipro was the worst hit in both the Nifty 200 and Nifty 500 indices. GE Vernova T&D India and Steel Authority of India declined over 4% and 3%, respectively. In the Nifty 500, Pfizer was the top gainer, up over 3%, and Wipro was the worst hit as well. (Adhithya Aji)
Equity Alert: May open lower on new West Asia war worries, higher oil prices
MUMBAI--0830 IST--Domestic benchmark indices may open lower Monday, on fresh escalations in the West Asia war and higher crude oil prices. They are also expected to track the early fall in all Asian markets. A renewed fight emerged between Iran and Israel, and the still clouded US-Iran peace deal talks may dampen market sentiment ahead. Analysts say market sentiment may get a boost only if there is some positive news regarding a peace deal between the US and Iran to end the war and crude oil prices fall.
According to the latest development, Iran Sunday reportedly fired missiles at Israel. The reports of missile fired from Iran came after the Iranian Parliamentary Speaker, M.B. Ghalibaf, posted on his X account that the US "naval blockade and violation of agreements regarding Lebanon" amounted to violations of the ceasefire, CNBC reported.
US President Donald Trump has been briefed on renewed fighting after Iran fired a missile at Israel for the first time since the start of the ceasefire, CNBC reported, as the White House confirmed to MS NOW. The report also said Trump Sunday told Fox News that the missile attacks were "certainly not going to help negotiations." Trump was going to call Israeli Prime Minister Benjamin Netanyahu to urge him not to strike back at Iran, the CNBC report said, quoting Axios. At 0827 IST, Brent crude oil August futures were over 3% higher at $96.12 a barrel. In a week, crude oil prices have risen nearly 6%.
According to media reports, Prime Minister Narendra Modi Saturday chaired a meeting with the members of the Economic Advisory Council to deliberate on strategies to further bolster India's economic growth amid global turmoil. The discussion focused on policy measures to support India's economic growth while making it resilient against external shocks, a media reported, quoting sources.
He also said in a social media post that the figures of GDP growth for the financial year 2025-26 (Apr-Mar), particularly the figures for the March quarter, show the "inherent strength" of India's economy and the success of reforms. He said the country's growth momentum is strong.
At 0826 IST, the June futures contract of GIFT Nifty was up 0.4% at 23188, lower than nearly 180 points from the Nifty 50's Friday close of 23366.70. "A fresh geopolitical escalation in the Middle East (West Asia) will take a toll on global equity markets," said Vipin Kumar, technical and derivatives analyst at Globe Capital Market. "Technically, the Nifty index is hovering in a consolidation phase (23000–24000 range), facing intraday resistance around the 23500–23550 spot levels and support near the 23150–23000 spot levels."
In the markets in Asia, South Korea's Kospi was the major loser, down almost 6%. All the three major US indices had settled significantly lower Friday, with the Nasdaq Composite down over 4%. The index was down for the third straight session. (Arundathi A R)
Equity Alert: Asian indices bleed following tech-led rout on Wall Street
MUMBAI--0825 IST--All the major indices in Asia were lower Monday morning, following the sharp sell-off in technology stocks on Wall Street Friday. South Korea's key index, KOSPI, fell the most in the region, and was followed by Japan's Nikkei 225. Further, Brent crude oil futures rising almost 4% from Friday's lows back to around $96 per barrel also likely worsened sentiment. Crude oil prices inched up after Israel and Iran exchanged fire, escalating tensions.
Among the constituents of KOSPI, heavyweights Samsung Electronics Co. and SK Hynix were lower by 6% and 3%, respectively. Owing to heightened volatility, trading in the index was also briefly halted, the DowJones Newswires reported. South Korea's broader market, KOSDAQ, was also down nearly 7%. Japan's benchmark Nikkei 225 fell over 4%, with shares of key stocks Advantest Corp. down 5%, SoftBank Group Corp. down almost 8%, and Tokyo Electron down over 6%. Among others, semiconductor player Renesas Electronics Corp. fell over 10% and electronic component manufacturer Murata Manufacturing Co. was down nearly 9%. Japan's TOPIX, meanwhile, fell amost 3%. The Australian stock market was closed on Monday for the King's Birthday.
"Blockbuster offerings have marked the peak of excess in past market cycles, so there seems to be an awkward silence around what this could signal for sentiment," Callie Cox, the chief market strategist at Ritholtz Wealth Management, told CNBC.
In macroeconomic news, the second estimate of Japan's GDP showed the economy expanded 1.8% year on year for the quarter ended March. This figure has been revised lower from the preliminary estimate of a 1.8% rise on an annualised basis. On a quarterly basis, the Asian country's GDP rose 0.5% for the first three months of 2026. A Reuters poll had projected the GDP to grow 1.3% on year.
"My view is that the Jan-Mar GDP data show Japan's economy was still resilient before tensions in the Middle East escalated. Given incoming data for the Apr-Jun quarter, as well as government actions and economic policy, the economy is likely to remain firm. That suggests the BOJ may have to tilt more toward rate hikes," Kento Minami, senior economist at Daiwa Securities, told Reuters.
The following were the levels of major Asian indices at 0819 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4764.3295 | (-)1.09 |
| Hang Seng Index | 24747.68 | (-)0.86 |
| Nikkei 225 Day | 64022.72 | (-)3.85 |
| TOPIX FIRST SECTION | 3844.11 | (-)2.66 |
| KOSPI | 7755.14 | (-)4.97 |
| FTSE Singapore Strait Times | 4979.37 | (-)1.40 |
(Ruchira Kagita)
Equity Alert: US indices end sharply lower Fri, technology stocks tumble
MUMBAI--0745 IST--US indices ended sharply lower Friday, led by declines in technology stocks. The NASDAQ Composite slipped 4.2% to post its worst day since April. The S&P 500 fell 2.6%, while the Dow Jones Industrial Average was slightly better off, falling by just 1.4%. Further, the May jobs data made the case for a rate hike by the US Federal Reserve.
On Friday, shares of Advanced Micro Devices and Oracle Corp. fell by 10?ch, while those of Micron Technology declined by 14%, Intel Corp. and Qualcomm by 11?ch, Broadcom by 8%, and NVIDIA Corp. and Meta Platforms by 6?ch. The NASDAQ ended lower for the week after two straight weeks of gains, down about 5%. The S&P 500 snapped its nine-week run of advances, lower by almost 3%. The Dow Jones also closed in the red after advancing for two weeks in a row, down 0.3%.
"The market reaction today (Friday) was more driven by positioning rather than fundamentals," Ohsung Kwon, chief equity strategist at Wells Fargo, told Reuters. "The semiconductor sector was way overbought. That's why we're seeing the selloff. I don't think it's the end of the semi bull market," Kwon said.
The US added 172,000 jobs in May, topping expectations. The country's unemployment rate was unchanged at 4.3%. Economists had expected the US to add around 80,000 jobs in the previous month. The recent data indicate some resilience in the labour market. The question of when the US Federal Reserve will raise interest rates has become more prominent in light of this data. "This is a labor market that is stronger than it was last year and is looking pretty darn solid, despite high energy prices and higher inflation generally," Gus Faucher, chief economist at PNC, told CNBC.
The following were the closing levels of major US indices on Friday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
50866.78 | (-)1.35 |
|
NASDAQ Composite |
25709.43 | (-)4.18 |
|
S&P 500 |
7383.74 | (-)2.64 |
(Ruchira Kagita)
US$1 = INR 95.71
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.
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