Equity Alert
Bank shrs up; RBI rolls out norms to attract foreign capital
This story was originally published at 12:30 IST on 9 June 2026
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Equity Alert: Bank shrs up; RBI rolls out norms to attract foreign capital
MUMBAI--1201 IST--Banking stocks traded higher Monday after the Reserve Bank of India rolled out new norms to attract foreign capital inflows into the country. The central bank rolled out a dollar-rupee swap facility for external commercial borrowings and overseas foreign currency borrowings for public sector undertakings. The regulator also issued details of a forex swap facility for new Foreign Currency Non-Resident (Bank) deposits.
The forex swap facility will allow banks to hedge eligible external commercial borrowings and overseas foreign currency borrowings for public sector undertakings at a fixed rate of 1.5% per annum, compounded annually. The banks can sell dollars to the RBI and agree to purchase the same amount back at the end of the swap period.
This swap arrangement materially lowers the effective cost of external commercial borrowings of PSUs and is likely to accelerate offshore fundraising and reduce dependency on domestic bank funding, ICICI Securities said. "This should support foreign currency inflows while freeing up domestic banking system liquidity," the brokerage added.
On other hand, the RBI also issued the norms of its forex swap facility for fresh FCNR(B) and mobilised for a minimum tenor of three years and a maximum of five years. The banks are allowed to price these deposits as per their internal policy, but within the overall ceiling, the RBI said. This will improve the liability profile of banks by improving the share of stable medium-term foreign currency deposits while bring down the reliance on domestic deposits, according to ICICI Securities. "It also provides an additional avenue to augment system liquidity and strengthen the external sector without exerting pressure on domestic interest rates," the brokerage added.
Nifty PSU Bank rose 2.6%, with all the constituents in the sectoral index trading higher. Bank of Maharashtra, Bank of Baroda, Canara Bank, Bank of India, and Punjab National Bank gained 3-4%. Nifty Bank rose over 1%. In the Nifty 50, the heavyweight stocks --ICICI Bank, State Bank of India, and Axis Bank--traded 1% higher each.
Canara Bank's FCNR(B) deposits are expected to rise to around INR 10 billion-INR 20 billion, said Brajesh Kumar Singh, managing director and chief executive officer in an interview with Business Standard. The bank's hedging costs for the deposits are around 3%, Singh said. "Even if the banks pass on half of that benefit, customers will be immensely benefited and, therefore, motivated to deposit," he said. (Adhithya Aji)
Equity Alert: Oil marketing cos up; under-recoveries on petrol, diesel fall
MUMBAI--1050 IST--Public oil marketing companies Bharat Petroleum Corp., Indian Oil Corp., and Hindustan Petroleum Corp. gained around 1?ch Tuesday after ending in the red for the past two sessions. This comes after media reports said under-recoveries for these companies have fallen to INR 6 per litre for petrol and to INR 30 per litre for diesel after retail fuel prices were hiked by nearly INR 7.5 per litre over the last month. The companies are still reporting daily losses of INR 6–7 billion cumulatively when losses on sales of liquefied petroleum gas are also included. Under-recoveries had gone up to as much as INR 105 per litre on diesel and INR 24 per litre on petrol as on Apr. 1.
"All refineries are operating at high capacity with adequate crude inventories, while sufficient stocks of petrol and diesel are being maintained. All retail outlets are operating normally across the country," Elara Securities (India) quoted Praveen Mal Khanooja, a senior official from the Ministry of Petroleum & Natural Gas, as saying in its report.
The government had hiked the prices of petrol and diesel in four tranches. Since the first and the sharpest price hike of INR 3 per litre on petrol and diesel, shares of HPCL have gone up over 3%, IOC closer to 3%, and those of BPCL around 1.5%.
However, these oil marketing companies continue to incur losses amounting to INR 700 per each 14.2-kilogram liquefied petroleum gas cylinder sold, as per media reports. Prices of domestic LPG cylinders were hiked by INR 29 to INR 942 per cylinder in Delhi for the second time since the West Asia war broke out. Prices in three other metro cities – Kolkata, Mumbai, and Chennai – range from INR 941.50 to INR 968 per cylinder after the price hike. The government also reduced the number of subsidised cylinders under the 'Pradhan Mantri Ujjwala' scheme from nine to four per year, media reports highlighted. The beneficiaries of the scheme will continue to receive a subsidy worth INR 300 per cylinder. (Ruchira Kagita)
Equity Alert: Indices off highs; fall in IT cos offsets gain in fincl svcs cos
MUMBAI--1030 IST--Benchmark indices slipped from their opening levels but stayed in the green on marginal gains. More than half of the constituents of the Nifty 50 index rose during morning trade amid easing crude oil prices. Shares of financial services companies and banks were among the top gainers in the 50-stock index, while information technology stocks were the main laggards. Tuesday, August futures of Brent crude oil shed 4.8% to $93.38 per barrel from Monday's high of $98 per barrel following the announcement of a ceasefire between Israel and Iran.
At 1026 IST, the Nifty 50 was at 23158.70, up 0.2%, while its peer, the BSE Sensex, was at 73618.08, up 0.1%. Trent, up 2.6%, was the top gainer in the Nifty 50 index, while Titan Co, down 1.8%, was the worst performer in the index. Broader market indices outperformed their headline peers, with all Nifty small-cap and mid-cap indices seeing gains of 0.8-1%. Most sectoral indices were in the positive territory. The Nifty PSU Bank and Nifty Bank indices were the top gainers, up 1.3% and 1.2%, respectively. Conversely, the Nifty IT index was the main laggard, down 0.8%. The index was down for the fifth straight session during which it shed 8.8%.
Shares of financial institutions were among the top gainers in the Nifty 50 index. Bajaj Finance, Bajaj Finserv, and Jio Financial Services were up 1.2–2%. Heavyweight stock ICICI Bank, up 1.5%, also helped the gains in the 50-stock index. Peers Kotak Mahindra Bank and Axis Bank, were up 1.2% and 0.7%, respectively. All IT stocks were in the red, with HCL Technologies, Infosys, and Tech Mahindra being the worst hit, down 1–1.6%.
Motilal Oswal Financial Services was among the top gainers in the Nifty 200 index. The company's stock was up 3.7% following a block deal on Monday in which HDFC Life Insurance Co. bought shares worth INR 1.53 billion of the financial services company. On the other hand, Oil India shed 2.4% and was the worst performer in the index. Jain Resource Recycling rose 7.7% and was the top gainer in the Nifty 500 index, while Tata Technologies shed nearly 4% and was the worst-hit stock in the index. (Shruti Nair)
Equity Alert: InterGlobe Aviation rises 2%; co lays out new aims for FY30
MUMBAI--1011 IST--Shares of InterGlobe Aviation rose over 2% to an intraday high of INR 4,459.70. The stock gained momentum after the airline company laid out aggressive targets for 2029-30 (Apr-Mar) during its analyst day. The domestic airline major plans to add more flights to its fleet, increase the passenger count, and the number of flights operated daily.
IndiGo targets to add more aircraft and take its fleet to more than 550 flights from 400 now. It plans to increase the number of passengers to 200 million from the current 123 million, and operate 3,000 daily flights against 2,200 as of now, brokerages said. The management guided its average seat kilometres to have a compound annual growth rate of the mid-teens over FY28-FY30. However, the metric for FY27 is expected to remain in single digits, the management said.
"Despite persistent near-term headwinds owing to airspace disruptions in the Middle East (West Asia), high fuel costs and INR (rupee) depreciation, we remain confident about INDIGO's growth strategy, anchored by India's strong domestic demand base and the company's steadily expanding international network," Motilal Oswal Financial Services said. The brokerage expects the gradual normalisation of international operations, fleet expansion, and resilient demand trends to support the airline to recover from recent headwinds over the coming year. Motilal Oswal has a 'buy' call on the stock with a target price of INR 5,600.
At 1000 IST, shares of the company traded nearly 2% higher at INR 4,430.20. The stock rose after declining for three consecutive sessions during which it shed nearly 4%. Over 265,000 shares of the company changed hands on NSE, which is marginally higher than over 256,000 shares traded till the same time Monday. (Adhithya Aji)
Equity Alert: Nirmal Bang positive on NBFCs; upgrades Sundaram Fin to 'buy'
MUMBAI--1000 IST--Nirmal Bang Institutional Equities Monday highlighted the resilience of the non-banking finance company sector in the face of emerging macroeconomic headwinds in a report. The brokerage underscored the strong performance of non-banking finance companies under its coverage during Jan-Mar, driven by robust growth in assets under management, margin expansion, and an overall improvement in asset quality.
The brokerage upgraded the stock of Sundaram Finance to a 'buy' recommendation with a target price of INR 4,900, which represents an upside of over 18% from the current market price. The brokerage cited the company's sector-best credit costs of 60 basis points, expanding net interest margins, and secured book as among its reasons for the upgrade. The company's assets under management comprise entirely of asset-backed vehicle and equipment financing with no exposure to micro, small, and medium enterprises and consumer lending on a standalone basis. This allows its credit costs to be better than its peers during the March quarter, 90bps lower than the next-best peers, Cholamandalam Investment and Finance Co. and Mahindra & Mahindra Financial Services.
The brokerage highlighted the aggregate pre-provision operating profit of its non-banking finance company universe rose 27% on year to INR 225 billion, underpinned by an around 20% year-on-year increase in its assets under management to INR 14.10 trillion, as well as broad-based margin expansion driven by improving cost-of-funds. Notably, asset quality improved for six of the seven non-banking finance companies covered by the brokerage. Sundaram Finance, Mahindra & Mahindra Financial Services, HDB Financial Services, and Cholamandalam Investment posted the sharpest gross non-performing asset declines on a quarterly basis in Jan-Mar.
Further, the brokerage noted that Bajaj Finance, Mahindra & Mahindra Financial, and Cholamandalam Investment have proactively built combined management overlays of around INR 5.6 billion against the West Asia disruptions and monsoon risks, which is a prudent buffer rather than a sign of portfolio deterioration, according to the brokerage. (Shruti Nair)
Equity Alert: Markets open up as Iran-Israel halt attacks, crude eases
MUMBAI--0943 IST--Benchmark indices opened higher after Israel and Iran decided to halt attacks on each other in West Asia following an appeal by US President Donald Trump. However, Iran said strikes would resume if Israel targeted Hezbollah in Lebanon. The August Brent crude oil futures eased to $93 per barrel from the previous day's high of $98 per barrel. At 0937 IST, the Nifty 50 was at 23221.40, up 98.40 or 0.4%, and the BSE Sensex was at 73853.65, up 329.39 points or 0.5%.
Trent was the top gainer among the Nifty 50 constituents, up nearly 3%. The heavyweight banking stocks ICICI Bank and Axis Bank gained nearly 2?ch. InterGlobe Aviation also rose nearly 2%, snapping its three-day losing streak. The stock gained after the company laid out ambitious targets for 2029-30 (Apr-Mar), such as expanding its fleet to more than 550 aircraft from 400 now, serving around 200 million passengers, and operating 3,000 daily flights.
Financial services companies – Jio Financial Services, Shriram Finance, Bajaj Finance, HDFC Life Insurance Co., Bajaj Finserv, and Kotak Mahindra Bank rose 1-2%. Grasim Industries, Wipro, Axis Bank, Mahindra & Mahindra, Asian Paints, and Bajaj Auto rose around 1?ch. Infosys, NTPC, and Titan Co. were the worst hit, each falling around 1%. Tech Mahindra, Tata Steel, Coal India, and HCL Technologies also fell around 1?ch.
All the broader market indices were in green, with the Nifty smallcap indices up 0.8-0.9% and the Nifty midcap indices around 1% higher each. Nifty Realty, Nifty Private Bank, and Nifty Bank were the top gainers among sectoral indices, each up over 1%. Nifty IT was the only underperformer, down 0.5%.
Tata Communications was the top gainer in the Nifty 200, rising 4%. IDFC First Bank, Motilal Oswal Financial Services, and ICICI Lombard General Insurance Co. rose around 3%. In contrast, Hitachi Energy India was the worst hit in the index, down over 1%.
In the Nifty 500, Jain Resource Recycling gained nearly 6% to be the top gainer, while NLC India fell nearly 4% to be the worst hit. Shares of the latter fell after the government announced an offer for sale to sell 3% stake in the company. (Adhithya Aji)
Equity Alert: IndiGo lays out ambitious FY30 aims, outlook for FY27 volatile
MUMBAI--0842 IST--IndiGo operator – InterGlobe Aviation has laid out aggressive targets for 2029-30 (Apr-Mar) in its interactions with analysts, brokerages said. The management aims to expand its fleet to more than 550 aircraft from 400 now, serve around 200 million passengers, and operate 3,000 daily flights. The average seat kilometres are expected to see a mid-teen compound annual growth rate over FY28–FY30, brokerages said. However, the FY27 outlook is volatile, they added.
In FY26, the airline had around 123 million passengers and 2,200 daily flights, JM Financial Services said. "The roadmap is ambitious and crucially remains anchored to IndiGo's core strengths of cost leadership, fleet commonality and disciplined execution," the brokerage said. The FY27 average seat kilometres are expected to remain in single digits, compared with a 10% growth reported in FY26. This reflects the lingering impact of fleet-related constraints and operational normalisation, JM Financial said.
Management's average seat-kilometre guidance reflects disruptions caused by the war in West Asia and capacity rationalisation, Emkay Global Financial Services said. This is before the mid-teen growth in the metric for FY28-FY30, supported by fleet additions, network expansion, and growth in international operations, Emkay said. The brokerage expects IndiGo to see a yield-led year, with mid-teens year-on-year yield growth in the June quarter. This is due to fuel surcharges, a stronger fare environment, a favourable base, and a stable passenger traffic of around 125 million.
Emkay has trimmed the average revenue per user for FY27 to 6% from 8?rlier, but has retained the earnings estimate on the back of expected yield growth for the period. The brokerage has a 'buy' call on the stock with a target price of INR 5,200.
One of the major decisions was IndiGo's deliberate transition from domestic carrier to global network airline, JM Financial said. The airline targets 40% international capacity by FY30, driven by the addition of A321XLR flights and widebody aircraft, as well as India's emergence as a transit hub. "The addressable market expands materially from short-haul regional flying to mid-haul and long-haul international routes spanning Europe, East Asia and beyond," JM Financial said.
IndiGo's growth aspiration reflects both volume expansion and participation in higher-value traffic pools, according to JM Financial. "If executed successfully, IndiGo could emerge as one of the few airlines globally combining low-cost economics with international scale," the brokerage added. JM Financial has an 'add' recommendation on the stock. On Monday, shares of InterGlobe Aviation ended 2.7% lower at INR 4,359.70 on the NSE. (Adhithya Aji)
Equity Alert: To move in range on West Asia truce, lower oil prices
MUMBAI--0820 IST--Headline equity indices are expected to move in a range Tuesday after the ceasefire announcement between Iran and Israel. Reacting to this, crude oil prices eased to $93 a barrel from its previous session high of $98 a barrel. The GIFT Nifty also indicated a muted opening for the benchmark indices. The indices are expected to track the early gains in the equity markets in Asia.
US President Donald Trump Monday announced a ceasefire between Israel and Iran, hours after Israel fired missiles at Iran in retaliation to an attack earlier in the day. "Both sides, Israel and Iran, are looking to do an immediate ceasefire!" Trump posted on Truth Social. "Final negotiations on 'peace' are proceeding, subject to ignorance or stupidity getting in its way." At 0822 IST, Brent crude oil August futures were 0.7% lower at $93.58 a barrel.
"From a technical perspective, Nifty continues to hover near a critical support zone placed at 23100, followed by a stronger support base around 23000," Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity Research, said. "These levels remain pivotal for maintaining the prevailing bullish structure. A decisive move above this level could trigger fresh momentum and open the door for an extension of the ongoing uptrend." Monday, the Nifty 50 closed 1% lower at 23123, down over 240 points. At 0801 IST, GIFT Nifty June futures were slightly lower at 23153. This was 30 points higher than the Nifty 50's Monday close.
Shares of PSU Banks will be in focus Tuesday after the Reserve Bank of India introduced a dollar-rupee forex swap facility for external commercial borrowings and overseas foreign currency borrowings with a concessional forex swap facility for public sector undertakings. This was opened to attract foreign capital inflows and strengthen the domestic currency. The Nifty PSU Bank index closed nearly 1% lower Monday.
Shares of Bharti Airtel and Vodafone Idea will also be in focus during the session, as the Bombay High Court Monday set aside the government's demand orders seeking payment of one-time spectrum charge from the telecom companies for the years 2008 to 2012. The high court said the government was not able to justify the decision and its action of levying one-time spectrum charge retrospectively upon Bharti Airtel and Vodafone Idea. Shares of Bharti Airtel ended nearly 1% higher Monday, while those of Vodafone Idea closed nearly 4% lower.
Most Asian equity markets were higher in early trade, with South Korea's KOSPI gaining the most. The index, which was up after falling for the past three sessions, gained over 3%. Barring the Dow Jones Industrial Average, the other two major US indices settled higher Monday. (Arundathi A R)
Equity Alert: Indices in Asia gain, South Korea's KOSPI outperforms
MUMBAI—0818 IST--Most indices in Asia were up in early trade on Tuesday. South Korea's KOSPI rebounded strongly, gaining more than 3%. Japan's Nikkei 225 and TOPIX were also higher. Gains in technology stocks on Wall Street overnight, coupled with Iran and Israel holding off on further military action, supported sentiment. Brent crude oil futures slipped more than 4% from Monday's highs to $94 per barrel.
"Both sides, Israel and Iran, are looking to do an immediate CEASEFIRE! Final negotiations on "Peace" are proceeding, subject to ignorance or stupidity getting in its way," US President Donald Trump said in a post on Truth Social.
On the macroeconomic front, China's trade surplus was resilient at $105.4 billion, well above the expected $86.8 billion, according to Dow Jones Newswires. Its exports rose 19.4% on the year, while imports incerased 27.4%. Growth in exports and imports in May surpassed expectations. China's CSI 300 was up 0.1% and the SSE Composite gained 0.3%.
Meanwhile, business confidence in Australia remained weak in May at (-)14, compared with (-)23 in April, according to the survey conducted by the National Australia Bank. "... with global uncertainty persisting, the domestic backdrop softening and cost pressures remaining elevated, confidence remains very weak and in negative territory across all industries," the report said. Australia's benchmark S&P/ASX 200 was down 0.6%.
The following were the levels of major Asian indices at 0816 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4728.4751 | 0.31 |
| Hang Seng Index | 24647.93 | (-)0.04 |
| Nikkei 225 Day | 64506.46 | 0.75 |
| TOPIX FIRST SECTION | 3871.65 | 0.50 |
| KOSPI | 7708.71 | 3.00 |
| FTSE Singapore Strait Times | 5010.86 | 0.95 |
| S&P/ASX 200 Index | 8580.70 | (-)0.55 |
(Ruchira Kagita)
Equity Alert: Chipmakers rebound on Wall Street; NASDAQ, S&P 500 gain
MUMBAI--0740 IST--Chipmakers rebounded on Wall Street on Monday after seeing an intense sell-off on Friday. The NASDAQ Composite and S&P 500 ended higher on Monday, even as the Dow Jones Industrial Average closed lower. Israeli Prime Minister Benjamin Netanyahu's comment that the country would hold off on further strikes against Iran aided the sentiment.
Shares of Micron Technology were up almost 10%, while Advanced Micro Devices rose 5%, ASML Holding over 6%, and Broadcom nearly 3%. Marvell Technology, which had closed 16% lower on Friday, advanced almost 10%. Intel Corp. soared around 11?ter The Information reported that Alphabet, the parent of Google, placed an order with Intel to manufacture over 3 million tensor processing units in 2028. Meanwhile, the Philadelphia Semiconductor Index, which tracks 30 major companies involved in semiconductor design and manufacturing, was up almost 6%. All constituents of the index closed in the green.
"This market has been priced for quite a while for perfection, and these are certainly imperfect times. In that environment, you are going to see some back-and-forth, and some fear of prices having gone too far," Rick Meckler, partner at Cherry Lane Investments, told Reuters.
In some other news, Apple rolled out an artificial intelligence-powered version of Siri at its annual Worldwide Developers Conference in Cupertino, California. "Some appear to be racing forward, seemingly pursuing AI for the sake of AI, without clear regard for the people, all of us, that it's ultimately meant to serve," Reuters quoted Craig Federighi, Apple's senior vice president of Software Engineering, as saying at the conference. Investors, however, were not so enthused about the new launch. Shares of the iPhone maker were down almost 2%.
The following were the closing levels of major US indices on Monday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
50786.01 | (-)0.16 |
|
NASDAQ Composite |
25929.66 | 0.86% |
|
S&P 500 |
7405.73 | 0.30% |
(Ruchira Kagita)
US$1 = INR 95.58
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
All prices from National Stock Exchange, unless otherwise specified.
All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.
All times are Indian Standard Time.
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