Equity Alert
Indices in Asia end higher Fri on US-Iran peace deal hopes
This story was originally published at 14:52 IST on 12 June 2026
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Equity Alert: Indices in Asia end higher on US-Iran peace deal hopes
MUMBAI--1420 IST--Indices in Asia ended higher. Market sentiment was positive on hopes of a peace deal between the US and Iran after US President Donald Trump called off his planned strikes on the Persian Gulf country. He said discussions and final points for a peace agreement have been approved by all parties involved. Brent Crude Oil futures slid more than 4% intraday to around $87 per barrel.
Though the last trading day of the week was good for Asian markets, the week itself wasn't so great for them with the benchmark indices falling significantly. With technology stocks taking a beating, South Korea's KOSPI, Japan's Nikkei 225 Day, and Taiwan's TAEIX suffered the most. Taking cues from Wall Street, investors sold shares in several technology majors linked with artificial intelligence. Major players, such as Samsung Electronics Co., SK Hynix, Advantest Corp., SoftBank Group Corp., and Tokyo Electron declined sharply through the week though they later staged a recovery.
On a weekly basis, the KOSPI fell for the second week despite its strong rise Friday. The index closed nearly 5% higher Friday, off earlier highs, but still fell 0.5% for the week. Japan's benchmark 225-stock index snapped its three-week rise and closed nearly 1% lower. Friday, however, it was up almost 3%.
China's CSI 300 also ended in the red for the second week, down around 1%. Hong Kong's Hang Seng fell for the fifth week, down 1%. Over these five weeks, the index has fallen more than 6%. However, like its other peers, it rose 2% Friday. Australia's S&P/ASX 200 was the only major index in the region to close higher for the week. The index rose 2% in its truncated week.
The following were the levels of major Asian indices at 1418 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4777.3206 | 1.16 |
| Hang Seng Index | 24718.10 | 1.93 |
| Nikkei 225 Day | 66020.04 | 2.81 |
| TOPIX FIRST SECTION | 3881.96 | 1.35 |
| KOSPI | 8123.62 | 4.63 |
| FTSE Singapore Strait Times | 5024.29 | 0.73 |
| S&P/ASX 200 Index | 8804.00 | 1.98 |
(Ruchira Kagita)
Equity Alert: Nuclear infra cos up post duty removal on power goods imports
MUMBAI--1333 IST--Shares of infrastructure companies in the nuclear energy sector traded higher, after the government exempted customs duty on specified nuclear power generation equipment imported between Apr. 1, 2019, and Jan. 31. The move would shield the importers from any tax demands on such shipments during the period, the government said in a nitification.
Walchandnagar Industries, Power Mech Projects, and MTAR Technologies are expected to reap the benefits of this move by the finance ministry. These companies provide infrastructure and engineering services to the nuclear energy sector. In March, Union Minister Jitendra Singh had said that the imports of goods required for nuclear power projects will be duty free, which will bring down the project cost and the per-unit cost of electricity generated, according to a press release by Press Information Bureau.
Shares of MTar Technologies had fallen sharply Thursday after its client, Bloom Energy halted its key data centre project, to which the former was set to cater for services. On Friday, the management of MTAR Technologies said that the data centre project was still on track and expected to complete in 2028. Along with this, the positive sentiment of customs duty removal aided the company's shares.
At 1329 IST, shares of Walchandnagar Industries and Power Mech Projects traded nearly 9% and 7% higher, respectively. Shares of MTAR Technologies gained nearly 13%. (Adhithya Aji)
Equity Alert: Equitas Small Fin Bk up 3%; co sees 20% growth in medium term
MUMBAI--1255 IST--Equitas Small Finance Bank was in focus after the bank laid out its medium-term outlook. It said it sees its loan growth at a compounded annual growth rate of 20% over the next five years. The lender will tilt more towards secured lending, and it said it would cap its exposure to microfinance institutions at 10% of its loan book. It sees its return on assets at around 1.5% by the end of 2026-27 (Apr-Mar). Given the commentary, brokerages retained their positive outlook on the company. At 1253 IST, shares of the company were up 3% at INR 73.66 on the NSE.
Deposit mobilisation remains one of the challenges for small finance banks but Equitas Small Finance Bank strengthened its liability franchise, Emkay Global Financial Services highlighted in a report. Retail deposits made up around 68% of total deposits and around 88% of bulk term deposits were non-callable in FY26, the brokerage noted. In its vehicle finance segment, the bank plans to scale up its business in the used commercial vehicle and small car segment.
The focus in the housing finance division is expected to be on increasing the branches offering small business loans by 60 more in FY27 from 90 currently, Emkay Global noted in its report. By FY31, the company sees its advances at INR 1.2 trillion and deposits at INR 1.3 trillion. The brokerage maintained its 'add' rating on the stock and its target price at INR 75. Emkay Global said the lender's diversified loan book, coupled with its gross non-performing asset ratio below 3% should support it being eligible to apply for a universal bank licence. This will make the case for the stock's re-rating, the firm said.
Equitas Small Finance Bank's deposit mobilisation and execution of profitability will be key, JM Financial Institutional Securities said in its report. The lender getting a universal banking licence could improve its deposit mobilisation and improve its return on equity over time, the brokerage noted. The cut in exposure to microfinance, a better funding profile, and better operating leverage improve the earnings visibility for the company, JM Financial said. The brokerage increased its earnings per share estimates for the company by 4% for FY27 and by 5% for FY28 while upgrading the stock to 'add' from 'reduce'. It increased its target price to INR 77 from INR 65.
"The analyst day (meeting) instils confidence about the sustainability of loan and earnings growth led by a higher share of secured loan mix and potential operating leverage," JM Financial said. The bank's primary segment, offering small business loans, continues to deliver an attractive yield of 16–17% with through-the-cycle credit cost of about 0.6%, the brokerage noted.
The bank's growth is likely to be supported by secured asset classes like small business loans, vehicle finance, and home loan segments, Motilal Oswal Financial Services noted. The bank also plans to scale up its gold loan book with its plan to add 100 asset branches in this category. The brokerage, however, pencilled in a growth of 18.5?tween FY26 and FY28. "...we expect credit costs and slippages to continue trending lower, providing a key driver for earnings reflation," the brokerage said. Motilal Oswal expects the bank's net interest margin to be more than 7% over the medium term. Motilal Oswal has a 'buy' rating on the stock with a target price of INR 85. (Ruchira Kagita)
Equity Alert: Indices maintain gains; fincl svcs cos up, upstream oil cos dn
MUMBAI--1245 IST--Headline indices held onto their gains as crude oil prices remained steady around $88 per barrel, down nearly 2% from Thursday. Only 15 constituents of the Nifty 50 index were in the red and the 50-stock index remained above the 23300 level.
At 1240 IST, the Nifty 50 was at 23342.95 points, up 0.8%, and its peer, the BSE Sensex, was at 74537.49 points, up 1%. Broader market indices also continued to gain with the Nifty mid-cap indices up 1-1.1%, while the Nifty small cap indices rose 1.4-1.6%. While most sectoral indices were in the green, the Nifty Private Bank and Nifty Financial Services indices were the top gainers up around 1.3?ch, while the Nifty IT index fell marginally.
InterGlobe Aviation, up 3.2%, remained the top gainer in the Nifty 50 index propelled by the fall in crude oil prices. Financial services and banks were also prominent gainers. Jio Financial Services, Bajaj Finance, and Shriram Finance rose 1.4–2.7%. Heavyweight stock HDFC Bank was up 1.8% and led the gains among peers. Axis Bank, Kotak Mahindra Bank, and ICICI Bank were up 0.7–1.3%. The Reserve Bank of India's recent measures to attract foreign inflows are seen having a positive impact on deposit growth of banks, according to analysts.
Upstream oil player Oil and Natural Gas Corp., down 2.9%, was the worst performer in the Nifty 50 and Nifty 200 indices amid easing crude oil prices. Further, royalty rates on crude oil produced from onshore nomination blocks have been revised back to 20% a month after the government had announced a cut in the royalty rate. The fallout from the reversal is expected to impact ONGC's profit before tax by 2.5–3%, brokerage Nomura said in a report. Its peer Oil India, down 3%, was also among the worst performers in the Nifty 200 and Nifty 500 indices. The impact of the reversal is expected to impact Oil India's profit before tax by around 8–9%, according to the report. This is due to almost all of Oil India's output coming from onshore fields compared to only around 33% of ONGC's production coming from onshore fields.
Ashok Leyland, up 5.2%, was the top gainer in the Nifty 200 index. Among other notable gainers, financial services companies Motilal Oswal Financial Services and L&T Finance, were up around 4?ch. Peer, IFCI, was the top gainer in the Nifty 500 index after hitting its 20% upper circuit, while Cemindia, down 4.5%, remained the worst performer in the index. (Shruti Nair)
Equity Alert: MTAR Tech rebounds as mgmt says key US client's project on track
MUMBAI--1240 IST--Shares of Mtar Technologies Ltd. recovered Friday after the company's management clarified that the data centre project linked to its key US customer was on track to be completed by 2028. At 1234 IST, shares of the company traded over 13% higher at INR 7,141 on the NSE. Around 3 million shares of the company changed hands on the bourse so far, one million shares more than the those traded till the same time Thursday.
Stocks of the company had closed over 11% lower Thursday after Crusoe Energy said it had paused work on the 1.8 gigawatt data centre project in Wyoming, which was expected to deploy Bloom Energy's fuel cells. Bloom Energy is an important client for MTAR Tech as the latter draws around 55–65% of its annual revenue by supplying solid oxide fuel cells and solid oxide electrolyser. Thursday, Black Hills Corp. said the project in Wyoming has not been paused and that development activity is ongoing, several media reports said. Service in the data centre is expected to begin in early 2028.
MTAR Tech has not received any communication from Bloom Energy regarding a pause in the data centre project and that reports suggesting a delay remain speculative, the company's Managing Director Srinivas Reddy said in an interview to CNBC-TV18. "There are no delays as far as we are concerned. We remain completely on track," Reddy said. The company's management added that the contribution from Bloom Energy could be slightly higher than the current revenue during 2026-27 (Apr-Mar) due to increasing volumes, ET Now reported.
In several interviews to news channels, Reddy said that the company has already received more than INR 28 billion worth of orders during the current quarter and maintained that its FY27 guidance remains unchanged. The company has guided for around 80% revenue growth and expects its order book to reach nearly INR 50 billion in FY27. (Eshitva Prakash)
Equity Alert: Jefferies sees weak earnings outlook for auto cos in FY27
MUMBAI--1210 IST--Global investment bank Jefferies expects earnings outlook for automobile companies in 2026-27 (Apr-Mar) to be weakened on demand and margins, CNBC-TV18 posted on its X account, citing the brokerage. It expects sharpest earnings-per-share downgrades for automobile majors Hyundai Motors India, Ashok Leyland, Maruti Suzuki India, and Uno Minda.
Jefferies sees the least earnings cuts in two-wheelers, global auto component players, and Mahindra & Mahindra, according to the CNBC-TV18 post. It holds positive outlook on automobile component companies Bharat Forge, Samvardhana Motherson International, Belrise Industries, and Uno Minda.
Meanwhile, investment group CLSA also sees the premium two-wheeler and passenger vehicle segments continue to outperform, CNBC-TV18 posted, citing the brokerage. It said sport utility vehicles and premium bikes will remain demand drivers and Maruti Suzuki is expected to see improvement in mini or compact segment volumes. According to CLSA, M&M is gaining market share while Tata Motors Passenger Vehicles launches are aiding growth.
At 1209 IST, the Nifty Auto index was 0.5% higher, with most of its constituents in the green. Ashok Leyland was the highest gainer among them, up 4.5%. (Arundathi A R)
Equity Alert: HSBC upgrades Honasa Consumer to 'hold' post co's FY31 outlook
MUMBAI--1100 IST--HSBC Global upgraded Honasa Consumer to 'hold' and raised its target to INR 384. This target implies a downside of around 9% from the stock's current market price. The upgrade comes after the company held a meeting with analysts where the management said it targets INR 55 billion in revenue and its earnings before interest, taxes, depreciation, and amortisation margin rising to over 15% by 2030-31 (Apr-Mar). This implies a revenue growth of 18% at a compounded annual rate over FY26-31.
The Mamaearth parent seems to have a more structured strategy for offline expansion, CNBC-TV18 quoted brokerage HSBC as saying. The company is unlikely to go through operational challenges of the kind it faced in 2025, the brokerage said. In FY25, the company had slipped into losses and struggled to strengthen its distribution network. HSBC also factored in earnings expectations from the company's acquisition of Reginald Men. HSBC has increased its target valuation multiple for the company to 40 times, the media outlet reported.
For the March quarter, Honasa Consumer posted a consolidated net profit of INR 691.93 million on revenues of INR 6.57 billion. At 1059 IST, shares of the company were trading nearly 1% up at INR 420 on the NSE. (Ruchira Kagita)
Equity Alert: Indices stay up on subdued oil price; fincl cos, select bks up
MUMBAI--1037 IST--Benchmark indices were higher during morning trade as oil prices remained subdued following the de-escalation of the hostilities between the US and Iran. Friday, US President Donald Trump called off strikes on Iran and said a peace deal could be signed "over the next few days". Previously, Trump had threatened more strikes on Iran if Tehran did not concede to a deal. Nearly all constituents of the Nifty 50 were in the green. Financial services companies, banks, and select automobile players were among the top gainers. Energy and upstream oil players were among the main laggards.
At 1035 IST, the Nifty 50 was 0.8% higher at 23356.10 points, while the BSE Sensex was up 1% at 74553.26 points. August futures of crude oil remained around $89 per barrel, down around 2% from Thursday's close. "Two consequences are likely from this development. India will succeed in managing the BoP (balance of payments) crisis that we have been facing since the beginning of the war. Rupee will stabilise and strengthen mildly," according to V.K. Vijayakumar, chief investment strategist at Geojit Investments, said in a note. Gains in broader market indices outpaced those of their headline peers. The Nifty small-cap indices were up 1.5–1.7%, while the Nifty mid-cap indices were up 1.1-1.2?ch.
InterGlobe Aviation, up 3.5%, remained the top gainer in the Nifty 50 index, buoyed by the fall in oil prices. The stock hit its highest level in over a month at INR 4,680 per share. Index heavyweight HDFC Bank was up nearly 2%, while peer Kotak Mahindra Bank was up nearly 1%. Shriram Finance, up 2.5%, led the gains among non-banking finance companies, followed by Jio Financial Services and Bajaj Finance, which were up 1.3% and 1.7%, respectively.
Among the laggards, upstream oil player Oil and Natural Gas Corp., down 1.7%, was the worst performer in the 50-stock index and hit its lowest level in nearly six months, at INR 247.20 per share. Peer energy companies Power Grid Corp. of India and Coal India, were also among the laggards, down 0.6% each.
Automobile companies and downstream oil companies were among the notable gainers in the Nifty 200 index. Tata Motors and Ashok Leyland were up 5.3% and 4.6, respectively, while oil marketing players Hindustan Petroleum Corp. and Bharat Petroleum Corp. were up 3% and 2.5%, respectively. On the other hand, state-owned oil explorer Oil India, down 2%, was the main laggard in the Nifty 200. Authum Investment & Infrastructure, up 10.8%, was the top gainer in the Nifty 500 index, while Cemindia Projects, down 3.3%, was the worst performer. (Shruti Nair)
Equity Alert: Hexagon Nutrition lists at 7% premium to IPO price on NSE
MUMBAI--1025 IST--Shares of Hexagon Nutrition listed at a premium of over 7% at INR 48.25 from its issue price of INR 45 on the NSE Friday. At 1017 IST, the stock was nearly 13% higher at INR 50.66 on the NSE. So far in the day, over 10 million shares of the company have changed hands on the exchange. On the BSE, shares of the company were listed at a premium of nearly 7% from the issue price at INR 48.
The initial public offer of Hexagon Nutrition was subscribed nearly 54 times, closing on Tuesday. The issue received bids for 1.6 billion shares, against 21.60 million shares on offer. Prior to the bidding, the company raised INR 416.6 million from anchor investors at INR 45 per share.
Hexagon Nutrition is a differentiated and research-oriented pure-play nutrition company that offers products ranging from micronutrient premixes to therapeutic and clinical products. For the nine months ended Dec. 31, the company reported a consolidated net profit of INR 270.33 million on revenue of INR 2.68 billion. (Arundathi A R)
Equity Alert: Indices open up on W Asia deal hopes, fall in crude oil prices
MUMBAI--0944 IST--Benchmark indices opened higher, taking relief from US President Donald Trump's announcement that he called off the scheduled strikes on Iran and that Tehran's top leadership has approved a peace pact. "The Naval Blockade will remain in full force and effect until this Transaction is finalized – Time and place of the signing to be announced shortly," Trump said on the social media platform Truth Social.
Brent crude oil futures for August fell below $90 per barrel. At 0943 IST, the Nifty 50 was at 23374.10, up 212.50 points or 0.9%, and the BSE Sensex was at 74642.11, up 809.56 points or 1.1%.
InterGlobe Aviation was the top gainer among the Nifty 50 constituents, up nearly 4%. The company is set to benefit from the proposed halt to the war in West Asia, as it would normalise IndiGo's operations across the region and reduce fuel costs. Larsen & Toubro rose over 2%. The company is set to benefit as its order book has significant exposure to the region. Eternal rose nearly 3%, making it the second-biggest gainer.
Financial services companies – Shriram Finance, Bajaj Finance, Bajaj Finserv, Jio Financial Services, Kotak Mahindra Bank, State Bank of India, and HDFC Life Insurance Co. gained 1-2%. Automobile companies Eicher Motors, Tata Motors Passenger Vehicles, and Mahindra & Mahindra rose 1-2%.
On the other hand, oil exploration company Oil and Natural Gas Corp. was the worst hit stock in the Nifty 50, down nearly 2%. Oil India was down nearly 2% as well. They were major laggards in both the Nifty 200 and Nifty 500 indices. They fell after global crude oil prices fell sharply after Trump's announcement. Tech Mahindra, Hindalco Industries, Dr. Reddy's Laboratories, and Bajaj Auto fell nearly 1?ch.
All the broader market indices were in the green, with the Nifty smallcap indices rising 1.6?ch and the Nifty midcap indices incresing 1.3?ch. All the sectoral indices were also in the green. Nifty Realty was the top gainer in sectoral indices, up over 2%.
Motilal Oswal Financial Services and Tata Motors were the top gainers among the Nifty 200 constituents, up nearly 5?ch. Ashok Leyland and Hindustan Unilever rose around 4?ch. In the Nifty 500, Netweb Technologies was the top gainer, up over 6%. (Adhithya Aji)
Equity Alert: Asian mkts up on US-Iran deal hopes, fall in crude oil prices
MUMBAI--0832 IST--All the major indices in Asia were higher Friday, buoyed by US President Donald Trump calling off strikes against Iran after threatening to strike Tehran "very hard." Brent crude oil futures slipped over 6% from Thursday's highs and hovered near $89 per barrel.
"I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening. Discussions and final points have been, in both concept and great detail, approved by all parties involved," Trump said in a post on Truth Social. "The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly," Trump said.
South Korea's KOSPI outperformed other regional indices, advancing nearly 8%. Shares of index heavyweights Samsung Electronics Co. and SK Hynix rose 11% and 8%, respectively. Automobile majors, Hyundai Motor Co. and Kia Corp., were up around 6?ch. South Korea's broader market, KOSDAQ, was up 4%. The Bank of Korea Governor Hyun-Song Shin said it is necessary to raise interest rates "before it is too late." Inflation is likely to remain above the target of 2% for a considerable period, Shin said. "... with the normalisation of energy supply chains delayed, heightened household inflation expectations and the possibility of price increases by firms may pose additional upside risks to inflation," he said. In its last monetary policy meeting, the South Korean central bank kept its benchmark interest rate unchanged at 2.5%.
In Japan, the benchmark Nikkei 225 index rose 4%. Shares of Advantest Corp. and Tokyo Electron were up 9-10%. Shares of financial majors Mizuho Financial Group and Sumitomo Mitsui Financial Group gained about 3?ch. "... we believe an AI-driven market is likely to continue for a long time, probably until the Fed begins a series of interest rate hikes," Bank of America Global Research said in a report. "We believe banks are an effective hedge against AI stocks, because they are supported by expectations of BoJ rate hikes, regardless of whether the Strait of Hormuz is closed or open," the firm said.
The following were the levels of major Asian indices at 0832 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4797.7925 | 1.60 |
| Hang Seng Index | 24620.34 | 1.53 |
| Nikkei 225 Day | 66442.95 | 3.47 |
| TOPIX FIRST SECTION | 3893.47 | 1.65 |
| KOSPI | 8369.93 | 7.81 |
| FTSE Singapore Strait Times | 5020.06 | 0.64 |
| S&P/ASX 200 Index | 8801.10 | 1.94 |
(Ruchira Kagita)
Equity Alert: Seen opening up on US-Iran deal hopes; oil price below $90/bbl
MUMBAI--0830 IST--Domestic benchmark equity indices are expected to open higher Friday on hopes of the US-Iran deal nearing a close. The US President Donald Trump Thursday claimed that the US "just made a great settlement of the war with Iran," subject to the "finalisation of documents." Crude oil prices reacted to the news, falling to around $88 a barrel.
Trump said he expects the deal to be signed "over the next few days," repeating similar claims he has made numerous times over the course of the war, according to a report by CNBC. Trump also said the "time and place of the signing" will be announced shortly. The Strait of Hormuz will be reopened as soon as a deal is signed, Trump said.
However, soon after Trump's announcement, Iranian state media Fars reported on Telegram that Tehran had not approved any text for an initial memorandum of understanding with the US, the CNBC report said. "The reality is that up until now, not only has Iran not given a final response, but it is the US that has returned to its previous demand," Fars reported.
Trump had earlier warned that US forces would be hitting Iran "very hard" on Thursday night, assuming "total control" of Iran's oil and gas markets, just as Washington had done in Venezuela. "The United States will be hitting Iran (Whose Navy, Air Force, Radar, Anti Aircraft, and all other forms of Defense, together with most of its offensive capability, are GONE!), VERY HARD TONIGHT," Trump posted on social media.
Oil prices fell below $90 a barrel on hopes of the West Asia conflict nearing its end. At 0828 IST, Brent crude oil August futures contract was over 1% lower at $89.27 a barrel. It fell nearly 2% to the intraday low of $88.79 per barrel. However, current prices are still nearly 23% higher than the pre-war level of $72.87 a barrel.
At 0827 IST, the GIFT Nifty June futures contract was marginally higher from its previous close at 23447. This was almost 290 points higher than the Nifty 50's Thursday close of 23161.60. "Technically, Nifty (50) index is trading in a narrow consolidation range having immediate support at 23000 and resistance at 23500 spot levels," Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. " A decisive break on either side will start the next short-term directional move in that direction."
Meanwhile, South Korea's Kospi gained the most among Asian equity indices, up nearly 8% higher. The Nikkei 225 was almost 4% higher, while the Taiex was nearly 3% higher. In the US equity market, the Dow Jones Industrial Average and S&P 500 indices closed almost 2% higher each Thursday. The Nasdaq Composite settled 2.5% higher. (Arundathi A R)
Equity Alert: US indices soar as Trump calls off attacks on Iran
MUMBAI--0742 IST--Indices on Wall Street soared as buying in technology stocks resumed. Market participants cheered US President Donald Trump's statement cancelling his plans to strike Iran. The Dow Jones Industrial Average and the S&P 500 ended nearly 2% higher each while the technology-heavy NASDAQ Composite ended 2.5% higher. Only three of the 11 S&P 500 sectoral indices lost during the trading session.
"I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening. Discussions and final points have been, in both concept and great detail, approved by all parties involved," Trump said in a post on Truth Social.
Shares of Micron Technology rose nearly 12%, Advanced Micro Devices 8%, Intel Corp. 9%, Qualcomm 6%, and those of Broadcom 4%. After Trump's announcement indicating a de-esclation in the war with Iran, aviation majors United Airlines Holdings and Boeing Co. advanced 10% and 6% respectively. On other hand, energy majors Exxon Mobil Corp. and Chevron Corp. fell around 2?ch; the S&P 500 Energy index was also down 2%.
Elon Musk-led SpaceX announced the price of its initial public. The price for the largest-ever IPO has been set at $135 apiece and the company plans to raise $75 billion by selling 555.56 million shares. Just a day before SpaceX was to start trading, shares of Tesla were up almost 5%. Over the week, Tesla has been quite volatile. From the start of the week till Wednesday, Tesla stock was down 2% but after Thursday's recovery trade, it gained 2% for the week. There were concerns that some investors sold some of their shares in the electric vehicle maker to put in money into SpaceX.
On the macroeconomic front, the Producer Price Index rose 6.5% on year in May, higher than the 5.7% increase witnessed in April. Producer prices in the US rose the most in more than three years. On month-on-month basis, pices rose 1.1%, unchanged from April. This was higher than the 0.7% rise projected by Reuters.
"The Fed is clearly missing its inflation target by a lot more than it is missing its employment objective," John Ryding, chief economic advisor at Brean Capital, told the media agency. "The PPI report should further embolden those on the FOMC (Federal Open Market Committee) who think a rate hike might be needed later in the year," Ryding said. US consumer prices for May had risen 4.2% on year in May.
Further, the number of Americans applying for fresh unemployment claims rose by 4,000 in the week ended Jun. 6 to 229,000. Economists polled by Reuters had projeceted claims to rise to 219,000 for this week. While the data does not ring alarm bells about the health of the labour market, a continous rise in initial jobless claims could raise concerns.
The following were the closing levels of major US indices on Thursday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
50848.75 | 1.86 |
|
NASDAQ Composite |
25809.66 | 2.54 |
|
S&P 500 |
7394.30 | 1.75 |
(Ruchira Kagita)
US$1 = INR 94.98
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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