Equity Alert
Nifty 50 June ends at premium of 17.85 points to spot index
This story was originally published at 15:40 IST on 16 June 2026
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Equity Alert: Nifty 50 June ends at premium of 17.85 points to spot index
MUMBAI--1536 IST--The June futures contract of the Nifty 50 closed at a premium of 17.85 points to the spot index Tuesday. Open interest in the contract fell over 1% to 17.64 million, according to provisional data.
--Nifty 50 closed at 23989.15 points, up 135.25 points or 0.6% vs Monday
--Nifty 50 June closed at 24007.00 points, up 90.40 points or 0.4% vs Monday
Nifty 50 options, expiring Tue, with maximum change in open interest:
Call: 24000, Put: 23950
Nifty 50 options, expiring Tue, with maximum open interest:
Call: 24000, Put: 23950
(Simran Rede)
Equity Alert: Tata Consumer up after Citi retains 'buy' rtg, sees 32% upside
MUMBAI--1525 IST--Shares of Tata Consumer Products rose nearly 3% to an intraday high of INR 1,135.80 on the NSE Tuesday and was the best performing stock among its peers in the Nifty FMCG index. The rise comes after global brokerage Citi maintained its bullish view on the fast-moving consumer goods company, according to several media reports. The brokerage has retained its 'buy' recommendation on the stock with a target price of INR 1,450 per share, which implies an upside of nearly 32% from the stock's closing price on Monday.
Citi said that the company has a strong growth outlook and scope for further margin expansion, Moneycontrol reported. The brokerage said demand remains resilient, with no visible signs of a slowdown so far. It expects the company's growth trajectory to remain strong, supported by key businesses. including Sampann, ready-to-drink beverages under NourishCo, Organic India, and Capital Foods, according to the report.
Commodity costs remain mostly benign in the near term, allowing the company to pursue precise pricing actions rather than broad-based price hikes, CNBC-TV 18 reported, citing the brokerage. Citi said that the company's margins may expand intact despite some near-term cost pressures. Tata Consumer has guided for earnings before interest, tax, depreciation, and amortisation margin improvement of 50–80 basis points in 2026-27(Apr-Mar). It plans to maintain its longer-term ambition of achieving EBITDA margins above 17%, Citi said.
At 1522 IST, shares of the company traded 2.7% higher at INR 1,130 on the NSE. Around 2.5 million shares of the company have changed hands so far on the bourse, more than twice the number of shares traded till the same time on Monday. (Eshitva Prakash)
Equity Alert: European indices higher as hopes of US-Iran peace drive gains
MUMBAI--1508 IST--Stock indices in Europe were higher in early trade amid easing crude oil prices amid expectations of the US and Iran finalising their peace deal on Friday. Investors await more details on the preliminary peace deal signed between the two parties and the conflict heavily featured in discussions at the G7 summit underway in Evian-les-Bains, France, CNBC reported.
All regional indices moved higher in early trade, with Italy's FTSE MIB Index outperforming its peers, gaining over 1%. The pan-European STOXX Europe 600 extended its opening gains and was nearly 1% higher. Industrial stocks led the gains during early trade with the sectoral index rising more than 1%, followed closely by banks. On the downside, information technology stocks led losses, with the sectoral index for the region shedding 0.7%.
As investors assessed the prospects of supply chain normalisation through the Strait of Hormuz following the peace deal, oil prices continued to decline. At 1450 IST, the August futures contract of Brent crude was around $81 per barrel, down over 2% from Monday. The fall in crude prices assuaged some inflationary concerns that had driven expectations of further monetary tightening, according to Reuters. Last week, the European Central Bank increased interest rates by 25 basis points to combat price pressures and traders are pricing in another rate hike by the end of the year.
Following are the levels of major European indices at 1445 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10488.89 | 0.56 |
| CAC 40 | 8447.72 | 0.76 |
| FTSE MIB INDEX | 52464.9 | 1.21 |
| DAX PERFORMANCE-INDEX | 25068.64 | 0.70 |
| SLI | 2207.39 | 0.40 |
(Shruti Nair)
Equity Alert: Indices tad up; Nifty 50 six points away from 24000 pts
MUMBAI--1450 IST--Headline stock indices rose a tad after crude oil prices fell further to $81 a barrel. The Nifty 50 index was a mere 6 points away from the 24000 level. Index heavyweight Reliance Industries also helped the index rise further, with around 2% gains. More than 30 stocks in the benchmark index were higher.
The Nifty 50 rose over 140 points to 23994.05, which was 0.6% higher than its previous close, at 1455 IST. The BSE Sensex was over 550 points higher at 76817.81, up 0.7%. Broader market indices were up 0.3-0.5%, after some of them slipped into the red for a brief period earlier.
While Hindalco Industries and Tata Consumer Products continued to gain in the Nifty 50 index, metal stocks remained the major losers. The Nifty Metal was the top loser among sectoral indices throughout the session so far. However, the sectoral index pared some of its earlier losses and was down over 1%.
The Nifty Pharma and Nifty Healthcare were the other sectoral indices down throughout the session. Both the sectoral indices were down 0.4?ch, with most of their constituents trading lower. Apollo Hospitals Enterprise, Max Healthcare Institute, Cipla and Dr. Reddy's Laboratories were down around 1?ch.
India VIX, was down nearly 7%, indicated easing of investor nervousness. The volatility index was down for the fourth straight session and has shed nearly 17% during this period. (Arundathi A R)
Equity Alert: Dr Lal Pathlabs' shares off highs after rising 12% intraday
MUMBAI--1425 IST--Shares of Dr. Lal PathLabs rose nearly 12% to an 18-month high of INR 1,803 on the NSE Tuesday. Analysts said that other than techncial reasons, the bullish bets might have been due to its incorporation of a wholly-owned subsidiary, DR LAL PATHLABS FZCO, in Dubai, United Arab Emirates.
At 1420 IST, shares of the company were just over 2% higher on the NSE at INR 1,656.30. Nearly 8 million shares of the company have changed hands so far, which is a whopping 52 times the number of shares traded till the same time Monday. Over a period of three months, shares of the company have risen almost 17% and in a year, they have risen almost 12%.
Dr Lal PathLabs has subscribed to the entire share capital of DR LAL PATHLABS FZCO. The newly-incorporated entity will focus on diagnostics and allied healthcare activities and explore potential acquisitions, tie-ups and joint ventures in the sector. The company has received the certificate of incorporation from the Dubai Multi Commodities Centre authority. (Eshitva Prakash)
Equity Alert: Asian indices end mixed; Bank of Japan hikes rate to 1%
MUMBAI--1422 IST--Stock indices in Asia ended mixed on Tuesday even as crude oil prices continued to moderate after US President Donald Trump said the Strait of Hormuz would be reopened on Friday. Among notable performers in the session, Japan's Nikkei 225 touched a record high following the Bank of Japan's policy announcement.
On Tuesday, the Bank of Japan raised its policy rate to the highest in over 30 years at 1%, in line with expectations of economists polled by Reuters. This marks the central bank's first rate hike since December, when it increased rates to 0.75%. Seven board members voted for a hike, while Toichiro Asada dissented and advocated for a hold, according to a report by CNBC. The rate hike comes amid inflationary pressures and a weakening yen partly fuelled by the Iran war.
While the rate hike was expected, the overwhelming support among members indicated that the board is more watchful of inflationary concerns than growth, Tai Hui, APAC chief market strategist at JP Morgan Asset Management, told CNBC.
Following the announcement, the benchmark Nikkei 225 gained 0.5% and the yen strengthened to 160.22 against the US dollar, according to the report. The benchmark index touched a record high of 70020.68. Subsequently, however, it came off highs and ended marginally higher. Notably, the broader market Topix deviated from its peer and ended the session 0.2% lower. Among other indices, Indonesia's IDX Composite, which was the highest gainer in the region, ended over 4% higher, while Hong Kong's Hang Seng, closed 1.4% lower and was the worst performer among peers.
The following were the levels of major Asian indices at 1404 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4884.23 | (-)0.2 |
| Hang Seng Index | 24493.95 | (-)1.4 |
| Nikkei 225 Day | 69404.5 | 0.13 |
| TOPIX FIRST SECTION | 3991.14 | (-)0.21 |
| KOSPI | 8726.6 | 2.11 |
| FTSE Singapore Strait Times | 5120.62 | 0.85 |
| S&P/ASX 200 Index | 8917.7 | 0.04 |
(Shruti Nair)
Equity Alert: Sonata Software shares jump 23% in 2 days, volumes surge
MUMBAI--1400 IST--Shares of Sonata Software surged almost 20% to an over three-month high of INR 311.90 on the NSE Tuesday, rising nearly 23% in two sessions. The Chennai bench of the National Company Law Tribunal, through an order dated Jun. 11, approved the merger of its wholly-owned subsidiary Encore IT Services Solutions with the company. The scheme of amalgamation by Encore IT Services and Sonata Software seems to be prima facie not in any way detrimental to the interest of the members of the companies, said the tribunal.
At 1400 IST, shares of Sonata Software traded over 18% higher at INR 307.60 on the NSE. Over 25 million shares of the company have changed hands so far on the bourse, 38 times the number of shares traded till the same time Monday.
According to the merger scheme, the amalgamation is aimed at simplifying the group's corporate structure, reducing administrative and compliance costs, and improving operational efficiency. The companies said the consolidation would help streamline operations, eliminate multiple legal entities, rationalise costs and enable more effective management of the business under a single entity structure. As part of the scheme, Encore IT Services will stand dissolved without undergoing the process of winding up. (Eshitva Prakash)
Equity Alert: GIC shrs slump after govt's OFS to offload 5% stake at discount
MUMBAI--1350 IST--Shares of General Insurance Corp. of India fell over 7% to an intraday low of INR 359 on the NSE Tuesday after the government launched an offer for sale to divest up to 5% equity in the company at a discount to the stock's closing price Monday. At 1348 IST, over 7 million shares of the company changed hands on the NSE, nearly 24-fold higher than the number of shares traded till the same time Monday.
The government opened its offer for sale in the insurance company Tuesday at a floor price of INR 352 per share, a discount of a little over 9% to the stock's closing price of INR 387.25 on Monday. The government is offering up to 35.09 million shares of the company, representing 2.0% of the paid-up equity shares initially. It will have the option to offer an additional 52.63 million shares, representing 3.0% of the capital on oversubscription, the company said.
The government holds 82.4% stake in GIC, or 1.45 billion shares of the company's 1.75 billion fully paid-up equity shares. If the government exercises the greenshoe option and sells 5% stake in the company, it could raise up to INR 30.88 billion at the current floor price.
"The government will sell up to 5 percent stake in GIC at a floor price of Rs 352 per share. OFS in GIC opens on 16.6.2026 for non-retail investors. Retail investors and employees of GIC can bid on the 17th. The govt will divest 2 per cent equity with an additional 3 per cent as a green shoe option," the Department of Investment and Public Asset Management said in a post on X on Monday. (Eshitva Prakash)
Equity Alert: Nomura sees Q1 margin of consumer cos hit by raw material costs
MUMBAI--1330 IST--Margins of consumer-facing companies are expected to be under pressure in the near term due to elevated raw material prices, according to a report by global brokerage Nomura. The brokerage said that while raw material prices have fallen in May and June, they remain much higher than what they were before the war in West Asia broke out. Margins of such companies may improve from the September quarter as the full impact of price hikes plays out.
The West Asia war has led to inflated raw material costs, with the highest rise seen in packaging materials. The brokerage noted that most companies are witnessing near double-digit cost inflation and have either taken or are in the process of taking mid-single-digit price hikes. Though this would optically improve sales growth, margins will be under pressure in the June quarter, the brokerage said. However, with raw material costs now moderating and the impact of price hikes playing out, the brokerage sees margins improving sequentially from the September quarter.
The brokerage sees Titan facing limited impact from elevated raw material prices, given that gold prices have moderated around 13% from their peak and this will support margins. Foods companies such as Nestle and Britannia Industries are also seen more resilient as they see the least inflation in raw material prices, according to the brokerage.
ITC is seen among the worst-impacted companies, according to the brokerage. Given that price hikes of around 25–30% taken by the company are lower than the increased 40% tax, the company's margins will be affected. The brokerage also has a negative view on United Spirits, due to the inflation in glass and global scotch prices, alongside the company's limited ability to undertake price hikes. Further, the brokerage is bearish on companies with higher exposure to packaging such as EPL and Colgate. However, the expected peace deal between the US and Iran is likely to support a correction in crude oil and allied input costs, which will benefit these companies, the brokerage said.
At 1316 IST, the Nifty FMCG index was up nearly 1% with most of its constituents trading higher. Tata Consumer Products, Hindustan Unilever, and Nestle were up around 2–3%. The Nifty Consumer Durables index was up 0.4% with PG Electroplast as its highest gainer, up nearly 7%, while Crompton Greaves, down 1.5% was the worst hit stock. (Shruti Nair)
Equity Alert: Devyani Intl, Sapphire Foods up on merger nod from NSE, BSE
MUMBAI--1325 IST--Shares of Devyani International and Sapphire Foods India rose sharply Tuesday after the NSE and BSE issued observation letters for the companies' proposed merger, allowing them to proceed with the next stage of the transaction. At 1316 IST, shares of Devyani International and Sapphire Foods were each up nearly 3% on the NSE at INR 114.41 and 178.62, respectively.
Shares of Devyani International rose as much as 9% intraday to INR 121.38. Sapphir Foods' shares rose 7% to an intraday high of INR 185.58. The proposed merger scheme will combine the two domestic quick-service restaurant franchise operators and bring businesses that run KFC and Pizza Hut under a single entity.
In the observation letters, BSE and NSE said that they had no adverse observations on the proposed scheme from the standpoint of listing regulations, which will enable the companies to file the merger proposal before the National Company Law Tribunal.
Under the scheme, Devyani International will acquire Sapphire Foods. The merger will take place through a share-swap mechanism. Under the share swap ratio, 177 equity shares of Devyani International will be issued to the eligible shareholders for every 100 equity shares of Sapphire Foods. (Eshitva Prakash)
Equity Alert: Indices largely unchanged; metal stocks fall more
MUMBAI--1305 IST--The domestic equity market was largely unchanged after the gains clocked in early trade, up 0.4-0.5%, with the Nifty 50 index staying above the 23900 level. Tata Consumer Products and HCL Technologies continued to be the biggest gainers in the Nifty 50 index, up over 2?ch.
"Derivative data suggests a range-bound undertone for the session," Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity Research, said. "The highest call open interest is concentrated at the 24000 strike, indicating a strong resistance level, while the highest put open interest is positioned at the 23900 strike, providing immediate support."
At 1250 IST, the Nifty 50 was at 23931.80, up over 77 points. The BSE Sensex was at 76628.33, which is 364 points higher from the previous close. However, broader market indices started to underperform their benchmark peers. Barring Nifty smallcap 50 and Nifty smallcap 250, all other broader market indices were 0.1–0.2% lower. India VIX also fell further nearly 6% to 13.5300.
Metal stocks fell further and the Nifty Metal index declined over 2%. According to Tushar Chaudhari, metal and cement sector analyst at Prabhudas Lilladher, a fall in aluminium prices led to the fall in metal stocks. Hindaloco Industries fell almost 4%, while JSW Steel declined 2%. (Arundathi A R)
Equity Alert: Suzlon Energy up for 3rd session, rises 7% to highest in 2026
MUMBAI--1300 IST--Shares of Suzlon Energy rose almost 7% to INR 59.24, the highest in 2026, as the stock maintained its buying momentum for the third straight session. Over these three sessions, it advanced as much as 11%. On Tuesday, Suzlon Energy was the top gainer in the Nifty 200 universe, with its trading volumes at around 246 million. At 1253 IST, shares of the company were almost 5% higher at INR 58.06. At the same time Monday, about 39 million shares of the company had changed hands on the bourse.
Suzlon Energy has been in focus since the company said in a meeting with analysts that it expects compounded annual growth of 25% over the next five years. The management expressed its ambition to expand across wind, solar, battery storage, electronic manufacturing services, and operations and services. It also seeks to have an orderbook worth 15 gigawatts by 2030-31 (April-Mar) and generate 15% of its revenue from exports.
The company had announced its plans for 2030-31 (Apr-Mar) on Jun. 3 and since then, its stock has risen nearly 9%. Brokerages have, however, highlighted that the company's execution progress will have to be tracked. For the March quarter, Suzlon Energy had posted a consolidated net profit of INR 11.14 billion on revenues of INR 54.68 billion. (Ruchira Kagita)
Equity Alert: Aluminium cos down as US-Iran deal eases supply concerns
MUMBAI--1248 IST--Shares of aluminium companies such as Hindalco Industries, National Aluminium Co., and Vedanta Aluminium Metal declined Tuesday as prices of the non-ferrous metal are seen falling more with the US and Iran reaching an interim agreement to end the almost four-month long war and reopen the Strait of Hormuz, easing supply concerns, analysts said. Weakness was visibile across the sector, with most metal stocks trading in the red and the Nifty Metal index falling around 2% to an intraday low of 12783.70 points.
Tuesday, the June futures contract of aluminium on the Multi Commodity Exchange of India fell to its lowest price since March-end at INR 350 per kilogram intraday. In the past two sessions, the contract fell around 7?ter the preliminary agreement between US and Iran was announced. The war in West Asia that started in late February had further worsened the supply deficit of the lightweight metal as several aluminium smelters in the region were targeted in missile attacks and due to closure of the Strait of Hormuz, which choked supplies of incoming raw materials and outbound metal shipments.
Futures of aluminium had risen as much as 28% to a peak of INR 397.1 per kg since the Iran war began. The trend has now started reversing amid optimism around a potential US-Iran peace deal that could end the West Asia war and resume metal shipments through the Strait of Hormuz.
Meanwhile, some analysts expect the price drop in the lightweight metal to be a knee-jerk reaction. "We still conclude that the market is facing a major supply gap, and the key question is how much longer it will be before those invisible inventories are depleted, and visible inventories start to be drawn down," the Financial Post cited Gregory Shearer, head of base and precious metals research at JPMorgan Chase & Co., as saying.
At 1238 IST, the Nifty Metal index was down over 2% and was the worst hit sectoral index. Shares of NALCO and Hindalco Industries were down over 6% and around 4%, respectively. Among other metal stocks, Jindal Steel, Lloyds Metals and Energy, JSW Steel, and Tata Steel fell around 2?ch. Shares of the recently listed Vedanta Aluminium Metal, one of four demerged entities of Vedanta Ltd., hit a 5% lower circuit at INR 471.11. (Arya S. Biju)
Equity Alert: JM Fin sees Voltas unitary cooling pdts revenue up 30% Apr-Jun
MUMBAI--1133 IST--Consumer durables major Voltas' revenue from unitary cooling products is seen growing over 30% in the June quarter on the back of price hikes incurred by the Tata Group-owned company in recent months, JM Financial Institutional Securities said after a meeting with the management. The segment's margin for the June quarter is also expected to trend higher sequentially, the report said.
Demand trends are expected to push the company's room air conditoner volumes higher as well in the June quarter, the brokerage said. The company has taken an average price hike of 10-12% since December in an attempt to pass on the rise in average cost stemming from the new BEE and increasing input expenses. Future price hikes will be incumbent on the demand scenario through June, JM Financial said. The brokerage is of the view that Voltas' priority remains market share gains.
The company's under-absorption of higher costs currently stands at 2–3%, according to the report. However, despite this, the company's June quarter margins are seen trending higher, aided by advertising and promotion cost cuts, a fall in channel incentives such as extended warranties and free installations, and other successful cost control initiatives, according to JM Financial. The company's unitary cooling products earnings before interest tax margin is expected to improve from 5% reported in the March quarter, the brokerage said.
The brokerage maintained an 'add' recommendation on the stock with the target price unchanged at INR 1,365 per share, which is over 2% higher than the current market price. At 1130 IST, shares of the company were at 1,329.90, up 0.3% from the previous close. Over 521,000 shares of the company exchanged hands on the NSE, compared to over 830,000 shares traded until the same time Monday. (Shruti Nair)
Equity Alert: Mkt holds earlier gains; Tata Consumer up 3%, metal cos down
MUMBAI--1115 IST--With 27 stocks in the Nifty 50 index trading higher, the domestic equity market largely held on to its earlier gains. HCL Technologies pared its initial gains slightly and was up over 2%. Fast-moving consumer goods company Tata Consumer Products was up nearly 3%, the top gainer in the Nifty 50.
At 1117 IST, the Nifty 50 was over 85 points higher at 23940.70. The BSE Sensex was nearly 400 points higher at 76633.29; they were up 0.4-0.5%. However, the 50-stock index was over 1200 points lower than its pre-war level of 25178.65.
Most constituents of the Nifty FMCG were up. The sectoral index was nearly 1% higher and extended its gains for the third session in a row, during which it gained over 2%. Nestle India was the next big gainer in the 50-stock index, up over 2%. Hindustan Unilever, another FMCG component in the Nifty 50, was up 1.4%.
Around 1.6% gains in index heavyweight Reliance Industries also helped the benchmark index hold its gains. The stock continued its rally for a fourth straight session and gained 5.5% during this period. Its heavyweight peer, HDFC Bank, rose nearly 1%.
Other than HCL Technologies, Persistent Systems and Coforge were the information technology stocks that gained in the Nifty 200 index, up 2.4-2.7%. Sonata Software, MMTC, and PG Electroplast were among the major gainers in the Nifty 500, 7-10% higher.
Among the laggards, metal stocks continued their decline with Hindalco Industries being the major loser. Billionbrains Garage Ventures fell over 4% in the Nifty 200 index, while General Insurance Corp. of India fell 6% in the Nifty 500 index. Shares of General Insurance declined after the government said it planned to sell up to 5% stake in the company through an offer for sale starting Tuesday. The government has set the floor price for the sale at INR 352 per share, a discount of 9% to the stock's closing price on Monday. (Arundathi A R)
Equity Alert: HCL Tech gains post investment in Bengaluru-based Sarvam AI
MUMBAI--1033 IST--HCL Technologies' shares rose nearly 4% to an intraday high of INR 1,161.50. The stock rose after the company invested INR 14.27 billion in Bengaluru-based artificial intelligence company Sarvam AI. HCL Technologies acquired 10.5% stake in the firm, which will help the tech major in faster integration of AI into services, brokerages said.
The funds raised by Sarvam AI will enable it to invest in research and development for training its next-generation frontier models for agentic AI, coding, and cybersecurity use cases. This investment will aid HCL Tech to develop industry and client-specific language models and AI solutions for its client base, and to deliver compelling price-to-performance outcomes through models, according to Nomura.
HCL Tech will also be able to leverage and expand Sarvam AI's multilingual AI capabilities in India and outside for both sovereign AI initiatives and enterprise deployments across global markets, the brokerage said. "Accelerate the development and adoption of sovereign AI solutions for governments, regulated industries, and enterprises seeking localised, secure, and compliant AI deployments," Nomura added.
Investment in Sarvam AI is strategically significant for HCL Tech amid rising concerns around dependence on foreign AI models and growing importance on sovereign models, said ICICI Securities. "By partnering with one of India's leading foundation-model developers, HCL Tech gains access to proprietary AI technology that can be integrated into industry-specific enterprise solutions for global clients," the brokerage added.
At 1032 IST, HCL Tech's shares traded nearly 4% higher at INR 1,159.80. Nearly 4 million shares of the company exchanged hands on NSE, which is nearly eight times higher than the number of shares traded till the same time Monday. The stock is the top gainer among the Nifty 50 constituents. (Adhithya Aji)
Equity Alert: Crude may drop to $70/bbl in medium term, benefit OMCs - Nomura
MUMBAI--1015 IST--Public oil marketing companies are set to be among the biggest gainers from the peace agreement between the US and Iran. Crude oil prices will slip lower as the global market re-assesses the risks stemming from the war in West Asia and ships start passing through the Strait of Hormuz once again. However, the crucial strait may not open for another 30 days, Nomura said in a report. Crude oil prices could settle around $70 per barrel in the medium to long term. "...we believe oil prices could soften further if the sanctions on Iran are lifted and supplies from Iran potentially re-enter the market," the brokerage said.
A slew of measures, ranging from hikes in retail fuel prices and excise duty cuts to a special additional excise duty on exports of oil products benefitted India's oil marketing companies. The integrated margins of Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. are at $12-$14 per barrel at current prices. The government may roll back its cuts in excise duty as crude oil prices gradually come down, Nomura noted. Going forward, a special additional excise duty on exports of oil products is likely to be removed and a cut of INR 10 per litre on excise duty revoked. The increase in retail fuel prices may also be revoked if the oil marketing companies recover their losses since the start of the war and crude oil prices remain below $65 per barrel.
Further, the Saudi Aramco contract prices for liquefied petroleum gas will start falling from July, Nomura said. Logistics costs for downstream oil companies should also start trending lower and under-recoveries on LPG should fall, the brokerage said. Currently, companies' under-recovery on LPG stands at INR 600 per cylinder.
Nomura has a 'buy' recommendation on BPCL and IOC with a target price of INR 365 and INR 180, respectively. On HPCL, the broking firm has a 'neutral' stance and a target of INR 440. At 1014 IST, shares of the three companies were only marginally higher. (Ruchira Kagita)
Equity Alert: Indices up for third day, HCL Tech top Nifty 50 gainer
MUMBAI--0950 IST--Due to heightened optimism around the potential US-Iran peace deal, benchmark equity indices opened higher for a third straight session Tuesday. Crude oil prices, which were consistently below $85 a barrel since news of a peace deal came out, also helped sustain positive sentiment in the market.
At 0925 IST, the Nifty 50 was 0.3% higher at 23925.85. The index was 72 points higher than its previous close. The BSE Sensex was 0.4% higher than its previous close at 76541.01, up over 276 points. The 50-stock index breached the 23900 level after almost three weeks.
Investors were less worried about the risk factor in the equity market after the US and Iran reached a deal to end the four-month-long war and resume traffic through the Strait of Hormuz. The fear gauge of the market, India VIX, was nearly 5% lower at 13.6925.
Most Nifty 50 constituents were up in early trade. Broader market indices were also in line with their benchmark indices, with all of them holding around 0.5% higher each. Among sectoral indices, most were up, with the Nifty Media and Nifty IT gaining more than 1?ch. The sectoral index constituting information technology stocks was up 1.5%, with all its members trading higher.
HCL Technologies was the biggest gainer in early trade among the 50-stock index constituents. The stock moved up for the second session after the company Monday announced its plan to invest INR 14.27 billion in generative artificial intelligence firm Axonwise, which does business as Sarvam AI, by acquiring 10.5% stake in it. The stock turned out to be a major gainer in the Nifty 200 index as well.
In the Nifty 500 universe, Dr. Lal Pathlabs, Sapphire Foods India, Nava, and Devyani International were the top gainers, up 5.0-0-7.5%. Shares of Devyani International rose after the company received approval from the NSE and BSE for its merger with Sapphire Foods.
A decline in metal stocks limited the Nifty 50 index from further gains. Hindaloco Industries and JSW Steel were the key laggards in the benchmark index, down 1.2-3.7%. Along with Hindalco Industries, National Aluminium Co. became the major drag in the Nifty 200 as well as the Nifty 500 indices. The Nifty Metal index was the top loser among its sectoral peers and was down over 1%. (Arundathi A R)
Equity Alert: US-Iran peace deal to remove tail risks for L&T, says JP Morgan
MUMBAI--0852 IST--Global brokerage JP Morgan has said the proposed US-Iran peace deal would remove tail risks for engineering and infrastructure major Larsen & Toubro. The company's order book has significant exposure to West Asia and the war has impacted its operations. JP Morgan maintained an 'overweight' call on the stock and raised the target price nearly 11% to INR 5,060.
In a post-earnings conference call for the March quarter, L&T's management said it sees a near-term impact on project execution in West Asia. As of Mar. 31, around INR 3 trillion was contributed by West Asia to the company's order book, the management said. "Middle East ordering and execution has been by and normal so far," NDTV Profit cited JP Morgan as saying.
Larsen & Toubro's five-year strategic plan targets return-on-equity and aims to make the company future ready, according to JP Morgan. For 2026-27 (Apr-Mar), the company guided for growth of 10-12% in order inflow. The revenue is expected to rise in the same range with steady margins. JP Morgan is of the view that the company's FY27 guidance is healthy so far, but the first half is hit by war. The brokerage also said the company is well positioned to benefit from current opportunities as well as capital expenditure in India. On Monday, shares of the company ended nearly 3% higher at INR 4,169.80. (Adhithya Aji)
Equity Alert: Asian mkts mixed as sentiment stays cautious over US-Iran deal
MUMBAI--0830 IST--Stock indices in Asia were mixed in early trade even as their US peers ended higher after US President Donald Trump announced that a preliminary agreement between the US and Iran had been signed. The two countries are expected to sign the final deal on Friday in Switzerland. While crude oil prices remained stable at around $83 per barrel, sentiment in the region was more measured amid ambiguity over the deal and expectations of a rate hike by Bank of Japan. Indonesia's IDX Composite was the highest gainer in the region, rising over 4%, while Hong Kong's Hang Seng, down over 1%, fared the worst among peers in the region.
Although news of a preliminary deal drew initial investor relief on Monday, the excitement was tempered by continued aggression by Israel over the past few days, putting Washington's goals in conflict with Israel's. Ambiguity over the specifics of the peace deal also left room for uncertainty. "While it is an important diplomatic breakthrough that should remove a key source of market volatility, the durability of the deal is likely to be tested in the future," Reuters cited a research note by Westpac analysts. "Many sticking points, including the fate of Iran's nuclear programme, were left to be resolved in subsequent negotiations."
Investors will also closely watch out for the Bank of Japan's decision at the end of its two-day policy meeting. The central bank is set to raise interest on Tuesday as it attempts to address price pressures from the energy shock caused by the US-Iran war, according to a Reuters report. The regulator is widely seen raising its short-term policy rate to 1% from 0.75%, taking borrowing costs to levels not seen since 1995. The hike would be the first since December and reflects the general shift in central banks towards tighter policy to combat inflation, including the European Central Bank.
The following were the levels of major Asian indices at 0825 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4901.64 | 0.2 |
| Hang Seng Index | 24520.22 | (-)1.3 |
| Nikkei 225 Day | 69234.42 | (-)0.12 |
| TOPIX FIRST SECTION | 3988.37 | (-)0.28 |
| KOSPI | 8696.72 | 1.76 |
| FTSE Singapore Strait Times | 5091.04 | 0.27 |
| S&P/ASX 200 Index | 8876 | (-)0.43 |
(Shruti Nair)
Equity Alert: Indices may open flat or slightly up; Asian peers mixed, oil up
MUMBAI--0825 IST--The domestic equity market may open largely flat or with slight gains Tuesday taking cues from its Asian peers, which showed a mixed trend in the early trade as investors awaited further details on the preliminary agreement between the US and Iran to end the almost four-month long war. Crude oil prices inched up in early trade on concerns about lack of details in a peace agreement reached between the warring parties and over the potential reopening of the Strait of Hormuz.
The August futures contract of Brent Crude on the Intercontinental Exchange inched up slightly from the previous close to $83.24 per barrel at 0814 IST. US President Donald Trump Monday said the Strait of Hormuz would fully open Friday, when the US and Iran are set to sign a peace deal in Switzerland. "The deal is already signed and the strait is already partially opened...Ships are starting to go out now, and on Friday it will be completely opened," he said. However, senior US officials, briefing reporters around the same time, said it could take more than two weeks to resume normal shipping operations in the strategic channel, according to a Dow Jones Newswires report.
While the preliminary agreement reached between the US and Iran for a peace deal boosted investor sentiment Monday, concerns about the durability of the deal are likely to be tested, according to analysts. While some analysts were expecting the short-term rally to continue, many see the market may not reach the pre-war level until the final deal is signed and as investors wait for more information about the final agreement before putting large money into equities.
The June futures contract of the Gift Nifty indicates an over 100 points gap-up opening for the Nifty 50. At 0808 IST, the futures contract was at 23966.50, up around 113 points from the Nifty 50's previous close. "We reiterate our sideways view on the Nifty (50) index as long as it remains below the 24000 mark," Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. "A decisive close above 24000 (points) could propel it (Nifty 50) toward the 24400–24600 zone in the immediate near term. Conversely, sustained trading below 23600 (points) could push the index toward the lower band of its congestion range at 23000," (Arya S. Biju)
Equity Alert: US indices end higher Mon on news of preliminary US-Iran deal
MUMBAI--0745 IST--US stock indices ended higher on Monday as expectations of a US-Iran peace agreement rose after US President Donald Trump Monday said that a preliminary deal between the two warring parties had been signed. As crude oil prices tumbled, indices gained for the third session in a row and the Dow Jones Industrial Average hit a record close and also touched a new all-time intraday high.
The preliminary agreement between the US and Iran would extend the ceasefire announced in April by another 60 days and reopen the Strait of Hormuz, which has been effectively blocked since the start of the conflict in February, according to a report by Reuters. "It seems real this time as both rates and oil have broken through key levels," CNBC quoted Brian Mulberry, chief market strategist at Zacks Investment Management, as saying. The development "should alleviate pressure on the FOMC (Federal Open Market Committee) commentary, and that is good news long term for this market." Since the news of the deal, crude oil prices have shed nearly 5% and are currently around $83 per barrel.
Monday, technology stocks rallied, with Elon Musk's SpaceX ending around 20% higher in their second day of trading after the company's blockbuster initial public offering on Friday. The stock closed at around $193 on Monday. Chipmakers also saw gains on Monday with Nvidia closing 3.5% higher, and Micron ending 10.8% higher.
The US Federal Reserve's policy update, due Wednesday, will be in focus this week, marking Chair Kevin Warsh's first policy meeting since he took over from Jerome Powell. A resumption of oil flows from West Asia and easing crude oil prices could give the central bank room to hold interest rates steady instead of raising borrowing costs. Most participants expect the Federal Reserve to leave interest rates unchanged this week, according to CME Group's FedWatch Tool.
Following were the closing levels of US indices on Monday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
51671.03 | 0.92 |
|
NASDAQ Composite |
26683.94 | 3.07 |
|
S&P 500 |
7554.29 | 1.65 |
(Shruti Nair)
US$1 = INR 94.56
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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