Equity Alert
European mkts mixed; investors await details of US-Iran deal
This story was originally published at 15:32 IST on 17 June 2026
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Equity Alert: European mkts mixed; investors await details of US-Iran deal
MUMBAI--1510 IST--Stock indices in Europe were mixed in early trade on Wednesday as investors awaited details of the US-Iran peace deal and the US Federal Reserve's decision at the end of its two-day meeting. The consensus view is that the central bank will hold rates steady in the target range of 3.5–3.75%. Automobile stocks led losses in regional indices after German luxury automobile manufacturer BMW cut its 2026 outlook.
The pan-European STOXX 600 was marginally higher in early trade. Switzerland's SLI was among the top gainers in the region, while Germany's DAX was the worst hit. STOXX's automobile sectoral index for the region shed 2.3%. This was after BMW lowered its forecast. The company now expects a fall of more than 15% in its profit before tax, against its earlier view of a moderate drop. The automaker sees the operating margin from its core automotive vertical at 1–3%, down from its earlier estimate of 4–6%. The carmaker said the fallout from the US-Iran war and a downturn in the Chinese market had dampened consumer sentiment and raised energy costs, according to a report by Reuters. The stock was down nearly 7% in early trade.
On the other hand, technology stocks drove some gains in the region, with the STOXX Europe 600 Technology index gaining over 1%. Shares of Aixtron and BE Semiconductor rose around 5% and 3%, respectively. Defence stocks also provided support to indices in the region, with the STOXX's index for the sector gaining 0.8% in early trade.
Following are the levels of major European indices at 1450 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10482.87 | (-)0.11 |
| CAC 40 | 8458.29 | 0.13 |
| FTSE MIB INDEX | 52476.43 | 0.08 |
| DAX PERFORMANCE-INDEX | 24878.47 | (-)0.13 |
| SLI PR | 2209.21 | 0.28 |
(Shruti Nair)
Equity Alert: YES Bank rises 7% to two-yr high post large deal of 53 mln shrs
MUMBAI--1505 IST--Shares of YES Bank rose 7% to a nearly two-year high of INR 25.46 after 53 million shares of the company were sold on the NSE through multiple large deals. All these transactions were done at a premium of 2–6% from the previous close. Shares were priced at INR 24.3-INR 25.3 a piece. The parties involved in the transactions are not known.
At 1453 IST, shares of YES Bank traded over 5% higher at INR 25.12. Nearly 357 million shares of the company changed hands on the NSE so far, which is higher than 200 million shares traded till the same time Tuesday. The number of shares traded Wednesday was nearly three times higher than the three-month average daily traded volume. (Adhithya Aji)
Equity Alert: Indices slightly off highs as auto cos drag; Tata Motors dn 8%
MUMBAI--1450 IST--Benchmark equity indices were slightly off highs after select automobile stocks tanked in the Nifty 50 and index heavyweight HDFC Bank gave up some of its earlier gains. The number of stocks trading higher on the Nifty 50 index also came down. Gains in retail, quick-commerce, and information technology stocks helped the index remain higher.
At 1437 IST, the Nifty 50 was 0.2% higher at 24044.95, up 55.80 points. The BSE Sensex was 0.3% higher at 77040.03, up 232.21 points. India VIX was down nearly 1% at 13.2800, indicating easing of investor worries.
Among the broader market indices, small-cap indices were nearly 1% higher each, while mid-cap indices rose only marginally. Sectoral indices were mixed, with the Nifty Consumer Durables gaining the most, up almost 2%. On the other hand, the Nifty Auto fell the most among sectoral peers, down almost 1%.
Tata Motors Passenger Vehicles was the biggest laggard in the Nifty 50 index, down over 8%. Shares of the company fell sharply after its wholly-owned arm Jaguar Land Rover Automotive PLC's earnings before interest and tax margin guidance for 2026-27 (Apr-Mar) came in below expectations. The company expects its EBIT margin to be around 4%, compared to 0.7% in FY26 and 8.5% in FY25.
Other automobile stocks such as Eicher Motors and Maruti Suzuki India declined around 1?ch. Tata Motors Passenger Vehicles was the key laggard in the Nifty 200 and Nifty 500 indices as well.
Meanwhile, Trent and Hindalco Industries gained the most in the 50-stock index, up nearly 7% and over 2%, respectively. In the Nifty 200 index, shares of Yes Bank gained the most, up over 5%. (Arundathi A R)
Equity Alert: IDBI Bk rises 19% to 3-month high post large deal at premium
MUMBAI--1445 IST--IDBI Bank's shares rose over 19% to a three-month high of INR 92.25 after 10.64 million shares of the company changed hands through multiple large deals on the National Stock Exchange at INR 82-INR 92 per share, which implies a premium of around 6-19% from the stock's previous close. The details of entities involved in the transactions are not known. Volumes of the stock jumped sharply from the previous day.
At 1421 IST, shares of IDBI Bank traded over 19% higher at INR 91.90. Nearly 207 million shares of the company changed hands on NSE, which jumped over 28 times from the number of shares traded till the same time Tuesday. The number of shares traded Wednesday were sharply higher than the three-month average daily traded volume of nearly 13 million shares.
Last week, Informist had reported the government was open to seeking fresh financial bids for the divestment of IDBI Bank. The government has also lowered the reserve price for the investors "substantially" to capture the value of the bank against current market conditions, Informist reported citing two government officials. (Adhithya Aji)
Equity Alert: Tata Motors PV down as JLR FY27 EBIT margin guidance below view
MUMBAI--1440 IST--Shares of Tata Motors Passenger Vehicles declined almost 10?ter the company guided for lower-than-expected earnings before interest and tax margin and revenue growth for Jaguar Land Rover. The company expects its UK-based luxury car arm to post an EBIT margin of around 4% in 2026-27 (Apr-Mar) and a revenue of 26 bln pound sterling, up 13% on year. An analyst at a domestic brokerage had projected JLR's revenue to grow 17% on year and EBIT margin to be 6% in FY27.
The company's revenue had fallen over 21% on year in FY26. It had reported an EBIT margin of 0.7%, down 780 basis points. At 1440 IST, shares of the company were 8.3% lower at INR 361.10 and the stock was the worst hit in the Nifty 50.
JLR had said that its ability to generate cash per unit sold has fallen due to tariffs imposed by the Trump administration and other factors. However, the company Wednesday said it will invest 3.7 billion pound sterling in FY27, which is slightly higher than 3.6 billion pound sterling invested in FY26.
The company aims to reach a cash breakeven volume at 300,000 units in two years, helped by savings through enterprise missions. By FY27, it expects a cash breakeven at 250,000 units, lower than 425,000 units in FY26. (Simran Rede)
Equity Alert: Most Asia mkts end higher; Nikkei, Kospi at record closing high
MUMBAI--1415 IST--Most indices in Asia ended higher Wednesday with crude oil prices remaining broadly steady under $80 per barrel amid expectation of the US-Iran final peace deal. Global investors will keep an eye out for the policy rate decision by the US Federal Reserve at the end of its two-day meeting. The consensus view is that the central bank will hold rates steady at the target range of 3.50–3.75%. China's CSI 300, South Korea's Kospi, and Japan's Nikkei 225 were among the top gainers in the region, with the latter two hitting closing level highs.
Japan's Nikkei 225 hit a record closing high at 69902.25. The gains in the index were led by machinery and electronics stocks. Electronic component makers Murata Manufacturing and TDK Corp. closed around 3% and 1% higher, respectively. Government data showed that in May, Japan's exports rose 17% year-on-year, beating expectations of a 16.2% rise by the economists polled by Reuters. The gains were driven by robust demand for electronics and semiconductors.
South Korea's Kospi also hit a closing record high Wednesday at 8864.24. Index heavyweight SK Hynix closed nearly 6% higher and hit its all-time high, according to Dow Jones Newswires. The index was the highest gainer in the region, recovering from its earlier lows after opening gap-down. Conversely, Indonesia's IDX Composite shed its earlier gains and ended nearly 1% lower, among the worst hit indices in the region.
The following were the levels of major Asian indices at 1406 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4931.39 | 0.97 |
| Hang Seng Index | 24312.16 | (-)0.7 |
| Nikkei 225 Day | 69902.25 | 0.72 |
| TOPIX FIRST SECTION | 4013.23 | 0.55 |
| KOSPI | 8864.24 | 1.58 |
| FTSE Singapore Strait Times | 5179.87 | 1.23 |
| S&P/ASX 200 Index | 8966.3 | 0.54 |
(Shruti Nair)
Equity Alert: Tata Motors PV tanks 8%; JLR FY27 outlook disappoints
MUMBAI--1400 IST--Tata Motors Passenger Vehicles slumped in trade to be the worst hit stock in the Nifty 50 index. The stock fell more than 8% intraday to INR 360.35 on the NSE. The management's guidance for its performance over 2026-27 (Apr-Mar) disappointed investors. Concerns related to the company's Jaguar Land Rover business in FY26 also lingered. At 1353 IST, shares of the company were almost 7% lower at INR 366.35 on the NSE.
The company projected Jaguar Land Rover's revenue growing 13% on year in FY27. Its sales had fallen 20% on year in the previous financial year. The British carmaker's earnings before interest and tax margin is seen at 4%. The company's EBIT margin was 0.7% in FY26.
In its annual report for FY26, Tata Motors PV said its consolidated net debt stood at INR 307.10 billion as on Mar. 31. The company suffered losses due to a major cyberattack, which had also led to production being halted for five weeks through September and early October. Revenues for the year were down 20.9% on year, impacted by the cyber incident.
Jaguar Land Rover slipped into losses for the first time in three years. The British automaker had also paid its highest-ever dividend worth INR 46.60 billion to Tata Motors PV despite posting a loss worth INR 24 billion in FY26. Tata Motors PV's free cash flows were (-)268.23 billion in FY26, as against INR 222.36 billion in FY25. Operating cash flows are expected to break even in FY27.
However, the company was bullish on Jaguar Land Rover revving up its momentum in FY27. "JLR will additionally focus on reducing its breakeven levels which has been impacted by tariffs, currency and commodities inflation, back to 300K units in the next 2 years," the company said in the annual report. (Ruchira Kagita)
Equity Alert: Eternal, Swiggy up for 4th day, low oil prices drive sentiment
MUMBAI--1319 IST--Shares of Swiggy and Eternal extended gains for the fourth consecutive session as the easing geopolitical headwinds and a fall in crude oil prices gave positive momentum in these food delivery companies. However, competition from other players in the quick-commerce space may pose hurdles for them, an analyst said.
Positive news flow on the geopolitical front and easing crude oil prices are supporting the sentiment for the food delivery companies, said an analyst with a domestic brokerage. These companies performed well with a 20% annual growth in the food delivery business and steady margins, the analyst said. Going ahead, quick commerce companies are expected to maintain traction in top line and margins along with high demand in the 10-minute-delivery space.
Eternal owned Zomato turned EBITDA positive on the back of its disciplined growth by avoiding aggressive expansion. Swiggy is likely to follow the same path and achieve an EBIDA positive going ahead, the analyst added. On the risk factors, he is of the view that "the competition is extremely high." The competition from Zepto and Amazon may pose headwinds to these companies. In the 10-minute delivery space, Zepto provides more discounts, making it an attractive choice for customers.
At 1305 IST, Eternal rose over 2% to INR 259.20 and shares of Swiggy were 0.2% higher at INR 260.05. In the last four days, Eternal gained nearly 12% and Swiggy over 12%. Eternal was the second top gainer in the Nifty 50. (Adhithya Aji)
Equity Alert: Defence cos gain as domestic defence output hits record high
MUMBAI--1315 IST--Most defence companies gained after Union Minister of Defence Rajnath Singh said India's annual defence production hit a record high of INR 1.78 trillion in financial year 2025–26 (Apr-Mar). This represents nearly 16% on-year growth from INR 1.54 trillion in FY25 and an over twofold increase from the output recorded in FY21, according to Singh's post on X.
"With sustained policy support, several new initiatives, increased private sector participation, and growing export capabilities, the defence production sector is poised for continued acceleration in the years ahead," Singh said in the post.
On Wednesday, the thematic Nifty India Defence gained nearly 3% and hit its highest level in over a month at 9392.15 points. All constituents of the index traded higher. Large-cap Bharat Electronics was up nearly 2% and was among the top gainers in the Nifty 50 index. Solar Industries and Hindustan Aeronautics were up nearly 3?ch and were among top performers in the Nifty 200 index. (Shruti Nair)
Equity Alert: Indices largely unchanged; Trent rises more to 5%
MUMBAI--1255 IST--Benchmark equity indices were largely unchanged with the Nifty 50 index holding some mere points above the 24000 level. Information technology and metal companies held on to their gains, while select healthcare and pharmaceutical stocks remained lower. Retail and quick-commerce companies rose. Trent continued to gain and rose over 5% and Eternal added almost 3% in the Nifty 50 index.
At 1223 IST, the Nifty 50 was at 24049.10 points and the BSE Sensex was at 77036.99 points. Both the indices were 0.3% higher each from their respective previous close. In the past seven days, the 50-stock index gained over 3.5%, and the BSE Sensex gained 4%.
Small cap indices in the broader market rose further, with all of them gaining nearly 1?ch. Most midcap indices, however, remained marginally higher. India VIX, after rising nearly 1% in early trade, fell marginally to 13.3575. More sectoral indices slipped into red, with Nifty Realty as the major laggard among them.
In the Nifty 200 index, stocks of Blue Star, Voltas, and Havells India rose 1.2–5.0% as demand went up amid expectations of a below-average monsoon and a prolonged summer.
Shares of IDBI Bank rose further and was the top gainer in the Nifty 500 index, up over 18%. CarTrade Tech and Schneider Electric Infrastructure were the other major gainers in the index, up 13% and over 6%, respectively.
Shares of SRF fell 3% and was the top loser in the Nifty 200 index. The Nifty FMCG index has fallen after remaining higher for most of the first half, but was marginally down. ITC was marginally down in the Nifty 50, while Colgate-Palmolive (India) shed nearly 3% in the Nifty 200 index. (Arundathi A R)
Equity Alert: FSN E-Comm up 3%; co inks multi-year deal with OpenAI
MUMBAI--1250 IST--Shares of FSN E-Commerce Ventures rose Wednesday after the company announced a multi-year partnership with OpenAI to introduce an artificial intelligence-led shopping experience for its customers through ChatGPT. The company's primary beauty platform Nykaa and fashion segment Nykaa Fashion have been integrated on the AI interface, which allows users to seek out recommendations on skincare, makeup, apparel, and fragrances. Customers will be able to look up suggestions without needing to switch to and from the retailer's website and ChatGPT.
Shares of FSN E-Commerce rose over 3% to an intraday high of INR 281.35 on the NSE and almost 5 million shares of the company changed hands on the exchange Wednesday. At 1245 IST, shares of the company were nearly 3% higher at INR 279.40.
OpenAI's technologies, including ChatGPT Enterprise and coding agent Codex, will be deployed across FSN E-Commerce's internal operations, several media outlets reported. The company plans to use OpenAI's AI tools across its marketing, legal, and engineering divisions.
For the March quarter, FSN E-Commerce reported a consolidated net profit of INR 783.80 million on revenues of INR 26.48 billion. The company's earnings before interest, tax, depreciation, and amortisation rose to INR 2.23 billion during the same period from INR 1.33 billion a year ago. (Ruchira Kagita)
Equity Alert: Dixon Technologies up 5% on reports of govt nod for Vivo JV
MUMBAI--1200 IST--Shares of Dixon Technologies (India) rose for the fourth consecutive session and hit an intraday high of INR 12,888 on the NSE. During this period, it has gained over 13%. Wednesday, around a million shares of the company changed hands on the bourse after media reports said an inter-ministerial committee will clear the company's joint venture with Chinese mobile maker Vivo this month. At 1200 IST, shares of the electronic manufacturing services company were trading almost 5% higher at INR 12,799.
"An inter-ministerial panel has given in-principle approval to the deal. It will be cleared by Meity (Ministry of Electronics and Information Technology) after due process," the Press Trust of India reported, citing sources. Dixon Technologies had inked an agreement with Vivo in 2024 for a joint venture with a 51% stake. The joint venture is seen adding over 20 million smartphones to the company's portfolio annually. This addition "...provides a powerful growth engine that cushions the company against a weak domestic demand environment," ICICI Direct said in a report.
If Dixon Technologies' joint venture gets a final nod in June, operations are likely to begin 60–90 days later, brokerage JPMorgan was quoted as saying by media outlets. The deal with the Chinese major is expected to contribute 11 million to Dixon Technologies' mobile volumes in 2026-27 (Apr-Mar) and as much as 22 million in FY28. With the increase in smartphone volumes, the company's revenue estimates could be hiked by 24-39% over FY27-28, JPMorgan believes. The brokerage has a 'overweight' call on the stock with a target price of INR 12,700. (Ruchira Kagita)
Equity Alert: Room AC stocks rise amid expectations of below-average monsoon
MUMBAI--1150 IST--Shares of major room air-conditioner makers and related consumer durables companies such as Blue Star, Voltas, PG Electroplast, Havells India, Amber Enterprises India, and EPACK Durable traded higher amid expectations of a below-average monsoon and a prolonged summer boosting demand for cooling products. Further, optimism around a potential US-Iran deal eased concerns about higher raw material prices and input supply shortages, supporting the positive sentiment around the stocks, analysts said.
With expectations of a below-normal monsoon and higher temperatures due to El Nio, air-conditioner makers are expected to see higher sales volume, supported by normalised inventory levels, Onkar Kelji, research analyst at Indsec Securities said. Industry data indicates that room air-conditioner volumes grew more than 40% on year in May, while overall industry value growth was estimated at 25-30%, CNBC TV18 reported, citing global brokerage firm Jefferies. The brokerage believes that recent price hikes by Voltas and Blue Star will support their profitability, and expects sales growth of 15–16% in FY27, the report said.
At 1124 IST, shares of Blue Star and Voltas traded 4.9% and 3.8% higher, respectively, and were among the top gainers on the Nifty 200. Shares of PG Electroplast, Havells India, Amber Enterprises India, and EPACK Durable traded 0.5-3.5% higher. (Arya S. Biju)
Equity Alert: Brigade Enterprises shrs up 10% on 1:3 bonus issue record date
MUMBAI--1145 IST--Shares of Brigade Enterprises rose over 10% to hit their highest level in over a month at INR 595.95 on Wednesday, the record date of the company's one-for-three bonus issue. The shares were traded excluding the value of this bonus issue. In May, the company announced the board approval for the bonus issue alongside the release of its March quarter results.
At 1143 IST, shares of the company traded nearly 5% higher at INR 566.40 on the NSE. The stock rose for the fifth consecutive session and gained nearly 23% during the period. Over 5.4 million shares of the company have changed hands so far Wednesday on the exchange, which is over 15 times higher than the number of shares that were traded until the same time Tuesday.
All seven brokerage reports available on the company with Informist have a "buy" recommendation on the stock with an average target price of INR 1,062, up 86% from the current market price. (Shruti Nair)
Equity Alert: Indices hit over-1-month high as metal cos recover losses
MUMBAI--1110 IST--Domestic stock indices gained further with both benchmarks hitting their respective over-one-month highs. Metal stocks recovered from their earlier losses and helped the Nifty 50 index gain slightly. After opening lower, the Nifty Metal index recouped and was up 1%. Meanwhile, information technology stocks continued to rise. A nearly 1% gain in the index heavyweight HDFC Bank also supported the 50-stock index.
At 1048 IST, the Nifty 50 index was at 24077.75, up 88.60 points, or 0.4%. The BSE Sensex was at 77096.77, up 288.29 points, or 0.4%. Among the Nifty 50 stocks, 30 of them were trading higher, and so were the 20 stocks in the 30-stock Sensex. Intraday, both Nifty and Sensex hit over-one-month high at 24097.40 points and 77176.51 points, respectively.
Barring Nifty Realty, Nifty Healthcare, and Nifty Pharma, all sectoral indices were in the positive territory. Among the pack of gainers, the Nifty Consumer Durables gained the most, over 2%. India VIX, the fear gauge of the domestic equity market, however, signalled a rise in investor nervousness. The volatility index rose nearly 1% to 13.4475.
Trent remained the biggest gainer in the Nifty 50 index, up over 4%. It was followed by Eternal with over 2% gains, rising for the fourth session in a row. Metal companies Hindalco Industries, Tata Steel, and JSW Steel helped the index to gain slightly. The stocks were up 0.7-1.6%.
Major healthcare stocks Cipla and Dr.Reddy's Laboratories fell nearly 1% in the 50-stock index. The Nifty Healthcare and Nifty Pharma indices were marginally down among the sectoral indices. (Arundathi A R)
Equity Alert: Realty stocks fall after 3-day rally; view on sector bullish
MUMBAI--1109 IST--Realty stocks traded on a negative note Wednesday after gaining for three consecutive sessions, during which the Nifty Realty gained 10%. This was higher than the gains of nearly 4% in the benchmark Nifty 50 over the last four sessions. A technical analyst maintains a buy-on-dip approach to the realty sector and indicates a bullish trend ahead.
"Nifty Realty index is trading on the verge of breakout from inverted head & shoulder formation," said Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market. A decisive close above 820 may take the Nifty Realty to 860 and more in the near term, according to Kumaar. "Considering the current chart structure, we suggest traders to maintain buy on dips trading approach in realty space," he added.
At 1102 IST, the Nifty Realty was at 813.30, down 0.6%. Seven constituents of the 10-stock index were down, with Lodha Developers the worst hit, down nearly 3%. Anant Raj, Oberoi Realty, Prestige Estates Projects, Aditya Birla Real Estate, Godrej Properties, and DLF fell 1-2%. On the other hand, Phoenix Mills and Brigade Enterprises rose over 1% and nearly 5.5%, respectively. Brigade Enterprises was the top gainer among Nifty 500 constituents as the stock is traded excluding its bonus issue of shares. (Adhithya Aji)
Equity Alert: Pine Labs up after analyst meet, brokerages maintain 'buy'
MUMBAI--1033 IST--Pine Labs, in its meeting with analysts Tuesday, touched upon its business model, vision, and growth opportunities. The management said there is good scope for the company in the global and Indian financial technology space. Shares of the company rose over 4% to INR 156.6 and at 1029 IST, the stock was up 1.3% with trading volumes of over 16 million. Brokerages have maintained their 'buy' recommendation on the stock.
The company is seeing strong traction in its online business, and said it beat competition to win more than 25 large enterprise deals. The management expects profitability to be driven by operating leverage. While Pine Labs' market share in online payments stands at 5%, the management sees this growing going forward. Affordability also remains a key growth driver for the company.
Employee benefits, gaming, and expansion into the US are some of the key growth levers for the company, brokerages highlighted. The company also sees growth opportunity among small retailers and premium high-street merchants. The management said that Amrish Rau will continue to be the chief executive officer of the company.
Emkay Global Financial Services expects the company's revenue to grow at a compounded annual rate of 20.3% over 2025-26 (Apr-Mar) and FY28. Its earnings before interest, tax, depreciation, and amortisation are expected to increase at a compounded annual rate of 41.8%. "...we believe the risk-reward remains compelling," the brokerage said. Emkay Global maintains a 'buy' call on the stock with a target price of INR 225.
The company may also have opportunities for acquisitions in international markets, Citi said in a report. The brokerage expects Pine Labs' revenue to grow at a compounded annual rate of 18.5% over FY26-28, and adjusted EBITDA margin to rise to 26% in FY27 and to 30% in FY28. Citi has a 'buy' stance on the stock with an unchanged target price of INR 235. "Pine Labs has opportunities to increase attach rates (new monetization streams) across its merchant, bank and brand partnerships," the brokerage said. (Ruchira Kagita)
Equity Alert: Cyient down nearly 6% on record date of co's share buyback
MUMBAI--1022 IST--Shares of Cyient shed nearly 6% and hit an intraday low of INR 855.15 on Wednesday, the record date for its share buy back. In April, the company's board had approved the buyback of 6.4 million shares at INR 1,125 per share, amounting to INR 7.2 billion. Last week, the company received shareholders' approval for the same and set the record date.
At 1000 IST, shares of the company were down over 5% at INR 859.10 and the stock was the worst-hit Nifty 500 constituent. Over 490,000 shares of the company have exchanged hands so far Wednesday on the NSE, nearly twice the number of shares traded until the same time Tuesday.
Of the nine brokerage recommendations available with Informist on the company, four have a "hold" recommendation on the stock with an average target price of INR 1,106, up nearly 29% from the current market price. Of the remaining five, three have a "buy" recommendation and two have a "sell" recommendation on the stock. (Shruti Nair)
Equity Alert: Most IT cos rise for 3rd day amid optimism over US-Iran deal
MUMBAI--1020 IST--Most information technology stocks rose for the third consecutive session amid optimism over a US-Iran peace deal likely to be signed Friday, easing inflation concerns globally. Further, valuations of these stocks have become cheap post their recent sharp fall, making them attractive for investors, two analysts covering the sector at domestic brokaerges said.
Recent acquisition announcements, including HCL Technologies' plan to invest INR 14.27 bln to buy 10.5% stake in artificial intelligence startup Sarvam AI, is also keeping the stocks in the sector in focus, Rishubh Vasa, research analyst at Indsec Securities, said.
On Tuesday, the Nifty IT index rose as much as 1.5% to a high of 29007 points. At 1012 IST, the IT index was 0.7% higher at 28777.20 points, among the top gaining sectoral indices. This marked the third consecutive session of rise for the index, during which it gained 4.4%.
Except for Mphasis and Oracle Financial Services, all constituents of the IT index traded with gains, up 0.1-1.4% at 1012 IST. Gains in the sectoral index was led by large-cap IT majors such as Tech Mahindra, Infosys, Wipro, and Tata Consultancy services, which rose around 1?ch. (Arya S. Biju)
Equity Alert: Indices open higher for 4th day with marginal gains; IT cos up
MUMBAI--0940 IST--Domestic benchmark indices extended their gains to a fourth session Wednesday amid a significant fall in crude oil prices to $78 a barrel and hopes of a possible US-Iran deal on Friday. The indices, however, opened with only marginal gains, tracking mixed signals from Asian markets.
At 0947 IST, the Nifty 50 was 0.3% higher at 24063.45, up 74.30 points. The BSE Sensex was also 0.3% higher at 77055.51, up 247.03 points. Over half the Nifty 50 constituents were trading higher during the open.
Broader market indices showed a slightly better performance than their benchmark peers, up 0.3–0.6%. All the broader indices also extended their gains to a fourth straight session Wednesday. Meanwhile, sector-wise performance was mixed during the early hours of trade.
The Nifty Consumer Durables and Nifty IT were the top gaining sectors, up 1.5-2.0%. On the other hand, the Nifty Realty index fell nearly 1?ter three straight sessions of rise. The Nifty Metal index continued its fall for the second session, and was also among the top losers.
Trent gained the most in the Nifty 50 index, up over 3%, and information technology stocks were also among the biggest gainers in the Nifty 50 index. Infosys, Tech Mahindra, and Tata Consultancy Services gained 1?ch, while Wipro and HCL Technologies were almost 1% higher each. The Nifty IT gained for the third straight session, with all its constituents up.
Fast-moving consumer goods stocks Hindustan Unilever and Nestle India also gained around 1?ch. The Nifty FMCG index was higher for the fourth session in a row, though only marginally.
In the Nifty 200 index, consumer durables stocks gained the most. Dixon Technologies (India), Trent, and Voltas were the major gainers, up nearly 4?ch. Newgen Software Technologies, Brigade Enterprises, and CarTrade Tech gained 6–7% in the Nifty 500 index.
In the Nifty 50, Tata Motors Passenger Vehicles was the biggest drag, down almost 1%. Oil and Natural Gas Corp. and NTPC were the other losers, shedding around 1%. Realty companies declined more in the Nifty 200 index. Lodha Developers and Oberoi Realty fell 2–2.5%. Meanwhile, in the Nifty 500 index, Cyient declined 5% as the stock traded without the value of the buyback issue. (Arundathi A R)
Equity Alert: Indices may open largely flat on mixed cues from global mkts
MUMBAI--0829 IST--The domestic equity market may open largely flat Wednesday, tracking mixed global market cues, as investors await the US Federal Reserve's policy meeting outcome later in the day. Crude oil prices hovered around $79 per barrel, the lowest price since early March, when the US-Iran war started.
According to the 14-point draft memorandum between US and the Iran seen by Bloomberg News, the warring parties will negotiate and reach a final agreement within 60 days, extendable by mutual consent, remove naval blockade, neutralise Iranian mines, the US and its partners will fund $300 billion for rehabilitation and economic development of Iran, and Iran will never produce nuclear weapons, among others.
While the US-Iran memorandum of understanding to end the conflict is "clearly positive, we need to see evidence that it holds," Dow Jones Newswires cited members of HSBC Global Investment Research as saying in a report. "Even if traffic of navigation is restored, normalising flows (through Strait of Hormuz) will take time," they say.
In Asia, major stock indices were largely mixed in early trade as investors awaited the outcome of the US Fed policy meeting, the first under newly appointed Chair Kevin Warsh. While the Fed is widely expected to hold the benchmark interest rate steady, market participants will pay close attention to the forward guidance and commentary on the trajectory of monetary policy, Siddhartha Khemka, head of research, wealth management, at Motilal Oswal Financial Services, said in a note. US stock futures were largly flat in early trade.
The June futures contract of the Gift Nifty indicates a largely flat opening for the domestic market. At 0813 IST, the contract was at 24001.50 points, just around 12 points higher than the Nifty 50's previous close. As long as the Nifty 50 sustains above key support level of 24000 points, the momentum is likely to remain favorable, with the next major resistance placed around 24500 points, which could be tested in the coming sessions, Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity Research, said.
Currently, the Nifty 50 index is trading in a narrow congestion range of 200 points, specifically between the 23800 and 24000 spot levels. A decisive close above the 24050 spot level could lead it toward 24400 points in the immediate near term, Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. On the lower side, sustained trading below 23800 points could drag the index down to the 23600–23500 levels, he added. (Arya S. Biju)
Equity Alert: Most Asian indices gain as crude oil prices stay below $80/bbl
MUMBAI--0830 IST--Most Asian stock indices were up after broadly opening lower on Wednesday, with crude oil prices remaining below $80 per barrel amid expectations of the peace deal between the US and Iran to be finalised on Friday. Global investors await the decision of the US Federal Reserve at the end of its two-day meeting, with most expecting the regulator to hold interest rates unchanged at the target range of 3.5–3.75%.
On Tuesday, US President Donald Trump said he would be open to sharing details of a new US-Iran peace deal with the Congress, after some key members called for an opportunity to review the deal before it is finalised, CNBC reported. Earlier, Trump had said that the agreement with Iran would ensure that the Strait of Hormuz will remain permanently toll-free. However, he warned that if Iran failed to arrive at a final nuclear accord with the US, he would resume military attacks on Tehran.
Japan's Nikkei 225 and its broader market peer Topix were among the top gainers in the region, up nearly 1?ch. On Tuesday, the Nikkei 225 hit a record intraday high after the Bank of Japan decided to increase the policy interest rate to 1% amid inflationary pressures.
Australia's S&P/ASX 200 was also among the gainers in the region after the Reserve Bank of Australia held rates at 4.35% on Tuesday. The central bank stated that it was ready to raise rates to manage price stability and full employment. Taiwan's Taiex and Hong Kong's Hang Seng remained the only laggards in the region, down 0.4% and 0.7%, respectively.
Following are the levels of key indices in the region at 0828 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4899.87 | 0.32 |
| Hang Seng Index | 24314.37 | (-)0.73 |
| Nikkei 225 Day | 69926.08 | 0.75 |
| TOPIX FIRST SECTION | 4021.16 | 0.75 |
| KOSPI | 8739.58 | 0.15 |
| FTSE Singapore Strait Times | 5181.93 | 1.27 |
| S&P/ASX 200 Index | 8972.5 | 0.61 |
(Shruti Nair)
Equity Alert: US mkts mixed; Dow Jones hits new high, chip cos pull Nasdaq dn
MUMBAI--0745 IST--US indices ended mixed on Tuesday as oil prices continued to decline on expectations of the US and Iran finalising their peace deal. Some investors moved out of technology stocks in preference of cyclical stocks. While the blue-chip Dow Jones Industrial Average touched a new intraday high and ended higher, its tech-heavy peer Nasdaq ended lower, as did the S&P 500.
Oil prices continued to fall and closed at their lowest levels since Mar. 2. At 0741 IST, Brent crude futures were at $78.98 per barrel, flat from Tuesday, having shed over 15% this week. US President Donald Trump had said that the Strait of Hormuz will reopen on Friday and will be toll-free. "We're not out of the woods yet," Andy Goldberg, chief investment strategist at Nomura Asset Management International told CNBC. "If all of a sudden oil prices were to come down quickly, the headline inflation number will come down, but at the same time, it'll put a lot of money back in consumers' pockets right at a time where they're feeling pretty good, and that's how you can get some more inflation," he added. "[Federal Reserve Chair Kevin] Warsh has a balancing act on his hands."
Wednesday's Federal Open Market Committee meeting will be the first with Kevin Warsh as the chairman of the US Federal Reserve. Investors are largely expecting the central bank to keep interest rates unchanged in a target range of 3.5% to 3.75%.
As oil prices slid, construction major Caterpillar led the gains among industrials and closed over 1% higher, according to the CNBC report. Meanwhile, JPMorgan Chase led the gains among banks, ending nearly 4% higher. The stock rose amid investor expectations that lower energy prices would trigger a re-acceleration in the US economy. Elon Musk's SpaceX continued its rally since going public and ended nearly 5% higher at $201.80 per share, up nearly 50% from its issue price of $135 per share.
On the other hand, chip stocks suffered losses on Tuesday. Sector giant Nvidia ended more than 2% lower, while peers Advanced Micro Devices, Broadcom, and Micron Technology ended 4–7% lower.
Following were the closing levels of US indices on Tuesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
51999.67 | 0.64 |
|
NASDAQ Composite |
26376.34 | (-)1.15 |
|
S&P 500 |
7511.35 | (-)0.57 |
(Shruti Nair)
US$1 = INR 94.53
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
All prices from National Stock Exchange, unless otherwise specified.
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