Equity Alert
Nifty 50 June ends at premium of 41 points to spot index
This story was originally published at 16:08 IST on 18 June 2026
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Equity Alert: Nifty 50 June ends at premium of 41 points to spot index
MUMBAI--1602 IST--The June futures contract of the Nifty 50 closed at a premium of 41 points to the spot index Thursday. Open interest in the contract fell 0.3% to 16.76 million, according to provisional data.
--Nifty 50 closed at 24168.00 points, up 82.30 points or 0.3% vs Wednesday
--Nifty 50 June closed at 24209.00 points, up 115.00 points or 0.5% vs Wednesday
Nifty 50 options, expiring Tue, with maximum change in open interest:
Call: 24500, Put: 24100
Nifty 50 options, expiring Tue, with maximum open interest:
Call: 24500, Put: 24000
(Simran Rede)
Equity Alert: European mkts dn; FTSE 100 sheds 1% ahead of BoE's policy meet
MUMBAI--1455 IST--Most stock indices in Europe were in the red in early trade even as crude oil prices remained subdued after the interim peace deal between the US and Iran. Indices in the region tracked their US peers, which ended in negative territory on Wednesday after commentary by the US Federal Reserve hinted at possible rate hikes this year. The UK's FTSE 100 was the worst hit index in the region ahead of the Bank of England's policy announcement.
Thursday, the pan-European Stoxx 600 was down 0.7% in early trade. Non-cyclical sectors such as healthcare and consumer staples were among the main laggards in the region, with their sectoral indices shedding around 1% and 1.4%, respectively.
On Wednesday, the US Fed left interest rates unchanged at the target range of 3.5–3.75%, in line with the consensus view. However, commentary by policymakers indicated the possibility of rate hikes this year. The UK's central bank is expected to mirror the decision of its US peer and keep interest rates unchanged at 3.75% on Thursday even as energy pressures persist, according to a CNBC report. Investors in the region will focus on the commentary by policymakers.
On Thursday, the Swiss National Bank left interest rates unchanged at 0%, in line with investor expectations. The central bank said inflation had ticked higher since its last monetary policy statement, increasing to 0.6% in May from 0.1% in February. The increase was mainly attributable to higher prices of oil products, the central bank said in its policy statement. However, medium-term inflationary pressure remains "virtually unchanged," according to the statement.
Following are the levels of major European indices at 1450 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10399.5 | (-)1.04 |
| CAC 40 | 8420.52 | (-)0.12 |
| FTSE MIB INDEX | 52435.86 | (-)0.3 |
| DAX PERFORMANCE-INDEX | 24881.78 | (-)0.21 |
| SLI PR | 2208.79 | (-)0.24 |
(Shruti Nair)
Equity Alert: IFCI dn 10% as traders book profit after NSE reveals IPO plans
MUMBAI--1445 IST--Shares of IFCI fell over 10% to an intraday low of INR 80.61 apiece after investors booked profit. This profit taking comes after the National Stock Exchange filed for an initial public offering. IFCI owns a controlling stake in Stock Holding Corp. of India, which in turn, owns a 4.4% stake in the NSE.
"Looks like heavy profit booking in the company (today)," said Rupak De, technical analyst at LKP Securities. He added that the stock will likely find support at INR 80. A fall below INR 80 would likely lead to more profit taking, he said.
According to the draft papers, Stock Holding Corp. will monetise its stake in NSE by selling nearly 11 million shares as it joins other public sector companies in the offer for sale component of the public offering. Shares of IFCI, which will benefit from this monetisation, had risen sharply in just a few months, following media reports which said the long-awaited IPO of NSE will be completed in 2026.
At 1444 IST, shares of the company traded over 9% lower at INR 81.90 on the NSE. Around 274 million shares of the company changed hands on the bourse so far against over 70 million more than the shares traded till the same time Wednesday, which indicates a strong selling momentum. (Eshitva Prakash)
Equity Alert: Cohance Life falls over 4?ter CFO Agarwal resigns
MUMBAI--1440 IST--Shares of Cohance Lifesciences fell more than 4% to intraday low of INR 407.00 on the NSE after the company said its Chief Financial Officer Himanshu Agarwal has resigned. Agarwal's last working day at the company will be Sept. 13 and he tendered his resignation to pursue new professional opportunities. At 1441 IST, shares of the company traded a little over 2% lower at INR 416.
Agarwal was appointed as the CFO in January 2024 and the company has not given out information on who will replace Agarwal. This is the only major managerial rejig since the appointment of Umang Vohra as the company's executive chairman and the group chief executive officer. For the March quarter, the company had reported a consolidated net profit of INR 195.5 million on consolidated revenues of INR 6.19 billion. (Ruchira Kagita)
Equity Alert: Redington hits 3-mo high; Apple CEO says co will hike prices
MUMBAI--1425 IST--Redington was among the top gainers in the Nifty 500 universe Thursday. Shares of the company rose over 10% to their highest level in three months of INR 274.83 on the NSE. The stock was one of the top gainers in the Nifty 500 index and was in focus after the iPhone maker's Chief Executive Officer Tim Cook told The Wall Street Journal that the company plans to raise prices on its products to offset the impact of high costs of memory and storage chips. Redington is a distributor of Apple products in India.
"We're doing our best to mitigate the huge increases that are being passed to us, and we've been trying to shield our customers from the increases, but the situation has become unsustainable," Cook said. Price hikes for the company's Macs and iPads may be announced sooner, the company said. There is a need for prices of memory chips to come down and supply to return to reasonable levels, Cook said.
For the March quarter, Redington had reported consolidated net profit of INR 3.91 billion on revenue of INR 332.13 billion. At 1353 IST, shares of the company were up 9% at INR 270.63 and trading volumes were over 30 million shares against nearly 7 million at the same time Wednesday. (Ruchira Kagita)
Equity Alert: Asian mkts end higher as US-Iran peace deal keeps oil prices dn
MUMBAI--1415 IST--Most stock indices in Asia ended higher on Thursday after the peace deal signed between the US and Iran boosted global investor sentiment. As crude oil prices fell further, multiple indices in the region notched fresh highs. At 1404 IST, the August futures contract of Brent Crude oil was down nearly 2% at around $78 per barrel, after hitting its lowest level in over three months.
Gains in the stocks of semiconductor and artificial-intelligence-related companies pushed the Kospi to a new high of over 9100 points. Index heavyweight SK Hynix closed 6.5% higher after the company announced that it has shipped samples of HBM4E, a next-generation AI dynamic random access memory, to major customers. Japan's Nikkei 225 also hit a new intraday high at 71398.58 points, led by gains in stocks of electronics companies. Tokyo Electron ended nearly 5% higher and Lasertec ended over 7% higher. Taiwan's TAIEX and Singapore's FTSE Singapore Strait Times also hit fresh highs.
The fall in crude oil prices was after the US and Iran released the text of their agreement. The terms of the deal extend the ceasefire announced in April by another 60 days to allow the two parties to negotiate a truce, according to a Reuters report. The agreement also accounts for the full resumption of maritime traffic in the Strait of Hormuz with "no charge."
While the interim deal marks a significant step towards normalising crude oil prices and supply, uncertainties persist, according to Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. "The current toll-free transit period is limited to 60 days, and the future framework remains uncertain, leaving lingering concerns," Reuters cited a market note that quoted Maruyama.
Following are the levels of major Asian indices at 1407 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4941.60 | 0.2 |
| Hang Seng Index | 23924.81 | (-)1.6 |
| Nikkei 225 Day | 71053.49 | 1.7 |
| TOPIX FIRST SECTION | 4068.18 | 1.4 |
| KOSPI | 9063.84 | 2.3 |
| FTSE Singapore Strait Times | 5206.12 | 0.6 |
| S&P/ASX 200 Index | 8911.1 | (-)0.6 |
(Shruti Nair)
Equity Alert: Indices sustain gains; Max Health top gainer on Nifty 50
MUMBAI--1412 IST--Headline stock indices sustained their gains after being choppy for the first half of the session. Max Healthcare rose further and remained the top performing Nifty 50 stock. Banking stocks also retained their gains and helped the index remain higher.
The Nifty 50 and BSE Sensex were up 0.1?ch from their respective previous close. At 1355 IST, the 50-stock index was at 24116.90 and the 30-stock index was at 77274.45. Half the Nifty 50 stocks were trading higher.
Max Healthcare extended its gains to a second session Thursday and was trading over 6% higher. Trent, InterGlobe Aviation, and NTPC gained over 2%, while Bharat Electronics rose almost 2%. Banking majors State Bank of India, HDFC Bank, Axis Bank, and ICICI Bank were up 0.5-1.4%.
On the other hand, information technology stocks Infosys, Tech Mahindra, Tata Consultancy Services, and Wipro were the biggest losers in the Nifty 50, down 1.3-2.3%. The Nifty IT fell over 1% and was the biggest loser among sectoral indices.
In the Nifty 200, FSN E-Commerce Ventures was the major gainer, up 6.5%. Shares of the company rose after the company said it is aiming for over $5 billion gross merchandise value in 2029–30 (Apr-Mar). ICICI Prudential Asset Management Co. was up over 5%.
The New India Assurance Co. was up nearly 10% in the Nifty 500 index. The stock rose after the insurer's decision to offload 11 million shares in the National Stock Exchange through the exchange's initial public offer. Redington was also up over 9% and was the top gaining Nifty 500 stock.
L&T Finance shed nearly 3% and Swiggy fell over 2% in the Nifty 200 index. IFCI and IDBI Bank declined over 9% and 6%, respectively, in the Nifty 500. (Arundathi A R)
Equity Alert: Bata India rises 10% to 1-month high post change in CEO, MD
MUMBAI--1410 IST--Shares of Bata India rose sharply after the company appointed Sanjay S. Rao as the managing director and chief executive officer of the company. The shares of the company rose nearly 10% to a one-month high of INR 745.95. Before the surge, the stock traded just 0.4% higher. The stock gained over 10% from its intraday low.
On Thursday, the company appointed Sanjay S. Rao as the whole-time director and CEO from Aug. 24. He will take up the position of MD from Oct. 1. As CEO and MD, Rao will replace Gunjan Shah, according to an exchange filing from Bata India.
At 1406 IST, shares of Bata India traded over 7% higher at INR 726.60. Over 2 million shares of the company changed hands on NSE, nearly 14 times higher than the number of shares traded till the same time Wednesday. (Adhithya Aji)
Equity Alert: Shyam Metalics up 3%, co aims 18% revenue CAGR over FY26-FY31
MUMBAI--1305 IST--Shyam Metalics and Energy was up after the company outlined its growth strategy for 2030-31 (Apr-Mar) in a meeting with analysts. The management targets revenue growing at a compounded annual rate of about 18% over FY26 to FY31 and its earnings before interest, taxes, depreciation, and amortisation at around 22%. The company said it also aims to be net cash positive by FY31. At 1305 IST, shares of the company were up nearly 3% at INR 981 on the NSE.
The company aims for its stainless steel volumes to increase at a compounded annual rate of around 49% by FY31 and revenues from the division by 55% to INR 119.69 billion. It also plans to increase its sales of aluminium products by 23% to INR 23.31 billion in FY31. Further, the company aims to incur capital expenditure worth $1.1 billion. This cost will be funded by internal accruals and not external debt, the company said in its presentation to investors.
Shyam Metalics' management highlighted that future investments will prioritise businesses with higher EBITDA per tonne, lower cyclicality, and stronger cash-generating potential, JM Financial Institutional Securities noted in its report. "...incremental growth capital will continue to be deployed selectively," suggests the top executives' commentary, according to the brokerage. JM Financial maintained its 'buy' stance on the stock and revised its target price upwards by almost 5% to INR 1,100.
The change in the company's product mix should drive earnings growth, Choice Equity Broking said in its report. Contribution to EBITDA from the company's carbon steel division is expected to decline from 73% to 46% while that of stainless steel is projected to increase from 3% to 18%. "This strategic shift towards value-added products is expected to materially improve profitability," the brokerage said. A reduction in dependence on commodity steel should also support a healthier EBITDA profit in the medium term, it added. (Ruchira Kagita)
Equity Alert: ICICI Sec cuts Tata Motors PV to hold; Emkay cuts price aim 11%
MUMBAI--1320 IST--ICICI Securities downgraded its recommendation on Tata Motors Passenger Vehicles to 'hold' from 'add' after the company's UK subsidiary Jaguar Land Rover guided for a lower-than-expected earnings before interest and tax margin for 2026-27 (Apr-Mar). The brokerage cut its target price on the stock by around 3% to INR 370 per share from INR 380. Brokerage Emkay Global also cut the target price on the stock by 11.4% to INR 390 from INR 440. However, it retained an 'add' recommendation on the stock, taking into account a robust outlook for the domestic passenger vehicle market.
On its investor day, JLR's management guided for earnings-before-interest and tax margin of 4% for FY27, lower than the ICICI Securities' earlier projection of 6.3%. Subsequently, the brokerage has revised its EBIT estimates for JLR to 4% in FY27 and 6.9% in FY28. Meanwhile, Emkay trimmed JLR's EBIT margin view to 4% for FY27 and to 5.7% for FY28 due to cost headwinds.
JLR's management also projected 13% on-year revenue growth in FY27 due to normalisation of volumes and growth in its North America and UK markets. It underscored driving growth in its North American market, which makes up 28% of JLR's current volumes, according to the report by ICICI Securities. The brokerage foresees JLR's growth gathering steam gradually, riding on its North America focus, and stable demand in the UK.
At 1251 IST, shares of Tata Motors Passenger Vehicles were at INR 362.05 per share, up 0.3%. Around 14.8 million shares of the company have changed hands so far on the NSE, more than double the number of shares traded until the same time Wednesday. (Shruti Nair)
Equity Alert: Liquor cos surge on reports India-UK FTA to take effect Jul 15
MUMBAI--1311 IST--Shares of alcohol makers United Spirits and Radico Khaitan surged a day after the British government announced the India-UK free trade agreement will come into effect from Jul. 15. Shares of United Spirits rose to a one-month high of INR 1,3760, while those of Radico Khaitan hit an all-time high of INR 3,735. These companies are said to benefit from the reduced tariffs on Scotch Whisky imports.
The tariff cuts on Scotch whiskies and gin will be cost-effective for Indian liquor manufacturers. Both United Spirits and Radico Khaitan import scotch from the UK in bulk quality to blend with their premium liquor brands. "Hence reduction in tariff will help to reduce the import cost of raw material, thereby leading to improvement in gross margins and subsequent flow through to EBITDA (earnings before interest, tax, depreciation, and amortisation) margins," ICICI Securities said in a report.
The management of Radico Khaitan in a post-earnings conference call after the March quarter results, said they expect a 125 basis point improvement in margins. This will be aided by the benefits of India-Uk agreement along with other factors, the management said.
At 1221 IST, shares of United Spirits and Radico Khaitan rose nearly 4?ch to INR 1,355 and INR 3,707.60, respectively. (Adhithya Aji)
Equity Alert: Textile cos jump on India-UK FTA optimism; Gokaldas up 5%
MUMBAI--1310 IST--Shares of textile companies rose Thursday, a day after the UK government said the free trade agreement with India will come into force on Jul. 15. Brokerages said it will improve prospects for Indian textile and apparel companies in the UK market. Also, Ursula von der Leyen, president of the European Commission, said that the trade deal between India and the European Union will also be finalised by the end of 2026, adding to bullish bets on export-focussed stocks.
At 1301 IST, shares of Himatsingka Seide were up 3.5% at INR 81.30. Gokaldas Exports' shares rose nearly 5% to INR 764.80. Kitex Garments shares were up 3.7% at INR 160.70. Nitin Spinners were up almost 1% to INR 552.65 and Pearl Global Industries were up over 3% to INR 1,712. Shares of KPR Mill and Welspun Living traded over 5% higher at INR 1,095 and INR 155.10, respectively.
The trade agreement provides duty-free access for 99% of Indian exports to the UK. India's apparel exports to the UK are at $1.4 billion and home textile exports to the country are $0.3 billion. India's share in UK overall apparel imports is 7.1% and its share in the UK's home textile imports is 10.5%. India's apparel and home textile exports to the EU are $4.5 billion and $1.1 billion, respectively, ICICI Securities said in a report. India's share in EU apparel imports is 2.3% and its share in the EU's home textile apparel imports is 5.3%.
Large, integrated textile players with strong quality standards are expected to be key beneficiaries, ICICI Securities said. As per discussions with textile companies, several UK and EU apparel and home textile buyers have already initiated due diligence of Indian manufacturing facilities ahead of shifting orders post-FTA implementation, the brokerage said.
Benefits from the UK FTA are likely to start accruing from 2026–27 (Apr-Mar) and the benefits from the EU FTA should be visible from FY28. A potential trade deal with the US involving lower tariffs could further accelerate order inflows, revenue growth and margin expansion, ICICI Securities said. Under its coverage, Gokaldas Exports, which has a 6% revenue exposure to Europe, KPR Mill with a 58% revenue exposure to Europe, Indo Count Industries, and Pearl Global Industries stand to benefit over the medium to long term. (Eshitva Prakash)
Equity Alert: Indices tad up, hit over one-month high; HDFC Bank up over 1%
MUMBAI--1250 IST--Domestic equity indices made slight gains with the Nifty 50 holding above 24000 points. Banking and financial services rose with an over 1% gain in the index heavyweight HDFC Bank helping the index to rise. Even though with slight gains, both the indices managed to touch their respective over one-month highs.
At 1229 IST, the 50-stock index was 0.1% higher at 24113.80, up 28.10 points. The BSE Sensex was also 0.1% higher at 77244.24, up 88.62 points. India VIX fell further to 12.8550, down 2.5%. The Nifty 50 touched an over one-month intraday high of 24139.65 and so did the Sensex at 77323.75.
Broader market indices sustained their earlier gains. Among sectoral indices, some of them recovered their losses. The Nifty Infrastructure index, after being in the red earlier, started gaining marginally. Meanwhile, the Nifty IT remained as the top loser, down over 1%. The Nifty Oil & Gas, Nifty Metal, Nifty Consumer Durables, and Nifty Auto were the other losers among the sectoral indices.
The Nifty Realty was the top performing sectoral index, up almost 1%. Barring Brigade Enterprises and Phoenix Mills, all constituents of the real estate sector were higher. DLF was the top gainer, up 2.5%. Lodha Developers, Godrej Properties, and Aditya Birla Real Estate were up over 1?ch.
State Bank of India, HDFC Life Insurance, Axis Bank, ICICI Bank, and Jio Financial Services were the banking and financial stocks that were up in the Nifty 50 index, gaining around 1?ch. (Arundathi A R)
Equity Alert: Several listed NSE shareholders up after exchange files DRHP
MUMBAI--1245 IST--Shares of several listed entities that hold shares of the National Stock Exchange rose Thursday after the exchange filed its long-awaited draft papers for initial public offering with the Securities and Exchange Board of India late Wednesday. The public issue is solely an offer for sale of 148.9 million shares.
Shareholders of NSE that are selling shares as part of the offer for sale, such as State Bank of India, Bank of Baroda, General Insurance Corp. of India, and The New India Assurance Co, rose as much as 2–14% intraday. SBI will sell the largest chunk among all the shareholders of NSE, offering 24.8 million shares through the public offer. Bank of Baroda, and state-owned insurance companies General Insurance Corp. of India and The New India Assurance Co. will sell nearly 11 million shares each. As of Wednesday, SBI held 3.2% stake in NSE, while General Insurance Corp. of India and New India Assurance held 1.6% and 1.4% respectively, according to the draft red herring prospectus. Bank of Baroda held 0.9% in NSE.
Among other shareholders of NSE, shares of real estate company GeeCee Ventures and alloy manufacturer Maithan Alloys rose as much as 7% and 11% to the highest in six months and 11 months, respectively. At 1234 IST, shares of GeeCee Ventures and Maithan Alloys were up around 6% and over 4%, respectively.
Major shareholders of NSE such as Life Insurance Corp. Of India, Tata Investment Corp., ICICI Lombard General Insurance Co., General Insurance Corp. Of India, HDFC Life Insurance Co, HDFC Bank, Authum Investment & Infrastructure, State Bank Of India, Motilal Oswal Financial Services, Punjab National Bank, Indian Bank, Bank Of Baroda, VLS Finance, and SBI Life Insurance Co also traded higher and were up 0.2-3.4% at 1234 IST. (Arya S. Biju)
Equity Alert: Kirloskar Ferrous jumps 14% on $13.51-mln order win
MUMBAI--1240 IST-- Shares of Kirloskar Ferrous Industries surged over 14% to an over three-month high of INR 507.55 on the NSE Thursday, a day after the company said it has received a contract worth $13.51 million to supply pig iron to an international buyer with an office in London. At 1238 IST, shares of the company traded 9% higher than their previous closing price at INR 485.80 on the NSE. Around 400,000 shares of the company changed hands on the bourse so far, which is 26 times the number of shares traded till the same time Wednesday.
According to the contract, the company will supply 30,000 tonnes of basic grade pig iron on a free on board basis against the letter of credit payable at sight. At the current foreign exchange rate, the order size in domestic currency would be INR 1.27 billion. The company's March quarter revenue was INR 18.27 billion.
JM Financial Institutional Securities has a 'buy' recommendation on the stock with a target price of INR 530, which indicates an over 9% upside to the current stock price. (Eshitva Prakash)
Equity Alert: Bosch Home Comfort shrs surge 10?ter OFS opens Thu
MUMBAI--1220 IST--Shares of Bosch Home Comfort India rose nearly 10% to an intraday high of INR 1,407 on the NSE Thursday, a day after the company's promoter Bosch Global Software Technologies said it would sell up to 7.97% stake in the company through an offer-for-sale on Thursday and Friday. The issue includes a greenshoe option of 0.75% and the floor price is fixed at INR 1,150 per share, a discount of over 10% to the stock's closing price Wednesday.
Bosch Global Software Technologies will sell its stake in the company through the stock exchange mechanism. As per the latest available shareholding pattern data, promoters of Bosch Home Comfort have 82.22% stake in the company – Johnson Controls Hitachi AC India Holdco Ltd. has 74.22% stake, while Bosch Global Software holds 7.97% stake. Consequently, this stake sale would lead to a complete exit of Bosch Global Software from the company. The company plans to sell 1.96 million shares through this offer for sale.
The offer for sale opened for non-retail investors Thursday, and will open for retail investors on Friday. A minimum of 10% of the shares on offer are reserved for retail investors.
At 1216 IST, shares of the company traded nearly 7% higher at INR 1,366.60 on the NSE. More than 700,000 shares of the company changed hands on the bourse so far, a near 18-fold increase from the number of shares traded till the same time Wednesday. (Eshitva Prakash)
Equity Alert: New India Assurance Co. gains 14% amid stake sale in NSE IPO
MUMBAI--1129 IST--Shares of The New India Assurance Co. rose nearly 14% to hit the highest level in over seven months at INR 188.50 per share. The stock was the highest gainer in the Nifty 500 index amid the insurer's decision to offload 11 million shares in the National Stock Exchange through its initial public offer. As on the date of the DRHP filing, the company holds 1.42% stake in NSE.
On Wednesday, the NSE filed its draft red herring prospectus with the Securities Exchange of India for an initial public offering. The issue is solely an offer for sale of 148.9 million shares. Among other shareholders participating in the offer for sale, State Bank of India will sell the largest chunk, offering 24.8 million shares. Other notable shareholders include General Insurance Co. and Bank of Baroda, which will sell nearly 11 million shares each. The issue is expected to raise INR 300 billion.
At 1123 IST, shares of The New India Assurance were up nearly 13% at INR 186.70 on the NSE. Over 46 million shares of the company changed hands on the exchange, nearly 79 times higher compared to around 588,000 shares traded until the same time on Wednesday. The only brokerage report available on the company with Informist has a 'buy' recommendation at INR 165.46, which represents an upside of nearly 13%. (Shruti Nair)
Equity Alert: Most IT stocks fall as US Fed signals rate hike in 2026
MUMBAI--1125 IST--Shares of most information technology companies declined Thursday, snapping a three-session winning streak, after the US Federal Reserve held interest rates steady in the latest policy meeting but signalled a potential hike later this year. Rising interest rates in the US are negative for domestic IT companies, which earn a significant share of their revenue from the US, as this would impact discretionary spending by clients from the region. Higher US rates would also reduce the relative appeal of emerging markets such as India for foreign investors.
In Wednesday's policy meeting, newly elected Fed Chair Kevin Warsh also emphasised the central bank's commitment to controlling inflation, prompting investors to reassess expectations for future monetary policy. Traders now see a 48% chance of a 25 basis point rate hike in September, compared to the 27% chance the day before, according to CME's FedWatch tool, which tracks market expectations for rate decisions.
At 1115 IST, the Nifty IT index was around 1% lower at 28559.30 and was the worst hit sectoral index. Most of its constituents traded in the red, down 0.2-2.1%. Coforge and Mphasis, on the other hand, were up 0.1% and 1.1%, respectively, while LTM was flat. Market participants now await the announcement of quarterly earnings and management commentary by Accenture Plc later in the day. The software giant's financial performance is closely watched by the Street for cues about the demand environment in the sector. (Arya S. Biju)
Equity Alert: Indices down a tad after slight gains; IT, infra cos down
MUMBAI--1120 IST--After gaining slightly from their flat opening, domestic benchmark indices were down a tad. Along with information technology stocks, infrastructure stocks also fell in the Nifty 50 index. However, the Nifty 50 index stayed slightly above 24000 points.
At 1109 IST, the Nifty 50 was at 24077.75, down almost 8 points and the BSE Sensex was at 77111.40, down 44.22 points or 0.1%. Only 19 stocks in the 50-stock index were higher. India VIX, however, indicated an over 1?ll in investor nervousness.
Broader market indices continued outperforming benchmark indices by gaining 0.2-0.7%. All small-cap indices were 0.5-0.7% higher, while mid-cap indices gained 0.2?ch. Though the Nifty IT was the only sectoral index that fell in early trade, more sectors logged losses subsequently.
Infrastructure stocks such as UltraTech Cement, Grasim Industries, and Larsen & Toubro also fell significantly in the Nifty 50 index, down around 1?ch. The Nifty Infrastructure index fell 0.4%. The Nifty Metal and Nifty Energy were down 0.5?ch.
Infosys remained a major drag on the 50-stock index, while Max Healthcare Institute continued gaining the most. Index heavyweight HDFC Bank gained over 1%. (Arundathi A R)
Equity Alert: FSN E-Comm hits 52-week high as co charts out vision for FY30
MUMBAI--1105 IST--Shares of FSN E-Commerce Ventures surged to a 52-week high of INR 299.95 on the NSE after the company said it is aiming for its beauty and lifestyle business to be worth over $5 billion in gross merchandise value by 2029-30 (Apr-Mar). The company is targeting two-to-threefold revenue growth for its primary beauty business, Nykaa, by FY30. There is scope for the company's beauty segment's earnings before interest, tax, depreciation, and amortisation margin to touch "healthy" double digits. At 1105 IST, shares of the company were up over 6% at INR 298.55 with trading volumes above 15.5 million. FSN E-Commerce was the leading the gains in the Nifty 200 index.
Growth is expected to be driven by discliplined execution, operating leverge, and capital-efficient investments, FSN E-Commerce said. The company's 'House of Nykaa' business aims to surpass INR 50 billion in net sales value by FY30, it said.
"The next decade will be a defining one for India's lifestyle economy. As India progresses towards an USD 8–10 trillion economy by FY36, rising affluence, digital adoption and evolving aspirations will drive higher discretionary spending across beauty, fashion and lifestyle," Falguni Nayar, the executive chairperson, founder and cheif executive officer of Nykaa, said in a press release.
On Wednesday, shares of of the company rose after the company announced a multi-year partnership with OpenAI to introduce an artificial intelligence-led shopping experience for its customers through ChatGPT. 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 consolidated EBITDA rose to INR 2.23 billion during the same period from INR 1.33 billion a year ago. (Ruchira Kagita)
Equity Alert: Motilal Oswal upgrades R R Kabel to 'buy', ups Polycab estimates
MUMBAI--1038 IST--India's transition to renewable energy is seen as a long-term growth driver for the wires and cables sector, Motilal Oswal Financial Services said. The brokerage upgraded R R Kabel to 'buy' from 'neutral' while also raising the earnings estimates for Polycab India by 8% for 2026-27 (Apr-Mar) and FY28. It maintained its 'buy' stance on Polycab. At 1022 IST, shares of R R Kabel were up over 5% at INR 2,325.50 on the NSE and those of Polycab rose slightly at INR 9,951.50.
Growth in power transmission and distribution, residential and commercial construction, railways, telecommunications, renewable energy, and capital expenditure for industrial purposes provide good visibility for the sector, the brokerage said in its report. The brokerage estimates the cables and wires industry to expand at 13-14% compounded annual rate over FY26-28.
An addition of more than 191,000 circuit kilometres of transmission lines and 1,270 gigavolt-amperes of transformation capacity are between FY23 and FY32, the brokerage said, highlighting the National Electricity Plan. Further, the increase in orders for data centres, which are heavily reliant on cable infrastructure, are also growth levers for this sector.
R R Kabel is projected benefitting from strong cable demand, and the company's growth is expected to be driven by an increase in capital expenditure, Motilal Oswal said. The company outlined capital expenditure worth INR 12 billion over FY26-28, with 80% of this amount earmarked for expansion of cable capacity. Most of the capital expenditure will be spent in FY27. Further, the management of R R Kabel sees overall volumes growing 16-18% in FY27.
In its fast-moving electrical goods segment, R R Kabel is confident of breaking even in FY27 and it sees this segment delivering a revenue of 20-25% during the period. The brokerage estimates the company's total revenue rising 21% at a compounded annual rate over FY26-28 and its earnings before interest, taxes, depreciation, and amortisation at 29%. The brokerage has a target price of INR 2,600 on the R R Kabel.
For Polycab, the company's inrease in market share in the domestic organised cables and wires segment to 30-31% in FY26 from 18-19% in FY20 stirs up confidence, Motilal Oswal said. "...the company continues to outperform the industry and deepen its presence across key end-markets," the brokerage said. The firm estimates the company's revenue to grow at a compounded annual rate of 22% over FY26-28 and its EBITDA at 23%. Polycab's operating profit margin is seen around 14% in FY27 and FY28. Motilal Oswal has a target price of INR 11,950 on Polycab. (Ruchira Kagita)
Equity Alert: Brokerages divided on Tata Motors PV after JLR mgmt's guidance
MUMBAI--1037 IST--Brokerages were divided on Tata Motors Passenger Vehicles after UK subsidiary Jagura Land Rover's management guided for lower-than-expected earnings before interest and tax margin and revenue growth. On Wednesday, shares of the company plummeted following the guidance. Shares of Tata Motors PV rose over 1% to an intraday high of INR 366.25 on Thursday.
The management of JLR expects its EBIT margin to be around 4% and revenue at 26 billion pound sterling in 2026-27 (Apr-Mar), up 13% on year. An analyst at a domestic brokerage had projected JLR's sales to grow 17% on year and EBIT margin at 6% in FY27. For FY26, JLR's sales fell over 21%, while the EBIT margin was 0.7%, down 780 basis points.
JLR's revenue is expected to grow at a compound annual rate of 16%, and the EBITDA at 55%, according to Nuvama Institutional Equities. This growth is owing to a low base, new products, ramp-up of utilisation, and cost savings, the brokerage said. Nuvama maintained a 'buy' call on the stock with an unchanged target price of INR 470.
Motilal Oswal is of the view that the company will face headwinds from ongoing tariffs, challenges in the China market, and inflationary pressures. "The absence of FY28 guidance also points to limited earnings visibility in future," the brokerage said. The management of JLR has identified North America as a key growth opportunity, given that it is the second-largest luxury market, with sales of 13.7 million units, 44% of which are vehicles priced at $50,000 per unit.
"Other key growth drivers include five new launches over the next 18 months, comprising EV (electric vehicle) variants of RR and RR Sport, the Jaguar Type 01 EV, and new products on the EMA (elctrified modular architecture) platform," Motilal Oswal said. However, it maintained a 'sell' recommendation on the stock, given significant challenges and geopolitical uncertainty, with a target price of INR 312 per share.
At 1029 IST, shares of Tata Motors PV traded 0.6% higher at INR 363. Over 9 million shares of the company changed hands on NSE, higher than nearly 2.6 million shares traded till the same time Wednesday. (Adhithya Aji)
Equity Alert: Indices open largely flat; IT cos drag, Infosys down over 2%
MUMBAI--0950 IST--Domestic benchmark indices were largely flat at open on Thursday despite the conflict in West Asia nearing an end, with the US and Iran signing a peace deal. Though crude oil prices also dropped to $78 a barrel, which largely eased global concerns, the market remains cautious as investors await further clarification on the peace deal. Information technology stocks and a nearly 1?ll in index heavyweight Reliance Industries prevented the Nifty 50 index from gaining.
At 0926 IST, the Nifty 50 index was at 24091.20, up 5.50 points, largely flat from Wednesday's close. The BSE Sensex was also flat at 77131.34, down 24.28 points from the previous close. However, more than half the Nifty 50 constituents were trading higher.
Broader market indices fared better than headline stock indices, with all small-cap indices gaining 0.5?ch. All mid-cap indices were marginally higher in early trade. India VIX fell over 1% to 13.0050. The volatility index was down for the sixth straight session, and fell over 23% during this period.
Barring the Nifty IT, all sectoral indices were up. The Nifty Pharma and Nifty Healthcare were the highest gainers among them, up 0.5?ch. The Nifty IT shed nearly 2%, with all its constituents falling.
Infosys fell the most in the Nifty 50 index, down 2.5%. Its peers, Tech Mahindra, HCL Technologies, Tata Consultancy Services, and Wipro were the next big losers in the index, down 0.8-1.6%.
Max Healthcare led the pack of gainers in the 50-stock index, up 2%. HDFC Life Insurance Co., Trent, SBI Life Insurance Co., and Bharat Electronics were the other stocks in the index, which gained over 1?ch. Broking firm Nirmal Bang upgraded HDFC Life's recommendation to 'buy' and retained its target price at INR 700.
In the Nifty 200 index also, IT stocks were the top losers. Persistent Systems and Oracle Financial Services Software were down 1–2%. Among the Nifty 500 members, IDBI Bank and ONE 97 Communications were down over 3?ch.
Marico, Bosch, Steel Authority of India, and United Spirits were up over 2?ch in the Nifty 200 index. In the Nifty 500 index, The New India Assurance Co. gained the most, up 13%. Carborundum Universal, Redington, and R R Kabel rose 4.2–6.5% in the index. (Arundathi A R)
Equity Alert: Indices may open flat as investors assess US-Iran interim deal
MUMBAI--0833 IST--The benchmark equity indices may open flat as investors assess progress towards ending the nearly four-month-long war in West Asia after the US and Iran signed an interim peace deal Wednesday, though uncertainties still hovered. Crude oil prices edged lower after the signing, raising the hope that energy flows through the Strait of Hormuz would gradually return to normal and alleviate global supply disruptions. At 0816 IST, the August futures contract of Brent Crude on the Intercontinental Exchange was 1.4% lower at $78.47 per barrel.
Wednesday, US President Donald Trump and Iran's President Masoud Pezeshkian signed the memorandum of understanding electronically, according to a post on social media platform X by mediator Pakistan's Prime Minister Shehbaz Sharif. The memorandum "shall enter into force with immediate effect and as a first step, Iran will instantly reopen the Strait of Hormuz and the US will lift the naval blockade", Sharif said. Meanwhile, Trump threatened to resume attacks and kill Iranian officials if they failed to honour their commitments, Reuters reported.
Major Asia-Pacific stock indices were mixed in early trade, with South Korea's KOSPI and Japan's Nikkei 225 and TOPIX FIRST SECTION jumping to fresh record highs while Hong Kong's Hang Seng Index and Australia's S&P/ASX 200 INDEX were down. US stock futures, on the other hand, inched up Thursday.
Late Wednesday, the US Federal Reserve, led by newly appointed Chair Kevin Warsh, kept the benchmark federal funds rate unchanged at 3.50-3.75%. Policymakers' "dot plot" revealed, however, that several Fed officials now expect an interest rates hike in 2026. The median estimate for the year-end interest rate now stands at 3.8%, up from 3.4% in prior projections from March, suggesting that at least one rate hike could happen in 2026, reports said.
The GIFT Nifty indicates a largely flat opening for the domestic market. At 0821 IST, the June futures contract of GIFT Nifty was at 24095 points, 10 points above the Nifty 50's previous close. "We see a flat open for the Nifty (50), towards the end we may witness some buying," Anshul Jain, head of research at Lakshmishree Investments, said. He expects the index to find support at 24000-23800 points. On the upside, the index is seen hitting resistance at 24090 points, a breach of which could take the index towards 24100–24200 points, Jain said.
Information technology stocks will be in focus Thursday as investors await the announcement of quarterly earnings and management commentary by Irish technology consulting company, Accenture Plc., later in the day. The software giant's financial performance is closely watched by the Street for cues about the demand environment in the sector. (Arya S. Biju)
Equity Alert: Most Asian markets up on lower crude prices; Nikkei hits new high
MUMBAI--0825 IST--Most stock indices in Asia were up in early trade as oil prices continued to fall on expectations of the US-Iran peace deal. Both parties have already signed an interim deal. However, uncertainties persist with US President Donald Trump threatening to resume attacks if Iran failed to comply with the terms. At 0821 IST, Brent Crude August futures were down 1.3% at $78.55 per barrel.
"Major geopolitical risk persists and will also remain a major driver of market action," Kyle Rodda, a senior financial market analyst at Capital.com, told Reuters. Most indices in the region were up even as their US counterparts closed lower on Wednesday following the US Federal Reserve's policy meeting. While the central bank held rates steady at the 3.5-3.75% target range, commentary by officials hinted at the possibility of a rate hike this year.
Japan's Nikkei 225 was the highest gainer in the region and hit another record intraday high for the second session in a row. The gains were driven by semiconductor and artificial intelligence-centric shares, according to a Reuters report. Among other gainers, South Korea's Kospi rose 0.7%. Index heavyweight SK Hynix advanced 4% to touch a fresh high, according to a CNBC report. Its peer Samsung Electronics rose 1%. Hong Kong's Hang Seng, down 2%, was the worst performer among regional peers. The index was down for the third straight session, during which it shed around 4%.
Following are the levels of key indices in the region at 0825 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4948.63 | 0.35 |
| Hang Seng Index | 23895.07 | (-)1.72 |
| Nikkei 225 Day | 71052.3 | 1.65 |
| TOPIX FIRST SECTION | 4069.56 | 1.4 |
| KOSPI | 8926.38 | 0.7 |
| FTSE Singapore Strait Times | 5186.48 | 0.19 |
| S&P/ASX 200 Index | 8925 | (-)0.46 |
(Shruti Nair)
Equity Alert: US market ends down after Fed hints at possible rate hike this year
MUMBAI--0745 IST--US stock indices ended lower on Wednesday and bond yields surged after the US Federal Reserve kept the policy interest rate unchanged at 3.5-3.75%. While the decision was in line with the consensus expectation, commentary by officials hinted at a rate hike this year. All three major US indices ended in the red, down around 1?ch.
In his first policy meeting, Fed Chair Kevin Warsh underscored the need to subdue inflation and said that the central bank would deliver price stability. Notably, Warsh himself refrained from providing a projection, deviating from common practice. Following the policy meeting, expectations that the Fed would hold rates steady were at 13% compared to 40?rlier, according to CME Group's FedWatch tool, Reuters reported. Treasury yields rose following the decision, with the 2-year yield rising more than 16 basis points to 4.216%, according to a CNBC report.
"He is absolutely telling you that he plans on delivering on price stability. So that means ... we're not going to have such easy money policy as everybody thought maybe Chairman Warsh would do back in the first quarter of this year, when everyone was counting on rate cuts," DoubleLine Capital Chief Executive Officer Jeffrey Gundlach said on CNBC's 'Closing Bell'. "He doesn't sound like that today at all."
On Wednesday, all of the S&P 500's 11 major industry indices closed lower after the Fed meeting. Communications services was the worst hit sector, down 3%, while industrials fared better than its peers, closing marginally lower, Reuters reported.
Major technology stocks were a drag in Wednesday's session, with 'Magnificent 7' stocks Meta, Alphabet, and Amazon, all ending 2-5% lower. Elon Musk's SpaceX also ended in negative territory for the first time since going public last week. The stock closed 5% lower. However, gains in some chip stocks like Micron Technology and Intel helped limit the losses.
The following were the closing levels of major US indices on Wednesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
51492.55 |
(-)0.98 |
|
NASDAQ Composite |
26021.66 | (-)1.34 |
|
S&P 500 |
7420.1 | (-)1.21 |
(Shruti Nair)
US$1 = INR 94.33
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
All prices from National Stock Exchange, unless otherwise specified.
All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.
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