Equity Alert
Honasa Consumer jumps 6% to 20-month high of INR 443
This story was originally published at 13:29 IST on 29 June 2026
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Equity Alert: Honasa Consumer jumps 6% to 20-month high of INR 443
MUMBAI--1310 IST--Shares of Honasa Consumer rose 6% to their highest level in over 20 months at INR 443. The company late Friday said it will receive around INR 255.36 million from RSMM General Trading LLC., after an arbitral tribunal rectified a previous order, according to an exchange filing.
In May, an arbitral tribunal had told RSMM General to pay INR 188.84 million to Honasa Consumer. This was in relation to RSMM General initiating legal proceedings in Dubai in breach of an authorised distributor agreement with Honasa Consumer. The company will now receive the higher amount due to an upward revision of loss of profits from RSMM General's breach of the agreement and correction of substitution costs.
"The Tribunal added a dispositive direction stating that RSM must pay damages to the company aggregating to any amount sought to be recovered from the company pursuant to any Dubai court decisions related to the ADA (authorised distributor agreement) termination," Honasa Consumer said in the filing.
All three research reports on the company available with Informist have a "buy" recommendation on the stock with target prices of INR 485-INR 600. At 1301 IST, shares of Honasa Consumer traded 5.5% higher at INR 440.80 and was among the top gainers in the Nifty 500 index. So far in the day, nearly 3 million shares of the company have changed hands on the National Stock Exchange, compared with 2.7 million shares traded till the same time Thursday. (Arya S. Biju)
Equity Alert: Waaree Energies down; co clarifies on exports of solar modules
MUMBAI--1306 IST--Shares of Waaree Energies fell more than 5% to an over three-month low of INR 2,838 on the NSE. The company Monday clarified that the US Customs and Border Protection has confirmed Waaree Energies did not export solar modules manufactured using Chinese-origin solar cells to the US.
The clarification followed media reports on a determination issued by the US Customs and Border Protection in EAPA Consolidated Investigation No. 8163, which examined allegations related to the import of solar modules into the US. The customs body drew no adverse inference against the company and declined the petitioner's request to make an evasion finding covering all of Waaree Energies' imports, the company said.
The recent determination by the customs body is limited to a narrow set of historical import entries and does not affect the company's ongoing business or exports to the US. The determination is also not a final adjudication. Under applicable US law, Waaree Energies has the right to seek a "de novo administrative review" and thereafter, a judicial review before the US Court of International Trade. The US has imposed steep anti-dumping duties on imports of solar cells and modules from several countries such as China, Vietnam, and Malaysia.
Shares of the solar modules and cells manufacturer declined for the fifth consecutive session and have shed 9% during this period. At 1306 IST, shares of the company traded 5.1% lower at INR 2,856.50. So far, more than 2 million shares have exchanged hands on the NSE, significantly higher than nearly 296,000 at the same time Thursday.
"We believe CBP (US Customs and Border Protection) saying that Waaree had a "four-year history of reporting the wrong country of origin" does carry reputational weight and may impact significant part of 65-70% of Waaree's total order book of INR 530 bn (billion)," JM Financial Institutional Securities said in a report.
In its post-March quarter results conference call with analysts, Waaree Energies had said it would have 4.2 gigawatt local capacity in the US for distribution in the local markets which "insulates us from the impact of import duties." Another factor that insulates the company from import duties in the US is that it has already established a supply chain for its exports from India, including in African and European markets, it had said.
Of the 10 brokerage reports on the company available with Informist, nine have a 'buy' recommendation on the stock with an average target price of INR 3,881. (Ashutosh Pati)
Equity Alert: Power Grid shrs up 1.2%; co ups borrowing limit to INR 2.2 tln
MUMBAI--1225 IST--Shares of Power Grid Corp. of India rose 1.2% to an intraday high of INR 287.30 per share on Monday. This was after the state-owned energy player approved an increase in its borrowing limit to INR 2.2 trillion from INR 1.8 trillion. The company also approved raising $500 million through external commercial borrowings from Bank of Baroda.
Approval for a higher borrowing limit and external commercial borrowings strengthens Power Grid's financial flexibility to fund its expanding transmission capital expenditure pipeline, ICICI Securities said in a note. "The new transmission investment further supports regulated asset base growth and long-term earnings visibility, driven by increasing grid expansion and renewable energy integration," the brokerage said.
Further, Power Grid commissioned a transmission scheme for a solar energy zone of 2.5 gigawatts in Ananthapur and 1 GW in Kurnool, Andhra Pradesh. The company also sanctioned an INR 7.73-billion transmission project to upgrade the Udumalpet–Madurai 400 kilovolt line, with completion targeted by August 2028.
At 1254 IST, shares of the company were at INR 286.60, up 1% from Thursday's close. Around 4.5 million shares of the company have changed hands so far on the National Stock Exchange, lower than 6.6 million shares traded till the same time Thursday. (Shruti Nair)
Equity Alert: Pharma cos up as promising launch pipeline sparks optimism
MUMBAI--1222 IST--Shares of pharmaceutical majors traded higher Monday even as broader markets were down. The Nifty Pharma and Nifty Healthcare indices were up nearly 2?ch. An analyst attributed the rise in these stocks to defensive buying and optimism around the launch pipeline of pharmaceutical companies.
More focus on launches of specialty products by companies is promising for investors, according to Maitri Sheth, research analyst at Choice Institutional Equities. The June quarter earnings are expected to be good for pharma companies as well, Sheth said. Companies are shifting their focus from the US market to diversify and gain market share in new regions, particularly Europe. This shift comes amid the underperformance of generic Revlimid in the US market, the analyst said.
In the Nifty 50, Dr. Reddy's Laboratories and Cipla were the top gainers, up nearly 3?ch. Sun Pharmaceutical Industries was up over 1%. Dr. Reddy's Labs and Torrent Pharmaceuticals were among the top gainers in the Nifty 200, and Zydus Wellness was the top gainer among Nifty 500 constituents. (Adhithya Aji)
Equity Alert: Indices dn a tad with auto cos falling more; Nifty Auto dn 2%
MUMBAI--1215 IST--Headline equity indices were marginally lower amid a volatile session, with select automobile companies declining more. However, the Nifty 50 index stayed some points above the 24000 level, with half its constituents trading higher. The Nifty Auto index was down 2%.
At 1202 IST, the Nifty 50 was at 24014.55, down 41.45 points or 0.2%. The BSE Sensex was at 76902.11, down 198.36 points or 0.3%. Nervousness among investors rose, with volatility index India VIX up nearly 5% at 13.6525 points. Broader market indices fell more than benchmark indices. All mid-cap indices were down 0.5–0.6%, while all small-cap indices were 0.6–0.7% lower.
More sectoral indices were down, with Nifty Pharma, Nifty Healthcare, and Nifty Metal being the sole gainers, up 0.7–1.5%. On the other hand, the Nifty Auto fell more, with all its constituents trading lower. TVS Motor Co. was the biggest laggard in the sectoral index, down over 3%.
In the Nifty 50 index, Eicher Motors shed the most, down 2.5%. Mahindra & Mahindra, Bajaj Auto, and Tata Motors Passenger Vehicles were down 1.7–2.2%.
Dr. Reddy's Laboratories, Cipla, and Max Healthcare Institute were the top three gainers in the Nifty 50 index, up around 3?ch. National Aluminium Co., up nearly 3%, was among the major gainers in the Nifty 200 index. (Arundathi A R)
Equity Alert: Astral falls 9% to hit 5-mo low; co's chemical ops to demerge
MUMBAI--1130 IST--Shares of Astral shed over 9% to hit their lowest levels in over five months at INR 1,339 per share. This comes after the company on Thursday announced the approval of the de-merger of its chemical business into a wholly-owned subsidiary, Astral Chemie, formerly known as Astral Coatings. The company also approved the amalgamation of its wholly-owned subsidiary Al-Aziz Plastics with the parent company Astral. Monday, the stock was among the worst hit on the Nifty 200 as well as the Nifty 500 indices. However, most brokerages have a positive view on the development. Indian stock market was closed Friday on account of Muharram.
Broking firm Elara Capital reiterated its "accumulate" recommendation on the stock of Astral with a target price at INR 1,660, which is 50 times the price-to-earnings multiple based on March 2028 estimates. As Astral Chemie operates with its own governance and capital allocation, the brokerage sees the path to margin recovery paints scaling up and the UK business margin improving — becoming a potential catalyst for re-rating. The brokerage also increased its earnings per share estimate by 1.6% for 2026-27 (Apr-Mar), 1.4% for FY28, and 3.6% for FY29.
The demerger of the company's adhesives, paints and chemicals is expected to be done by the end of FY27. The company's management sees revenue from Astral Chemie (adhesives, paints & chemicals) reaching INR 23 billion–INR 24 billion by the end of FY27. For the next four–five years, Astral Chemie targets INR 45 billion in revenue, with most coming from the domestic adhesives business, equal contributions from the UK and US businesses, and the balance from the paints business, the brokerage highlighted comments by the management during the company's conference call.
Brokerage Prabhudas Lilladher retained its "buy" recommendation on the stock while cutting its target price on the stock by 4.5% to INR 1,779. The brokerage viewed the proposed restructuring positively as it creates two focused business platforms with independent management teams and capital allocation frameworks. "The separation is expected to enhance strategic focus, operational efficiency and decision-making agility, while enabling each business to pursue its own growth strategy," the brokerage said in a report.
The brokerage highlighted that both the plumbing and chemicals businesses already operate broadly independently, with only 3–5% overlap in employees and distribution, suggesting a smooth execution of the demerger. Around INR 1 billion of the chemical business' revenue, primarily from solvent cements, leverages the plumbing business's distribution network and sales personnel. However, apart from this overlap, the chemicals business has its own dedicated distribution channels and separate sales teams across other product categories, the brokerage said. Thus, it does not foresee any material implementation-related liabilities or incremental expenses arising from the demerger of Astral's chemicals business.
Brokerage Motilal Oswal also retained its "buy" rating on the stock and cut the target price to INR 1,710. The brokerage highlighted that the ramp-up in its India and overseas adhesive businesses as well as the newly added paint business will be the key factor that will decide the overall valuation of Astral.
Brokerage Equirius Securities believes that the demerger will create a near-term overhang on the stock's performance as investors try to gauge what multiples each individual business will command post listing. The plumbing business will command a premium multiple compared to listed peers due to industry-leading operating profitability, growth aggression, and backward integration into chlorinated polyvinyl chloride resin manufacturing, according to the brokerage.
However, the adhesive and paint business valuations are more tricky, according to the brokerage. While the business will see strong growth aggression together with a focused profitability improvement drive, it is difficult to quantify at what enterprise multiple the business will trade due to the size of the business. The brokerage has a "long" recommendation on the stock with its target price at INR 1,980 per share. (Shruti Nair)
Equity Alert: Turtlemint Fintech lists at 11% discount to issue price on NSE
MUMBAI--1115 IST--Turtlemint Fintech Solutions listed at a discount to its issue price of INR 152 on bourses. The company listed at a discount of 11.3% on the NSE at INR 134.90. So far, nearly 8 million shares of the company changed hands on the exchange. At 1059 IST, the stock was down nearly 9% at INR 138.43. On BSE, shares of the company were listed at a discount of over 10% from the issue price at INR 136.20.
The public issue of Turtlemint Fintech had closed Tuesday and was subscribed 1.2 times, with the company receiving bids for 39.55 million shares against 32.90 million shares on offer. The issue comprised an offer for sale of up to 14.60 million shares and a fresh issue of shares worth up to INR 6.61 billion.
Turtlemint Fintech is a financial technology company that connects customers, insurance advisers, and insurers. On a consolidated basis, it had reported a net loss of INR 1.87 billion on revenues of INR 7.41 billion for the nine months ended December. (Ruchira Kagita)
Equity Alert: Hexaware Tech rise; co becomes authorised Anthropic reseller
MUMBAI--1112 IST--Shares of Hexaware Technologies rose nearly 9% to an intraday high of INR 539 after the company said it had been named Anthropic authorised reseller for Amazon Bedrock. This puts Hexaware in the select group of companies across the globe that are allowed to resell Claude.
The move will allow the company to integrate AI by providing its clients simplified, enterprise-grade access to Claude models, reducing procurement friction and speeding time-to-value, according to an exchange filing.
"Claude's safety-first design is what highly regulated industries need and Hexaware has the domain knowledge, engineering excellence, and delivery scale to take it from a model to a working solution," said Siddharth Dhar, president and global head of digital IT operations & AI at Hexaware Technologies.
At 1102 IST, shares of Hexaware Technologies traded nearly 7% higher at INR 529.25 on the National Stock Exchange. Nearly 5 million shares of the company exchanged hands on the NSE, which is over 28 times higher than the number of shares traded till the same time Thursday. The stock rose for the third consecutive session and has gained nearly 11% during the period. The stock was the top gainer among the Nifty 500 constituents. Indian stock market was closed on Friday for Muharram. (Adhithya Aji)
Equity Alert: Persistent Systems down 10%; brokerages cautious on Nagarro buy
MUMBAI--1110 IST--Shares of Persistent Systems slumped nearly 10% to their lowest in over a year at INR 4,365.50 after brokerages maintained a cautious tone on the stock, citing integration and growth risks stemming from its proposed acquisition of German digital engineering firm Nagarro SE. The acquisition is also expected to double Persistent Systems' overall risk of artificial intelligence-led deflation, Nirmal Bang Institutional Equities said in a report.
At 1100 IST, shares of the company were down 9.8% at INR 4,368.50, the worst hit in both the Nifty 200 and Nifty 500 indices. So far in the day, over 3 million shares of the company changed hands on the National Stock Exchange, way higher than the 176,132 shares traded till the same time Thursday and the six-month average trading volume of 705,710 shares.
Persistent Systems Ltd. Saturday said it has entered into a share purchase agreement with Lantano Beteiligungen GmbH through its wholly-owned subsidiary, Galaxy Germany Holding SE, to acquire 21% stake in Germany-based Nagarro SE. Further, Galaxy Germany Holding entered into an agreement to acquire all outstanding shares in Nagarro through a public offer to the latter's shareholders. Both transactions are said to be at an offer price of 81 euros per share, Persistent Systems said.
The acquisition is expected to be revenue and margin dilutive in the near term, according to multiple brokerages. Nagarro's past three years' performance has been weak compared to Persistent Systems. Nagarro's revenue grew at a compounded annual rate of 5% in 2023-25 compared to 18?GR in dollar revenue for Persistent Systems over 2023-24 (Apr-Mar)-FY26, Elara Securities said in a report. Nagarro also trails Persistent Systems on profitability and margins, making the offer price – at nearly two times the prevailing market price – appear demanding, the brokerage said. "While valuations on EV/sales (enterprise value/sales) basis seem reasonable, we expect the acquisition to dilute the combined entity's revenue growth and profitability profile in the near term," it said.
Prabhudas Lilladher expects Persistent Systems' gross margin and earnings before interest, tax, depreciation, and amortisation margin to see a hit of around 120 basis points and 200 bps, respectively, due to the Nagarro acquisition. The integration is, however, expected to be earnings per share accretive despite the additional amortisation and interest expense. Emkay Global, on the other hand, sees the valuation of the Nagarro acquisition as slightly stretched.
Nuvama Institutional Equities downgraded the stock to "hold" on integration risks from Nagarro acquisition and high valuation. The transaction is likely to lower the revenue growth profile, in dollar terms, of Persistent Systems, notably from the current 15–18%, while imparting integration risk to its business, the brokerage said. Also, integration of an asset of this size in a relatively challenging geography such as Europe is fraught with multiple risks. "With these, we believe current valuations, already rich at 33x (times) FY27 PE (price-to-earnings) are unlikely to sustain." JM Financial Institutional Securities has cut the target price on Persistent Systems by 10% to INR 5,095 per share factoring in the integration risks.
The proposed Nagarro acquisition expands Persistent Systems' presence in Europe and broadens its capabilities across AI, digital engineering, enterprise resource planning, and customer experience. On the other hand, it also doubles Persistent Systems' overall risk of AI-led deflation, Nirmal Bang said. Year to date, Nagarro's share price fell roughly 55% from a high of 75 euros to 33.75 euros on demand and AI-compression fears. With around 68% of Nagarro's revenue based on the time and material model, the most effort-exposed billing model, the company reported a slowdown in organic sales growth to 2.8% from 5.3% in constant currency terms, the brokerage said. (Arya S. Biju)
Equity Alert:Dr Reddy's hits 52-wk high; mkt shrugs off 7 USFDA observations
MUMBAI--1100 IST--Shares of Dr. Reddy's Laboratories jumped around 5% to a 52-week high of INR 1,414.90, after the company said it received seven Form-483 observations from the US Food and Drug Administration for its biologics facility in Bachupally, Hyderabad. The observations came after an inspection conducted over Jun. 16–25. The pharmaceutical major expressed confidence it could address the observations within the stipulated timeline. At 1039 IST, the stock of Dr. Reddy's Laboratories was trading over 4% higher at INR 1,406.40 and was the top gainer on the Nifty 50 index with a trading volume of around 4 million.
The company's Bachupally site comprises two blocks, and it indicated that most of the new observations in the recent inspection pertain to the new block created for biosimilar Abatacept, brokerage Nomura said in its report. The older block makes Rituximab. The company was optimistic of launching Abatacept in the March quarter of 2026-27 (Apr-Mar), Nomura said. "The seven-observation outcome, with the company's clarification that most relate to the new block, is modestly encouraging," the brokerage said.
However, clearance for the usage of the facility could be a key hurdle. Risks of product-specific hurdles are relatively lower as the approval does not pursue substitutability or interchangeability, according to the report. Abatacept biosimilar is an important growth lever for the company going forward, Nomura said, adding that the drug addresses a global market of $3.7 billion. The brokerage projects the drug's net present value at $1.6 billion, which may equate to a push of INR 186 a share. The product could contribute more than 30% upside to the company's earnings in FY28 and FY29 if launched, Nomura said.
Currently, Nomura has not factored in upside from biosimilar Abatacept into its estimates, given the uncertainty about the time needed for clearance. Nomura has a "buy" stance on the stock with a target price of INR 1,740. The stock's forward price-to-earnings multiple of 25 and 20 based on earnings estimates for FY27 and FY28, respectively, are "attractive," according to Nomura. (Ruchira Kagita)
Equity Alert: Indices rise more; HDFC Bk up nearly 1%, pharma cos gain most
MUMBAI--1055 IST--The Nifty 50 index rose a tad, with index heavyweight HDFC Bank gaining more. Pharmaceutical and healthcare stocks remained the top performers in the 50-stock index. The index crossed 24100 points, with more than half its constituents gaining.
At 1037 IST, the Nifty 50 index was 0.2% higher at 24101.10, up 45.10 points. The BSE Sensex also rose further to 77196.56, up 96.09 points or 0.1%. However, broader market indices underperformed their benchmark peers, down 0.1-0.3%. Sectoral indices showed a mixed performance, with the Nifty Pharma and Nifty Healthcare gaining the most, up almost 2?ch. On the other hand, Nifty Auto was the biggest laggard, down 1%. The Nifty IT and Nifty Media logged losses of around 1?ch.
Dr. Reddy's Laboratories continued to be the top gainer in the 50-stock index, up over 4%. Cipla and Sun Pharmaceutical Industries were up 2–3%. Healthcare stocks Max Healthcare Institute and Apollo Hospitals Enterprise gained 1.2–2.5%. Torrent Pharmaceuticals and Glenmark Pharmaceuticals rose nearly 3?ch in the Nifty 200 index. Zydus Wellness was up nearly 6% in the Nifty 500 index.
Select information technology and automobile stocks were major drags on the Nifty 50 index. Eicher Motors, Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Bajaj Auto fell 1.1–1.8%. IT stocks Tata Consultancy Services and Infosys were down nearly 1?ch. A nearly 1?ll in index heavyweight Reliance Industries prevented the index from gaining further.
In the Nifty 200 index, Persistent Systems was the biggest laggard, down 9%. Astral fell over 8?ter the company's board approved the demerger of its chemical business into its wholly-owned subsidiary Astral Chemie. These stocks were the major drags in the Nifty 500 index as well. (Arundathi A R)
Equity Alert: Kotak Bk dn 3% on mgmt uncertainty; CEO refuses reappointment
MUMBAI--0941 IST--Shares of Kotak Mahindra Bank fell over 3% to a low of INR 395.95 on uncertainty about leadership after the bank informed exchanges that Chief Executive Officer and Managing Director Ashok Vaswani does not wish to seek reappointment upon completion of his tenure on Dec. 31. Respecting his decision, the board has initiated the process of finding a successor, the lender said Saturday. The bank has not announced a list of candidates yet.
Nomura has listed three whole-time directors--Anup Kumar Saha, expert in consumer banking, marketing, and data analytics, Paritosh Kashyap, who previously led wholesale banking, and Jaideep Hansraj, who oversees affluent banking and human resources--as possible internal candidates. Among them, Nomura sees Saha as the strongest fit. Jefferies also sees Saha as the leading candidate, according to an NDTV Profit report.
Saha's appointment as whole-time director was approved by the Reserve Bank of India "cleanly" in March, an important pre-validation signal, according to Nomura. "We believe a Board recommendation by Sep-Oct'26 is plausible," it said. "If Saha is the internal choice, the succession path is already substantially de-risked. The risk event is an external hire, which may raise questions around the Board's succession process and create near-term execution uncertainty."
Vaswani's decision not to seek reappointment introduces leadership uncertainty at a time when Kotak Mahindra Bank is focused on accelerating growth and improving business momentum, ICICI Direct said in a report. "While the bank's fundamentals and capital position remain strong, we expect the stock's valuation to remain range-bound until there is greater clarity on the successor and the continuity of the bank's strategic direction," the broking firm said. (Gopika Balasubramanium)
Equity Alert: Indices move higher after flat opening; Nifty above 24000 pts
MUMBAI--0930 IST—-Headline equity indices were largely flat at the opening Monday, tracking the mixed performance of major equity indices in the Asia-Pacific region amid renewed hostilities in West Asia. However, the indices started gaining soon after opening. The Nifty 50 index opened above the 24000-point level for the second straight session.
At 0921 IST, the Nifty 50 index was at 24095.45, up 39.45 points from Thursday's close or 0.2% higher. The stock market was shut Friday for Muharram. The BSE Sensex was at 77161.61, up 61.14 points or 0.1% higher. The volatility index India VIX, however, indicated a rise in investor nervousness. The fear gauge of the market rose nearly 4% to 13.5275 points.
Barring the Nifty Midcap 50, all the broader market indices were down in early trade. All smallcap indices were down 0.6–0.7%. Meanwhile, sectoral indices showed a mixed performance, with the Nifty Pharma gaining the most and the Nifty Energy being the worst performer.
In the Nifty 50 index, Dr. Reddy's Laboratories was the biggest gainer, up nearly 4%. Max Healthcare Institute and Sun Pharmaceutical Industries were the other major pharmaceutical stocks that rose in the index, up nearly 2?ch. Shriram Finance and Trent were up around 2?ch. Among the losers, Kotak Mahindra Bank was the biggest laggard, down 3%.
In the Nifty 200 and Nifty 500 indices, pharmaceutical stocks rose the most. Zydus Wellness was the biggest gainer in the Nifty 500, up over 4%. Persistent Systems fell the most in both the Nifty 200 and Nifty 500 indices, down over 8%. Astral and GE Vernova T&D India were down over 6–7%. (Arundathi A R)
Equity Alert: Indices seen opening flat as mkt assesses W Asia developments
MUMBAI--0823 IST--Headline equity indices are expected to open largely flat tracking their Asian peers, which showed a mixed trend in early trade as market participants continue to assess latest developments in the West Asia war amid growing caution over renewed hostilities. Crude oil prices inched up in early trade but were still hovering around $72-$73 per barrel as the US and Iran agreed to halt recent hostilities that had cast a shadow over the interim peace deal. Analysts expect the benchmark Nifty 50 index to continue its consolidation in the 23800–24260 spot zone.
In the latest development, the US and Iran have agreed to suspend military operations and resume high-level talks in Qatar Tuesday in an effort to preserve their fragile peace agreement after days of escalating military strikes pushed the deal to the brink, Axios reported, citing a senior US official. The breakthrough comes just 11 days after US and Iran announced an interim agreement aimed at ending the four-month-long war in West Asia. However, despite the renewed diplomatic push, tensions remain high following renewed strikes by both sides and US President Donald Trump's threat to restart the war and "complete the job." The renewed fighting was sparked by competing interpretations of the memorandum of understanding to end the war — especially its terms on the Strait of Hormuz, according to Axios.
Sunday, Iran's foreign minister, Abbas Araghchi, said his country was solely responsible for managing the Strait of Hormuz. He warned against interference with managing routes through the waterway, the Barrons reported, citing accounts of his press conference. Trump said late Sunday that US aircraft had struck Iranian missile and drone storage locations and coastal radar sites in retaliation for violating the ceasefire. Early Sunday, Iran began drone and missile strikes on Bahrain and Kuwait, which said they had intercepted them, according to reports. Meanwhile, there were reports of fighting in Lebanon.
The June futures contract of Gift Nifty indicated a largely flat opening for the domestic market. At 0809 IST, the futures contract was at 24089.50, 33 points above Nifty 50's previous close. Thursday, the Nifty 50 index settled with a second consecutive Doji candlestick on the weekly chart, showing indecisiveness among traders or the continuation of the ongoing sideways move in the 23800–24260 spot zone, Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. Moving ahead, a break on either side of the 23800–24260 points range will open the floor for a 300–400 point move in that direction, he added. (Arya S. Biju)
Equity Alert: Asian indices mixed as investors assess US-Iran tensions
MUMBAI--0816 IST--Indices in Asia were mixed in early trade as investors in the region continued to assess developments in West Asia. On Sunday, the US and Iran agreed to halt recent hostilities that weighed down optimism towards the interim peace deal. South Korea's Kospi shed nearly 2% and was the worst performer among Asian indices, while Hong Kong's Hang Seng was the top gainer in the region.
Following the exchange of strikes between the US and Iran over the last few days, oil prices, which had hit pre-war levels last week, saw an uptick. At 0815 IST, August futures of Brent Crude oil were around $72 per barrel, up 0.3%. "Both sides (the US and Iran) will stand down for now and vessels can move freely," a senior Trump official said on Sunday. Subsequently, futures tied to major US indices were up 0.2-0.5?rly on Monday. Saturday, US President Donald Trump said Iran had violated the ceasefire agreement and that US aircraft struck Iranian missile and drone storage locations.
"It feels like we are lacking a bit of direction," Nick Twidale, chief market strategist at ATFX Global in Sydney, told Reuters. "We may get a shot in the arm later today from more positive news out of the Middle East...but at the moment I think it's going to be a bit of a flow-driven day without major moves to either side."
Monday, the Kospi was down over 2% in early trade as index heavyweights SK Hynix and Samsung Electronics shed 4% and 5%, respectively. This comes after Korea Economic Daily reported that the two semiconductor giants were expected to unveil investment plans worth over $1 trillion for the next 10 years on Monday. The event marking the announcement will be chaired by President Lee Jae Myung, the presidential office said Sunday.
The news comes amid investor concern that valuations of AI-related companies have become stretched following years of gains and have weighed on markets. Technology stocks all over the world saw sustained selling in the last week.
Japan's Nikkei 225 was down 0.7% in early trade. On the other hand, Hong Kong's Hang Seng was up 1.5?ch and outperformed peers in the region.
Following are the levels of key indices in the region at 0812 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4883.24 | 0.3 |
| Hang Seng Index | 23005.15 | 1.5 |
| Nikkei 225 Day | 68869.43 | (-)0.7 |
| TOPIX FIRST SECTION | 3959.52 | (-)0.1 |
| KOSPI | 8260.08 | (-)1.8 |
| FTSE Singapore Strait Times | 5186.96 | (-)0.1 |
| S&P/ASX 200 Index | 8777.5 | 0.2 |
(Shruti Nair)
Equity Alert: US indices end lower on Fri amid sell-off in technology stocks
MUMBAI--0728 IST--All three major US stock indices ended in negative territory on Friday as investors continued to sell technology stocks. The technology-heavy Nasdaq closed 0.2% lower and fared worse than its peers. The index ended lower for the fifth straight session. During this period, it shed nearly 5%.
Stocks of chip-making companies led the losses on Friday, with shares of Micron Technology ending nearly 7% lower, while Advanced Micro Devices lost 2%. Shares of Intel closed over 3% lower. This was after a report by The New York Times claimed that OpenAI planned to delay its initial public offering to next year due to the poor performance of Elon Musk's SpaceX following its debut as well as the broader volatility in artificial intelligence-related stocks.
The report raised concerns about the "sustainability of their infrastructure spending given the delay in funding from the capital markets," CNBC reported, citing a note by JPMorgan traders.
"I still over the next 12 months would bet on chip stocks and AI infrastructure stocks outperforming because the demand is just so insatiable," Ross Mayfield, investment strategist at Baird, told CNBC. While there is "a little bit of catch-up to be played by some of the laggards," Mayfield continued, "I don't necessarily think that this is a full-on rotation where AI infrastructure names are going to be laggards for the next 12 months or anything like that."
While technology stocks lagged on Friday, shares of healthcare companies saw gains. Eli Lilly closed over 7% higher, while Johnson & Johnson gained almost 4%. Pharmaceutical player AbbVie advanced more than 4%.
Futures of major US indices were marginally higher early on Monday after the US and Iran agreed to stand down following the exchange of strikes over the past few days. Futures tied to the three main US indices were up 0.2-0.6?rly on Monday.
Following were the closing levels of major US indices on Friday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
51876.11 | (-)0.1 |
|
NASDAQ Composite |
25297.62 | (-)0.2 |
|
S&P 500 |
7354.02 | (-)0.1 |
(Shruti Nair)
US$1 = INR 94.35
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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