Equity Alert
Indices end higher after 2-day fall on positive global cues
This story was originally published at 15:57 IST on 1 July 2026
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Equity Alert: Indices end higher after 2-day fall on positive global cues
MUMBAI--1540 IST--A fall in crude oil prices to around $72 a barrel and optimism around US-Iran negotiations led headline equity indices to snap a two-day fall on Wednesday. Both indices ended 0.6% higher, and the Nifty 50 settled slightly above the psychologically crucial 24000 level, after staying in positive territory for the whole session.
According to reports, the US and Iran plan to hold indirect talks on a peace deal aimed at ending the over four-month-long West Asia war. "US and Iranian officials are to hold indirect technical talks on Wednesday in Doha with Qatari and Pakistani mediators on the memorandum of understanding building on the progress made at the Lake Lucerne Summit," NDTV reported, quoting a diplomat aware with the matter. At 1505 IST, the September futures contract of Brent crude oil was 1.5% lower at $71.85 a barrel.
On Wednesday, the Nifty 50 closed at 24005.85, up 140.10 points from its Tuesday's close. The BSE Sensex ended at 76922.64, up 443.97 points. Around 35 constituents of the 50-stock index ended higher for the session. Broader market indices also ended higher, with mid-cap indices up 0.2–0.7% and small-cap indices up 0.2–0.5%. India VIX, the volatility index, ended almost 3% lower at 13.2425 points.
Barring the Nifty IT, Nifty Metal, Nifty Pharma, and Nifty Healthcare, all sectoral indices ended the session higher. The Nifty Realty was the top gaining sectoral index, up almost 4%. Stocks of fast-moving consumer goods, automobiles, and banking were also the major gainers. The Nifty FMCG was up over 2% while indices for automobiles and PSU Banks ended around 1% higher each.
Eternal gained the most in the Nifty 50 index, and ended almost 6% higher. Adani Enterprises and Nestle India were the next big gainers, up over 3?ch. Another FMCG stock, Hindustan Unilever, ended 3% higher in the index. Automobile companies also gained in the session. Mahindra & Mahindra, Maruti Suzuki India, and Bajaj Auto were 1.3–2.0% higher.
Banking and financial services stocks Kotak Mahindra Bank, State Bank of India, Axis Bank, SBI Life Insurance Co., and Jio Financial Services ended 1.4-2.1% higher.
While consumer goods and banking stocks lifted the index with their major gains, information technology and metal stocks limited further gains for the index. The Nifty IT and Nifty Metal indices ended 1–2% lower. HCL Technologies was the key laggard in the 50-stock index, down nearly 4%. Tech Mahindra, Tata Consultancy Services, Infosys, and Wipro were down 0.2–3.0%.
KPIT Technologies, down almost 17%, ended as the biggest drag in both the Nifty 200 and Nifty 500 indices after falling to a nearly four-year low intraday. Coforge and Tata Elxsi were the other major drags in these indices, down over 6?ch. (Arundathi A R)
Equity Alert: Page Industries hits 52-wk high; Citi upgrades stock to 'buy'
MUMBAI--1511 IST--Shares of Page Industries rose 6% to their highest level in 52 weeks at INR 43,855. Brokerage Citigroup upgraded its recommendation on the stock to 'buy' from 'sell' and hiked its target price by 40% to INR 47,700 from INR 34,100. The new target implies an upside of nearly 9% from its 52-week high and over 15% from its closing price on Tuesday. Citi also opened a positive 90-day catalyst watch on the stock.
The brokerage sees the risk-reward ratio turning favourable for the stock three years after its downgrade, it said in a report. "...the worst of operating drag is now behind," Citi said. Better consumer sentiment and normalisation of channel inventory to 40 days from 60-65 days are seen supporting the company's volume growth, according to the report.
Citi expects the company's volumes to grow 9.6% in 2026-27 (Apr-Mar) from 4% in FY26 and 5.5% in FY25. Revenue is expected to increase 15% in the ongoing financial year. The company had undertaken a 4.5% price hike after almost four years of not raising prices, the brokerage noted, and this hike is seen aiding sales. The company's outerwear and female innerwear segments are expected to post better growth compared to male innerwear. Meanwhile, its online retail channel is likely to witness faster growth compared to its offline channel.
Citi valued Page Industries at a forward price-to-earnings multiple of 52 based on its FY28 estimates for the company. The brokerage increased its revenue estimates for the period between FY27 and FY29 by 2-6% and its earnings per share projections by 4-7%. Food inflation and weak discretionary spending are pegged as key risks for the company's volume growth, according to the brokerage. The apparel company's growth in the June quarter is expected to be driven by double-digit volume growth and an increase in realisations, Citi said.
At 1507 IST, shares of Page Industries were up 5.3% at INR 43,545 on the NSE and the stock was one of the top gainers in the Nifty 200 index. Trading volumes of the stock were close to 73,000, higher than around 33,000 shares of the company changing hands on the bourse till the same time Tuesday. (Ruchira Kagita)
Equity Alert: Most European indices down; US-Iran talks hit fresh hurdle
MUMBAI--1440 IST--Most European indices slipped into the red amid renewed uncertainty over the peace talks between the US and Iran. The pan-European Stoxx 600 was marginally down during early trade with the energy and mining stocks being among the laggards, while technology stocks were mixed. France's CAC 40 was the worst performer among peers in the region, while Germany's Dax was the only gainer among peers.
Tuesday, Iran refused to give an audience to US envoys Jared Kushner and Steve Witkoff, who had flown to Doha. Iranian negotiator Mohammad Bagher Ghalibaf said that the Strait of Hormuz was Tehran's "greatest instrument of power" and insisted that talks on a final deal would not begin until provisions under the memorandum of understanding signed between the nations were implemented, Al Jazeera reported.
The Stoxx 600's technology index was up 2.5?ter logging in its strongest quarterly performance since 2001, according to a report by Reuters. Notable players such as SAP, Infineon Technologies, and STMicroelectronics were up around 1?ch during early trade. On other hand, France-based energy technology company Schneider Electric lost 2?ter signing an agreement to buy Cognite Holding, a privately held provider of AI software and industrial data, for $3.1 billion in an all-cash deal, according to a report by Reuters.
"We still like the tech sector even going forward" said Luca Fin, head of active equity at Generali Asset Management told Reuters. "It will keep being some sort of a driver, both in terms of earnings growth and in terms of performance."
Comments by US Federal Reserve Chair Kevin Warsh and European Central Bank President Christine Lagarde at the European Central Bank's conference in Sintra, Portugal, will be in focus. Traders in the region expect both the central banks to hike interest rates by at least 25 basis points each later this year, according to LSEG-compiled data. While crude oil prices have fallen back to pre-Iran war levels, concerns remain that price pressures will linger.
Following are the levels of major European indices at 1443 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10477.57 | (-)0.2 |
| CAC 40 | 8364.85 | (-00.5 |
| FTSE MIB INDEX | 51626.98 | (-)0.1 |
| DAX PERFORMANCE-INDEX | 25049.3 | 0.2 |
| SLI PR | 2266.26 | (-)0.4 |
(Shruti Nair)
Equity Alert: SG Finserve up 14%; co says loan book up 82% YoY as of Jun 30
MUMBAI--1415 IST--SG Finserve rose almost 14% to a new record high of INR 701.85 on the NSE after the company said its loan book at the end of June was up around 82% on year on a provisional basis at INR 45.51 billion.
Trading volumes touched almost 3 million, starkly higher than over 100,000 witnessed until the same time Tuesday. This is also significantly higher than the stock's six-month average of trading volumes close to 300,000.
SG Finserve's loan book was up 16% sequentially as on Jun. 30. For the March quarter, the company reported a net profit of INR 442.69 million on revenues of INR 1.05 billion. At 1406 IST, shares of the company were up nearly 8% at INR 666. (Ruchira Kagita)
Equity Alert: Nifty IT at five-year low; brokerages see weak Q1 earnings
MUMBAI--1413 IST--The Nifty IT hit a five-year low Wednesday after brokerages took a cautious stance on the earnings of Indian information technology players. Brokerages expect the June quarter earnings of IT majors to be hit by macroeconomic challenges and risks posed by artificial intelligence advancement. The management commentary is expected to stay soft in Apr-Jun, according to brokerages.
"We expect demand commentary to stay soft in 1QFY27, as macro, AI and geopolitical overhangs continue to weigh on discretionary spending and decision-making cycles," Motilal Oswal said. The brokerage is tepid on the earnings of the companies under its coverage and expects the weakness to sustain till the September quarter. Motilal Oswal expects HCL Technologies to lower the upper end of its 2026-27 (Apr-Mar) services growth guidance by 100 basis points, and Infosys by 50 basis points.
The margins of IT companies are expected to be mixed for Apr-Jun. Infosys, HCL Technologies, and Tech Mahindra are expected to post modest sequential improvement in margins. This is supported by operating leverage and cost actions, according to Motilal Oswal. Meanwhile, the margins of Tata Consultancy Services are expected to decline due to annual wage hikes. Coforge, Persistent Systems, and Zen Technologies may see pressure on margins due to weaker operating leverage, wage hikes, deal ramp-up costs, and continued AI investments, the brokerage added.
"Despite valuations having corrected meaningfully, we believe a sustained rerating will require evidence that demand is improving, revenue growth is stabilising, and companies can demonstrate that AI-led opportunities are beginning to offset productivity-related headwinds," Motilal Oswal said.
The macroeconomic uncertainty arising from the West Asia war that created a fog around interest rates, especially in the US, which keeps the client spending subdued at the margin level, according to Nomura. "...when tech spending from clients are not increasing, there is heightened competition among IT services companies and the economic dividend of AI is being immediately surrendered to clients," the brokerage said. Nomura expects the June quarter to be weak for most large-cap IT companies, with Wipro expected to be the worst hit. The brokerage has cut the revenue growth estimates for IT companies by around 100 to 200 bps for FY27–28.
At 1402 IST, Nifty IT was at 25886.30, down 1.6%. The sectoral index hit a five-year low of 25881.40. Only three constituents in the sectoral index traded higher – Oracle Financial Services, Persistent Systems, and LTM were up 0.3-1.5%. On the other hand, Coforge was the worst hit in the sectoral index, down over 4%. Tech Mahindra, HCL Technologies, Tata Consultancy Services, Mphasis, and Infosys fell 1-3%.
KPIT Technologies was the worst hit stock in both the Nifty 200 and Nifty 500 indices Wednesday. The stock fell nearly 17% to a near-four-year low of INR 559.20. Shares of the company plummeted after it said revenue for the June quarter is expected to decline about 1% year-on-year in dollar terms due to some action of European OEMs triggered by negative business outlook for the latter. (Adhithya Aji)
Equity Alert: Asian indices end mixed; electronic stocks lift Nikkei
MUMBAI--1407 IST--Stock indices in Asia ended mixed on Wednesday amid uncertainties regarding the US-Iran peace negotiations. Futures of Brent crude oil saw a slight uptick and touched a high of $73.53 per barrel during the day. South Korea's Kospi was the worst hit stock in the region, while Taiwan's Taiex outperformed peers in the region. Japan's Nikkei 225 ended higher, led by gains in select eletronics companies.
On Tuesday, Iranian authorities refused to meet with US envoys Jared Kushner and Steve Witkoff who had flown to Doha for further negotiations, in the latest development on the West Asia front. The Iranian side underscored the need to clarify the terms of a ceasefire the two parties had signed two weeks ago before moving on to address more challenging topics such as possible limits to its nuclear programme, according to a report by Reuters.
Taiex gained nearly 2% and was the top gainer among peers in the region on Wednesday. The index ended higher for three sessions in a row, gaining 5.5% during the period. The Nikkei 225 ended nearly 1% higher led by gains in shares of select electronics and allied companies, Dow Jones Newsires reported. Notable players Murata Manufacturing Co, Kyocera Corp, and Taiyo Yuden Co. were 4-12% higher. Investors in the region will also keep an eye out for any intervention by the Bank of Japan after the Japanese yen plummeted to its lowest level in 40 years, according to a Reuters report.
Among the laggards, the Kospi ended 2% lower, dragged down by shares of chip makers and battery stocks. Index heavyweights SK Hynix and Samsung Electronics ended 3.4% and 5.8% lower. Batter players LG Energy Solution and Ecopro Materials ended around 4% and 6.5% lower, respectively.
Following are the levels of key indices in the region at 1402 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4958.98 | (-)0.4 |
| Nikkei 225 Day | 70474.96 | 0.6 |
| TOPIX FIRST SECTION | 4011.5 | 0.4 |
| KOSPI | 8303.41 | (-)2.0 |
| FTSE Singapore Strait Times | 5166.94 | (-)0.1 |
| S&P/ASX 200 Index | 8722.9 | (-)0.6 |
(Shruti Nair)
Equity Alert: Indices remain higher; banking, fincl svcs cos gain, IT cos dn
MUMBAI--1330 IST--Headline equity indices remained higher with the Nifty 50 a tad above the 24000 level. Select banking and financials stocks gained more towards the second half of the session. After seeing volatility, index heavyweight HDFC Bank stayed higher in the second half. On other hand, information technology stocks dragged with the Nifty IT index falling to an over five-year low.
At 1314 IST, the Nifty 50 index was 0.7% higher at 24024.05, up 158.30 points. The BSE Sensex also rose 0.7% to 77024.14, up 545.47 points. India VIX fell further as the nervousness among investors started to ease. The volatility index was down nearly 2% to 13.3950 points.
Sectoral indices remained mixed, with the Nifty Realty up over 2.5%. On other hand, the Nifty IT remained the top loser among them and fell more to 1.2%. Select IT stocks continued to be the major losers in the Nifty 50 index, with Tech Mahindra being the worst hit, down over 3%.
Eternal was the top gainer in the Nifty 50 index, up over 5%. Nestle India, Asian Paints, Adani Ports and Special Economic Zone, and Adani Enterprises were down around 3?ch. Multi Commodity Exchange of India was up over 5% and was the top gainer in the Nifty 200 index.
Banking and financial services stocks Axis Bank, State Bank of India, Jio Financial Services, and Bajaj Finance were up 1.3–2.2% in the Nifty 50 index. The Nifty Financial Services and Nifty Private Bank were up almost 1?ch among sectoral indices.
KPIT Technologies remained as the key drag in the Nifty 200 index, after it said it expected an on-year fall in its sales, net profit, and earnings before interest, tax, depreciation, and amortisation margin in the June quarter. Shares of the company hit a nearly four-year low at INR 559.20. (Arundathi A R)
Equity Alert: Jefferies initiates coverage on MCX with 'buy'; stock up 5%
MUMBAI--1312 IST--Brokerage firm Jefferies initiated coverage on the Multi Commodity Exchange of India with a "buy" recommendation and a target price of INR 3,600. This target implies an upside of 27% from the stock's closing price Tuesday. Penetration in India's commodity derivatives market is expected to go up and MCX enjoys a near-monopoly in non-agricultural contracts, the brokerage said. Jefferies sees Indian commodity futures and options' average daily turnover to grow threefold and sixfold, respectively, over the next decade. At 1311 IST, shares of MCX rose over 5% to INR 2,983.90 on the NSE.
MCX has strong cashflows, which, when coupled with its net cash position on the balance sheet, position the company well to increase its dividend payouts, Jefferies said. The brokerage projects the company's revenue to grow 20% at a compounded annual rate between 2025–26 (Apr-Mar) and FY29. This implies that its commodity futures and options' average daily turnover are expected to grow 5% and 28% at a compounded annual rate from an elevated base in FY26.
MCX, having multiple optionalities for investors, could drive 15–20% more upside to earnings over the medium term, Jefferies said in its initiation report. Its optionalities include the coal exchange, colocation services, participation of foreign portfolio investors in non-cash derivatives, and weekly option contracts. Further, its expansion to products like battery metals and chemicals and scope for increase in retail trading are seen as key growth drivers, the broking firm said. Currently, only one-fifth of NSE option traders trade MCX's options, the brokerage noted.
The brokerage expects MCX's earnings before interest and tax margin to increase 260 basis points over FY26-29, driven by better operating leverage. Its operating leverage is seen offsetting the impact of technology costs and fees paid to the Securities and Exchange Board of India. "MCX is more profitable compared to BSE due to the former's lower reg fees due to higher share of longer-dated contracts and no clearing charges," Jefferies said. (Ruchira Kagita)
Equity Alert: Reliance Power shrs up 18%; co announces AI-related activities
MUMBAI--1250 IST--Shares of Reliance Power surged over 18% on Wednesday to hit their highest level in nearly two months at INR 29.40. This rally comes after the company Tuesday said it had undertaken steps through its subsidiaries to incorporate artificial intelligence and related technology-driven activities within its business framework.
The company said "objects" covering AI and technology-enabled services have been incorporated. It has also renamed four subsidiaries as Reliance AI Green Power, Reliance AI Power, Reliance AI Data Control, and Reliance AI Data C, the parent Reliance Power said in an exchange filing.
At 1247 IST, shares of the company were trading at INR 28.28 on the National Stock Exchange. Over 280 million shares of the company have changed hands on the National Stock Exchange so far. This is over eight times higher than the 33.05 million shares traded until the same time Tuesday. (Shruti Nair)
Equity Alert: Prabhudas Lilladher says RITES sees INR 100-bln order book FY27
MUMBAI--1231 IST--Shares of RITES rose nearly 16% to a three-month high of INR 236.83. Around two thirds of the company's order book is relatively young, around 12–18 months, providing strong revenue visibility as these projects enter the execution phase in 2026-27 (Apr-Jun) and FY28, Prabhudas Lilladher said. The management of the company told the brokerage that it targets an order book of INR 100 billion by FY27.
Of the guided INR 100-billion order book, the Navaratna company targets 80% of new orders through competitive bidding. As of Mar. 31, the order book of RITES stood at INR 94.16 billion. The management of the company guided for revenue growth of 10-20% as well, Prabhudas Lilladher said. The net profit of the company is expected to lag as margins normalise from 27–28?rnings before interest, tax, depreciation, and amortisation level to 20%. The company is maintaining a minimum net profit margin of 15%.
"As execution scales up, higher revenues are expected to offset the margin reset, enabling the company to deliver absolute earnings over time," Prabhudas Lilladher said. RITES' long term margin profile will be driven by the evolving business mix, according to the brokerage. Consultancy projects are expected to generate EBITDA margins of around 30%, while turnkey projects are expected to contribute 2%, and exports and leasing are expected to deliver intermediate margins at 10-15%. This will result in a blended EBITDA margin of 18-20%.
The export order book of the company stands at an all-time high of INR 21 billion, comprising INR 17.5 billion in rolling stock and INR 3.5 billion in project consultancy. This provides healthy medium-term execution visibility, Prabhudas Lilladher said. The brokerage maintained a 'buy' call on the stock with a target price of INR 275.
At 1216 IST, shares of RITES traded nearly 15% higher at INR 234.90. Nearly 63 million shares of the company changed hands on NSE, triple the number of shares traded till the same time Tuesday. The stock is the top gainer among Nifty 500 constituents. (Adhithya Aji)
Equity Alert: Advit Jewels lists at 37% premium to issue price on NSE
MUMBAI--1145 IST--Shares of Advit Jewels Ltd. listed at INR 188.9 on the National Stock Exchange on Wednesday, a premium of nearly 37% to the issue price of INR 138. At 1145 IST, the stock was up 30% at INR 179.46. So far in the day, over 5 million shares of the company have changed hands on the exchange. On the BSE, the stock listed at INR 187, a premium of nearly 36% to the issue price.
The initial public offer of Advit Jewels closed on Jun. 25 with a final subscription of 212.63 times. The issue received bids for a whopping 1.78 billion shares, against the 8.38 million shares on offer. Prior to the bidding, the company raised INR 495.2 million from anchor investors at INR 138 per share.
Advit Jewels makes handcrafted jewellery largely on a business-to-business model through dealers, showrooms, and jewellery retailers. It has a manufacturing unit in Jaipur. For the nine months ended December, the company reported a net profit of INR 254.4 million on revenues of INR 1.2 billion. (Shruti Nair)
Equity Alert: Indices move higher as FMCG cos gain further; RIL up over 1%
MUMBAI--1130 IST--The Nifty 50 index inched a tad higher as stocks of fast-moving consumer goods companies and index heavyweight Reliance Industries rose. More than 30 stocks in the Nifty 50 were trading in the green.
At 1128 IST, the Nifty 50 was at 24008.70 points, up 142.95 points, or 0.6%. The BSE Sensex was at 76969.85 points, up 491.18 points, or 0.6%. The volatility index India VIX was down over 1% to 13.5525 points. Among the broader market indices, small-cap indices were 0.2–0.6% higher, while mid-cap indices were up 0.3-0.6%.
The Nifty IT, Nifty Metal, Nifty Healthcare, and Nifty Pharma were the only sectoral indices in the red. The Nifty Media gained the most and was up 3% with all its constituents trading higher. The Nifty FMCG index rose further and was up nearly 2%. Barring Radico Khaitan, all constituents of the sectoral index were up.
In the Nifty 50, Eternal was the highest gainer, up 3%. Adani Ports and Special Economic Zone became the second-biggest gainer with an almost 3% rise. Among FMCG stocks, Nestle India and Hindustan Unilever were up around 2?ch.
Among sectoral indices, the Nifty IT index was the worst hit, down nearly 1%. Shares of information technology companies fell with Tech Mahindra being the key laggard, down 3%, and HCL Technologies down nearly 2%. Pharmaceutical and healthcare stocks also fell with Cipla and Dr. Reddy's Laboratories down nearly 1?ch. The Nifty Pharma and Nifty Healthcare indices were down 0.5% and 0.4%, respectively. (Arundathi A R)
Equity Alert: KPIT Tech tanks to 52-week low on weak updates for H1FY27
MUMBAI--1120 IST--Shares of KPIT Technologies tanked more than 15% to INR 559.20 on the NSE, their lowest level in 52 weeks, after the company said its dollar revenues are seen declining around 1% on year in the June quarter. This, the company said, was not foreseen and was realised in recent weeks. The deterioration in outlook was largely due to sudden actions by some European original equipment makers, it said. In a separate filing Wednesday, the company said it sees revenue in the September quarter similar to that in the June quarter. Brokerages turned cautious after the management's updates.
JM Financial Institutional Securities downgraded the stock to 'reduce' from 'buy'. The brokerage trimmed its target price by nearly 28% to INR 620 from INR 860. The revised target price implies an upside of 11% from the stock's 52-week low. The implications of this reduced guidance by the company may extend beyond the June quarter, the brokerage said in a report, while adding that 2026-27 (Apr-Mar) will likely be a soft year for the company. JM Financial lowered its FY28–29 earnings estimates for the company by 12–13%.
The brokerage expects the company's earnings per share in FY28 to be INR 31.3, down from INR 36.1. In the same year, KPIT Technologies' earnings before interest and tax margin is now seen at 14.6%, down 100 basis points. However, "...client pressures will likely lead to more outsourcing in the medium to long run," JM Financial said. The company will likely benefit once outsourcing goes up, according to the report. The company has commanded a premium multiple due to its consistent execution and sector-leading growth, the brokerage said.
Its earnings before interest, tax, depreciation, and amortisation margin and net profit margin for the quarter ended June "would decline sequentially, proportionately higher than the revenue decline," the company said. There is no scope for cost optimisation during this short period, it added.
Brokerage JPMorgan downgraded the stock to 'underweight' from 'neutral' while also revising its target price downwards to INR 550 from INR 700. The company's weak guidance reflects profit warnings earlier from its largest client BMW, CNBC-TV18 reported the brokerage as saying in a report. BMW accounts for 12% of its KPIT Technologies' revenue. The company is expected to post a decline in its organic revenue for the second straight year in FY27, JPMorgan said. The brokerage projects the company's revenue to fall 2.6% in FY27, compared to a 1.4% drop in FY26. JPMorgan cut its revenue estimates for the compnay by 5-8% over FY27-29, the media outlet reported.
Equirus Securities downgraded the stock to 'add' from long' and reduced its target price by 28% to INR 715 from INR 990. Challenges for the company likely came up due to the West Asia war, issues from US tariffs, and competition from Chinese original equipment makers, the brokerage said. However, the challenges are not likely to lower the company's total addressable market, the broking firm said in a report. The long-term view for the company remains positive, Equirus Securities said. KPIT Technologies is looking to spend 3-5% of its sales on research and development in the coming years and this is likely to make it one of the biggest beneficiaries of spends on artificial intelligence-led software-defined vehicles, the brokerage said. (Ruchira Kagita)
Equity Alert: Waterways Leisure lists at 16% discount to issue price on NSE
MUMBAI--1040 IST--Shares of Waterways Leisure Tourism Wednesday listed at INR 681 on the NSE, a discount of nearly 16% to the issue price of INR 808. At 1108 IST, the stock was over 12% lower at INR 707.95. So far in the day, over 1.6 million shares of the company have changed hands on the exchange. On BSE, the stock listed at INR 690, a discount of nearly 15% to the issue price.
The initial public offer of Waterways Leisure was subscribed nearly 1.46 times, closing on Jun. 25. The issue received bids for 6.09 million shares, against 4.18 million shares on offer. Prior to the bidding, the company raised INR 2.63 billion from anchor investors at INR 808 per share.
Waterways Leisure Tourism is a domestic ocean cruise operator. It intends to introduce new cruise itineraries and destinations catering to various traveller segments. For financial year 2025-26 (Apr-Mar), the company had reported a consolidated net profit of INR 521.43 million on revenues of INR 5.80 billion. (Shruti Nair)
Equity Alert: M&M rises over 3%; co's June sales jump 37%, SUV sales up 28%
MUMBAI--1030 IST--Shares of Mahindra & Mahindra rose over 3% to a high of INR 3,166.30 in early trade after the company reported a 37% on-year rise in its total vehicle sales in June at 106,207 units. The automobile manufacturer's exports more than doubled on year to 5,918 units last month. Following the trend, most automobile stocks rose, with Maruti Suzuki India, Ashok Leyland, and Hero Motocorp leading the gains, up 2-2.4?ch, at 1027 IST.
In the domestic utility vehicles segment, Mahindra & Mahindra sold 60,393 vehicles in June, up 28% on year. This was the highest year-on-year growth in the sale of its SUVs since October 2025, when wholesale volumes had risen over 31% on year. Overall utility vehicles sales including exports was 61,504 in June, the company said in an exchange filing. Its domestic commercial vehicles sales grew 35% on year to 26,076 units last month.
At 1024 IST, shares of Mahindra & Mahindra was 3.1% higher at INR 3,162.40 and were among the top gainers in the Nifty 50 index. So far in the day, over 1 million shares of the company changed hands on the National Stock Exchange, compared to 555,019 shares traded till the same time Tuesday. (Arya S. Biju)
Equity Alert: Emkay says IT cos' earnings for June quarter to be subdued
MUMBAI--1021 IST--The June quarter earnings of information technology companies are expected to be subdued due to weak discretionary spending and slower decision-making amid persistent macroeconomic uncertainties, according to Emkay Global Financial Services. Rising client expectations for artificial intelligence-led efficiency gains in cost optimisation and vendor consolidation deals are also likely to weigh on IT majors, the brokerage said.
"AI-led tech landscape is weighing on the decision-making process, influencing enterprise spending and investment priorities," Emkay said. Tier-I companies are likely to continue to face growth challenges, with Infosys and Tech Mahindra expected to lead sequential growth. Revenue in US dollar terms of Tier-I companies are expected to contract 10-30 basis points. Tier–II companies' revenue in US dollar terms is expected to compress 10-60 bps, the brokerage added.
"Among verticals, BFSI continues to show healthy growth trends, though some moderation is visible, while Manufacturing (especially auto) remains soft," Emkay said. Engineering research and development players continue to face pressure due to weakness in automobiles, even though select industrial segments showed resilience. Emkay expects Infosys to revise its revenue growth in constant currency terms to 2–4% on year from the earlier view of 1.5-3.5%. HCL Technologies is likely to retain its revenue growth guidance of 1-4% in constant currency, the brokerage added.
The margins of IT players for the June quarter are expected to be mixed due to a weak rupee, wage hike, business-related seasonality, and mergers and acquisitions, according to Emkay. Tier–I players such as Tata Consultancy Services and Wipro are expected to post margin expansion seasonality. Meanwhile, mid-cap companies may see a wider margin fluctuation ranging from a fall of 100 bps to growth of 40 bps sequentially, the brokerage added. "Net hiring is likely to be muted", Emkay said.
The managements' revenue and margin guidance for 2026–27 (Apr-Mar), commentary on IT spending budgets for 2026, and incremental AI spending against reallocation of existing IT budgets would be the key factors to monitor during the June quarter earnings of IT companies, Emkay said.
At 1020, the Nifty IT was 0.3% lower at 26232, among the worst hit sectoral indices. (Adhithya Aji)
Equity Alert: Indices open higher; Nifty 50 tad below 24000 points
MUMBAI--0945 IST--Domestic benchmark indices opened with marginal gains, after closing lower on Tuesday. The Nifty 50 index opened below the 24000 level for the first time in four days. Major equity indices in the Asia-pacific region were mixed in early trade amid ongoing concerns around US-Iran peace negotiations. Crude oil prices inched up a tad after Iran said it would not hold direct talks with US officials. At 0933 IST, the September futures contract of Brent crude was 0.4% higher at $73.24 a barrel.
At 0922 IST, the Nifty 50 was 0.2% higher at 23915.65, or 49.90 points from Tuesday's close. The BSE Sensex was also 0.2% higher at 76650.05, up 171.38 points. The 50-stock index is over 80 points below the 24000 level. Analysts say only a significant move from this psychologically crucial level could dictate the next directional trend for the market.
Most broader market indices slightly outperformed their benchmark peers. All small-cap indices were 0.4–0.6% higher, while mid-cap indices were up around 0.3?ch. Barring the Nifty Metal, Nifty Energy, and Nifty PSU Bank, all sectoral indices were up in early trade. The Nifty Media was the top gainer among them, up nearly 3%. The Nifty FMCG and Nifty Consumer Durables were up around 1?ch.
Nestle India, Eternal, Hindustan Unilever and Titan Co. were among the top gainers in the Nifty 50 index, up around 2?ch. Automobile companies also gained, with Mahindra & Mahindra and Bajaj Auto gaining 1.3–2.2%. The total sales of M&M in June rose 37% on year, the company said in its monthly update.
In the Nifty 200 index, Dabur India was the top gainer, up 4%. Multi Commodity Exchange of India and Page Industries were up over 3?ch in the index. Among the Nifty 500 gainers, RITES was the top performer, up over 9%. Shares of the company rose after it got an INR 1.75-billion order for project management services. Reliance Power was the second-biggest gainer in the Nifty 500, up nearly 9%.
Among the major losers, Tech Mahindra was the key drag in the Nifty 50 index, down nearly 2%. Shares of Bajaj Finserv were also down nearly 2% in the index. Metal companies JSW Steel and Hindalco Industries were down 1?ch. In the Nifty 200, KPIT Technologies fell the most, down 14.5%. Shares of the company fell after it said it expected an on-year fall in its sales, net profit, and earnings before interest, tax, depreciation, and amortisation margin in the June quarter. The stock was also the key laggard in the Nifty 500 index.
Waterways Leisure Tourism and Advit Jewels were listed on BSE Wednesday. Shares of Waterways Leisure were listed at INR 690, a discount of 15% to the issue price. Advit Jewels was listed at INR 187, a premium of 36% to the issue price. (Arundathi A R)
Equity Alert: Indices may open higher; crude up as US-Iran talks hit hurdle
MUMBAI--0828 IST--Benchmark indices are expected to open on a positive note Wednesday after falling for two straight sessions. Asian markets were largely mixed in early trade and US stock futures were largely flat as investors continue to assess progress in US-Iran negotiations. However, technical analysts believe that any meaningful move from the psychologically important 24000 point mark, would provide clues about the directional trend of Nifty 50 going forward.
Crude oil prices edged higher in early trade, after Iran said it would not hold direct talks with US officials, raising fresh concerns over the fragile ceasefire that has temporarily halted the four-month-long conflict between the two countries. Further, US President Donald Trump weighed a return to an all-out war with Iran, holding conversations with Defence Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff General Dan Caine on conducting more strikes, The Wall Street Journal reported, citing US officials familiar with the discussion. However, Trump also told aides that he believes another round of full-scale attacks could derail diplomacy and hurt Washington's chances of ultimately dismantling Iran's nuclear program. Trump is fine if negotiations with Iran go past the Aug. 18 deadline for a nuclear deal, according to the officials.
The US and Iran are more than a week into negotiations since agreeing to 60 days of talks two weeks ago. A key point of contention is Iran's insistence upon charging service fees for ships transiting the Strait of Hormuz, the report said. The US says the waterway should be free to transit, as it was before the war began. "The sovereignty of the Strait of Hormuz lies with Iran and Oman, and traffic in the Strait is subject to arrangements determined by Iran," Reuters quoted Iran's top negotiator, Mohammed Baqer Qalibaf as saying on state TV. Iran also says it won't accept severe restrictions on its nuclear work despite Trump insisting that Iran already has made that commitment.
US Vice-President J.D. Vance, in an interview released Tuesday, noted that oil flows through the Strait of Hormuz had returned to pre-war levels, even exceeding that on some days, without citing figures. Market participants will now focus on the upcoming address by US Federal Reserve Chair Kevin Warsh at the European Central Bank Forum on Wednesday for more cues on interest rates, after the central bank struck a hawkish note in its June meeting. Higher interest rates in global markets, could lead to investors pulling out money from emerging markets like India.
The July futures contract of the Gift Nifty indicates a positive opening for the domestic market. At 0807 IST, the futures contract was at 23991.50, around 126 points above the Nifty 50's previous close. Technically, the Nifty 50 index ended around the lower band supports of the past 11 days' consolidation range (23800-24260 spot levels), Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. Going ahead, a decisive fall below the 23800 spot levels could drag it towards the 23600-23500 spot levels. On the other hand, crossing and sustaining above the 24000 spot levels might lead the index back to the upper band of the consolidation range at 24260 spot levels.
Shares of KPIT Technologies will be in focus after the company said its revenue for the June quarter is expected to decline about 1% year-on-year in dollar terms, primarily due to sudden actions by some European original equipment manufacturers, triggered by an adverse business outlook. The net profit and operating profit margin for the quarter are also likely to decline sequentially, the company said in an exchange filing post-market hours Tuesday. Automobile stocks will also be in focus with companies announcing their June monthly sales data. (Arya S. Biju)
Equity Alert: Asian indices mixed amid fresh hurdles in US-Iran negotiations
MUMBAI--0805 IST--Stock indices in Asia were mixed in early trade on Wednesday as investors evaluated new hurdles in negotiations between the US and Iran. Tuesday, Iran said it would not meet top US envoys who flew to the region, raising uncertainties regarding lasting peace between the two warring parties. Subsequently, crude oil futures saw an uptick and climbed above the $73 per barrel mark.
Iran refused to meet US envoys Jared Kushner and Steve Witkoff, who arrived in Doha for what the White House described as "high level" talks. Instead, the West Asian nation and host Qatar said the US envoys would meet with mediators rather than Iranian officials, according to a Reuters report. "No meeting at any level with the American side has been scheduled for the coming days," Reuters reported, quoting Iranian Foreign Ministry spokesperson Esmaeil Baghaei.
Japan's Nikkei 225 was marginally higher after climbing nearly 3?rlier in the session, led by gains in shares of electronics and metal companies. With the Japanese yen plummeting to new 40-year lows, investors in the region are keeping an eye on possible intervention by the Bank of Japan. Expectations for a gradual pace of interest rate hikes by the Bank of Japan, along with growing possibility of the US Federal Reserve raising the Fed funds rate this year, are putting pressure on the yen and pushing the dollar higher, according to a report by Dow Jones Newswires.
South Korea's Kospi was the worst-hit index in the region. The benchmark shed over 3% in early trade, giving up its opening gain of 1.4%. Heavyweight constituents SK Hynix and Samsung Electronics were down over 5-6%. Among other laggards, Australia's S&P / ASX 200 was down 0.6% during early trade. Markets in Hong Kong are shut on Wednesday on account of a public holiday.
Following are the levels of key indices in the region at 0759 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4974.26 | (-)0.1 |
| Nikkei 225 Day | 70246.66 | 0.3 |
| TOPIX FIRST SECTION | 4001.68 | 0.2 |
| KOSPI | 8149.80 | (-)3.9 |
| FTSE Singapore Strait Times | 5177.86 | 0.1 |
| S&P/ASX 200 Index | 8728.8 | (-)0.6 |
(Shruti Nair)
Equity Alert: US mkt ends up as chip stocks gain; Dow sets new closing high
MUMBAI--0730 IST--US equity indices ended higher on Tuesday, marking the end of the second quarter and the first half of the year. Stocks of chipmakers led the gains. The Dow Jones index witnessed a record closing high for the second session in a row, though peers S&P 500 and Nasdaq saw sharper gains. Shares of Advanced Micro Devices were among the highest gainers. The stock ended nearly 8% higher, while peer Intel closed 6% higher. Sector leader Nvidia was also among the gainers and ended nearly 3% higher.
Despite the geopolitical volatility that characterised the first half of the year, major indices rose 8–13% over the period. Volatility in energy prices due to the US-Iran war as well as scepticism towards artificial intelligence-related spending were the main factors that played on the market sentiment in the first half. Nevertheless, all major indices hit their respective record highs during this period. Further, stocks fared better in the second quarter of the year, as fears around the AI trade eased and a resolution to the war appeared to be in sight, according to a CNBC report.
The Dow Jones Industrial Average gained over 8% in the first six months of the year, while the S&P 500 climbed over 9%. The Nasdaq outperformed its peers during this period with a near 13% gain, CNBC reported. "For me the lesson of the first half of 2026 is that earnings matter more than just about anything, except for maybe interest rates," Tim Holland, chief investment officer at Orion, told CNBC.
Unless hostilities resume between the US and Iran, Holland expects the bull market to continue for the rest of the year and sees investors moving more into cheaper areas of the market. "Interest rates are probably going to be a little elevated, which tends to be a headwind for higher-price growth stocks, but tends to be a tail wind for economically sensitive stocks and the like," according to Holland.
Following were the closing levels of major US indices on Tuesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
52319.2 | 0.3 |
|
NASDAQ Composite |
26213.72 | 1.5 |
|
S&P 500 |
7499.36 | 0.8 |
(Shruti Nair)
US$1 = INR 95.25
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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