Equity Alert
Asian indices end mixed, KOSPI enters bear zone
This story was originally published at 14:42 IST on 8 July 2026
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Equity Alert: Asian indices end mixed, KOSPI enters bear zone
MUMBAI--1440 IST--Market participants in Asia were cautious after the US launched fresh strikes against Iran and Brent Crude Oil futures jumped 6% from Tuesday's lows to around $76 per barrel. South Korean equities fell the most in the region with the benchmark KOSPI entering a bear zone. Hong Kong's key index Hang Seng, meanwhile, ended 3% higher Wednesday.
American military forces struck over 80 targets with precision munitions in retaliation to Iran's attacks on commercial vessels in the Strait of Hormuz, the US Central Command said in a public release. "US forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats in and near the strait," the US Central Command said.
The South Korean KOSPI closed in the red for the third straight session, down over 5% Wednesday. The index entered a bear zone by tumbling almost 23% from its all-time high of 9384.22 points achieved in June. A bear zone is defined as a situation when a market falls at least 20% from its peak. Selling pressure in stocks linked to artificial intelligence and semiconductors persisted. Shares of index heavyweights SK Hynix and Samsung Electronics Co. fell around 6?ch. Trading in the benchmark index was briefly halted for the second day in a row after the KOSPI slipped over 5%. Over the past three sessions, the KOSPI has shed more than 10%.
"There seems to be spill-over effects from a slump in the previous session, which came despite Samsung Electronics' strong earnings, while there are worries about a slowdown in memory price growth and uncertainty over an earnings 'peak-out'," Han Ji-young, an analyst at Kiwoom Securities, told Reuters regarding the fall in the KOSPI.
On Wednesday, the Nikkei 225 index closed down over 2%. The benchmark Japanese index also ended lower for the third consecutive session, and it declined over 4% during this period. The index closed below 67000 for the first time in 18 sessions.
The following are the levels of key indices in the region at 1418 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4755.5338 |
(-)0.77 |
|
Hang Seng Index |
24199.46 |
2.99 |
|
KOSPI Index |
7246.79 |
(-)5.35 |
|
Nikkei 225 Day |
66819.05 |
(-)2.11 |
|
TOPIX FIRST SECTION |
4006.43 |
(-)1.37 |
|
FTSE Singapore Strait Times |
5394.29 |
0.97 |
|
S&P/ASX 200 Index |
8785.10 |
(-)0.21 |
(Ruchira Kagita)
Equity Alert: Nifty 50 slips below crucial intraday support of 24200 pts
MUMBAI--1245 IST--Traders turned substantially bearish on domestic indices after risk appetite was hit by renewed tensions in West Asia. The Nifty 50 index slipped below the crucial support of 24200 points, which would likely pave way for the index to reach 24000 points. The fall in the index comes amid foreign investors slowly warming up towards the Indian stock market.
At 1245 IST, the Nifty 50 index was at 24203.10, down 195.60 points or 0.8%. The index fell to as low as 24184 points, but bounced back to 24200 points and hovered near that level. Analyst are expected to continue their 'sell on rise' approach throughout the day. Only 12 Nifty 50 constituents traded higher. The BSE Sensex was at 77541.47 points, down 639.25 points or 0.8%.
Eternal topped the Nifty 50 index, with around 2% gains, followed by Wipro and Bajaj Auto, which rose 1?ch. Trent, which had fallen around 13% following underwhelming retail sales in the June quarter, traded around a percent higher. On the other hand, Jio Financial Services and Shriram Finance fell 2-3% and were the worst hit. (Gopika Balasubramanium)
Equity Alert: Nuvama sees oil, gas sector EBITDA down 28% on year in Q1
MUMBAI--1200 IST--Nuvama Institutional Equities expects the earnings before interest, tax, depreciation, and amortisation of the oil and gas companies under its coverage universe to fall for the June quarter due to a decline in profitability of oil marketing companies. However, the brokerage expects this hit on the sector's EBITDA to be partly offset by the strong performance of Oil and Natural Gas Corp.
The sector's EBITDA is expected to fall 28% on year due to a decline in the EBITDA of oil marketing companies as a result of weak marketing margins. The EBITDA of Indian Oil Corp., Bharat Petroleum Corp. Ltd., and Hindustan Petroleum Corp. Ltd. is expected to fall 92-179% on year. This could not be offset by the improvement in gross refining margins, which shot up due to a sharp rise in cracks in petrol and diesel.
ONGC's EBITDA is likely to rise 57% on year on the back of a 45% rise in Brent crude oil prices and 11?preciation in the rupee, the brokerage said. This robust growth will be partly offset by a 3?ll in the company's production.
GAIL (India) Ltd.'s EBITDA is likely to decline 31% on year due to weak marketing spreads and an 8?cline in volumes of natural gas transmission. Petronet LNG Ltd. is also expected to report a 9?ll in EBITDA on year due to a 13?ll in registration volumes. The EBITDA of city gas distribution companies is expected to grow 3.3% on year for the June quarter. Reliance Industries' EBITDA is also expected to rise 3.9% on the back of strong contribution from its digital operations. However, this growth is likely to be partially offset by weakness in the refining and oil and gas segments. (Ayush Jaiswal)
Equity Alert: Indices remain lower; traders bearish on oil, logistics cos
MUMBAI--1150 IST--Indices continued to remain lower on Wednesday amid fall in equity markets across Asia after fresh escalation in the West Asia war. While buying in real estate and metal stocks continued, investors sold oil and logistics stocks. Only handful of Nifty 50 constituents traded higher.
At 1153 IST, the Nifty 50 was at 24251.15 points, down 147.55 points or 0.6%. The index fell close to its support of 24207.20 points and pared some losses. The maximum the 50-stock index has risen is up to 24300. Some technical analysts said the investors may likely sell on every rise in the index. The BSE Sensex was at 77692.07, down 488.65 points or 0.6%.
Traders turned extremely bearish on logistics and oil marketing companies after renewed tensions between the US and Iran, with the latter attacking three commercial vessesls passing through the strait. This breaks the fragile ceasefire both the nations agreed to last month and gives rise to risks of yet another disruption in energy supply. The near-month futures contract of brent crude oil jumped over 3% to more than $76 a dollar.
Aegis Logistics, which primarily handles transport of gas and petroleum gas across Indian ports, fell over 8%. The three major oil marketing companies, Hindustan Petroleum Corp., Bharat Petroleum Corp., and Indian Oil Corp., fell 2-4%. However, Chennai Petroleum Corp., Oil India, and Adani Total Gas rose 1-4%. (Gopika Balasubramanium)
Equity Alert: Info Edge hits 3-mo high; brokerages cheer Q1 billings growth
MUMBAI--1106 IST--Shares of Info Edge (India) extended their gains and rose as much as 5% to hit their highest level in three months of INR 1,217.80 on the NSE. This comes after brokerages cheered the company's business update for Apr-Jun. Its standalone billings for the June quarter rose 14% on year to INR 7.37 billion. Billings from the company's recruitment business, Naukri, grew 17.5% in the same period.
At 0957 IST, the stock came off its intraday high and was trading over 3% up at INR 1,197.80 with a volume of over five million, much higher than close to a million until the same time Tuesday. Info Edge was among the top gainers in the Nifty 200 and 500 indices. Some brokerages upgraded their ratings and target prices for the stock.
JM Financial Institutional Securities upgraded Info Edge to "buy" from "reduce" and revised their target price upwards by 35% to INR 1,350. Provisional figures for Naukri billings at INR 5.5 billion were ahead of the broking firm's projection of INR 5.15 billion. This indicates that hiring activity across senior and specialised roles improved and that job applicants are opting for more paid services amid a hiring slowdown in the information technology sector, JM Financial said in a report. Pricing actions along with the rollout of artificial intelligence-linked products added to the segment's average revenue per user, according to the report.
Naukri billings are seen rising 5-12?tween 2026-27 (Apr-Mar) and FY29, JM Financial estimated. The brokerage increased its standalone earnings per share expectations for the company by 7-15% for this period. "Given the significantly better-than-expected recruitment trajectory, we expect margin to also expand meaningfully in the recruitment segment," JM Financial said. The company's on-year billings growth for its 99acres business at 16.6% was in line with its estimates, the brokerage said.
Brokerage Citi also upgraded the stock to "buy" from "sell" while hiking its target price to INR 1,400 from INR 1,000. The company's recent launches of AI Rex, Talent Pulse, and PremiumX led to higher average revenue per user than volumes, Citi said. The brokerage projects billings from Info Edge's Naukri business to grow 14% on year in FY27 as against 9?rlier. In FY28, billings for the segment are seen increasing 12% compared to 7?fore. AI Rex, the company's agentic AI talent-sourcing platform, can drive monetisation in the recruitment segment, Citi said while making note of the management's commentary on the platform's early adoption trends. AI Rex is live across over 4,000 enterprise customers and recruitment firms, the brokerage noted. Citi expects Info Edge's net profit in FY27 to be INR 12.23 billion, higher by 8% compared to its earlier projection.
Higher average revenue per user and a renewed focus on consumer business may have led to strong growth in the company's Naukri segment, Nomura said in a report. Despite a possible weakness in the Middle East market due to the ongoing conflict. Growth in the company's real estate business division is also expected to continue for the upcoming few quarters, according to Nomura. The brokerage maintained its "buy" rating on the stock with an unchanged target price of INR 1,320. (Ruchira Kagita)
Equity Alert: Downstream oil cos dn, oil prices up; Q1 EBITDA seen negative
MUMBAI--1105 IST--Shares of major oil marketing companies were down as crude oil prices gained following fresh escalation in the US-Iran war. Tuesday, the US said it completed a round of air strikes against Iran in response to Iranian attacks on three commercial vessels transiting the Strait of Hormuz. Subsequently, September futures of Brent Crude Oil were up nearly 3% and climbed over $76 per barrel. This was over 4% higher than the pre-war levels. At 1113 IST, shares of Hindustan Petrol Corp., Bharat Petroleum Corp., and Indian Oil Corp. were down 2-4%. Downstream oil companies have already been impacted by elevated oil prices following the outbreak of the US-Iran war, with the fallout expected to adversely affect their June quarter results, according to brokerages.
Oil marketing companies are seen facing significant fuel marketing losses and inventory losses in the June quarter, according to a report by Nomura. The brokerage expects Hindustan Petroleum Corp., Bharat Petroleum Corp., and Indian Oil Corp. to report earnings before interest, taxes, depreciation, and amortisation losses of INR 139 billion, INR 158 billion, and INR 173 billion, respectively, in the June quarter. This is due to significant losses on the retailing of petrol, diesel, and liquefied petroleum gas, stemming from the inability of downstream players to pass on increased crude oil prices.
Blended marketing margins are expected to have deteriorated to a loss of INR 20–INR 21 per litre in the June quarter, down from a loss of INR 5 per litre in the March quarter. The brokerage attributes this to higher refinery transfer prices and depreciation in the Indian rupee. Further, the brokerage also expects companies in the sector to have incurred higher under recoveries of INR 560 per cylinder in the June quarter, up from INR 77 per cylinder in the March quater, due to the upward revision in Saudi contract prices and the rupee depreciation. However, strong gross refining margins may partly offset the marketing losses in the June quarter.
Brokerage Nuvama echoed a similar view and said it expected the EBITDA for the oil and gas sector to plunge 28% in the June quarter, led by oil marketing companies. The brokerage also expects negative EBIDTA for downstream players, expecting weak marketing margins to outweigh the relief provided by strong gross refining margins.
Further, Nomura also expects strong core refining margins for oil marketing companies in the June quarter due to a sharp rise in product cracks following disruptions related to West Asia and refinery shutdowns during the quarter. The brokerage estimates core refining margins to exceed $25 per barrel for Hindustan Petroleum Corp., Bharat Petroleum Corp., and Indian Oil Corp. without adjusting for special additional excise duty. (Shruti Nair)
Equity Alert: Nomura retains 'buy' on Uno Minda after co enters PV space
MUMBAI--1050 IST--Brokerage Nomura Financial Advisory maintained its 'buy' recommendation on Uno Minda after the battery manufacturing company said it will expand into a four-wheeler passenger vehicle seating segment, executed under its 51% joint venture partner Tachi-S seating. The brokerage also kept its target price on the stock unchanged at INR 1,494. Nomura sees Uno Minda's entry into the passenger vehicle segment as positive, with expanding content per vehicle around INR 20,000-INR 70,000 per vehicle, it said in the report. Currently, Uno Minda only serves the two-wheeler and commercial vehicle segment, which comprised 7% of its revenue in 2025-26 (Apr-Mar).
For Uno Minda, the entry into the new segment is likely to add INR 8.00 billion, which is minimal, but the addition is expected to scale up significantly depending on the number of customer additions and premiumisation, with an asset turn of 2.5 times, it said in the brokerage report.
The joint venture has already secured an order from an anchor customer from an original equipment manufacturer, as per the report. In order to support the new product, the company's board has also approved a proposal for a manufacturing facility in Chhatrapati Sambajinagar in Maharashtra with a capital expenditure of INR 3.2 billion, it said. The company partnered with Tachi-S in September 2022 to manufacture and market seat recliners for passenger vehicles. (Durgesh Nandan)
Equity Alert: Indices slightly off lows; investors buy pharma, realty stocks
MUMBAI--1035 IST--Investors bought pharmaceutical and healthcare stocks, which are relatively less affected by renewed tensions in the US-Iran war and are largely considered a defensive play.
Indices slightly came off lows and at 1039 IST, the 50-stock index was at 24281.60 points, down 117.10 points, or 0.5%. The BSE Sensex was at 77788.39 points, down 392.33 points, or 0.5%. Broader market indices also came off lows, with mid-cap indices paring most of the losses.
Meanwhile, the Nifty Pharma and the Nifty Healthcare indices were up 0.3-0.4%, outperforming both the headline indices and broader market indices. Among pharma stocks, Zydus Lifesciences, Aurobindo Pharma, Divis Laboratories, and Torrent Pharmaceuticals rose 1-2%.
There was buying interest in real estate and metal companies as well. Lodha Developers, Anant Raj Ltd., and DLF gained around 1-3%. Ferrous metal companies such as Hindalco Industries, Hindustan Zinc, Vedanta, National Aluminium Co. rose about 1-3%. On the other hand, Nifty FMCG was the worst hit and fell 1.4%. All its 15 constituents traded lower. ITC, Dabur India, United Breweries, and Godrej Consumer Products fell over 1-2%. (Gopika Balasubramanium)
Equity Alert: Knack Packaging lists at INR 188 on NSE, 11?ove issue price
MUMBAI--1016 IST--Knack Packaging listed at INR 188 on the National Stock Exchange, a nearly 11% premium to the issue price of INR 170. The stock made its debut on BSE at INR 186, which translates to a premium of over 9% against the issue price. At 1011 IST, shares of Knack Packaging traded over 10% higher at INR 187.47 on the NSE. Nearly 18 million shares of the company changed hands on the exchange so far.
The company's public issue closed Friday and was subscribed 83.3 times, with bids placed for 1.58 billion shares against just 18.96 million shares on offer. Knack Packaging is an integrated, export-led, sustainability-oriented provider offering a range of packaging solutions, including printed and laminated woven polypropylene bags and printed and laminated woven polypropylene pinch-bottom bags that are customised, high-strength packaging solutions for a wide range of sectors, including food products and pet foods.
For the financial year 2025–26 (Apr-Mar), the company had reported a consolidated net profit of INR 927.24 million on revenues of INR 8.23 billion. (Adhithya Aji)
Equity Alert: Indices open lower amid fresh escalation in US-Iran war
MUMBAI--0935 IST--Indian equity indices opened lower on Wednesday mirroring movement in other Asian indices amid renewed tensions in West Asia. Overnight, the US struck Iran in response to the latter's attack on three commercial ships that were transiting the Strait of Hormuz. The US called Iran's attacks unwarranted and a clear violation of the ceasefire. Indices are likely to be volatile during the day as India VIX, the fear gauge of Dalal Street, jumped 5% to around 12.3225. Less than 15 Nifty 50 stocks were higher
At 0934 IST, the Nifty 50 was at 24217.35, down 181.35 points or 0.7%. The index is expected to take support at 24200 points for the day, according to technical analysts. Investors may also look to book profits amid slightly overbought conditions, they said. The BSE Sensex was at 77569.41 points, down 611.31 points or 0.8%. Broader market indices were also lower in early trade. Meanwhile, Shriram Finance and InterGlobe Aviation fell around 3?ch and were the worst-hit Nifty 50 stocks.
Barring, pharmaceutical, healthcare, and information technology sectors, all other fell at open. Nifty Pharma and Nifty Healthcare indices were up around 1?ch. Dr. Reddy's Laboratories, Cipla, Sun Pharmaceutial Industries, Max Healthcare Institute, and Apollo Hospitals Enterprise were up 0.4-1.0%.
Among Nifty 200 constituents, Info Edge (India) rose over 4% and was the top gainer. The stock rose for two sessions in a row after posting robust growth in billings for the June quarter. Kalyan Jewellers was up around 4%. Meanwhile, crude oil-sensitve oil marketing companies such as Hindustan Petroleum Corp., Bharat Petroleum Corp., and Indian Oil Corp. fell 3-4%. The brent crude oil rose around 3% to $76 a barrel after the fresh conflict in West Asia. (Gopika Balasubramanium)
Equity Alert: Asia mkts open dn as W Asia war escalates again, Kospi falls 4%
MUMBAI--0743 IST--Indices in Asia fell sharply Wednesday after opening stable amid a fresh escalation in the West Asia war. US launched fresh attacks on Iran after the latter attacked three commercial vessels transiting through Strait of Hormuz. This comes as a violation to the interim peace deal both the countries signed last month.
South Korea's Kospi fell the sharpest and was down 4% in early trade. Later, it pared losses and was down over 1%. The fall was despite heavyweights Samsung Electronics Co. rising 1.4% and SK Hynix 5.8%. Japan's Nikkei was down marginally.
"Increasing concentration in the semiconductor sector has become a factor raising financial market volatility, with the impact of fluctuations in the chip sector on the whole stock market growing," South Korean Finance Minister Koo Yun-cheol was quoted as saying by Reuters.
China's CSI 300 Index was down slightly. China's macroeconomic backdrop remains challenging, with weak retail sales and soft consumer sentiment continuing to weigh on markets, JPMorgan's Chief Asia Market Strategist Tai Hui told CNBC. Meanwhile, Hong Kong's Hang Seng rose 1.4%.
Following are the levels of key indices in the region at 0743 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
67935.09 | (-)0.47 |
| TOPIX FIRST SECTION | 4034.69 | (-)0.68 |
| S&P/ASX 200 Index | 8709.10 | (-)1.08 |
| KOSPI Index | 7600.67 | (-)0.73 |
| Hang Seng Index | 23830.80 | 1.42 |
| CSI 300 Index | 4777.59 | (-)0.31 |
|
FTSE Singapore Strait Times |
5348.22 | 0.11 |
(Deesha Jadhav)
Equity Alert: Indices may face selling pressure amid escalation in W Asia war
MUMBAI--0824 IST--Indian equity indices are expected to face selling pressure at open Wednesday amid renewed escalations in West Asia war and continuation of the last minute profit-booking from the previous session. Overnight, the US struck Iran in response to the latter's attack on three commercial ships that were transiting the Strait of Hormuz. The US called Iran's attacks unwarranted and a clear violation of the ceasefire. Most Asian indices were largely stable at open but have fallen now.
These escalations now undermine the interim peace deal between both the countries reached a month ago. Following these attacks, brent crude oil prices inched up a bit. At 0746 IST, the near-month contract of Brent crude oil traded on the Intercontinental Exchange were 2% higher at $75.9 a barrel. Almost for last two weeks, the crude oil prices hovered around $72 a barrel.
The Nifty 50's attempt to break out above 24500 which was met with late-session profit booking Tuesday and the geopolitical tensions dragged the Gift NIFTY 100–150 points lower, signalling immediate selling pressure at the open, Bhavya Shah, technical analyst at StoxBox, said. For Wednesday's session, "24500 points will act as a critical resistance, followed by major overhead supply at 24800 near the 200-day moving average," the analyst said. "On the downside, 24200 (points) serves as the immediate support ...with the ultimate psychological level at 24000," he added.
At 0746 IST, the July contract of GIFT Nifty was at 24231, down 20.5 points or 0.1% from its previous close. On Tuesday, the headline Nifty 50 index closed lower 31.65 points or 0.1% at 24398.70. The 50-stock index had retreated after coming close to 24550 points, the resistance level for Tuesday, and briefly slipped into the red. (Gopika Balasubramanium)
Equity Alert: US indices close lower ahead of FOMC minutes
MUMBAI--0702 IST--US markets closed lower Tuesday as investors pulled out of AI-linked stocks after sentiment was affected by the rise in oil prices. The Dow Jones Industrial Average and the S&P 500 fell marginally. The Nasdaq Composite fell 1.2%, with chipmakers leading the decline.
Oil prices rose after the US launched strikes on Iran in retaliation for attacks on ships travelling through the Strait of Hormuz. Brent crude September futures rose to $75.78 a barrel, up more than 2%. The US also revoked the licence that permitted Iran to sell its oil internationally. US stock futures were near flat as investors weighed on rising tensions in the West Asia and surging oil prices.
Investors await the minutes of the Federal Open Market Committee's last meeting, due late Wednesday. The minutes will provide clarity into Federal Reserve Chairman Kevin Warsh's first policy meeting, which left interest rates unchanged while signalling these could be hiked if inflation remains high.
"The FOMC minutes will be [a] wildcard simply because Warsh was so opaque at the most recent press conference," Adam Crisafulli, founder of Vital Knowledge, said in a note as per a CNBC report. "Normally, [Jerome] Powell provided fairly comprehensive accounting of the meeting discussion, but that didn't happen with Warsh, so the minutes, which are likely to be hawkish in tone, could contain some surprises."
Following were the closing levels of major US indices Tuesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52925.15 | (-)0.25 |
|
NASDAQ Composite |
25818.69 | (-)1.16 |
|
S&P 500 |
7503.85 | (-)0.45 |
(Deesha Jadhav)
US$1 = INR 95.59
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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