Equity Alert
Indices seen volatile in near term, TCS results in focus
This story was originally published at 16:40 IST on 9 July 2026
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Equity Alert: Indices seen volatile in near term, TCS results in focus
MUMBAI--1600 IST--Benchmark stock indices are expected to be volatile in the near term and all eyes will be on the June-quarter earnings of Tata Consultancy Services. Analysts expect the indices to consolidate in the near term due to uncertainty on how the situation in West Asia will play out – whether there would be another full-fledged war or a peace deal in place.
They expect investors to wait until there is certainty on the West Asia front, as well as on crude oil prices. While crude oil prices rose to $80 a barrel, they largely remained below the level. If crude oil were to rise to higher levels again, there could be a sharp correction in the indices. Investors would watch out for the June quarter earnings as well as look out for sectors resilient to the West Asia war-induced shocks. Investors would also watch out for management commentaries on the demand scenario as well as their outlook for financial year 2026-27 (Apr-Mar).
"Volatility will be there from now on as nobody is confident about how things would turn out in the near term," Rajesh Palviya, head of research at Axis Securities, said. "Everyone would take a calculated risk and analyse the results, so market is expected to consolidate in the coming days," he added. Going forward, the 50-stock index is expected to get support at 23800 points and a breach below this level would lead the to 23650 points, he said. Meanwhile, resistance is seen at 24100-24300 points.
After market hours on Thursday, Tata Consultancy Services reported a consolidated net profit of INR 133.49 billion on revenue of INR 722.75 billion for the June quarter. While the net profit came in slightly below expectations, the sales figure was better than expected. The company's stock closed at INR 2,049.50 ahead of the results. (Gopika Balasubramanium)
Equity Alert: Indices pare intraday gains after investors book profits
MUMBAI--1540 IST--Benchmark equity indices ended higher Thursday, giving up most of the gains made intraday as investors booked profits at higher levels, analysts said. Traders would look to cash as much profit as possible as uncertainty around the West Asia war would deter them from taking big positions, market participants said. Investors primarily bought real estate stocks throughout the session, alongside media and pharmaceutical stocks. Some state-owned banks also gained traction towards the end of the session.
The Nifty 50 closed at 23962.80 points, up 80.75 points or 0.3%. The index had risen around 253 points during the session but gave up at least half the gains. The index also closed below the psychologically important 24000 points. The BSE Sensex closed at 76741.82 points, up 238.22 points or 0.3%. Broader market indices closed sharply higher, with 1.4-1.8% gains. Barring the Nifty IT and Nifty Auto, which ended 0.3% lower each, all sectoral indices closed higher.
The Nifty Realty index, which closed 3.5% higher, was the top gainer among sectoral indices. All its constituents closed higher, with Lodha Developers, Brigade Enterprises, and Anant Raj Ltd. closing with 5-7% gains. Some analysts said with Mumbai receiving significant rainfall, construction activity in the city could resume without any hindrance.
Dr. Reddy's Laboratories ended around 6% lower and was the worst hit among Nifty 50 stocks. It has fallen for the fourth straight session and declined over 8% during this period. On Thursday, the stock fell following the company's announcement that its commercial supply of semaglutide would be delayed for some time after a few batches of the drug were found to be out of specification due to an issue with its active pharmaceutical ingredient. Its competitors such as Sun Pharma, Cipla, Lupin, and Aurobindo Pharma rose around 1-3%. (Gopika Balasubramanium)
Equity Alert: Nifty 50 July ends at premium of 44.80 points to spot index
MUMBAI--1535 IST-- The July futures contract of the Nifty 50 closed at a premium of 44.80 points to the spot index Thursday. Open interest in the contract fell 0.4% to around 17.10 million, according to provisional data.
--Nifty 50 closed at 23962.80 points, up 80.75 points or 0.3% vs Wednesday
--Nifty 50 July closed at 24007.60 points, up 95.40 points or 0.4% vs Wednesday
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 24700, Put: 23600
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 24500, Put: 23600
(Eshitva Prakash)
Equity Alert: Indices off highs, Nifty 50 slips below 24000 pts
MUMBAI--1501 IST--Benchmark indices came off highs and gave up half of their intraday gains and the Nifty 50 index slipped below 24000 points. Thursday's bounceback comes after the indices fell sharply on Wednesday after US ended the interim peace deal signed with Iran in mid-June. Pharmaceutical stocks were in demand so far in the session, along side shares of real estate and media firms.
At 1501 IST, the Nifty index was up 108.25 points or 0.5% at 23990.30. The index has largely remained in a narrow range between 24000 points and 24100 points ever since it rose broadly close to its intraday resistance level of 24200 points earlier in the day. All the sectoral indices were higher and so were broader market indices. The mid- and small-cap indices continued to outperform the benchmark indices and were up 1.5-2.0%.
Kalyan Jewellers gained around 19% and was the top gainer in the Nifty 200 index. Global brokerage Citigrop maintained its bullish stance on the stock and has a target price of INR 750. This shows an upside of 68% from Thursday's high. Such a sharp rise in the stock came after three consecutive days of fall till Wednesday, during which period it fell 9%.
Among others, quick commerce majors Swiggy and Eternal were up 2-5%. There are reports that Eternal could be given full weight in the next MSCI review in August. There is an over 25% headroom for foreign investors to put capital in, NDTV Profit reported citing Motilal Oswal Sales as saying. There could be passive flows of $520 million to Eternal, the report said.
Premier Energies rose over 4?ter the company said it inaugurated 5.6 gigawatt solar module manufacturing unit in Telangana, taking its total solar module manufacturing capacity to 11.1 gigawatt. Choice International rose over 8?ter the company informed exchanges that a South Korean firm will invest around INR 9 billion in Choice Equity Broking Pvt. Ltd. (Gopika Balasubramanium)
Equity Alert: Most stock markets in Europe higher, tech stocks rebound
MUMBAI--1432 IST--Most stock markets in Europe were slightly higher Thursday. Market participants showed some caution amid fears of a war reigniting in West Asia. US President Donald Trump said the ceasefire with Iran was over and despite adding later that Tehran wants to make a deal, he voiced caution about the viability of a deal. "I don't know that they're going to honor the deal," Trump said. The STOXX Europe 600 was up 0.4% in early hours of trade.
Technology stocks in the region rebounded. Shares of ASML Holding and Siemens were up over 2%, and those of STMicroelectronics close to 4%. Stocks related to semiconductor equipment such as Soitec rose 5%, Aixtron almost 4%, and Infineon Technologies around 2%.
"Positive developments around the AI trade are supporting sentiment, but it's not simply a case of AI outweighing concerns over US-Iran tensions. Investors have also become a little more immune to developments in that story," Reuters quoted Fiona Cincotta, senior market analyst at City Index, as saying.
Among some other stocks in focus was AstraZeneca, down almost 9%. The stock move came after the pharmaceutical major said the cardiomyopathy drug Wainua it was making in partnership with US-based Ionis failed to reduce cardiovascular mortality and recurring cardiac illnesses in a phase-III study.
Following were the levels of major European indices at 1431 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10442.63 | (-)0.44 |
| CAC 40 | 8289.16 | 0.44 |
| FTSE MIB INDEX | 52289.50 | 0.91 |
| DAX PERFORMANCE-INDEX | 24942.40 | 0.18 |
| SLI PR | 2272.73 | 0.20 |
(Ruchira Kagita)
Equity Alert: Dixon Tech up; govt waives basic customs duty on input goods
MUMBAI--1349 IST--Shares of Dixon Technologies (India) rose over 5% to a nearly seven-month high of INR 13,600 after the government exempted basic customs duty on several manufacturing goods used in key components of electronic devices until Mar. 31, 2029. At 1408 IST, its shares were at INR 13,535, nearly 5% higher from Wednesday's close.
Over 680,000 shares of the smartphone maker have changed hands on the bourse so far in the day, more than double the 302,000 shares at the same time Wednesday. Other electronic manufacturing services companies' stocks were also up with Kaynes Technology India rising over 5% to an intraday high of INR 3,374.
The finance ministry Thursday issued three notifications detailing the customs duty waiver on goods used in manufacturing key components of electronic devices. The government has exempted the basic customs duty on a wide range of goods used in manufacturing of lithium-ion cells, inductor coil module, and display assemblies. This is in line with the Centre's efforts to boost domestic electronics manufacturing and will reduce the cost of importing specialised electronics equipment that are not widely manufactured in India.
Of the 13 brokerage reports on Dixon Technologies available with Informist, 12 have a "buy" recommendation on the stock with an average target price of INR 13,285. One brokerage had a "sell" rating on the stock. Shares of the company have risen around 17% in the last 30 days and nearly 28% in the last three months. The stock has gained over 12% in the last one year. (Ashutosh Pati)
Equity Alert: Most Asian mkts end higher even as West Asia fears persist
MUMBAI--1352 IST--Most major Asian equity indices ended higher Thursday. The gains, however, were limited due to cautious sentiment after US President Donald Trump said the ceasefire with Iran was over. Brent Crude oil futures were over 2% higher from Wednesday's lows at $77 per barrel.
South Korea's KOSPI recovered a bit Thursday after shedding more than 10% over the previous three trading sessions. Shares of SK Hynix rose 5% but those of Samsung Electronics Co. closed only slightly higher. Demand for SK Hynix's $28-billion US listing was more than seven times the available shares, Bloomberg reported, citing sources. The company's American depository receipts attracted demand from global long-only funds, technology sector-focused funds, sovereign wealth funds and Asia-focused global investors, according to the media agency. Shares of SK Hynix are set to start trading on the NASDAQ Thursday.
In Japan, the Nikkei 225 index snapped its three-session losing run to close more than 1% higher despite most index constituents posting losses. On Thursday, 146 stocks in the headline index closed lower and 77 rose. Advantest Corp. was up almost 6%, Tokyo Electron 5.5%, Kioxia Holdings Corp. more than 8%, and Murata Manufacturing Co. 5%.
In other news, shares of Uniqlo parent Fast Retailing Co. fell over 2% even as it posted almost 46% on-year growth in its consolidated operating profit for the quarter ended May. The company also revised its operating profit growth guidance for the full year ending August to 730 billion yen (INR 428.7 billion) from 700 billion yen.
Australia's S&P/ ASX 200 ended lower for the fourth straight session, down 0.3%. The index slipped below its 200-day moving average. Over this period, the index declined by around a percentage point. Meanwhile, Hong Kong's Hang Seng index fell around 1?ter gaining 3% Wednesday.
On the macroeconomic front, China's producer price index rose 4.1% on an annualised basis in June, higher than the 3.9% on-year growth witnessed in May. The level in June is the highest in nearly four years, Reuters reported. "The uptick in Chinese inflation caused by the Iran war continued to unwind in June amid lower prices for oil and many other commodities," The Wall Street Journal quoted Julian Evans-Pritchard, an economist at Capital Economics, as saying.
Following are the levels of key indices in the region at 1353 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4876.3125 |
2.54 |
|
Hang Seng Index |
24008.67 |
(-)0.79 |
|
KOSPI Index |
7291.91 |
0.62 |
|
Nikkei 225 Day |
67743.85 |
1.38 |
|
TOPIX FIRST SECTION |
4020.37 |
0.35 |
|
FTSE Singapore Strait Times |
5427.89 |
1.09 |
|
S&P/ASX 200 Index |
8762.50 |
(-)0.26 |
(Ruchira Kagita)
Equity Alert: Nomura expects Ather Energy's sales volume to surge 53% in FY27
MUMBAI--1330 IST--Nomura expects the sales volume of Ather Energy to rise 53% on year to around 400,000 units in financial year 2026-27 (Apr-Mar), led by strong demand for electric two-wheelers in India, the setting up of a new plant by the company, and the launch of its EL platform to build affordable scooters. These factors will help Ather Energy address the INR 100,000–INR 125,000 segment, which makes up around 45% of the industry.
The average selling price of Ather products is expected to rise nearly 2% to pass on commodity costs to customers. The anticipated robust growth in volume and the expected price hike will increase the company's revenue by 54% on year in FY27. The revenue of the company will grow 57% on year and 36% on year in FY28 and FY29, respectively.
India's electric vehicle market penetration is at an inflection point, led by robust electric vehicle policies by the Centre and state governments. The brokerage expects electric two-wheeler vehicle penetration in India to rise to nearly 19% by FY30 from around 6.5% in FY26. Volumes of electric two-wheelers will also grow at a compounded annual rate of around 40% during FY26-FY30. The brokerage expects Ather to be the key beneficiary of this trend.
The market share of the company jumped more than twofold to 16.1% in June from 7.8% in June 2024. The company sold over 31,000 units in June. The brokerage expects shares of Ather to surge to INR 1,470 apiece by FY28, up over 22% from the closing price of INR 1,200 apiece Wednesday. At 1342 IST, the stock was at INR 1,223. (Ayush Jaiswal)
Equity Alert: Indices remain higher; traders cover short positions made Wed
MUMBAI--1325 IST--Options data show traders have unwound long positions in the call side and covered the short positions made Wednesday. The outlook for the market had turned bearish on Wednesday after the US president said the interim peace deal with Iran wa sover. The index has not breached the 24000 mark so far. All sectoral indices were up and broader market indices gained sharply.
At 1320 IST, the Nifty 50 index was at 24052.65, up 170.60 points or 0.6%. The BSE Sensex was at 77015.92 points, up 512.32 points or 0.7%. Traders unwound long positions at deep out-of-the-money call contracts of strike prices 25500, 25200, and 25000. They covered short positions made at in-the-money call contracts of strike prices 23900, 23800, and 23850. on the put side, traders sold contracts across the board. They went long on near out-of-the-money contracts with prices 24000, 24000, and 23800.
Investors primarliy bought shares of SBI Life Insurance Co. and Sun Pharmaceutical Industries, among Nifty 50 stocks. Both gained 2.5?ch. Titan Co. hit a record high of INR 4,679.80, and was up 0.8%. Grasim Industries and Apollo Hospitals Enterprise were close to their respective lifetime highs and traded 1-2% higher.
Meanwhile, Dr. Reddy's Laboratories was down 6% and was the worst hit among its peers. The stock did not show any signs of recovery; it has fallen for the fourth straight session and declined over 8% during this period. Its competitors such as Sun Pharma, Cipla, Lupin, and Aurobindo Pharma rose 1-3%. (Gopika Balasubramanium)
Equity Alert: Kalyan Jewellers jumps 18%, brokerages see more gains
MUMBAI--1315 IST--Shares of Kalyan Jewellers jumped Thursday, rising 18% to a one-month high of INR 440. Global brokerage Citigrop maintained its bullish stance on the stock and expects it to double from the levels before the recent rally. The stock rose for the second straight session and gained 24% during this period.
The stock breached its upper circuit of INR 411.55 during the session. Citi maintained its 'buy' call on Kalyan Jewellers with a target view of INR 750. The target price reflects an upside of over 70% from Thursday's high. The global brokerage expects a meaningful upside from current levels, Moneycontrol.com reported. The stock is trading with elevated implied volatility percentiles, indicating heightened expectations of near-term price expansion, Bajaj Broking said in a note.
On Tuesday, Kalyan Jewellers brought out its June quarter business update, in which the Kerala-based jewellery maker reported a 38% on-year rise in revenue. Its international sales were up 35%. However, the figures were below expectations. Motilal Oswal had estimated the on-year revenue growth at 45%. Revenue growth from India operations was at 38% on year, while the brokerage's estimate was 51% for the June quarter. The stock fell sharply Tuesday but rose in the following two sessions.
At 1308 IST, shares of Kalyan Jewellers were at INR 439.40. Nearly 87 million shares of the company changed hands on NSE, sharply higher than nearly 31 million shares traded till the same time Wednesday. The number of shares traded Thursday is over nine times the three-month daily average traded volume. Over the last three months, the stock has shed over 1% and over the last six months, it has fallen over 13%. (Adhithya Aji)
Equity Alert: Dr Reddy's plummets 7%; global Semaglutide sales seen at risk
MUMBAI--1312 IST--Shares of Dr. Reddy's Laboratories dropped nearly 7% to an intraday low of INR 1,261.10 on the NSE after the company said it found an issue associated with an active pharmaceutical ingredient used in its generic semaglutide product. Consequently, commercial supplies of the popular diabetes management drug will be delayed. An analyst said that Dr. Reddy's faces a severe risk of losing its market share in India and Canada. He also flagged that the company faces a risk of $120 million–$130 million of its revenues in 2026-27(Apr-Mar).
"Dr. Reddy's was already commenting on supply disruptions for the drug, which had affected production," Mehul Sheth, analyst at HDFC Securities, said. "We were, therefore, building a staggered market share gain for its Semaglutide offering... with the current supply disruption, it may take the company at least one quarter's time to return to normal production," he said. Sheth added that the company's early mover advantage in both Canada and India may be at risk as players such as Sun Pharmaceutical Industries, Zydus Lifesciences, and Lupin have expressed their intent to launch their own versions of the weight-loss drug in Canada over the next 6–7 months.
"Both revenue and EBITDA (earnings before interest, tax, depreciation, and amortisation) impact will depend on what the management says about possible delays and when they can get back on track (with production)," Sheth said. Alternatively, he noted that the company could use a third-party player for API development, but it would likely take them more than a quarter to get regulatory approval for such an arrangement.
At 1309 IST, shares of the company traded nearly 6% lower at INR 1,261.10 on the NSE. Around 7 million shares of the company changed hands on the bourse so far, which is seven-fold the number of shares traded till the same time Wednesday. (Eshitva Prakash)
Equity Alert: Indices rise again after coming off highs; Dr Reddys dn 5%
MUMBAI--1142 IST--Benchmark equity indices again inched up after coming off highs a while ago. The Nifty 50 rose to as high as 24134.70 points, broadly close to the intraday support, and then came off highs. The index has more or less remained above the psychologically important 24000 level. Dr. Reddy's Laboratories was in focus, with the company falling over 5%, and occupying the bottom spot in the 50-stock index.
At 1127 IST, the Nifty 50 index was at 24075.40 points, up 193.35 points, or 0.8%. The index has maintained its intraday gains so far. The BSE Sensex was at 77143.93 points, up 640.33 points, or 0.8%. Barring Nifty IT, all the sectoral indices were in the green. Nifty IT was down 0.8% with most large-cap players trading lower. A rise in mid-cap companies such as Coforge, LTM, and Persistent Systems rose 0.4-1.5% and prevented the index from falling sharply.
Shares of Dr. Reddy's plunged after the company said its commercial supply of semaglutide will be delayed for some time after a few batches of the drug were found to be out of specification due to an issue with its active pharmaceutical ingredient. Its manufacturing partner, Onesource Specialty Pharma said there awas no impact on its operations due to the above issue and demand for semaglutide is robust in Canada and other markets. To discuss this, the company will hold a conference call with investors and analysts at 1630 IST. (Gopika Balasubramanium)
Equity Alert: Tata Steel down 1%; co's Netherlands, UK deliveries fall in Q1
MUMBAI--1140 IST--Shares of Tata Steel shed nearly 1% and hit an intraday low of INR 186.62 per share on the National Stock Exchange. This comes despite the company reporting a healthy operational performance in the June quarter in a business update on Wednesday. The company reported an 11% on-year jump in its domestic crude steel production to 5.82 million tonnes for Apr-Jun. The company's delivery volumes also went up nearly 9% on year for the reporting quarter to 5.17 million tonnes from 4.75 million tonnes in the year-ago quarter.
The company's healthy volume performance in India was on the back of higher production at the Jamshedpur and Kalinganagar plants, reflecting a robust domestic demand, ICICI Securities said in a note. However, deliveries from the Netherlands and the UK operations fell 6.7% on year to 1.4 million tonnes and 20% on year to 480,000, respectively, the brokerage highlighted.
In another development, prosecutors in the Netherlands have summoned Tata Steel IJmuiden over alleged intentional and unlawful pollution. The first preliminary hearing has been scheduled for Nov. 20 at the Amsterdam District Court. This development is sentimentally negative for Tata Steel as it could result in legal and regulatory overhang for its Netherlands operations, the brokerage said in its note and underscored that the outcome of the proceedings and ensuing financial implications will be of interest. However, the brokerage expects the company's ongoing restructuring and cost optimisation initiatives in Europe to continue to support the long-term investment case.
At 1134 IST, shares of the company were at INR 187.50, down 0.4% from Wednesday, in contrast to its peers JSW Steel, Jindal Steel, and Steel Authority of India, which were up around 1–1.3.0% on the National Stock Exchange. Over 9.8 million shares of Tata Steel have changed hands so far on the exchange, higher than the 6.4 million shares traded until the same time Wednesday. (Shruti Nair)
Equity Alert: Phoenix Mills Q1 retail consumption growth beats Nomura view
MUMBAI--1046 IST--Phoenix Mills reported stronger retail consumption growth for Apr-Jun, which was 4% higher than the estimates by Nomura. According to the brokerage, the June quarter retail consumption performance was supported by healthy trends across the portfolio with double-digit growth across most assets. Nomura has raised its estimates for Apr-Jun revenue and earnings before interest, taxes, depreciation, and amortisation of the company.
Phoenix Mills reported strong retail consumption growth of INR 47.27 billion, up 32% year-on-year on the back of better performance of new malls such as Phoenix mall of Asia, Bengaluru, and Phoenix Mall of the Millennium, Pune.
The brokerage revised the June quarter revenue growth estimate to 16% from 14% earlier at INR 11.0 billion. EBITDA is now expected up 19% year-on-year at INR 6.7 billion, revised from 15% previously. It also raised the estimates for retail income growth to 20% on year to INR 6.1 billion from 17?rlier.
For the June quarter, residential sales were reported at INR 640 million, while collections were at INR 510 million. The company is expected to mark the June quarter with double-digit growth across most assets, mainly supported by firm consumption across the sectors, the brokerage said in its report. The holding leased occupancy rose to 72% as of June from 70% in March, and the leased part of 190,000 square kilometres was also completed during the quarter.
Despite the disruptions due to the West Asia war, the hotel segment revenue per available room recorded 15% on-year growth with The St. Regis, Mumbai, and 23% on-year growth with Courtyard by Marriott, Agra. This is on the back of healthy occupancies and a double-digit rise in average room rate, as per the brokerage report.
Shares of Phoenix Mills rallied 21% over the last three months mainly due to expectations for strong demand in domestic consumption. The brokerage retained its "neutral" recommendation on the stock with a target share price of INR 1,700, which is nearly 18% down from the current share price. At 1109 IST, shares of the company traded at INR 2,070.30 on the National Stock Exchange, up over 2%. (Durgesh Nandan)
Equity Alert: Indices retain gains; consumer durables, realty cos rise
MUMBAI--1040 IST--Benchmark equity indices maintained their gains from the early trade with buying interest seen across sectors, barring metal and information technology stocks. The Nifty 50 rose past 24000 points and has remained above the level so far in the day. The gauge that measures expected volatility in the market, India VIX, has cooled down to around 8%, indicating that the nervousness of investors has reduced significantly from Wednesday afternoon when the US ended the truce with Iran.
At 1031 IST, the index was at 24042.45, up 160.40 points, or 0.7%. The BSE Sensex was at 77000.02 points, up 496.42 points, or 0.7%. While the medium- to long-term outlook for Indian market remains positive, indices are expected to be broadly in a range in the near-term as investors would slice and dice the corporate earnings for the June quarter to ascertain which parts of the economy remained resilient through the West Asia war-induced shocks.
Traders continued buying shares of real estate and consumer durables companies. The Nifty Realty and the Nifty Consumer Durables index were up around 1.8?ch. Relentless buying in Kalyan Jewellers India pushed the sectoral index to be the top gainer among these indices. Media-related stocks also gained momentum with D.B. Corp. and Tips Music rising over 5?ch. (Gopika Balasubramanium)
Equity Alert: TCS down over 2% ahead of Apr-Jun earnings announcement
MUMBAI--1030 IST--Shares of Tata Consultancy Services fell over 2% to the day's low of INR 2,016 ahead of its June quarter earnings announcement, scheduled later in the day. The stock was down for the second session and shed almost 4% during this period.
The information technology colossus is expected to report a marginal sequential decline in its consolidated bottom line owing to annual salary hikes rolled out across the organisation from Apr. 1. However, its revenue for the quarter is expected to rise slightly, with the depreciation of the rupee against the dollar.
For Apr-Jun, the Tata Group company is likely to report a consolidated net profit of INR 135.23 billion, down 1.4% sequentially. However, this would translate to a growth of almost 6% on a year-on-year basis. Its consolidated revenue for the reporting quarter is expected to grow about 2% sequentially and 14% on year to INR 720.3 billion.
At 1027 IST, shares of TCS were 1% down at INR 2,036 on the NSE. So far in the day, over 1 million shares of the company have changed hands, almost in line with the shares of the company traded till the same time Wednesday.
Of the 20 brokerage recommendations available with Informist on the company, 19 have a 'buy' recommendation with an average target price of INR 3,238, while the remaining one has a 'hold' recommendation. (Arundathi A R)
Equity Alert: Dr. Reddy's falls 3%, co says Semaglutide supply to see delay
MUMBAI--1015 IST--Shares of Dr.Reddy's Laboratories fell nearly 3% to the day's low of INR 1,312.10 after the company Thursday said its semaglutide supply will be delayed due to an issue found with certain batches. The stock extended losses for the fourth straight session and shed 4.5% during this period. The volume of the shares traded so far in the day was four times the shares traded till the same time Wednesday. The company will hold a conference call on Thursday at 1630 IST to discuss the API issue.
The company informed exchanges that it found an issue associated with active pharmaceutical ingredient used in the semaglutide. "There is no impact on patient safety or on the product's existing global regulatory filings," according to the filing. The company said the commercial supplies of the product will be delayed for a certain period until the issue is resolved.
At 1003 IST, shares of Dr.Reddy's were over 2% lower at INR 1,317.90 on the NSE. So far in the day, over 2 million shares of the company have changed hands on the exchange, higher than 526,938 shares traded till the same time Wednesday.
Of the 13 brokerage recommendations available with Informist on the company, nine have a 'buy' recommendation with an average target price of INR 1,523. Of the remaining four, two have a 'sell' recommendation and two have a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Brokerages see 14% premium growth driving insurers' Q1 earnings
MUMBAI--0933 IST--The life insurance industry recorded a growth of 16% on year in individual annualised premium equivalent during June, driven by an 11% on-year volume growth in terms of insurance policies sold, according to data by the Life Insurance Council. Notably, the private sector annualised premium growth came in at 14% on year. Among notable players, Axis Max Life recorded a total annualised premium equivalent growth of 21%, followed by SBI Life which recorded a growth of 18%.
Brokerage Nirmal Bang Equities sees healthy performance in the June quarter for the life insurance sector, supported by sustained annualised premium equivalent momentum in retail protection and evolving channel dynamics. Growth in the sector is also increasingly driven by a favourable shift towards non-participating savings, Nirmal Bang Equities highlighted in its research report. However, profitability margins face structural limitations due to the non-availability of the goods and services input tax credit, which partially offsets the aforementioned product mix benefits, according to the brokerage. Intense competition in non-participating segments and evolving regulatory developments, specifically draft commission guidelines, Bima Sugam's launch, and the Indian Accounting Standards transition, will remain in focus, according to the brokerage.
Brokerage Nomura also underscored potential regulatory changes as an area of interest. The Insurance Regulatory and Development Authority of India is considering an overhaul of the commission structure of insurers seeking to curb mis-selling of policies, according to media reports. This is likely a drag on the industry in the near-term, the brokerage said in its research report.
The industry is expected to report around an 11–12% growth in retail annualised premium equivalent growth in the financial year 2026-27 (Apr-Mar), supported by a 13–14% growth in the private sector, Emkay Global said in a research report. The brokerage expects LIC to deliver a 6–7% retail annualised premium equivalent growth. The life insurance stocks have witnessed a sharp correction amid regulatory overhangs over recent months, the brokerage highlighted. Current valuations do not adequately reflect the strong franchise strengths, supported by brand, distribution, and scale, thus providing an attractive entry point, according to the brokerage. (Shruti Nair)
Equity Alert: Indices open higher; TCS down 1% ahead of Q1 results
MUMBAI--0940 IST--Benchmark indices opened higher on Thursday, bouncing back slightly from Wednesday's sharp fall. Investors looked past the fresh escalations in West Asia as the US struck Iran for the second straight day on Wednesday and revoked the interim peace deal reached last month. Movement in Indian indices mirrored that of other Asian markets, which rose as traders bought into chipmakers and technology companies.
In India, investors turned positive on consumer durables stocks, as well as real estate and select pharmaceutical companies. Tata Consultancy Services fell ahead of its June-quarter earnings due later in the day, and so did other information technology stocks.
At 0930 IST, the Nifty 50 was at 24036, up 153.95 points or 0.6%. The index is expected to find immediate support at 23800 points, but 23600 remains the crucial support for the day, technical analysts said. The BSE Sensex was at 77012.86 points, up 509.26 points or 0.7%. Broader market indices also rose in early trade, outperforming benchmark indices. Both the mid-cap and small-cap indices rose over 1%.
Eternal, Sun Pharmaceutical Industries, and Bharti Airtel topped the Nifty 50 index, up nearly 2-4%. Less than 15 Nifty 50 constituents traded lower on Thursday. Information technology majors were the laggards, with TCS, HCL Technologies, and Tech Mahindra down over 1?ch.
Among sectoral indices, Nifty Consumer Durables rose over 2% and was the top gainer, as Kalyan Jewellers India and Dixon Technologies (India) jumped around 4-10%. Nifty Realty and Nifty Pharma were up around 1.5?ch. Dr. Reddy's Laboratories fell 2?ter the company said that the supply of semaglutide would be delayed as there were issues with batches associated with the active pharmaceutical ingredient used in the product. (Gopika Balasubramanium)
Equity Alert: Emkay Global downgrades Rainbow Children's to 'add' from 'buy'
MUMBAI--0850 IST--Emkay Global Financial Services downgraded Rainbow Children's Hospital to 'add' from 'buy' while keeping its target price unchanged at INR 1,550. This target implies an upside of over 8% from the stock's closing price of INR 1431,10 Wednesday. The company's revenue is seen increasing 17?tween 2026-27 (Apr-Mar) and FY29, which is less than the 20% growth pencilled in for the hospitals in its coverage, the brokerage said.
Further, the ramp-up of the hospital network's new facilities is likely to weigh on its earnings before interest, taxes, depreciation, and amortisation margins through FY28-29. Rainbow Children's margin is estimated to contract by 378 basis points over FY26-29. Increasing competition in the pediatric segment also poses near-term challenges for the company, Emkay Global said.
For the June quarter, the hospital company's revenues are expected to grow 23% on year, according to Emkay Global. This growth will be supported by increased volumes across the chain's new and mature facilities. The company's profit is seen rising 18% on year to INR 634 million. However, its EBITDA margin is likely to lag top-line growth, the brokerage said, citing initial losses at new Bengaluru units and elevated employee costs from additions to senior management. Its margin is estimated to decline 77 bps for the three months ended June.
For the March quarter, Rainbow Children's reported a consolidated net profit of INR 770.43 million on revenues of INR 4.60 billion. Wednesday, the company's shares closed 0.6% higher at INR 1,431.10. (Ruchira Kagita)
Equity Alert: Asian markets open mixed, Kospi up almost 3%
MUMBAI--0830 IST--Asian Indices opened mix Thursday with South Korea's Kospi leading the gains. US President Donald Trump said he was no longer interested in negotiating a deal with Iran and that the interim peace deal was "over" after another wave of attacks in the West Asia.
South Korea's Kopsi rose 2.8% driven by a rise in Samsung Electronics and a SK Hynix after falling sharply the day before as investors raised concern about long-term prospects of AI chipmakers. Hong Kong's Hang Seng fell slightly. Meanwhile, Japan's Nikkei was up 2% and Topix First Section and FTSE Singapore Strait Times were slightly up.
China's CSI 300 was marginally up despite the 5?ll in Luxshare Precision Industry. Meanwhile, China's Producer Price Index rose 4.1% on year, the highest since July 2022, the National Bureau of Statistics data showed, matching the forecast of a Reuters poll.
Austrailia's S&P/ASX 200 was down less than 1%.
Following are the levels of key indices in the region at 0734 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
68177.5 | 2.03 |
| TOPIX FIRST SECTION | 4023.94 | 0.44 |
| S&P/ASX 200 Index | 8730.2 | (-)0.62 |
| KOSPI Index | 7449.67 | 2.80 |
| Hang Seng Index | 24141.31 | (-)0.24 |
| CSI 300 Index | 4771.77 | 0.34 |
|
FTSE Singapore Strait Times |
5397.2 | 0.51 |
(Deesha Jadhav)
Equity Alert: Indices seen under pressure amid renewed West Asia tensions
MUMBAI--0810 IST--Benchmark equity indices are expected to be under selling pressure at the open amid a fresh escalation in West Asia, as the US struck Iran for the second straight day. The US launched strikes against Iran late Wednesday. The US called these additional strikes an attempt to degrade their ability to threaten freedom of navigation in the Strait of Hormuz. This comes after the US President Donald Trump ended the truce with Iran on Wednesday afternoon, saying the memorandum of understanding signed with Tehran is "over" in an address in Turkiye.
The near-term market sentiment is negative, with rising crude oil prices and uncertainty about whether both the US and Iran will reach a peace deal. While analysts do not expect the situation in West Asia to worsen as much as it did in Mar-Apr, the uncertainty about how things will pan out from here will keep investors from taking large bets. With these fresh escalations in West Asia, crude oil prices shot up to $80 a barrel on Wednesday. At 0728 IST, the September futures contract of Brent crude oil on the Intercontinental Exchange was at $78.7 a barrel, up around 1%.
"Technically, the Nifty 50 index has reached an important price support at 23,800 (points), but a decisive fall below this level may drag it towards 23600-23400 in the near term," Vipin Kumaar, assistant vice president – technical and derivatives at Globe Capital Market, said. "On the higher side, 24200-24250 (points) will act as immediate resistance," he said. At 0727 IST, the July contract of GIFT NIFTY was at 23970.50, up 31.50 points or 0.1%.
Thursday, investors would also focus on the June-quarter earnings of Tata Consultancy Services due later in the day. The company is expected to report a marginal sequential decline in its consolidated bottom line owing to annual salary hikes rolled out across the organisation from Apr. 1. However, its revenue for the quarter is expected to rise slightly, with the depreciation of the rupee against the dollar. Shares of the company ended 1.8% lower Wednesday at INR 2,057.50 on the National Stock Exchange. (Gopika Balasubramanium)
Equity Alert: US markets close flat; Trump says US-Iran interim deal "over"
MUMBAI--0701 IST--US Indices closed flat Wednesday as investor sentiment was affected by renewed US-Iran tensions and a jump in oil prices. US President Donald Trump said he was no longer interested in negotiating a deal with Iran and that the interim deal was "over" after another wave of attacks in the West Asia.
The Dow Jones Industrial Average and the S&P 500 both ended slightly down. Microsoft and Alphabet each fell more than 1% and Meta Platforms lost 2% while SpaceX was down less than 1%. The Nasdaq Composite was marginally up, supported by a rally in Broadcom after it said that its agreement with Apple for supplying chips will be worth more than $30 billion.
Uncertainty regarding inflation due to rising energy costs created nervousness about rates hikes among investors. The minutes from the Fed'S June meeting revealed that Fed officials were reluctant to cut rates until they see inflation moving sustainably towards its target. Investors await the weekly jobless claims report and home sales data, both due later in the day, as well as Pepsico's earnings.
"Any assumption of a swift return to normalized Persian Gulf exports is certainly being challenged," said Mason Mendez, global real assets analyst at Wells Fargo Investment Institute, as per a CNBC report. "Given the reduced supply buffer of already low global reserves and inventories, any further escalations are likely to re-enforce a higher geopolitical risk premium in oil prices--even when negotiations eventually resume."
Following were the closing levels of major US indices Wednesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52348.39 | (-)1.09 |
|
NASDAQ Composite |
25870.65 | 0.20 |
|
S&P 500 |
7482.71 | (-)0.28 |
(Deesha Jadhav)
US$1 = INR 95.39
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.
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.
All times are Indian Standard Time.
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