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Informist, Tuesday, Jul. 14, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Markets in Europe open lower; BP shares rise on quarterly update

MUMBAI--1455 IST--Benchmark indices in Europe opened lower as a rebound in oil prices sowed fears of higher inflation in the region. The US has reinstated the blockade on Iran and said it will charge 20% fees on all cargo shipped through the Strait of Hormuz.

Stocks of travel and leisure companies fell 2% in early trade as higher oil prices stoked worries about a hit to leisure expenditure. Shares of Deutsche Lufthansa were down over 3%. Those of International Consolidated Airlnes Group, or IAG, were down almost 3%.
 

Stocks of oil companies were boosted after BP announced slightly higher oil trading for the June quarter. "BP's second-quarter update looks strong, with pricing benefits ahead of expectations and a robust trading performance," Dow Jones Newswires reported, citing J.P. Morgan's Matthew Lofting and Tianyu Wu's research note. The UK energy group expects price realisations to lead to benefits of between $1.8 billion and $2.1 billion in its oil production-and-operations segment and of $500 million to $700 million in its gas-and-low-carbon energy segment.

Shares of Swedish telecom equipment maker Ericsson fell 8% after reporting quarterly sales that came in slightly below analysts' estimates. The company warned that rising component costs could weigh on its future margins. The company took action in the June quarter to mitigate component-cost inflation, Chief Executive Officer Borje Ekholm said.

Following are the levels of key indices in the region at 1455 IST:

(Deesha Jadhav)

Equity Alert: Nuvoco Vistas shares hit 1-month high, co's Q1 result beats view

MUMBAI--1450 IST--Shares of cement maker Nuvoco Vistas Corp. rose over 13% to hit their highest level in over a month. This comes after the company declared its June quarter results after market hours Monday. The cement maker beat the Street's view on both consolidated net profit and top line. 

For the June quarter, the company had reported a 20% year-on-year jump in consolidated net profit to INR 1.60 billion. The company's expenses during the quarter grew at a slower pace than its revenues because of cost-saving measures, thereby driving up the bottom line. The cement maker's revenues came in at INR 31.29 billion, up 9% on year, while its total expenses rose over 6% to INR 28.56 billion.

With the recent commissioning of the company's 2 million-tonne-per-annum capacity in Gujarat, its volume growth visibility remains healthy, supported by a healthy demand environment, improvement in utilisation levels, and continuing expansion plans, according to a note by ICICI Securities. Total cement capacity is expected to increase to 35 million tonnes per annum from 27 million tonnes per annum by the financial year 2027-28 (Apr-Mar), according to the brokerage. The brokerage also said operational performance is likely to remain subdued in FY27 because of cost concerns stemming from ongoing geopolitical uncertainties. However, it maintained that the company's long-term outlook remains intact, led by a focus on cost optimisation and increase in premiumisation.

At 1446 IST, shares of the company were at INR 341.10, up 7.8% from Monday, on the National Stock Exchange. The stock was the top gainer in the Nifty 500 index. So far, over 19 million shares of the company have changed hands on the exchange. This is nearly 27 times the number of shares traded until the same time Monday.  (Shruti Nair)

Equity Alert: CSI 300 ends 2% up after better-than-expected China Jun exports

MUMBAI--1433 IST--Barring Taiwan, equity indices in Asia ended higher, with China's blue-chip CSI 300 Index leading the pack. South Korea's KOSPI rose after SK Hynix rebounded from an intraday fall. MSCI's Asia (excluding Japan) Index rose slightly.

China's CSI 300 ended over 2% higher after the country's exports in June rose 27% on year, the strongest since October 2021, beating a consensus estimate of 18%, according to customs data Tuesday. Imports to the country rose 36% on year in June, also ahead of analysts' estimates of a 24% rise. China's export growth is likely to remain strong in the second half of the current financial year, Dow Jones Newswires reported, citing Zhiwei Zhang at Pinpoint Asset Management. Hong Kong's Hang Seng Index ended 0.5% higher. 

Japan's Nikkei 225 Day ended 0.7% higher and the broader TOPIX ended 0.8% higher. South Korea's KOSPI ended 0.7% higher, supported by a rebound in SK Hynix's shares. The chipmaker's stocks had declined after profit-taking, American depository receipt-related arbitrage, and broader risk aversion towards South Korean equities, rather than a fundamental shift in the company's outlook, CNBC reported, citing Jung In Yun, founder and chief executive officer at Fibonacci Asset Management. 

Following were the levels of the key indices in Asia at 1428 IST:

(Deesha Jadhav)

Equity Alert: Welspun Corp hits record high; co order book at INR 236.50 bln 

MUMBAI--1350 IST--Shares of Welspun Corp. rose around 5% and hit a record high of INR 1,694.80 after the company received an order of INR 14 billion to supply pipes for oil and gas export projects. The company's consolidated global order book has risen to INR 236.50 billion or around $2.5 billion with this order. Welspun Corp. will execute its order book over 2026-27 (Apr-Mar) and FY28.

Brokerage Equirus Securities said Welspun Corp's US facility remains booked till FY28, led by demand across oil and gas infrastructure, liquefied natural gas expansion projects, hydrogen transportation opportunities, and rapidly increasing energy requirements of data centres. The company's footprint in the US and West Asia positions it to mitigate global supply chain disruptions while converting higher import tariffs into increased focus on localisation and import substitution into a structural competitive advantage, the brokerage said.

Its India business' should also see better order book inflow and growth traction from the second half of FY27, Nuvama said. "Backed by a record consolidated order book, this differentiated multi region manufacturing platform provides strong revenue visibility for the mid-term," it added.

At 1323 IST, shares of the company had given up some of the gains and traded around 2% higher at INR 1,650.10. Nearly 2.7 million shares of the company have changed hands on NSE so far in the day, several times higher than around 413,000 shares at the same time Monday. The stock has gained around 18% over the last 30 days and over 65% in the last 3 months. The company's shares have more than doubled in the last 180 days. All four brokerage reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 1,430.  (Ashutosh Pati)

Equity Alert: Indices remain down amid weakness in rupee, high WPI

MUMBAI--1348 IST--The weakness in the domestic currency added to the negative sentiment in the market Tuesday. The rupee fell 0.6% against the dollar to 96.1950. Moreover, India's wholesale price index for June rose to 9.87%, the highest in 27 months. At 1349 IST, the Nifty 50 was at 24064.30, down 146.70 or 0.6%, and the BSE Sensex was at 77108.12, down 508.28 points or 0.7%. 

The fear gauge of the equity market, India VIX was nearly 3% higher at 13.6450. All the broader market indices fell further, with Nifty Smallcap indices down 0.6-0.7%, and the Nifty Midcap indices fell 1.1% each. Banking shares remained the major drag, with Nifty Bank, Nifty PSU Bank, and Nifty Financial Services down 1-2%. 

Telecommunications major Bharti Airtel was the top gainer among the Nifty 50 constituents, up nearly 2%. Healthcare shares continued to reap gains with Apollo Hospitals Enterprises, Cipla, Sun Pharmaceutical Industries, and Dr. Reddy's Laboratories up 1% each. Metal companies Hindalco Industries, Tata Steel, and JSW Steel rose over 1% each as well. 

HCL Technologies was the major laggard in the index, down nearly 4%. The stock was the worst hit stock in the Nifty 200 as well. Shriram Finance, HDFC Life Insurance Co., InterGlobe Avitation, Tata Motors Passenger Vehicles, and Jio Financial Services were down 2-3%.

Shares of Welspun Corp. hit an all-time high of INR 1,694.80 after the company said its order book was INR 236.50 billion. The company also received a supply order worth INR 14 billion.  (Adhithya Aji)

Equity Alert: CONCOR up 6% to seven-week high on rise in Apr-Jun throughput

MUMBAI--1307 IST--Shares of Container Corp. of India surged over 6% to a seven-week high of INR 492 apiece on the NSE after the company Monday said its total throughput for the June quarter rose around 9% on year to 1.4 million twenty-foot equivalent units. This was better than expectations of a 6% fall in total handling volume by Nuvama Wealth Management. The company's export-import handling volumes rose nearly 10% on year to 1.07 million twenty-foot equivalent units, while domestic throughput rose over 6% to 335,739 twenty-foot equivalent units. Both of these were higher than Nuvama's estimates.

The brokerage has maintained its "buy" recommendation on the stock, with a target price of INR 600 per share, implying an upside of nearly 22%. Nuvama said the growth in volume implied strong market share gains for the company. It has projected a 200-250 basis points market share gain for the company for the June quarter.

Moreover, the brokerage expects Container Corp. to see a two-four percentage point gain on its export-import handling volumes in the medium term as it has started operations across the Jawaharlal Nehru Port Authority to the Western Dedicated Freight Corridor. "Given Concor's (Container Corp. of India) dominant market share (~60% at JNPA in FY26) and JNPA (Jawaharlal Nehru Port Authority) contributes over 33% of CCRI's total EXIM volume, thus DFC (Dedicated Freight Corridor) connection will provide a fillip to CCRI's volume trajectory Q3 onwards," Nuvama said.

At 1239 IST, shares of the company traded 5.5% higher at INR 489.45 apiece. Around 7.8 million shares of Container Corp. have changed hands on the NSE so far in the day, significantly higher than around 1.4 million shares at the same time Monday. All five brokerage reports on the company available with Informist have a "buy" rating on the stock with an average target price of INR 572.  (Ashutosh Pati)

Equity Alert: Indices fall further; financial services, auto cos weigh

MUMBAI--1210 IST--Benchmark indices fell further as the decline in financial services and automobile stocks outweighed the gains in metals and pharmaceutical stocks. At 1239 IST, the Nifty 50 was at 24070.55, down 140.45 points, or 0.6%, and the BSE Sensex was at 77127.56, down 488.84 points, or 0.6%.  

Pharmacuetical majors – Cipla, Sun Pharmaceutical Industries, and Dr. Reddy's Laboratories--gained 1-2% among the Nifty 50 constituents. Nifty Pharma was the top gainer among the sectoral indices, up over 1%. The Indian pharmaceuticals market has reported over 13% on-year growth in sales for June, according to Nomura. "This is the highest reported growth since Oct-2023," the brokerage said.

Metal companies – Hindalco Industries, Tata Steel, and JSW Steel-- rose 1-2%. Bharti Airtel was up nearly 2% higher. HCL Technologies was the worst hit in the 50-stock index. Brokerages highlighted the company's management's reluctance to upgrade its growth guidance for financial year 2026-27 (Apr-Mar), despite new bookings of $2.4 billion and strong traction in its artificial intelligence vertical.

Biocon was the top gainer among the Nifty 200 constituents, driven by the news report that Mylan plans to sell 5.64% stake in the company for INR 34.81 billion. Container Corp. of India, Adani Power, and Kalyan Jewellers rose 4–6% and were the other top gainers in the index. In contrast, Lodha Developers was the worst hit, down nearly 4%.

In the Nifty 500, CarTrade was the top gainer, up over 9%. On Monday, the global brokerage UBS initiated coverage on the company with a "buy" call and target price of INR 4,000. Nuvoco Vistas Corp. gained nearly 8% after the company released its June quarter earnings post market hours Thursday. "Operational performance during the quarter was better than expectations led by improvement in realisation on YoY (year-on-year) basis as cement prices improved during the quarter," ICICI Securities said on the company.  (Adhithya Aji)

Equity Alert: Indian pharma market posts 13% sales growth in June, says Nomura

MUMBAI--1205 IST--The Indian pharmaceuticals market has reported over 13% on-year growth in sales for June, according to Nomura. This was driven by a 5.9% rise in prices, a 3.3% growth in volumes, and a 4% growth in new product launches, the brokerage said. "This is the highest reported growth since Oct-2023," Nomura said. 

After a slow growth in 2024 and 2025, the sales picked up in 2026 on the back of low volume in the base, new launch of glucagon-like peptide-1, and growth in chronic therapies. In June, anti-diabetes drug clocked the fastest growth driven by new product launches, particularly glucagon-like peptide-1, which contributed around 50% of the segment growth, the report said. Followed by vitamins, minerals, and nutrients, whose growth was largely driven by price hikes. The growth in other large therapies such as cardiac, respiratory, pain, neuro, and derma, also remained robust, according to Nomura.

In terms of value, Lupin and Zydus Lifesciences recorded the highest growth among the companies covered by Nomura, while Alkem Laboratories was the underperformer in June. In terms of moving annual total, Torrent Pharmaceuticals posted the highest growth of over 14% on year, followed by Glenmark Pharmaceuticals, at almost 14%, and Zydus Lifesciences' over 13%, Nomura said.

Pharmarack, the business-to-business firm, has raised its growth estimate for the Indian pharmaceutical market for 2026 to over 11.3% from the earlier 7–9%. This came after upbeat growth in the first half of 2026.

In India, since the patent expired for generic semaglutide on Mar. 20, around 17 generic companies have launched generic semaglutide. The sales of semaglutide rose over 2% month-on-month in June. Alkem and Sun Pharmaceuticals reported the strongest expansion in market share by 276 and 168 basis points on month, respectively. However, Lupin and Dr Reddy's Laboratories reported a decline in market share by 234 and 209 bps, respectively. Torrent Pharma has maintained its leadership position in generic semaglutide, with 34% market share. 

Nomura also estimated that around 294,000 patients are using generic semaglutide, which includes nearly 81% using injectables and about 19% using oral solids. It also estimates that around 160,000 patients are on innovator brands, which is nearly 46% of the entire population on glucagon-like peptide-1 in India. The brokerage estimate the glucagon-like peptide-1 market share in Indian market to reach $1.30 billion by 2030.

Pharma stocks in the indices traded higher Tuesday and Nifty Pharma was up over 1%. More than half of the constituents in the sectoral index traded higher. Nifty 50 constituents Cipla, Sun Pharmaceutical Industries, and Dr. Reddy's Laboratories gained 1-2%.  (Ayush Jaiswal)

Equity Alert: HCL Tech dn 3%; co retains FY27 guidance despite deal wins

MUMBAI--1122 IST--Shares of HCL Technologies fell over 3% on Tuesday to hit an intraday low of INR 1,182.10 per share. This comes even after the company's Apr-Jun results, released Monday, beat the Street's view. For the June quarter, HCL Technologies reported a consolidated net profit of INR 46.24 billion, up 3% sequentially, on revenues of INR 345.79 billion, up 2%. However, in constant currency terms, the company's revenues fell 0.5%. Further, brokerages highlighted the company's management reluctance to upgrade its growth guidance for financial year 2026-27 (Apr-Mar), despite new bookings of $2.4 billion and strong traction in its artificial intelligence vertical.

Brokerage Nuvama cut the target price on the stock by 7% to INR 1,300 and underscored that the lack of upward revision by the company in its growth guidance implies challenges to existing businesses. The brokerage also said narrowing growth differential between HCL Technologies and its peers, Tata Consultancy Services and Infosys, along with data-centre investment risk, make the risk-reward assessment unattractive, and thus deems the stock's current valuation unsustainable. The brokerage cut the earnings per share view based on estimates for FY28 by 0.8%. 

JM Financial highlighted that the company's management indicated it would revisit the guidance after monitoring demand trends over the next quarter. The company said that the recently announced mega deals will have a negligible revenue contribution in FY27, with steady-state revenues expected only from the start of FY28, the brokerage highlighted. Further, the brokerage also underscored that the company's engineering, research, and development segment saw a sequential contraction of 3.7% in constant currency terms. However, the brokerage views the company's order book performance positively and thereby revised the target price on the stock to INR 1,100 from INR 1,020 but maintained its "reduce" call.

Brokerage Motilal Oswal underscored that the company's engineering, research, and development segment underperformed as its technology and telecommunication segments remain impacted by discretionary spending cuts at two large US telecommunications clients. Thus, client-specific issues in key verticals such as telecom have reduced the company's growth premium per FY27 estimates. Nevertheless, a potentially strong exit as well as continued strong deal wins could restore the gap in FY28, according to the brokerage. The brokerage maintained its "buy" recommendation on the stock with a revised target price of INR 1,450 per share, which is 18 times the earnings per share multiple based on FY28 estimates, against 16 times earlier.

Elara Securities upgraded the stock to "accumulate" from "sell" and revised the target price to INR 1,310 from INR 1,200 earlier. The brokerage is positive on the company's potential to create a first-mover advantage in the full-stack AI data centre opportunity by investing in Sarvam AI as well as an investment to create 50 megawatt capacity without disturbing its stated dividend payout policy.

At 1122 IST, the stock was down over 3% at INR 1,183.20. So far, over 5.6 million shares of the company have changed hands on the exchange, more than twice the number of shares traded until the same time Monday.  (Shruti Nair)

Equity Alert:Biocon at 5-yr high; Mylan may sell shrs in co for INR 34.81 bln

MUMBAI--1115 IST--Shares of Biocon rose nearly 8% to an over-five-year high of INR 442.60. The stock rose following reports that global healthcare company, Mylan, plans to sell up to 92 million shares in the company. The stock was up for the third day in the past four sessions.

Mylan, part of the global healthcare ‌company Viatris, is planning to sell shares in Biocon for up to INR 34.81 billion, Reuters reported. The sale represented up to 5.64% of Biocon's outstanding shares. It is a secondary sale, in which shares are being sold by an existing investor and Biocon will not receive the proceeds, according to the report. "We do not comment on market rumours or speculation," Viatris said in response to a Reuters request for comment.

At 1054 IST, shares of Biocon were nearly 8% higher at INR 442.05. So far in the day, over 25 million shares of the company have changed hands on the exchange, way higher than 1.5 million shares traded till the same time Monday.  (Arundathi A R)

Equity Alert: An hour into trade, mkt stays lower; fincl svcs, auto cos drag

MUMBAI--1044 IST--One hour into the trade, the market remained lower with financial services and automobile stocks being the major drag on the indices. Meanwhile, pharmaceutical and metal stocks were the major gainers. The heavyweight ICICI Bank fell 1%. At 1042 IST, the Nifty 50 was at 24086.20, down 124.80 or 0.5%, and the Sensex was at 77153.51, down 462.89 points or 0.6%.

"Technically, the Nifty index is consolidating in a 'Broadening' formation, with immediate support around the 23800 spot level and resistance near 24600," said Vipin Kumaar, assistant vice-president, research, at Globe Capital Market. Kumaar said that a breakout on either side of the 23800–24600 spot zone is essential for a sustainable move in that direction.

Shriram Finance, down over 3%, remained the worst hit stock in the Nifty 50. Bajaj Finance, HDFC Life Insurance Co., Bajaj Finserv, Jio Financial Services, SBI Life Insurance, Kotak Mahindra Bank, and Axis Bank fell 1-2%. Automobile companies – Mahindra & Mahindra, Bajaj Auto, Tata Motors Passenger Vehicles, and Maruti Suzuki India fell 1-2%. 

HCL Technologies was down nearly 3% and was the second-worst hit stock in the index. The IT major's revenue in constant currency terms fell marginally lower. The consolidated net profit for the reporting quarter rose over 3% to INR 46.24 billion, and revenue was up 2% sequentially to INR 245.79 billion. Among individual stocks, Larsen & Toubro, Grasim Industries, Bharat Electronics, and Eternal were down 1% each. 

Metal stock Hindalco Industries was the top gainer in the 50-stock index and was up nearly 3%. Tata Steel and JSW Steel gained over 1% each. Pharmaceutical companies Cipla, Dr. Reddy's Laboratories, and Sun Pharmaceutical Industries were up around 1% each. 

Among the sectoral indices, Nifty Realty was the worst hit, down nearly 2%. In contrast, Nifty Metal and Nifty Pharma were the top gainers, up around 1% each.

In the Nifty 200, Biocon was the top gainer, up nearly 7%. Kalyan Jewellers rose nearly 5%. The stock was up for the fifth consecutive session and gained nearly 43% during the period. L&T Finance was the worst hit in the Nifty 200, down nearly 4%. Nuvoco Vista Corp. rose nearly 8% to be the top gainer in the Nifty 500 on the back of strong June quarter earnings.  (Adhithya Aji)

Equity Alert: Mkt opens lower as crude climbs on escalation in US-Iran war

MUMBAI--0941 IST--Benchmark indices opened lower Tuesday as crude oil prices climbed amid further escalation of tensions between the US and Iran. Both nations exchanged fresh strikes after Donald Trump threatened to impose shipping fees on vessels transiting the Strait of Hormuz. Crude oil prices gained nearly 2% to $84.76 per barrel.

At 0936 IST, the Nifty 50 was at 24120.30, down 90.70 points or 0.4%, and the BSE Sensex was at 77244.49, down 371.91 points or 0.5%. Automobile and financial services stocks were the major laggards in the indices. All the broader market indices were in the red, with Nifty midcap indices down 0.3-0.4% and the Nifty smallcap indices down 0.4-0.5%. 

Hindalco Industries, Cipla, Bharti Airtel, and Tata Consultancy Services were the top gainers in the Nifty 50, up 1-2%. Nestle India, Oil and Natural Gas Corp., Dr. Reddy's Laboratories, and Sun Pharmaceutical Industries rose 1% each. 

InterGlobe Aviation was the worst hit in the Nifty 50, down over 2%. The sharp rise in crude oil prices due to the escalation of the war in West Asia will increase the company's jet fuel costs. HCL Technologies fell nearly 2% after the IT major kept its sales guidance unchanged despite strong deal wins in the June quarter. Nuvama Institutional Equities said this implies underlying challenges in the company's existing business.  

Financial Services companies Shriram Finance, Bajaj Finance, Kotak Mahindra Bank, Jio Financial Services, and Bajaj Finserv fell 1-2%. Auto stocks Bajaj Auto, Mahindra & Mahindra, Tata Motors Passenger Vehicles, Eicher Motors, and Maruto Suzuki India fell 1-2% as well. 

In the Nifty 200, Biocon was the top gainer. The stock rose over 5% after Global pharma company Mylan decided to exit the company by selling up to 5.64% for INR 34 billion, Reuters reported. Container Corp. of India shares rose over 4% after the company said its total throughput for the June quarter rose 9% on year to 1.40 million twenty-foot equivalent units.  

On the other hand, L&T Finance was the worst hit in the index, down over 3%. Nomura said that the finance company's loan disbursement growth for Oct-Dec is expected to be lower due to the monsoon impact. Lodha Developers and Ashok Leyland fell nearly 3% each.  

Shares of Nuvoco Vistas Corp. rose 7% after the company reported a 20% on-year rise in its net profit in the June quarter. The stock was the top gainer among the Nifty 500 constituents. Thermax was the worst hit in the index, down nearly 4%.  (Adhithya Aji)

Equity Alert: Asian mkts open flat; South Korea to hike rate 25 bps to 2.75%

MUMBAI--0845 IST--Asian markets opened flat Tuesday after the US reinstated a naval blockade on Iran and imposed a 20% fee on all cargoes shipped through the Strait of Hormuz.  

China's CSI 300 was flat. Japan's Nikkei 225 and South Korea's Kospi were both almost flat. American depository receipts of South Korea's SK Hynix fell 9.3% after rising more than 12% Friday on its Nasdaq debut.

South Korea's central bank is expected to raise its interest rate by 25 basis points to 2.75% on Thursday, marking its first rate hike in more than three years, according to a Reuters poll of economists. Another increase is also anticipated before the end of the year as inflation remains well above the Bank of Korea's 2% target. Consumer inflation accelerated to 3.2% in June, its highest level in two-and-a-half years, and is expected to stay close to 3% through the second half of the year. The reasons for the rate hike include strong economic growth, rising house prices, and elevated household debt. The central banks of Australia, New Zealand, Indonesia, and the Philippines have already tightened their policies.

Singapore's FTSE and Hong Kong's Hang Seng fell around 1% each. Australia's S&P/ASX 200 Index was flat. 

The following are the levels of key indices in the region at 0746 IST:

(Deesha Jadhav)

Equity Alert: To open lower as oil prices rise on Trump's shipping-fee threat

MUMBAI--0835 IST--Domestic equity indices are expected to open lower Tuesday as crude oil prices climbed over $80 a barrel after US President Donald Trump threatened to impose shipping fees on vessels transiting the Strait of Hormuz. Supply disruption of crude oil is expected to intensify again as the US reinstated the blockade of Iranian ports. The market is also likely to mirror losses in its Asian peers, most of which were down in early trade.

"The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran," Trump said on his Truth Social. "We are reinstating THE IRANIAN BLOCKADE, so named because it is only stopping Iran's ships or customers from entering or leaving. All other countries will have fair and open use of the Strait."

"The U.S.A. will be, from this point forward, known as ‘THE GUARDIAN OF THE HORMUZ STRAIT,'" Trump added, "but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World."

At 0829 IST, the September futures contract of Brent Crude oil was over 1% higher at $84.28 a barrel. Crude oil prices are now nearly 16% higher than their pre-war levels of $72.87 a barrel. 

At 0830 IST, the GIFT Nifty July futures contract was 0.1% down at 24058.50, lower than 15.50 points from its previous close. The GIFT Nifty movement also suggested a lower opening for the Nifty 50 index, as it was over 150 points lower than the Nifty 50's previous close of 24211.

"Technically, the Nifty index is consolidating in a 'Broadening' formation, with immediate support around the 23800 spot level and resistance near 24600," Vipin Kumar, assistant vice president of research at Globe Capital Market, said. "A breakout on either side of the 23800–24600 spot zone is essential for a sustainable move in that direction. Within this range, a move and sustenance above 24300 could lead it toward 24600, while a fall below 23960 could drag it back to the 23800 spot level."

Market participants will also keep a close look at the June quarter corporate results to get directional cues on the market, along with global updates and oil price trends. Shares of HCL Technologies will be keenly tracked Tuesday as the company announced its June quarter results post market hours Monday.

The company had reported a consolidated net profit of INR 46.24 billion, up more than 3% on quarter and higher than analysts' consensus estimate of INR 44.70 billion. The company's bottom line rose over 20% on year. Its consolidated revenue for the reporting quarter rose nearly 2% on quarter to INR 345.79 billion, higher than the Street's view of INR 343.58 billion.

Among Asian indices, Taiwan's TAIEX fell the most, down 2.6%. South Korea's KOSPI was down nearly 2% in early trade. All three major US indices also settled lower on Monday, where the Nasdaq Composite closed 1.5% lower.  (Arundathi A R)

Equity Alert: US indices close lower; US reinstates blockade on Iran 

MUMBAI--0653 IST--US equity indices ended lower Monday as rising tensions with Iran weighed on investor sentiment. US President Donald Trump's decision to reinstate a blockade on Iranian shipping through the Strait of Hormuz pushed global oil prices sharply higher. "We are reinstating THE IRANIAN BLOCKADE, so named because it is only stopping Iran's ships or customers from entering or leaving," Trump said in a post on Truth Social, CNBC reported.

The Nasdaq Composite fell 1.6%, the S&P 500 closed almost 1% lower, and the Dow Jones Industrial Average ended flat. American depository receipts of South Korea's SK Hynix fell 9.3% Monday, after it rose more than 12% Friday on its Nasdaq debut.

Investors now await economic updates and corporate earnings. US Federal Reserve Chair Kevin Warsh is set to deliver his first semi-annual testimony before US Congress, where he will be questioned about the inflationary impact of the US-Iran war. Markets are also awaiting the Consumer Price Index, Producer Price Index, and retail sales data for June, which will offer insight into inflation trends in the US and how the consumer is spending amid rising fuel costs.

Major banks, including JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup, and Wells Fargo are scheduled to announce their quarterly results Tuesday. Analysts are expecting S&P 500 companies to report second-quarter earnings growth of around 24% compared with 19.2% in April.

Brent crude oil rose more than 9%, marking its biggest single-day gain in years, while US Treasury yields climbed as traders worried that higher oil prices could keep inflation elevated.

Following are the closing levels of major US indices Monday:

(Deesha Jadhav)

US$1 = INR 96.19

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Rajeev Pai

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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