Equity Alert
Europe markets open lower, UK May GDP grows 0.1%
This story was originally published at 15:21 IST on 16 July 2026
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Equity Alert: Europe markets open lower, UK May GDP grows 0.1%
MUMBAI--1428 IST--The pan-European Stoxx 600 opened marginally lower Thursday. Indices tracking sectors such as industrials, technology, utilities, consumer cyclical and non-cyclical fell between 0.2% and 0.4%. Swiss index SLI fell 0.6% and was the hardest hit among the indices in the region. Traders also parsed the UK GDP, which showed the economy made a slight rebound from April and grew marginally at 0.1% in May, largely in line with the consensus estimate.
Rotork's shares jumped around 67%. ABB Global after announcing its June quarter results announced that it will buy Rotork, a UK industrial flow control equipment maker, for 4.1 billion euros. ABB Global was over 2% lower. The company reported better-than-estimated earnings with earnings before tax rising 20% to $1.93 billion.
Shares of Delivery Hero fell 1?ter Uber bid to takeover the German food delivery company for 41.50 euros or $47.59 per share. Prosus will sell its 17% stake in Delivery Hero to Uber as part of the above deal.
Following are the levels of key indices in the region at 1428 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
FTSE 100 Index |
10480.5 | (-)0.3 |
|
CAC 40 |
8347.41 | (-)0.4 |
|
MIB INDEX |
52266.03 | (-)0.3 |
|
DAX PERFORMANCE-INDEX |
24909.89 | (-)0.4 |
|
SLI |
2282.02 | (-)0.6 |
(Deesha Jadhav)
Equity Alert: ITC Hotels slumps 5?ter Q1 sales, PAT fall on quarter
MUMBAI--1436 IST--Shares of ITC Hotels slipped around 5% to an intraday low of INR 174.00 on the NSE after the company's consolidated profit and revenue for the June quarter fell sharply on quarter. Its consolidated profit fell almost 43% sequentially and revenue around 25% for the quarter. The profit contracted despite the company's total expenses fell 16% on quarter. This was the steepest on-quarter fall for the company's profit and sales since its demerger in January 2025. Right before its earnings were announced, the stock trading slightly higher on the bourses.
On an on-year basis, the hotel chain operator's net profit and sales went up. Its profit increased by over 35% to INR 1.80 billion and its revenue from operations rose almost 15% to INR 9.36 billion. The company announced that it will fully acquire GHK Hospitality & Infrastructures for an enterprise value of INR 1.55 billion to expand its presence in Ahmedabad.
"This value-accretive acquisition provides an opportunity to the Company to capitalise on Ahmedabad's diversified year-round demand," ITC Hotels said in an exchange filing. The acquisition of GHK Hospitality is expected to complete in the September quarter. The transaction to acquire GHK Hospitality will be carried out in cash and debt-free basis, ITC Hotels said.
At 1430 IST, shares of ITC Hotels were 4.8% lower at INR 174.71 on the NSE. Around 7.5 million shares of the company changed hands on the bourse. The trading volumes were over five times higher from the same time Wednesday. (Ruchira Kagita)
Equity Alert: Indices marginally higher after briefly slipping into red
MUMBAI--1433 IST--Benchmark equity indices remained marginally higher after briefly slipping into the red. Broader market indices remained under selling pressure, with mid-cap indices falling sharply. Traders primarily sold shares of real estate companies after Prestige Estates' pre-sales for the June quarter halved on year.
At 1422 IST, the Nifty 50 was at 24084.70, up 6.20 points. The index hit a low of 24051.65 points. So far, the index has remained in a less than 150-point range. The BSE Sensex was at 77230.52 points, up 45.09 points or 0.1%.
Among the Nifty 50 stocks, 11 traded 1% higher or more. Information technology stocks continued to take top spot in the 50-stock index. Among sectoral indices, those pertaining to consumer durables, IT, media, and automobile were among the gainers. Meanwhile, those tracking realty, financial services, and banks fell. Real estate companies such as Prestige Estates Projects and Phoenix Mills fell over 2?ch. Others such as DLF, Brigade Enterprises, and Oberoi Realty fell 1%.
HSBC raised its view on Indian equities to "neutral", citing receding risks to earnings from oil prices and strong domestic consumption. The global bank raised its year-end target for the BSE Sensex to 84000 from 80500. This shows an upside of around 9% from the spot level.
"The macro backdrop for India equities has improved quite a bit in recent weeks, mainly because the oil shock faded fast," Bloomberg reported, citing HSBC strategists led by Herald van der Linde as saying in a note, earlier in the day. "We see India as a good way to gain exposure to domestic-oriented growth," they said. (Gopika Balasubramanium)
Equity Alert: Fall in chip stocks drags Asian mkts down; Kospi falls over 6%
MUMBAI--1415 IST--Asian stock markets closed lower Thursday, tracking an overnight fall in chip stocks in the US. Despite strong June quarter results from Taiwan Semiconductor Manufacturing Co., semiconductor stocks in the region ended lower, dragging down benchmark indices of Japan and South Korea.
South Korea's Kospi closed over 6% lower as index heavyweights SK Hynix and Samsung Electronics plunged 11% and 8%, respectively. Bank of Korea raised its benchmark interest rate for the first time in three and a half years to 2.75% from 2.50%.
Japan's Nikkei 225 index closed almost 3% lower. "There has recently been a noticeable divergence between semiconductor stocks and the broader market, and today is no exception, with high-tech shares undergoing a correction," Reuters reported, quoting Hiroki Takei, a strategist at Resona Holdings.
Taiwan Semiconductor Manufacturing Co. reported a 77% on-year rise in its June quarter net profit, beating market estimates. The company also raised its full-year revenue growth forecast in US dollar terms to slightly above 40% from more than 30, various media reports said.
China's CSI 300 closed almost 2% lower. Hong Kong's Hang Seng closed over 1% higher as Hong Kong-listed shares of Alibaba rose 5%. US-listed shares of Alibaba and Baidu rose on Thursday after the company's spokesperson told CNBC that the large language model Qwen would be integrated into Apple Intelligence experiences within iOS, iPadOS, macOS, and vision OS for users in China.
Following were the levels of key indices in the region at 1333 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66835.54 | (-)2.8 |
|
TOPIX FIRST SECTION |
4028.79 | (-)1.5 |
|
S&P/ASX 200 Index |
8840.7 | 0 |
|
KOSPI Index |
6820.6 | (-)6.4 |
|
Hang Seng Index |
25004.41 | 1.3 |
|
CSI 300 Index |
4698.43 | (-)1.9 |
|
FTSE Singapore Strait Times |
5523.51 | (-)0.7 |
(Deesha Jadhav)
Equity Alert: ABB India jumps 10% on parent's $5.5-bln deal, Q2 earnings
MUMBAI—1230 IST--Shares of ABB India surged 10% to their highest level in around two-and-a-half years of INR 7,924.50 after the Swiss parent ABB reported an 8% on-year growth in income from operations to $1.59 billion for the quarter ended June. The company's total revenue rose 14% to $9.48 billion. ABB also announced that it will acquire UK-based Rotork in its biggest-ever transaction for $5.5 billion.
Rotork is expected to add 3% to ABB's revenues with immediate accretion to operational earnings before interest, taxes, and amortisation margin. The acquisition should be earnings per share accretive in the second year after integration, ABB said. To fund this deal, ABB will deploy around $4.8 billion in cash after divesting its stake in ABB Robotics, the company said.
"As part of ABB, Rotork is expected to accelerate its growth and value creation while preserving its entrepreneurial spirit and customer proximity that makes this business so successful. With our strong balance sheet ABB has room for additional M&A (mergers and acquisitions) and execution of its announced share buyback program," ABB Chief Executive Officer Morten Wierod said in a press release. Rotork is involved in making mission-critical flow control and instrumentation solutions.
The company received orders worth $12.04 billion in the June quarter, 30% higher on year. This was a new record for the company, it said in an earnings-related press release. ABB's operational EBITA increased by 20% to $1.93 billion and its EBITA margin came in 90 basis points higher at 20.2% for the quarter.
At 1212 IST, shares of ABB India were 9% higher at INR 7,818.50 on the NSE, with trading volumes close to 2 million. This is significantly higher than the almost 356,000 share volumes witnessed till the same time Wednesday. The stock was the top gainer in the Nifty 200 universe. (Ruchira Kagita)
Equity Alert: Indices rise more; Nifty 50 inches towards resistance of 24200
MUMBAI--1155 IST--Equity indices rose a bit more from the hour-ago levels with the Nifty 50 nearing its intraday resistance level. Information technology stocks continued to be the front runners, followed by passenger vehicle makers. Oil marketing companies also traded higher, followed by select media stocks.
At 1129 IST, the 50-stock index was at 24145.15 points, up 66.65 points, or 0.3%. The index hit a high of 24186.50 points, nearing its resistance level of 24200 points. Both small-cap and the mid-cap indices recovered and were slightly higher. The BSE Sensex was at 77431.71 points, up 246.28 points, or 0.3%. Among sectoral indices, Nifty Consumer Durables was up 1.6% and Nifty IT was up 1.5%.
Large buying in Dixon Technologies (India) and PG Electroplast pushed the consumer durables index to be the top gainer among sectoral indices. These stocks traded around 5% higher. Media companies such as D.B. Corp. and Prime Focus jumped 6-8%.
Among Nifty 200 stocks, ABB India rose over 8% and was the top gainer. This was after its parent ABB Global reported better-than-expected June-quarter earnings. ABB Global bought a UK-based engineering group Rotork in a deal worth 4.1 billion euros (approximately INR 453 billion), reports said. HDFC Asset Management Co. down around 5%. The company's assets under management growth was 13% on year during the quarter, slightly trailing behind the industry's 15% growth, ICICI Direct said. (Gopika Balasubramanium)
Equity Alert: Tech Mahindra, Wipro up 2-3% ahead of Q1 earnings announcement
MUMBAI--1150 IST--Shares of Information technology giants Tech Mahindra and Wipro rose ahead of their June quarter earnings, later in the day. Shares of Tech Mahindra rose nearly 3% to an over one-month high of INR 1,538.30 and those of Wipro were up almost 2% to the day's high of INR 177.99. Tech Mahindra was up for the second session and Wipro rose after falling for the past two sessions.
Wipro is likely to post a marginal sequential decline in its consolidated bottom line for the June quarter owing to the incremental impact of wage hikes for two months and acquisition-related charges. Its net sales are likely to rise slightly due to depreciation of the rupee against the dollar. The company's consolidated net profit for the June quarter is expected to decline over 1.8% sequentially to INR 34.37 billion, while its revenue from operations for the quarter is likely to grow 2.4% sequentially and over 12% on year to INR 248.19 billion.
Tech Mahindra's consolidated net profit for the quarter is expected to rise around 18% on quarter to INR 15.96 billion. The IT giant's consolidated revenue for the June quarter is expected to rise 2.5% sequentially to INR 154.54 billion. According to analysts, continued cost optimisation under its margin improvement programme Project Fortius and depreciation of the rupee against the dollar are expected to support Tech Mahindra's net profit for Apr-Jun.
At 1150 IST, shares of Tech Mahindra were nearly 2% higher at INR 1,525 on the NSE. So far in the day, 1.5 million shares of the company have changed hands on the exchange. Wipro was up nearly 2% at INR 177.55 on the NSE, with 6 million shares changing hands on the exchange. (Arundathi A R)
Equity Alert: ICICI Lombard hits two-yr-low as Q1 combined ratio upsets
MUMBAI--1135 IST--Shares of ICICI Lombard slipped 15% to their lowest level in over two years after the company's June quarter net profit nearly halved on-year and combined operating ratio surged. Earlier during the trading session, the stock had also hit 10% lower circuit at INR 1,900 on the NSE. Brokerages turned cautious on the stock, with some downgrading their ratings.
Having to set aside INR 1.65 billion as a prudential provision in response to the Supreme Court's ruling mandating a minimum threshold of INR 30,000 per month when determining the compensation of a Motor accident victim where the victim is a homemaker dragged the company's earnings for the June quarter. Further, two losses amounting to INR 630 million under the fire segment impacted its combined ratio by 1%, the company said. For the quarter ended June, ICICI Lombard's combined operating ratio was 107.2%, up 426 basis points on year.
"...the competitive dynamics and regulatory scenario as less favorable for profitability in the near term," Emkay Global Financial Services said in a report. Competition is unhealthy in the motor own-damage and third-party segments, given higher distributor pay-outs in profitable vehicle categories, the brokerage said. Even a hike in motor third-party tariff hike is only likely to offset the impact of the apex court's ruling and improve profitability, Emkay Global said. In the absence of an immediate tariff hike in the motor third-party segment, the insurer's claims ratio in the segment are expected to worsen in financial year 2026-27 (Apr-Mar).
Emkay Global revised its FY27-FY29 estimates for the company's net profit by 9-12% and sees its combined operating ratio increasing by 1.1-1.8 percentage points to 104.5% in FY27 and to 102.6% in FY28. The brokerage maintained its 'add' recommendation on the stock with and lowered its target price by around 10% to INR 1,900.
Given the likelihood of an industry-wide disruption in motor third-party underwritings, Nuvama Institutional Equities cut its estimates for the insurer's net profit by 21.1% for FY27 and by 11.7% for FY28. The brokerage also downgraded the stock to 'reduce' from 'buy' and revised its target price lower by 30% to INR 1,660 from INR 2,350. The company's combined ratio is expected to be more than 100% in FY27, FY28, and FY29 as well.
Motilal Oswal Financial Services also downgraded the stock to 'neutral' from 'buy' and reduced its target price to INR 1,960 from INR 2,210. The brokerage cut its estimates for the company's profit by 14% for FY27 and by 11% for FY28. Visibility on the insurer hiking its tariffs in the motor third-party business, altering its commission sources in the motor segment, and realigning profitability of its motor own-damage segment is bleak, Motilal Oswal said.
The insurance company's net profit for the June quarter fell 46% on year to INR 4.03 billion from INR 7.47 billion, sharply lower than analysts estimates of INR 7.72 billion. The company's net premium earned, meanwhile, rose almost 16% on year to INR 59.50 billion. At 1132 IST, shares of the company came off lows and were 11% down at INR 1,612.10, with trading volumes close to nine million. This is several times higher than around 245,000 until the same time Wednesday. (Ruchira Kagita)
Equity Alert: Laser Power lists at INR 250 on NSE, 17% premium to IPO price
MUMBAI--1120 IST--Shares of Laser Power & Infra listed at INR 250 on the NSE, a premium of nearly 17% to its issue price of INR 214. At 1119 IST, shares of Laser Power & Infra traded nearly 22% higher at INR 260.39. Over 26 million shares of the company have changed hands on the exchange so far.
The initial public offering of the company which ended Monday, was subscribed 39.94 times, with bids received for 996.32 million shares against 25.59 million shares on offer.
The company manufactures power cables, conductors, and other specialised products and components used by the power transmission and distribution industry. For the financial year 2025–26 (Apr-Mar), it had reported a consoliodated net profit of INR 1.52 billion on revenues of INR 23.26 billion. (Durgesh Nandan)
Equity Alert: Piramal Finance shares up 2% ahead of Apr-Jun earnings
NEW DELHI--1049 IST--Shares of Piramal Finance Ltd. rose nearly 2% ahead of the company's June quarter earnings scheduled later in the day. The stock was up for the second session. At 1031 IST, shares of the company were at INR 2,177.30 on the National Stock Exchange, up 0.3% from the previous close. The stock has risen over 8% since Apr. 27, when it detailed its March quarter earnings.
The company is estimated to report a net profit of INR 4.05 billion for the June quarter, up 46% on year but down 19% sequentially, according to Nomura Financial Advisory and Securities (India) Pvt. Ltd. The on-year rise in the company's bottom line is mainly due to a 23% growth in its assets under management at INR 1.05 trillion in the June quarter, while the net profit was weighed down by a decline in its other income sequentially, the brokerage said. Meanwhile, Nuvama Wealth Management Ltd. sees the company's core profit after tax rising 88% on year and 4% on quarter to INR 5.20 billion in Apr-Jun.
Nomura expects the company's net interest income to grow 41% on year and 3% on quarter to INR 12.74 billion. Its other income is likely to rise 34% on year but fall 28% sequentially. The non-banking finance company's net interest margin is expected to fall 8 basis points sequentially to 4.9% in the June quarter, the brokering firm said. The net interest margin is seen growing 60 basis points from the corresponding period a year ago. "We expect improvement in credit costs quarter-on-quarter, as Piramal Finance incurred elevated credit cost from the legacy book in 4Q26," Analyts at Nomura said in its pre-earnings note.
All brokerage reports on the company available with Informist have a 'buy' or equivalent recommendation with an average target price of INR 2,118 apiece. This is nearly 3% lower than the current market price. (Shweta)
Equity Alert: Mkt largely unchanged from open; ICICI Lombard hits 2-year low
MUMBAI--1020 IST--Indices were largely unchanged from the open. However, they slightly come off intraday highs a couple of times but sustained buying into information technology and automobile stocks restricted losses. Meanwhile, traders turned bearish on insurers and non-banking financial companies. Fall in shares of real estate also continued. ICICI Lombard General Insurance Co. hits over two-year low within 45 minutes into Thursday's session.
Investors will also keep an eye on crude oil prices which spiked to a high of $87 a barrel in the wake of fresh escalations between US and Iran, after the former struck off the truce. At 1019 IST, the Nifty 50 index was at 24126.30 points, up 47.80 points or 0.2%. The small-cap indices fell into the red after rising slightly in the initial minutes of trade and the mid-cap indices were slightly down. The BSE Sensex at 77379.80 points, was up 194.37 points or 0.3%.
HCL Technologies was up 3% and was the top gainer of the Nifty 50. Tech Mahindra and Wipro were up around 2?ch. So far, the management commentaries hinted at a recovery of demand in the September quarter. There has been a slowdown in demand due to the West Asia war slowing down spending.
ICICI Lombard fell 15% to INR 1,544.60, its lowest level since June 2024, and continues to be the worst-hit Nifty 200 constituent. This was after the company posted a sharp fall in its net profit. Other insurers such as HDFC Life Insurance Co. and SBI Life Insurance Co. were down 1-2% and were the most hit stocks in the Nifty 50.
This quarter saw a relatively slower growth in HDFC Life's annualised premium equivalent and value of new business, both growing in single digits. "We believe most of the near-term negatives are largely priced in at current valuations, while an expected recovery in growth could drive a gradual uptick in price," ICICI Direct said in a note. (Gopika Balasubramanium)
Equity Alert: South Indian Bank shares up 0.5% ahead of Q1 earnings
MUMBAI --1008 IST--Shares of South Indian Bank rose ahead of its June quarter earnings, due later inthe day. At 1008 IST, shares of the bank traded 0.5% higher at INR 45.73 apiece. The bank is expected to report a healthy 29% on-year growth in its net profit for the quarter to INR 4.12 billion, driven by an expansion of its loan book. However, the growth is expected to be a slower by 2% on a sequential basis, according to Anand Rathi Share and Stock Brokers Ltd.
Nirmal Bang Equities Pvt. Ltd. expects the bank to report a net profit of INR 4.25 billion, up nearly 32% on year and up 4% sequentially. The bank's net interest income for the reporting quarter is expected to be INR 9.24 billion, up over 11% on year and nearly 1% on quarter, according to Anand Rathi. Nirmal Bang estimates the net interest income at INR 9.55 billion, up almost 15% on year and over 4% on quarter.
The lender's net interest margin for the quarter is expected to fall slightly on year for the June quarter but rise 7 basis points on a sequential basis, according to Nirmal Bang.
South Indian Bank's gross advances rose 17.0% on year to INR 1.04 trillion as of Jun. 30, while its deposits grew 11.4% to INR 1.26 trillion. Its current account savings account ratio improved to 32.99% at the end of June from 32.12% a quarter ago.
For the March quarter, South Indian bank's net profit was INR 4.08 billion and its total income was largely flat on year at INR 29.45 billion. Shares of the bank are up 7.4% since May 6, when it detailed its March quarter earnings.
The three brokerage reports on the company available with Informist, two have "buy" recommendations on the stock with target prices of INR 57, indicating an upside of 24% from the current market price and a "hold" recommendation at INR 45. (Divya Moolayattil)
Equity Alert: Jio Financial shares down 1% ahead of Apr-Jun earnings
MUMBAI—1005 IST--Shares of Jio Financial Services Ltd. fell 1% to an intraday low of INR 234.10 on Thursday ahead of the company's June quarter earnings, which are slated to be announced later in the day. The core investment company is expected to report a healthy on-year growth in its net profit for the June quarter.
Motilal Oswal Financial Services Ltd. expects net profit of the company for the June quarter at INR 3.35 billion, up nearly 13% on year. Jio Financial Services had posted a net profit of INR 2.96 billion in the year-ago quarter.
Jio Financial's net interest income is expected to rise 50% on year for the June quarter to INR 3.96 billion, according to Motilal Oswal. "Expect interest income to improve driven by strong AUM (asset under management) growth in Jio credit," Motilal Oswal said in its report. Jio Credit's asset under management is expected to rise around 12% on quarter, the brokerage said.
Market participants will watch for the management's commentary on growth outlook of the non-banking finance company segment and progress in other businesses, Motilal Oswal said.
At 1004 IST, the stock was down 0.6% at INR 235.25 apiece on the National Stock Exchange. The only brokerage report on the company available with Informist has a "buy" recommendation on the stock at a target price of INR 315 per share, up nearly 40% from the current market price. (Nandini Sinha)
Equity Alert: ITC Hotels shares down 1% ahead of Apr-Jun earnings
MUMBAI--0959 IST--Shares of ITC Hotels Ltd. fell nearly 1% to an intraday low of INR 182.50 ahead of the company's June quarter earnings, slated to be announced later in the day. ITC Hotels' consolidated net profit is expected to rise over 19% on year to INR 1.59 billion for the June quarter, according to JM Financial Institutional Securities Pvt. Ltd. PhillipCapital (India) Pvt. Ltd. sees ITC Hotels' bottom line rising over 27% on year to INR 1.70 billion for the quarter.
PhillipCapital sees the company's top line rising over 9% on year to INR 8.92 billion and JM Financial expects a near 20% on-year increase to INR 9.76 billion. ITC Hotels' earnings before interest, tax, depreciation, and amortisation are projected at INR 2.72 billion by JM Financial and INR 2.90 billion by PhillipCapital.
PhillipCapital (India) expects the company's consolidated revenue to rise, supported by an 8% growth in revenue per available room in "owned hotel business", including ITC Ratnadipa in Colombo, Sri Lanka. The brokerage expects modelled consolidated operating margins, excluding residential, to contract by 50 basis points on year due to higher employee costs.
At 0958 IST, shares of ITC Hotels traded marginally lower at INR 183.30. Of the six brokerage reports on the company available with Informist, five have a 'buy' recommendation on the stock with an average target price of INR 213 and one has a 'hold' recommendation. (Ashutosh Pati)
Equity Alert: Newgen Software shares rise 5% ahead of June quarter earnings
MUMBAI--0935 IST-- Shares of Newgen Software Technologies rose nearly 5% to an intraday high of INR 586.90 ahead of its June quarter earnings, to be announced later in the day. At 0932 IST, the company's shares traded nearly 4% higher at INR 579.
IDBI Capital Market Services expects the company's consolidated net profit for the June quarter to fall 49% sequentially to INR 539 million, while ICICI Securities has projected it to decline 57% on quarter to INR 461 million. Newgen's net sales are also expected to fall in the June quarter. ICICI Securities expects net sales to fall by 20% on quarter to INR 3.62 billion, while IDBI Capital expects them to fall nearly 21% on quarter to INR 3.59 billion.
The company had reported a consolidated net profit of INR 1.15 billion for the March quarter on consolidated net sales of INR 4.52 billion.
The software company's revenue is likely to rise 13% year-over-year, driven by traction in the annuity business across segments, including annual maintenance contracts, support, and software-as-a-service, according to ICICI Securities. Its product business is also expected to see improvement, the brokerage said.
Of the four brokerage reports on the company available with Informist, two have a 'buy' recommendation on the stock with an average target price of INR 640 per share. The target price is 15% higher than the closing price on Wednesday. Two brokerages have a 'hold' recommendation with an average target price of INR 548. (Diksha Singh)
Equity Alert: Indices open slightly higher; IT, auto stocks attract buying
MUMBAI--0930 IST--Benchmark equity indices opened slightly higher on Thursday, defying weakness in other Asian markets. Information technology stocks led the gains, attracting buying interest in the early minutes of the session. India VIX, the NSE's volatility gauge, fell 3%. Meanwhile, estate stocks, along with shares of select banks and financial services, saw selling pressure.
At 0932 IST, the 50-stock index was at 24128.10 points, up 49.60 points or 0.2%. Intraday, the index is expected to find support at 24000 points and face resistance at 24200 points. Analysts forecast a range-bound movement for the index throughout the session. While the small-cap indices were higher, the mid-cap indices were marginally lower. The BSE Sensex at 77394.36 points, was up 208.93 points or 0.3%.
Traders turned bullish on IT stocks and bought shares of Tech Mahindra, HCL Technologies, Wipro, and Infosys, pushing them 1-2% higher ahead of the June-quarer earnings of Wipro and Tech Mahindra. Stocks of passenger vehicle-makers also traded higher, with Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Maruti Suzuki India up 1?ch.
Among other stocks, Dixon Technologies (India) was up over 7% and was the top gainer. The gains in the stock market followed the government's approval of an INR 625-billion scheme for mobile manufacturing. ICICI Lombard General Insurance Co. fell 10?ter the insurer's bottom line plunged 46%. Several brokerages either downgraded the stock or cut their target prices. (Gopika Balasubramanium)
Equity Alert: Brokerages mixed on HDFC Life Q1 results, cut growth estimates
MUMBAI--0859 IST--HDFC Life Insurance Co.'s June quarter results drew mixed reactions from brokerages. The company's new business value and annualised premium equivalent beat some analysts' expectations but were in line with others'. The loss of input tax credit under the revised goods and services tax norms impacted the company's margin in the new business. Brokerages were confident that the margin would stabilise in 2026-27 (Apr-Mar) and maintained their recommendations on the stock even as they cut growth estimates slightly.
The life insurance company's growth in annualised premium equivalent for the June quarter was subdued, while its margin in value of new business was flat on-year, according to Emkay Global Financial Services. The growth in value of new business is likely to track that of annualised premium equivalent as management focuses on maintaining a balanced product mix, the brokerage noted. Emkay Global tweaked its estimates for the company's annualised premium equivalent and value of new business, lower by 1-2%. "Growth revival and clarity on commission regulations will be key to a re-rating of the stock," the brokerage said. Emkay Global has a 'buy' recommendation on the stock with the target price unchanged at INR 750.
HDFC Life's annualised premium equivalent was weak due to a decline in contributions from its Bancassurance division, Nuvama Institutional Equities said. Retail protection, which was up 42% on year, and demand for unit-linked insurance plans were resilient, the brokerage said. Nuvama trimmed its estimates for the company's value of new business by 3.1% for FY27 and by 1.8% for FY28. It revised its target price lower to INR 790 from INR 850 earlier while retaining its 'buy' recommendation. Regulatory clarity and bancassurance recovery are key re-rating triggers, though current valuations offer a reasonable margin of safety at abount 5% value of new business growth, Nuvama said.
The insurer's annualised premium equivalent was in line with Motilal Oswal Financial Services' estimates. Going forward, protection as a percentage of annualised premium equivalent is expected to remain broadly range-bound at current levels while annuity contributions are likely to increase, the brokerage said. Its unit-linked plans are not expected to change meaningfully, the brokerage said in a report. The company's value of new business of INR 8.79 billion beat the brokerage's expectations.
The company's margin in new business is expected to remain stable, the sum assured is expected to increase, and policy riders are expected to improve, Motilal Oswal said. The loss of input tax credit is likely to be fully absorbed by the first half of FY27. The company's margin in the value of new business is expected to normalise by then, the brokerage said. Motilal Oswal expects the company's value of new business to increase to INR 47.7 billion in FY27, up from INR 46.7 billion. The margin in value of new business is estimated to be 50 basis points higher at 25% for the same period. The brokerage reaffirmed its 'buy' call on the stock and revised its target price to INR 690.
The life insurance company reported a net profit of INR 6.11 billion for the quarter ended Jun. 30, up nearly 12% on year. Its net premium income rose over 14% on year to INR 165.48 billion. Wednesday, shares of the company closed 2.4% higher at INR 568.75. (Ruchira Kagita)
Equity Alert: Indices seen opening flat; Wipro, Tech Mahindra results eyed
MUMBAI--0835 IST--Benchmark equity indices are expected to open flat and remain within a narrow range Thursday, with a focus on June-quarter earnings and developments in West Asia. The US launched a fresh round of strikes in the southern part of Iran, attacking the country for the fifth straight day. The crude oil prices have remained around $85 per barrel since Tuesday.
The US military completed a second wave of strikes on Iran on Wednesday that were aimed at degrading its ability to target vessels in the Strait of Hormuz, CNN reported. President Donald Trump is weighing options to expand the US military operation, sources told CNN.
In Asia, most indices fell amid a sell-off in semiconductor and artificial intelligence-related stocks. South Korea's Kospi fell 7%. The Bank of Korea raised the interest rate by 25 basis points to 2.75% in the first hike in over three years. US indices ended higher as a better-than-expected US Producer Price Index lifted sentiment and eased concerns about a Federal Reserve rate hike.
The Nifty 50 is expected to open flat on Thursday, likely between 24050 and 24085 points, Ashish Sherigar, senior technical and derivatives analyst at NVS Brokerage, said. The intraday support is at 24000-23800 points and the resistance at 24200-24250 points, he added.
At 0722 IST, the July contract of GIFT NIFTY was at 24092, down 11 points or 0.1%. This was 14 points higher than the Nifty 50's close level on Wednesday. The 50-stock index settled at 24078.50 points, up 0.1%. Over the last several sessions, the index has been consolidating between 23800 and 24200 points broadly. The BSE Sensex closed at 77185.43 points, up by 130.49 points or 0.2%. (Gopika Balasubramanium)
Equity Alert: Asian markets fall, Kospi down 7% amid Bank of Korea rate hike
MUMBAI--0732 IST-—Asian markets opened lower as a sell-off in US chipmakers affected regional stocks. South Korea's Kospi fell sharply due to SK Hynix's volatility after its US listing last week. South Korea's Central Bank raised its benchmark interest rate for the first time in three and a half years to 2.75% from 2.50%. Bank of Korea has raised its seven-day repurchase rate by 25 basis points, as estimated by all but one of 37 economists surveyed in a Reuters poll.
South Korea's Kospi fell 6.7% as shares of index heavyweights SK Hynix and Samsung Electronics fell 11% and 7%, respectively. Shares of Seoul Semiconductor, LG Innotek, and Samsung SDI fell between 1% and 5%. Japan's Nikkei opened 3% lower. Japan's Advantest fell more than 6% while SoftBank Group fell nearly 7%. Among other stocks, Tokyo Electron fell over 5% and Renesas Electronics fell 4%. Overnight, Micron Technology, Intel, Lam Research, and Advanced Micro Devices fell between 3% and 8% in the US.
Hong Kong's Hang Seng opened 1.6% higher and was the best performer. Australia's S&P/ASX 200 was slightly down.
Following are the levels of key indices in the region at 0732 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66562.18 | (-)3.2 |
|
TOPIX FIRST SECTION |
4048.2 | (-)0.98 |
|
S&P/ASX 200 Index |
8821.5 | (-)0.2 |
|
KOSPI Index |
6799.84 | (-)6.7 |
|
Hang Seng Index |
25064.61 | 1.6 |
|
CSI 300 Index |
4740.56 | (-)0.97 |
|
FTSE Singapore Strait Times |
5543.23 | (-)0.3 |
(Deesha Jadhav)
Equity Alert: US mkts up due to better-than-expected PPI, higher earnings
MUMBAI--0658 IST--US indices closed higher Wednesday as a better-than-expected US Producer Price Index lifted sentiment and gave relief that the Federal Reserve will not raise key interest rates. Major financial firms reported strong earnings for the June quarter, which gave investors comfort that growth sustained despite easing inflation. Lower Treasury yields boosted demand for mega-cap technology companies.
In order for the market to broaden, rates need to either move sideways or decline, CNBC quoted Michael Kantrowitz, chief investment strategist and head of portfolio strategy at Piper Sandler, as saying. "The best backdrop for the equity market in today's regime would be employment that stays more or less sluggish because I think that can help keep a lid on interest rates and prevent any rate hikes."
The Dow Jones Industrial Average and the S&P 500 closed slightly higher Wednesday. The Nasdaq Composite closed marginally higher. The PHLX semiconductor sector index fell 3% and was pulled lower by falls in Micron Technology, Marvell Technology, Intel Corporation, and Advanced Micro Devices. Mega-cap companies Apple Inc., Alphabet Inc., Microsoft Corp., and Amazon.com all traded 3% or more higher.
Investors await retail sales and jobless claims data on Thursday. UnitedHealth Group and Netflix are both scheduled to report their results.
Following were the closing levels of major US indices on Wednesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52658.64 | 0.3 |
|
NASDAQ Composite |
26269.23 | 0.6 |
|
S&P 500 |
7572.4 | 0.4 |
(Deesha Jadhav)
US$1 = INR 96.33
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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