Equity Alert
Markets in Asia close mixed, chip stocks lead gains
This story was originally published at 14:16 IST on 22 July 2026
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Equity Alert: Markets in Asia close mixed, chip stocks lead gains
MUMBAI--1335 IST--Markets in Asia closed mixed Wednesday. Key indices in Japan, Hong Kong, and China were down, while those in Singapore, Australia, and South Korea closed higher. Japan's Nikkei closed lower, dragged down by retail stocks. Chip stocks in Japan closed higher, with Advantest, Tokyo Electron, Resas Electronics, and Softbank Group rising between 1.1% and 6%.
South Korea's KOSPI closed marginally higher as shares of index heavyweights Samsung Electronics and SK Hynix rose between 4% and 5%. Samsung Electronics plans to invest hundreds of millions of euros in artificial intelligence startup Mistral, The Financial Times reported. This will value the company at about 20 billion euros, the report said.
The Chinese government's income rose 4.7% in the first half of 2026 from a year earlier, an acceleration from the growth of 4% seen in the Jan-May period, the finance ministry said Wednesday, Reuters reported. China's tax revenue grew 5.3% and non-tax revenue was up 2.3%. China plans to implement a proactive fiscal policy and support effective investment and consumption, finance ministry official Tang Zaifu told a press conference Wednesday, as per the report.
Following are the levels of key indices in the region at 1333 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66115.6 | (-)0.2 |
|
TOPIX FIRST SECTION |
4033.13 | 0.45 |
|
S&P/ASX 200 Index |
8823 | 0.3 |
|
KOSPI Index |
6797.7 | 0.7 |
|
Hang Seng Index |
24855.79 | (-)1.1 |
|
CSI 300 Index |
4717.24 | (-)0.5 |
|
FTSE Singapore Strait Times |
5563.39 | 0.7 |
(Deesha Jadhav)
Equity Alert: Data Patterns up; co lowest bidder for INR 13-bln contract
MUMBAI--1333 IST--Shares of Data Patterns (India) rose nearly 12?ter the defence technology company emerged as the lowest bidder for Hindustan Aeronautics' tender worth INR 13 billion for Buffer amplifier and Built-In Test Equipment modules.
In the March quarter post-earnings conference call, the management had indicated that more large orders were expected in 2026-27 (Apr-Mar). "If the order starts coming in, the order book size will grow, plus the export revenue, which is going to happen," S. Rangarajan, chairman and managing director of the company, said in the conference call. The company also said that orders worth INR 11.50 billion were in the negotiation stage and were expected to be received this financial year.
Once these orders are bagged, the order book of the company is seen at INR 32 billion, 3.5 times the FY26 revenue, providing strong revenue visibility, ICICI Securities said in a note. "Management remains confident of 20-25% revenue growth annually with maintaining healthy margin profile," the brokerage said. As of Mar. 30, the order book of Data Patterns stood at INR 20.62 billion.
At 1325 IST, shares of Data Patterns were nearly 11% higher at INR 4,705.50. Over 4 million shares of the company changed hands on NSE, over 10 times the number of shares traded till the same time Tuesday. The stock was the top gainer among Nifty 500 constituents. (Adhithya Aji)
Equity Alert: Indices remain lower; banking, fncl svcs cos major losers
MUMBAI--1250 IST--Headline stock indices remained lower after coming off lows briefly. The Nifty 50 faced strong resistance at the 24000 level and fell below this level, with only 11 stocks trading higher. Banking and financial services stocks turned out to be major losers in the 50-stock index. Realty stocks were the major losers in the Nifty 200, with the Nifty Realty index being the top loser among its sectoral peers.
At 1248 IST, the Nifty 50 was at 23996.65, down over 190 points or 0.8%. The BSE Sensex was 0.9% lower at 76758.91, down 711.20 points from Tuesday's close. Broader market indices underperformed their benchmark peers, falling over 1?ch. India VIX rose over 3% to 13.0900 points.
While InterGlobe Aviation remained the top drag in the 50-stock index with an over 3% loss, select banking and financial services stocks also dragged down the index. State Bank of India, Jio Financial Services, Axis Bank, ICICI Bank, and Kotak Mahindra Bank were down 1.5–2.3%. The Nifty PSU Bank was down 2%, while Nifty Private Bank and Nifty Financial Services were down around 1.5?ch.
The Nifty Realty index was down nearly 3%, with most of its stocks in the red. DLF, Godrej Properties, and Lodha Developers shed the most in the Nifty 200 index.
The Nifty FMCG gained along with Nifty Auto among sectoral indices. Nestle India was up nearly 2% in the Nifty 50 index. The company posted strong revenue as well as profit growth in the June quarter on the back of higher sales volume across all of its four business segments in the country. (Arundathi A R)
Equity Alert: Nestle India rises more on Q1 results; PAT, sales above view
MUMBAI--1138 IST--Shares of fast-moving consumer goods major Nestle India rose further after the company announced its June quarter earnings. The company's net profit for the quarter rose nearly 48% on year and surpassed the Street's expectations on both the bottom line and top line. The domestic sales for the quarter remained robust as well.
For the June quarter, the company reported a standalone net profit of INR 9.75 billion, up nearly 48% on year. This was higher than the Street's expectation of INR 8.17 billion. The revenue of the Kit-Kat maker gained over 25% on year to INR 63.78 billion and was above the analysts' estimate of INR 60.31 billion. Of this, the domestic sales rose nearly 25% on year to INR 60.73 billion and the exports were up nearly 36% at INR 2.90 billion. Higher volumes in all the segments led the company to report robust growth in earnings. Nestle India's earnings before interest, tax, depreciation, and amortisation were at INR 15.38 billion for the reporting quarter, up nearly 40% on year.
At 1138 IST, shares of Nestle India traded 3% higher at INR 1,497. Nearly 3 million shares of the company changed hands on NSE, which is nearly seven times higher than the number of shares traded till the same time Tuesday. Before the release of the June quarter results, the stock traded 2% higher. Nestle India's stock was the second top gainer in the Nifty 50. (Adhithya Aji)
Equity Alert: Eternal up 1%, Dr Reddy's falls 2% ahead of Apr-Jun earnings
MUMBAI--1135 IST--Shares of quick-commerce major Eternal rose nearly 1% to an intraday high of INR 289.20, while those of pharmaceutical player Dr. Reddy's Laboratories fell nearly 2% to hit an intraday low of INR 1183.40 ahead of their June quarter earnings later in the day. For Apr-Jun, growth in Eternal's grocery delivery business and food delivery business is expected to lift the company's net profit and revenues. On the other hand, lower contribution from the semaglutide drug and lack of high-margin cancer drug Revlimid are seen dragging down Dr. Reddy's Laboratories' June quarter earnings.
For the June quarter, Eternal's consolidated net profit is seen as slightly over INR 3 billion, while revenues are seen at INR 197 billion, according to the average of estimates. Its projected performance for Apr-Jun is not comparable to the year-ago period due to a change in business model in its quick-commerce grocery deliveries. However, on a sequential basis, the bottom line is seen jumping 75%, while revenues are seen growing 14%. At 1133 IST, shares of Eternal were at INR 287.05, up marginally on the National Stock Exchange. So far, nearly 9 million shares of the company have changed hands on the exchange.
For Apr-Jun, Dr. Reddy's is expected to report a 45?ll in its consolidated bottom line at INR 7.8 billion, according to the average of estimates from 15 brokerages. On the other hand, net sales are seen falling 3% on year to INR 82.8 billion. However, on a sequential basis, the net profit is expected to soar nearly 254%, while revenues are likely to increase nearly 10%, aided by a low base in the March quarter. At 1133 IST, shares of Dr. Reddy's were at INR 1,189.70, down 1.4% on the NSE. (Shruti Nair)
Equity Alert: Bandhan Bk falls 18% as mgmt cuts FY27 aim, analysts turn wary
MUMBAI--1126 IST--Shares of Bandhan Bank tumbled nearly 18% to their lowest in over two months at INR 171.56 as the lender's guidance for 2026-27 (Apr-Mar) disappointed the Street. It expects its return on assets to average 1.2-1.4% by the end of FY27, which is 40 basis points lower than its earlier aspiration of 1.6-1.8%. The bank's net interest margin may decline over the next two quarters, Managing Director and Chief Executive Officer Partha Pratim Sengupta said at a press conference earlier. This fall is likely to drag its profitability down. Brokerages turned cautious on the bank's growth path and some downgraded the stock as well.
The bank's pre-provisioning operating profit for the June quarter fell 19% on year to INR 13.58 billion. This was a miss, as per nearly analysts' estimates, mostly due to elevated operating costs. Operating expenses climbed 19% to INR 21.66 billion. For the same period, its net interest margin was largely stable, though it contracted 20 bps on year to 6.2%.
The lender's higher staff costs and provisions led to a miss on net profit for the quarter ended June by 22%, Nuvama Institutional Equities said. The management expects its ratio of operating expenses to assets at around 4.3% now for FY27, as against 4.25 earlier, the brokerage noted. Given that the bank missed its earnings estimates and the management revised its outlook for the full financial year downwards, Nuvama trimmed its earnings expectations by 11-14% over FY27-29 and downgraded the stock to 'hold' from 'buy'. For FY27, it expects Bandhan Bank's net profit to grow to INR 26.55 billion, 15% lower than its earlier projection and its pre-provisioning operating profit is seen at INR 62.38 billion as against INR 67.62 billion previously. Nuvama's target price on the stock is 8% lower at INR 230 now.
Motilal Oswal Financial Services trimmed its earnings estimates for the bank by about 14% for FY27 and by 6% for FY28 and downgraded the stock to 'neutral' while keeping its target price unchanged at INR 225. The brokerage anticipates the bank's return on assets to be 1% in the ongoing fiscal and 1.4% in FY28.
Bandhan Bank's return on assets is likely to take some time to stabilise due to compression in its net interest margin, JM Financial Institutional Securities said. Benefits of operating leverage are also expected to be delayed, the brokerage said. JM Financial reduced its earnings per share estimates for the bank by 2–3% for FY27 and FY28 while retaining its 'add' call. The brokerage, however, raised its target price to INR 220 from INR 200 earlier.
For Apr-Jun, the private sector lender reported a near 35% on-year jump in its bottom line at INR 5.02 billion. Its net interest income for the June quarter was INR 29.21 billion, up nearly 6% on year. At 1122 IST, shares of the company were over 15% lower at INR 176.99 on the NSE with trading volumes above 97 million. This several times higher than the volumes witnessed until the same time Tuesday. The stock was the top laggard in the Nifty 500 universe and hit its lower circuit at INR 187.95. (Ruchira Kagita)
Equity Alert: Nifty 50 slips below 24000; Dr Reddy's dn ahead of Q1 results
MUMBAI--1104 IST--Headline stock indices declined further and were around 1% lower each with the Nifty 50 falling below the crucial support level of 24000 points. The number of Nifty 50 stocks trading in green shrunk to five from seven earlier, while pharmaceutical and healthcare stocks remained the major drags on the index.
At 1041 IST, the Nifty 50 was 0.8% lower at 23994.05, down over 190 points. The BSE Sensex was 0.9% lower at 76781.35 points, down over 688 points. India VIX, the fear gauge of the equity market, rose nearly 5% to 13.2000 points. Sectoral indices remained in the red, except the Nifty Auto, which was up marginally.
Shares of Nestle India and Eternal were in the positive territory ahead of their June quarter results, due later in the day. While Nestle India rose almost 2%, Eternal was only marginally higher. Nestle India is likely to report a significant jump in its net profit and top line, driven by demand momentum across urban and rural markets.
Eternal is expected to report a consolidated net profit of over INR 3 billion and consolidated revenues of over INR 197 billion for the June quarter. Meanwhile, shares of Dr. Reddy's Laboratories were down over 1% ahead of its results, scheduled later in the day. The pharmaceutical major's earnings are likely to be dragged down by lower contribution from the diabetes and obesity drug semaglutide.
Mahindra & Mahindra Financial Services was the key gainer in the Nifty 200 index, up 8%. Shares of the financial services company rose after it said it expects net interest margin to be around 7% in medium term.
On the other hand, InterGlobe Aviation stayed as the key drag in the Nifty 50 index, down over 3%. Max Healthcare Institute and Cipla were down nearly 2?ch. (Arundathi A R)
Equity Alert: Pharma cos dn after Trump announces tariffs on generic drugs
MUMBAI--1103 IST--Pharmaceutical companies traded with a negative sentiment Wednesday after US President Donald Trump announced a fresh wave of tariffs on generic drugs exported to the country. Trump said that after two years, generic drugs brought into the US would attract 100% tariff, which would be raised to 200% in another year. From Aug. 1, generic drugs will continue to have zero tariffs for two years, Trump said in a post on Truth Social.
"This is done in order to RESHORE Generic Pharmaceutical Production into America, with a penalty to those Companies that decide not to build Plant and Equipment within the stated period of time given to them," Trump said. He added that the policy on patented, branded, or innovative drugs would remain the same. Trump also added that the objective of the policy was to protect the people of the US. "Pharmaceutical Facilities are being built, at a level never seen before, all over the United States of America," he said.
"Indian Pharma exporters with major exposure to the US like Gland Pharma, Aurobindo Pharma, Granules, Dr. Reddy's Laboratories, Zydus Lifesciences including others will have a sentimentally negative price reaction to this development," ICICI Securities said in a note.
On Wednesday, the Nifty Pharma was among the worst hit among sectoral indices, down over 1%. Barring Divis Laboratories and Biocon, all the other constituents of the sectoral index traded lower. Lupin, Aurobindo Pharma, Piramal Pharma, Ajanta Pharma, Gland Pharma, and Wockhardt fell 2-4%. Shares of Nifty 50 pharma companies Cipla, Dr. Reddy's Laboratories, and Sun Pharmaceutical Industries were down around 1?ch. Dr. Reddy's will detail its June quarter earnings later in the day. (Adhithya Aji)
Equity Alert: Nestle India up 1.5% ahead of Q1 earnings; co's PAT seen up 17%
MUMBAI--1036 IST--Shares of Nestle India rose 1.5% to an intraday high of INR 1,474 ahead of the company's June quarter earnings later in the day. The fast-moving consumer goods company is expected to report a significant jump in its net profit and top line, driven by demand momentum across urban and rural markets. Price hikes by the company over the past two quarters are also seen contributing to its earnings growth.
For Apr-Jun, Nestle India is expected to report a 17% on-year jump in its net profit at INR 7.71 billion, according to the average of estimates from 12 brokerages. The FMCG major's revenues are seen growing over 18% on year to INR 60.15 billion. Sequentially, however, both the top line and bottom line are expected to fall sharply on account of a high base in the March quarter.
At 1027 IST, shares of the company were at INR 1,466.70, up 1% on the National Stock Exchange. The stock was among the few gainers in the Nifty 50 index. So far, over 595,000 shares of the company have changed hands on the exchange, over twice the number of shares traded until the same time Tuesday.
Of the 15 brokerage reports available on the company with Informist, 10 have a "buy" or equivalent recommendation on the stock with an average target price of INR 1522, which represents an upside of nearly 4% from the current market price. Three have a "hold" or equivalent recommendation and the remaining two have a "sell" or equivalent recommendation. (Shruti Nair)
Equity Alert: IIFL Finance shares up 3% ahead of Apr-Jun earnings
MUMBAI--1015 IST--Shares of IIFL Finance rose nearly 3% intraday to hit a high of INR 587.70 ahead of the company's June quarter earnings, scheduled to be announced later in the day. The non-banking financial company is expected to report a sharp on-year growth in its net profit for the June quarter on the back of a robust growth in its assets under management.
The company is expected to post a net profit of INR 5.94 billion for the June quarter, up over 154% on year and marginally higher on a sequential basis, according to Motilal Oswal Financial Services Ltd. The brokerage estimates its net interest income at INR 18.41 billion, up over 42% on year and over 7% on quarter.
Motilal Oswal expects the consolidated assets under management to grow approximately 35% on year to INR 1.13 trillion. Market participants will watch for the management's commentary on the outlook on gold loan business, loan growth, and margins, the brokerage said.
At 1021 IST, the stock was up over 1% at INR 579.20 apiece on the National Stock Exchange. The two brokerage reports on the company available with Informist, have a "buy" recommendation on the stock, with target prices of INR 600 and INR 635, up 4-10% from the current market price. (Nandini Sinha)
Equity Alert: Oracle Financial Services down 1% ahead of June qtr earnings
MUMBAI--1010 IST--Shares of Oracle Financial Services fell over 1% ahead of the company's June quarter earnings, scheduled to be announced later in the day. The company is expected to report a sharp jump in its bottom line for the quarter, supported by strong operating leverage and higher revenue.
At 0955 IST, the stock was down 0.3% at INR 11,592. So far in the day, around 64,000 shares of the company changed hands on the National Stock Exchange, compared to nearly 42,000 till the same time Tuesday.
The information technology solutions provider is expected to report a consolidated net profit of INR 13.58 billion for the reporting quarter, up 56% on quarter and 112% on year, according to Dolat Capital Market Pvt. Ltd. The company's top line for the quarter is expected to jump 45% sequentially and 62% on year to INR 29.96 billion, the brokerage said. Revenue growth for the quarter is expected to be supported by strong growth in licence sales with the inclusion of a $100-million licence win, the brokerage said.
The company's operating margin for the quarter is expected to expand around 1000 basis points sequentially to 73.6%, supported by strong operating leverage, the brokerage said. Dolat Capital has a "buy" recommendation on the stock with a target price of INR 9,800, indicating a downside of over 15% from the current market price. (Arya S. Biju)
Equity Alert: Open lower as oil prices rise to $90/bbl; generic drug cos dn
MUMBAI--0940 IST--Domestic equity indices opened lower, extending losses for a third straight session, as crude oil prices climbed above $90 a barrel on further escalation in the US-Iran war. The Nifty 50 index stayed only some points above the 24000 level, with only seven stocks higher in early trade.
At 0927 IST, the Nifty 50 was at 24072.70, down 115 points or 0.5% from Tuesday's close. The BSE Sensex was at 77050.17, down 419.94 points or 0.5%. India VIX, the volatility index, rose nearly 3% to 12.9450 points, after falling for the past two sessions. Broader market indices were also in line with benchmark peers, with the Nifty smallcap 50 down 1%. The other indices in the broader market were down around 1?ch.
Barring the Nifty Auto, all sectoral indices were down in early trade. The Nifty Pharma and Nifty Healthcare sectors were the major losers, down nearly 2?ch, after US President Donald Trump early Wednesday said generic companies would face 100% tariffs on drugs brought to the US from August 2028 if they fail to move their manufacturing to the US. According to his post on Truth Social, the tariff would be doubled to 200% in August 2029.
InterGlobe Aviation was the top loser among Nifty 50 members, down over 3%. The stock fell after crude oil prices rose to over $92 a barrel. Major generic drug companies fell in the 50-stock index following Trump's announcement. Cipla was down over 2%, while Sun Pharmaceutical Industries declined over 1%. Max Healthcare Institute and Dr.Reddy's Laboratories were also down over 1?ch. In the Nifty 200 index, Lupin, Aurobindo Pharma and Alkem Laboratories were down around 3?ch.
Bandhan Bank and Anthem Biosciences were the major drags in the Nifty 500 index. Shares of Bandhan Bank were down nearly 14% as the bank sees its net interest margin declining slightly over the next two quarters. Anthem Biosciences was down nearly 6?ter the company reported a 23% on-year fall in its June quarter net sales.
Bajaj Auto, Oil and Natural Gas Corp., Nestle India, Titan Co., Eternal, Maruti Suzuki India, and Asian Paints were the sole gainers in the 50-stock index. Shares of Bajaj Auto rose after the company said it planned to overhaul its motorcycle segment housing two-wheelers with an engine capacity exceeding 125 cubic centimetres over the next six weeks. (Arundathi A R)
Equity Alert: Brokerages positive on Bajaj Auto; co's Q1 sales up 37% on yr
MUMBAI--0905 IST--Most brokerages see strong revenue growth for Bajaj Auto going forward after the company detailed its June quarter earnings on Tuesday. For Apr-Jun, the automaker reported a 42% on-year jump in its bottom line at INR 29.83 billion and a 37% jump in revenues at INR 172.44 billion, beating the Street's view. The performance was driven by strong sales volumes across segments and a rise in realisations due to an uptick in the average selling price.
Emkay Research raised its target price on the stock by over 5% to INR 13,700 and retained its "buy" recommendation, citing the automaker's strong demand outlook and resilient margins. For the June quarter, the automaker reported an earnings before interest, tax, depreciation, and amortisation margin of 20.9%, against 19.7% a year ago. The brokerage also estimates compounded annual growth of 12% in volume, 15% in revenue, and 16% in earnings per share over financial year 2025-26 (Apr-Mar)–FY29.
Nirmal Bang Institutional Equities also maintained its "buy" recommendation on the automaker's stock with a target price of INR 12,941 while valuing its core business at 26 times the earnings per share estimate for June 2028. The brokerage attributes its positive view to the company's strong electric vehicle volumes, which has helped the automaker gain market share in both the two-wheeler and three-wheeler segments during the second half of FY26. Further, the brokerage sees market share recovery in the domestic segment for vehicles with engine displacement of over 125 cubic centimetres, driven by sustained product upgrades and focused marketing. It also expects the strong momentum in exports to sustain, supported by continued gains in market share.
Brokerage Nuvama Institutional expects the company's launch pipeline and exports to aid growth. The brokerage raised its target price on the stock to INR 12,000 from INR 11,600 and retained its "buy" recommendation. It forecasts compounded annual growth of 12% in the automaker's volumes over FY26–FY28, led by 8% growth in the domestic and 16% growth in the export segment. The brokerage foresees a recovery in domestic two-wheeler market share to 11% in FY28 from 10.7% in FY26, supported by new products – a new 150cc Pulsar, 10 refreshes across the 160cc–400cc range, a new 125cc Pulsar and two all-new brands in the 125cc segment.(Shruti Nair)
Equity Alert: To open dn as oil prices rise above $90/bbl on US-Iran strikes
MUMBAI--0825 IST--Domestic equity indices are expected to open lower Wednesday as oil prices climbed above $90 a barrel. Market sentiment dampened after US attacks on Iran for the 11th consecutive night, and due to the consequent rise in crude oil prices. Market participants will watch out for the June quarter earnings of Nifty 50 stocks Dr. Reddy's Laboratories, Nestle India, and Eternal, due later in the day.
The July contract of the GIFT NIFTY indicated a negative open for the market. At 0820 IST, the GIFT Nifty was largely flat at 24106, and down over 80 points from the Nifty 50's close of 24187.70 on Tuesday. "As long as the index sustains above the breakout zone, it has the potential to advance towards the 24500 and 25000 levels in the coming weeks," Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity Research, said. "On the downside, 24000 remains the immediate support, followed by a stronger support at 23800. Any corrective decline towards these levels is likely to attract fresh buying interest and should be viewed as a buy-on-dips opportunity," he said.
On the earnings front, shares of Bajaj Auto will be in focus after the company, in a post-earnings call Tuesday, said it aims to increase its manufacturing capacity across segments by 20% in two phases by the end of the financial year 2026-27 (Apr-Mar), starting with a 10% increase in the next three-four months. The company reported the highest on-year rise in its top line in 20 quarters in Apr-Jun, owing to robust sales volume across segments and improved realisations on the back of a slight increase in the average selling price of vehicles. Its net profit for the quarter also rose at its fastest pace in 20 quarters. Both the metrics of the company beat the Street's view. Shares of the company ended over 1% lower Tuesday.
Nestle India is expected to post a net profit of INR 7.71 billion, up 17% on year. Its top line is seen rising over 18% on year to INR 60.15 billion. The company is likely to report strong volume growth, owing to continued demand momentum across urban and rural India.
Earnings of pharmaceutical major Dr. Reddy's Laboratories are likely to be dragged down by lower contribution from the diabetes and obesity drug semaglutide. The company is likely to report a consolidated net profit of INR 7.8 billion for the reporting quarter, down nearly 45% from the corresponding quarter a year ago. Its top line is expected at INR 82.8 billion, down over 3% on year.
Eternal is expected to report a consolidated net profit of over INR 3 billion and consolidated revenues of over INR 197 billion for the June quarter. Strong growth in its quick-commerce grocery delivery business under the Blinkit brand and optimal growth in the food delivery business, primarily on account of dark store additions, are expected to help the company report strong revenue and profit growth in the June quarter.
Most Asian equity indices were higher in early trade, with South Korea's KOSPI gaining the most, up nearly 6%. All the three major US indices settled around 1% higher on Tuesday as better-than-expected earnings of blue-chip companies supported market sentiment. (Arundathi A R)
Equity Alert: Asian markets open higher, KOSPI up almost 6%
MUMBAI--0745 IST--Markets in Asia opened higher Wednesday as investors followed the rebound of chip stocks in the US markets. South Korea's KOSPI lead the gains and rose almost 6%. Index heavyweights SK Hynix and Samsung Electronics rose 6% and 8%, respectively. The small cap Kosdaq rose 2%. Japan's Nikkei rose nearly 2%.
The Japanese yen weakened to a four-decade low of 163.15 per dollar Wednesday. The country's Finance Minister, Satsuki Katayama, said that the country was ready to take "decisive action", if needed, Reuters reported.
"Intervention risks are basically a reality every day," CNBC quoted Dominic Schnider, head of Commodities and APAC Forex at UBS. He told CNBC's "Squawk Box Asia" that Japan's authorities are likely to remain on alert over excessive yen weakness, but argued strong action from the Bank of Japan would be needed to stabilise the currency.
Japan's exports grew at their fastest pace in June since November 2022, rising 19.3% from a year earlier, CNBC reported. The exports were boosted by shipments of semiconductor equipment and a weak yen. The growth in exports beat the expectations of 18.6% rise from economists polled by Reuters, and was higher than 16.8% seen in May. Shipments to Asia rose 22.7% and exports to Taiwan jumped 46.4%. Exports to China increased 17.6% and shipments to the US rose 13% on year.
Following are the levels of key indices in the region at 0745 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
67517.28 | 1.9 |
|
TOPIX FIRST SECTION |
4067.66 | 1.3 |
|
S&P/ASX 200 Index |
8811.6 | 0.2 |
|
KOSPI Index |
7151.46 | 6.0 |
|
Hang Seng Index |
24989.56 | (-)0.6 |
|
CSI 300 Index |
4754.78 | 0.3 |
|
FTSE Singapore Strait Times |
5488.57 | (-)0.7 |
(Deesha Jadhav)
Equity Alert: US mkts close up after better-than-expected corporate earnings
MUMBAI--7000 IST--Main indices in the US closed higher Tuesday as better-than-expected earnings from blue chip companies such as 3M and General Motors boosted market sentiment. The Nasdaq Composite led the gains and closed more than 1% higher. Chipmaker VanEck Semiconductor ETF rebounded 4?ter falling almost 9% Monday.
A rebound in semiconductor stocks supported the Philadelphia SE Semiconductor Index. The index closed 5.2% higher, recovering from the 20?ll Friday. Investors weighed whether the strong demand for Artificial Intelligence infrastructure and software will continue to justify the elevated valuations across the technology sector ahead of earnings.
"Q2 earnings season is ramping up, but with most hyperscalers yet to report, the market is still waiting for the definitive read on how AI investment is being monetized and translated into future capital spending," CNBC quoted Julia Hermann, global market strategist at New York Life Investment Management, as saying.
Software company Pegasystems shares fell 12?ter the company reported second quarter results which fell short of the Street's expectations. Investors await earnings from ServiceNow, International Business Machines, Tesla, Texas Instruments, Alphabet, and American Telephone and Telegraph Company. Investors will monitor updates on AI spending, cloud demand, corporate technology budgets, and the outlook for the second half of the year.
Shares of 3M rose more than 7?ter the company raised its full-year profit forecast and Danaher shares fell 12?ter it trimmed its outlook for growth and also reported lower than expected revenue from its biotechnology unit.
Following are the closing levels of major US indices Tuesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52224.64 | 0.7 |
|
NASDAQ Composite |
25837.21 | 1.3 |
|
S&P 500 |
7509.2 | 0.9 |
(Deesha Jadhav)
US$1 = INR 96.53
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
All prices from National Stock Exchange, unless otherwise specified.
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