Equity Alert
Market up for second session; RIL up 3.5%, Power Grid down 4%
This story was originally published at 17:32 IST on 6 August 2026
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Equity Alert: Mkt up for second session; RIL up 3.5%, Power Grid down 4%
MUMBAI--1550 IST--The benchmark equity indices closed Thursday with marginal gains, extending their rise for a second session. The finalisation of a deal between Iran and Oman on the Strait of Hormuz and crude oil price being near $79 a barrel helped the 50-stock index to close higher after a choppy session. However, the divergence in the closing levels of the Nifty 50 and the BSE Sensex persisted for a fourth session.
At the end of the continuous session at 1515 IST, the Nifty 50 was at 24627.95 points, up slightly from Wednesday, and the Sensex was at 78785.62 points, up 0.3%. After the closing auction session, the Nifty 50 ended at 24636, up 11.35 points from Wednesday's close. This was only 8 points higher than the 1515 IST level. The Sensex, on the expiry day of its weekly derivatives contract, ended at 78954.76, up 373.76 points or 0.5%. The August futures contract of the Sensex ended at a premium of 205 points to the spot index.
Only 15 Nifty 50 members ended higher in the day's session. When compared to their benchmark peers, the broader market and sectoral indices showed a mixed performance. All small-cap indices ended 0.2-1.0% higher while all mid-cap indices closed 0.4-0.5% lower.
Among sectoral indices, the Nifty PSU Bank was the top gainer, up over 2%. The Nifty Oil & Gas rose nearly 1%. The Nifty Realty was the biggest loser, down over 1%. The Nifty Media and Nifty Auto also ended over 1% lower.
Reliance Industries was the top gainer among Nifty 50 stocks, up 3.5%. Banking majors were the other key stocks to rise in the Nifty 50. State Bank of India rose nearly 3%. ICICI Bank and Axis Bank closed marginally higher. Power Grid Corp. of India was the worst-hit stock in the Nifty 50 throughout the session and ended 4% lower. Shares of the company fell after its June quarter net profit fell 7% on year. Tata Steel and JSW Steel were the other big losers in the index, down nearly 2?ch.
In the Nifty 200, Mazagon Dock Shipbuilders was the top gainer, up over 6%. Hindustan Aeronautics closed almost 6% higher. Kalyan Jewellers ended 5% higher. Blue Star fell nearly 6% after the company's consolidated net profit for the June quarter fell over 15% on year.
Navin Fluorine International, up nearly 14%, was the top performing Nifty 500 stock. The stock rose after the company reported a robust set of numbers for the quarter ended June. Neuland Laboratories was up almost 8% after the company's June quarter top line and bottom line grew sharply on year and surpassed the Street's view by a wide margin. Firstsource Solutions fell over 13% and was the key laggard in the Nifty 500 set. Shares of the company fell after its Apr-Jun net profit declined sharply on quarter. (Arundathi A R)
Equity Alert: Nifty 50 Aug ends at premium of 102 points to spot index
MUMBAI--1545 IST--The August futures contract of the Nifty 50 closed at a premium of 102 points to the spot index Thursday. Open interest in the contract declined over 3% from Wednesday to around 11.92 million, according to provisional data.
--Nifty 50 closed at 24636 points, up 11.35 points or 0.1% vs Wednesday
--Nifty 50 August closed at 24738 points, up 90.30 points or 0.4% vs Wednesday
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 24700, Put: 24600
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 25000, Put: 24000
(Eshitva Prakash)
Equity Alert: Mkts in Europe higher amid Strait of Hormuz deal progression
MUMBAI--1445 IST--Major markets in Europe opened higher Thursday amid progress in the deal to reopen the Strait of Hormuz. Investors are likely to assess prospects of a US-Iran peace deal, Reuters reported. The pan-European Stoxx Europe 600 rose 0.2% in open trade. The Stoxx 600 Consumer Cyclicals was up 1%, while the Stoxx 600 Consumer Non-Cyclicals rose nearly 1%. However, the real estate and industrial sectors logged a loss in early trade. Corporate results for the reporting quarter were also the major focus.
A proposed deal between Iran and Oman to help end five months of war would give Tehran control over ships entering the Gulf through the Strait of Hormuz, one of the biggest concessions yet to Iran, Reuters reported quoting a senior Iranian source and two regional officials.
Analysts steadily upgraded profit forecasts during the reporting season, with second-quarter STOXX 600 earnings expected to rise nearly 21% against growth expectations of around 12.5% in early May, Reuters reported quoting LSEG-compiled data.
Deutsche Telekom rose nearly 6% after the German telecom operator expanded its 2026 share buyback programme by 3 billion euros to up to 5 billion euros. Irish multinational nutrition company Glanbia rose over 3?ter its half-year revenue grew 7% on-year.
Investors shrugged off a pullback in global technology stocks following a recent AI-driven rally, Reuters reported. The Stoxx 600 technology sector was up 0.1%.
Following were the levels of key indices in the region at 1445 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10936.61 | 0.4 |
|
CAC 40 |
8736.02 | 0.8 |
|
MIB INDEX |
54018.99 | 1.1 |
|
DAX PERFORMANCE-INDEX |
26188.9 | 0.2 |
|
SLI |
2343.35 | 0.5 |
(Arundathi A R)
Equity Alert: Major Asian Indices end mixed; Kospi slumps 4.6%
MUMBAI--1430 IST--Major indices in Asia-Pacific ended on a mixed note Thursday. Benchmark indices in China, Japan, and South Korea declined, led by a fall in technology stocks. South Korea's Kospi was the worst hit, down 4.6%, followed by Hong Kong's Hang Seng Index and Japan's Nikkei 225 Day, down 1.5% and 0.9%, respectively.
In South Korea, shares of Samsung Electronics fell over 6% and peer SK Hynix plunged around 10%. In Tokyo, Kioxia fell over 10% while Tokyo Electron slumped 5.5%. The fall in technology stocks followed a weaker session on Wall Street overnight as shares of the Elon Musk-led SpaceX and of Advanced Micro Devices fell sharply after their quarterly earnings. Although SpaceX highlighted faster-than-expected returns from its artificial intelligence spending, investors remained concerned about how long its profitable Starlink business could continue to bankroll costly investments in data centres, Reuters reported.
Indices in China were mixed, with the CSI 300 index ending 0.2% lower and the SSE Composite ending 0.6% higher. Shares of major insurers in China fell on reports of mainland Chinese authorities taxing gains on offshore insurance policies bought by mainland citizens. Authorities in Beijing and Hangzhou imposed personal income tax rates of 20% on returns from Hong Kong insurance policies, including dividend payouts and interest earned on prepaid premiums, Reuters reported, citing sources. Shares of AIA Group fell over 6% and Prudential over 4%.
Following are the levels of key indices in the region at 1421 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 |
65683.26 | (-)0.93 |
|
TOPIX FIRST SECTION |
4055.85 | 0.24 |
|
S&P/ASX 200 Index |
9271.6 | 0.47 |
|
KOSPI Index |
6296.38 | (-)4.58 |
|
Hang Seng Index |
25530.28 | (-)1.49 |
|
CSI 300 Index |
4651.3098 | (-)0.15 |
|
FTSE Singapore Strait Times |
5638.66 | 1.03 |
(Ruchira Kagita and Arya S. Biju)
Equity Alert: Firstsource shrs down 17?ter co's Q1 PAT falls sharply QoQ
MUMBAI--1417 IST--Shares of Firstsource Solutions plunged over 17% to hit an intraday low of INR 280.30. This was after the company's consolidated net profit for the June quarter fell sharply on quarter and underperformed the Street's view.
For Apr-Jun, the company's consolidated net profit fell over 19% sequentially to INR 1.66 billion. Analysts had pegged the figure at INR 2.26 billion. The company incurred an exceptional expense of INR 716.86 million during the June quarter, which dragged its bottom line down. The company's net revenue for the June quarter was INR 27.25 billion, broadly in line with the Street's view.
At 1412 IST, shares of the company were down nearly 17% at INR 282.15. Over 13.4 million shares of the company have changed hands on the exchange so far in the day. This is over six times the number of shares traded until the same time Wednesday. All seven brokerage reports on the company available with Informist have a "buy" or equivalent recommendation on the stock with an average target price of INR 296, 5% higher than the current share price. (Shruti Nair)
Equity Alert: Neuland Lab hits record high; co's Q1 PAT grows 11 times on yr
MUMBAI--1345 IST--Shares of Neuland Laboratories rose nearly 13% to hit their historical high at INR 22,490 on the National Stock Exchange. This comes after the company's June quarter top line and bottom line grew sharply on year and vastly outperformed the Street's view.
For the June quarter, the drugmaker's consolidated net profit jumped 11 times on year to INR 1.48 billion. The bottom-line growth was on the back of a low base in the year-ago quarter, during which the company had incurred higher expenses. The company's consolidated revenues for the June quarter more than doubled on year to INR 6.42 billion.
Nuvama Institutional Equities believes the company has solid drivers for growth in the medium term due to product additions in its custom manufacturing solutions segment. The brokerage expects the company's top line to grow at a compounded annual rate of 20% over financial years 2026–27 (Apr-Mar) and FY28. The company raised its earnings per share view on the stock by 20% for FY27. The brokerage retained its "buy" recommendation on the stock and raised its target price by 17% to INR 24,100.
At 1342 IST, shares of Neuland Laboratories were up over 8% at INR 21,633. The stock was the second-highest gainer in the Nifty 500 index. Over 823,000 shares of the company have changed hands on the exchange so far. This is around 23 times the number of shares traded until the same time Wednesday. (Shruti Nair)
Equity Alert: Nifty tad up on gains in RIL; Sensex holds on to gains
MUMBAI--1340 IST--The Nifty 50 index rose a tad with further gains in index heavyweight Reliance Industries. Crude oil prices falling to $78 a barrel also helped the market gain. Only 15 constituents of the Nifty 50 index traded higher.
At 1303 IST, the Nifty 50 was at 24647.85, up 23.20 points or 0.1% from flat earlier. The BSE Sensex was at 78840.05, up 259.05 points or 0.3%. Broader market indices, however, turned mixed again, with only small-cap indices gaining. The Nifty Smallcap 50 was up 1%. Mid-cap indices were marginally down each. India VIX rose nearly 2% to 12.2425 points.
The Nifty Oil & Gas was the highest gainer among sectoral indices, up almost 1%. Reliance Industries, up over 3%, was the top gainer in both the sectoral indices and the Nifty 50 index.
Bharat Electronics gained over 2%, while Shriram Finance and Eternal rose almost 2?ch. Banking majors were also among the few gainers in the index. State Bank of India rose nearly 2%, while Axis Bank, ICICI Bank, and HDFC Bank were up marginally.
Shares of Trent rose more after the company's June quarter net profit gained 26% on year and surpassed analysts' estimate. The stock, up nearly 2%, extended its gains for a fifth straight session.
Power Grid Corp. maintained its position as the worst hit stock in the 50-stock index, down over 3%. The stock was also the biggest drag on the Nifty 200 index.
Mazagon Dock Shipbuilders and Hindustan Aeronautics were the highest gainers in the Nifty 200, up over 6?ch. Navin Fluorine International and Neuland Laboratories remained the highest gainers in the Nifty 500 index, up over 11% and 8%, respectively. (Arundathi A R)
Equity Alert: Navin Fluorine hits record high as Q1 consol PAT doubles on yr
MUMBAI--1305 IST--Shares of Navin Fluorine International rose as much as 12% to an all-time high of INR 8,523 after the company, post-market hours Wednesday, reported a robust set of numbers for the quarter ended June. The company reported a better-than-expected earnings for the reporting quarter supported by strong sales across segments.
The speciality chemicals maker's consolidated net profit for the June quarter more than doubled on year to INR 2.43 billion, beating analysts' expectation of INR 1.96 billion by a wide margin. Its consolidated operating earnings before interest, taxes, depreciation, and amortisation for the quarter rose 73% on year to INR 3.57 billion. Its consolidated operating EBITDA margin improved 566 basis points on year to 34.2%.
The company's consolidated revenue for the quarter jumped over 44% on year to INR 10.45 billion, beating Street's view of INR 9.43 billion. The company's top line for the quarter was supported by strong sales growth across its high-performance products, speciality chemicals, and contract manufacturing and development organisation segments. Along with the quarterly earnings, the company also announced a capital expenditure of INR 900 million to set up adoption capacities for advanced materials portfolio at its Surat facility.
At 1300 IST, the stock was up over 11% at INR 8,474 per share. So far in the day, 2.5 million shares of the company changed hands on the National Stock Exchange compared with the 95,558 shares traded till the same time Thursday. Of the 12 research reports on the company available with Informist, 10 have a "buy" or equivalent recommendation on the stock with an average target price of INR 7,995 per share and the remaining two have a "hold" call. (Arya S. Biju)
Equity Alert: Trent dn before Q1 earnings; PAT growth seen slowest in 3 qtrs
MUMBAI--1230 IST--Shares of Trent shed 2.5% to hit an intraday low of INR 3,050 ahead of its June quarter earnings due later in the day. The Tata Group-owned retail company's net profit for the June quarter is seen growing at the slowest pace in three quarters.
For the June quarter, the consumer durables major is expected to report a 15% jump in its net profit to INR 4.88 billion, according to the average of brokerage estimates. The company's sales are expected to jump 20% to INR 57.50 billion. In a provisional business update released in July, the company reported sales of INR 56.66 billion, below the Street's view of INR 58 billion-INR 58.60 billion. The company's earnings before interest, taxes, depreciation, and amortisation for the June quarter are seen at INR 10.20 billion, up from INR 8.4 billion a year ago.
At 1249 IST, shares of Trent fell nearly 2% to INR 3,066 on the National Stock Exchange. Over 736,000 shares of the company have changed hands on the exchange so far. This is around four times higher than the number of shares traded until the same time Wednesday.
All eight brokerage reports available on the company with Informist have a "buy" recommendation on the stock, with an average target price of INR 3,102, up 1% from the current share price. (Shruti Nair)
Equity Alert: Nifty 50 remains flat, more cos fall; Eternal up 3%
MUMBAI--1130 IST--The Nifty 50 index continued its choppy trade, while the BSE Sensex held its marginal gains. After the implementation of the new closing auction mechanism for the equity cash segment Monday, a sharp divergence between the trading levels of the Nifty 50 and the Sensex remained for the fourth straight session. More constituents of the Nifty 50 index slipped into the red compared with the early hours of trade.
At 1106 IST, the Nifty 50 was at 24631.25, up 6.60 points or flat. The BSE Sensex was at 78703, up 122 points or 0.2%. Volatility in the market began to rise on the expiry day of the Sensex's weekly derivatives contract. India VIX, the volatility index, rose over 1% to 12.2375 points.
All broader market indices turned higher, with the Nifty Smallcap 50 gaining over 1% and Nifty Smallcap 100 up nearly 1%. All other indices were marginally higher. Sectoral indices continued showing mixed performance, with the Nifty Pharma gaining the most, up 0.6%. The Nifty Media was the worst-hit sectoral index, down almost 1%.
Eternal was the top performer among Nifty 50 constituents, up nearly 3%. Shriram Finance gained nearly 3% and became the second-biggest gainer in the index. Power Grid Corp. remained the key drag on the index, down nearly 4%.
In the Nifty 200 index, Hindustan Aeronautics was the top gainer, up over 5%. Swiggy gained nearly 3% in the index after the company outlined its five-year vision. The company aims to achieve an adjusted earnings before interest, taxes, depreciation, and amortisation of over INR 100 billion by FY31. It also expects its gross order value to triple to around INR 2.5 trillion from INR 677.34 billion in FY26. Neuland Laboratories rose over 10% in the Nifty 500 after the company's June quarter consolidated net profit grew 11 times on year on a low base.
Among major losers in the Nifty 200 index, GE Vernova T&D India shed over 2%. Shares of the company fell despite its robust June quarter earnings. (Arundathi A R)
Equity Alert: MV Electrosystems debuts on NSE at 22% premium to issue price
MUMBAI--1126 IST--MV Electrosystems' shares made a debut on the National Stock Exchange at INR 520, a premium of over 22% to the issue price of INR 425. The stock was listed at INR 519 on BSE, a premium of 22%. At 1118 IST, shares of MV Electrosystems traded nearly 36% higher at INR 577.45 on the NSE. The stock rose almost 38% to an intraday high of INR 585.85.
The company's initial public offer, which ended Monday, was subscribed 188.9 times, receiving bids for 753.05 million shares against 3.99 million shares on offer. MV Electrosystems received the most interest from non-institutional investors, and they subscribed their portion 374.58 times. The company earlier raised INR 1.30 billion from anchor investors.
MV Electrosystems designs, develops, assembles, and manufactures electrical and power electronics equipment used in railway rolling stock, switchgear panels for railway coaches, and electric multiple units. For the financial year 2025-26 (Apr-Mar), it had reported a net loss of INR 126.29 million on revenues of INR 494.28 million. (Adhithya Aji)
Equity Alert: Juniper Green lists at 9% premium to issue price on NSE
MUMBAI--1110 IST--Shares of Juniper Green Energy listed at INR 245 on the National Stock Exchange, a premium of nearly 9% to the issue price of INR 225. The stock listed at INR 242 on BSE, a premium of nearly 8% to the issue price. At 1117 IST, its shares traded over 10% higher at INR 249.15 on the NSE.
The company's initial public offering which ended Monday was subscribed 7.97 times and the company received bids for 469.60 million shares against 58.92 million shares on offer. Qualified institutional investors showed more interest in the company's offer, and they subscribed the portion allocated to them 24.94 times. Juniper Green earlier had raised INR 5.39 billion through anchor investors.
Juniper Green Energy is a renewable power producer with a generating capacity of 7.90 gigawatts under various stages of implementation. The company develops, builds, operates, and maintains utility-scale renewable energy projects. For the financial year 2025-26 (Apr-Mar), it had reported a net profit of INR 404.6 million on revenues of INR 7.19 billion. (Adhithya Aji)
Equity Alert: GE Vernova T&D down; Q1 EBITDA margin fall likely upsets Street
MUMBAI--1050 IST--Shares of GE Vernova T&D India fell as much as 8% intraday Thursday even as the company's net profit for the June quarter rose 25% on year and beat analysts' expectations. The fall in the company's earnings before interest, taxes, depreciation, and amortisation margin and net profit margin likely dampened investor sentiment.
The company reported an EBITDA of INR 4.6 billion, higher than INR 3.9 billion for the year-ago June quarter. Its EBITDA margin, however, fell 400 basis points to 25.1%. The company's order bookings stood at INR 11.4 billion as of Jun. 30, down 30% on year.
The power equipment maker's revenue of INR 18.4 billion for the June quarter was 7?ove Nomura's expectations but its EBITDA margin was 88 bps lower than the broking firm's anticipated figure, though EBITDA beat estimates. Meanwhile, the company's lower order bookings for the quarter could be due to the absence of export orders worth around INR 12 billion from related-party entities in the US, Nomura said.
The management's comments on domestic order momentum and conversion of related-party entities' orders will be key to track, according to the brokerage. Upon a prima facie glance at the company's June quarter earnings, the brokerage maintains its 'buy' stance on the stock with an unchanged target price of INR 5,675.
GE Vernova's revenue, profit, and EBITDA were above Motilal Oswal Financial Services' estimates too. The company's profit for the quarter in focus was supported by better-than-expected order execution and higher other income, the brokerage said. However, costs of goods sold being higher than expected dragged down the company's EBITDA margin for the quarter.
The management of GE Vernova will hold a post-earnings conference call with investors Friday. At 1048 IST, its shares traded over 2% lower at INR 4,312.10 on the National Stock Exchange with trading volumes over 1.2 million. Volumes in the stock were much higher than the 111,000 witnessed until the same time Wednesday. The stock was among the top losers in the Nifty 200. (Ruchira Kagita)
Equity Alert: RateGain Travel Tech shares up 1% ahead of Apr-Jun earnings
MUMBAI--1045 IST--Shares of RateGain Travel Technologies rose almost 1% ahead of its June quarter earnings. At 1041 IST, shares of the company were 0.5% higher at INR 983.70 on the NSE.
360 ONE Capital Market expects the company's consolidated net profit for the June quarter to rise 16% sequentially to INR 814 million while Dolat Capital Market projects the net profit to rise 2% on quarter to INR 716 million. RateGain Travel Technologies' consolidated net sales are expected to increase in the June quarter. 360 ONE Capital expects net sales to go up 3% to INR 7.37 billion on quarter while Dolat capital expects net sales to go up 2% on quarter to INR 7.29 billion.
The company had reported a consolidated net profit of INR 700 million for the March quarter on consolidated net sales of INR 7.15 billion. The company will detail its June quarter earnings Thursday. Investors will watch for the company's travel demand, the impact of the war in West Asia on the growth of the company, and effect from Sojern and Adara businesses being unified into one business.
All three brokerage reports on the company available with Informist, have a "buy" recommendation on the stock with an average target price of INR 885 per share. The target price is down 10% from the current market price. (Diksha Singh)
Equity Alert: Healthcare Global up over 1% ahead of June quarter earnings
MUMBAI--0950 IST--Shares of Healthcare Global Enterprises were trading nearly 1% higher at INR 675 ahead of the company's June quarter earnings, due later in the day. Antique Stock Broking expects the speciality healthcare provider to report a net profit of INR 294 million for the June quarter, up over sixfold on year and down nearly 14% sequentially. The company's net profit was INR 47 million in the year-ago quarter. The brokerage expects the company's revenue to rise 15% on year and nearly 8% sequentially to INR 7.04 billion. The company's revenue was INR 6.12 billion in the year-ago quarter.
ICICI Securities expects Healthcare Global's net profit for the June quarter to rise fivefold on year to INR 248 million on revenue of INR 6.99 billion, up 14% on year. Sequentially, the brokerage expects the net profit to fall 27% and the revenue to rise 7%.
The company is expected to report earnings before interest, tax, depreciation, and amortisation of INR 1.27 billion for the June quarter, according to Antique Stock Broking. ICICI Securities expects the company's EBITDA at INR 1.35 billion. The company's EBITDA margin is likely to expand 130 basis points due to cost cutting and operating leverage, ICICI Securities said.
Investors will closely watch the company's ramp-up in occupancy, payer mix improvement, and the timeline for new bed additions. For the March quarter, Healthcare Global had reported a net profit of INR 341 million on revenues of INR 6.52 billion.
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 754 per share, nearly 12% higher than the current market price. Only one has a "hold" recommendation on the stock with a target price of INR 700 per share. (Deesha Jadhav)
Equity Alert: Nifty 50 choppy after tad higher opening; Power Grid down 3%
MUMBAI--0940 IST--Domestic benchmark indices extended their gains for a second session Thursday by opening with marginal gains. Soon after opening, the Nifty 50 turned choppy, while the BSE Sensex sustained its gains. Around half the constituents in the Nifty 50 were higher in early trade. The finalisation of a deal between Iran and Oman on the Strait of Hormuz and crude oil prices hovering at $79 a barrel are expected to aid market sentiment ahead.
At 0920 IST, the Nifty 50 was at 24628.80, up 4.15 points or flat from its previous close. The BSE Sensex was at 78725.18, up 144.18 points or 0.2%. The equity market's fear gauge, India VIX, was marginally down at 12.0225 points. Broader market were mixed in early trade, with all small-cap indices gaining. While small-cap indices were up 0.1–0.5%, mid-cap indices shed 0.2?ch.
The Nifty Consumer Durables was the top-performing sectoral index, up 0.6%. On other hand, the Nifty Realty was the worst performer among them, down over 1%.
Titan Co. was the top gainer among the Nifty 50 companies, up over 1%. Shares of Reliance Industries were the second-biggest gainer in the index. Eternal and Jio Financial Services were other stocks which gained over 1?ch.
Meanwhile, Power Grid Corp. of India logged the most losses in the index, down nearly 3%. Shares of the company declined after its net profit for the June quarter fell 7% on year. The company's revenues for the reporting quarter also reported an on-year fall of over 1%. Trent and Hindalco Industries were down over 1.2-1.7%. Shares of Trent slipped ahead of its June quarter results, scheduled later in the day.
Hindustan Aeronautics gained the most in the Nifty 200 index, up nearly 5%. In the Nifty 500 index, Navin Fluorine International was the highest gainer, up almost 7%. Among stocks that fell in both the indices, Power Grid Corp. of India was the worst performer in the Nifty 200, while Saregama India, down almost 4%, shed the most in the Nifty 500 index. (Arundathi A R)
Equity Alert: Indices to move in range; investors eye closing auction clarity
MUMBAI--0840 IST--Headline equity indices are likely to move in a range Thursday as suggested by the movement of the GIFT Nifty. The finalisation of a deal between Iran and Oman on the Strait of Hormuz and crude oil prices hovering at $80 a barrel are expected to support the market sentiment. Market participants will keep a tab on the new closing auction mechanism for the equity cash segment after another day of sharp divergence between the closing levels of the Nifty 50 and the BSE Sensex. Shares of Trent will be in focus as the company will detail its June quarter results Thursday.
At 0839 IST, the August futures contract of GIFT Nifty was marginally higher from its previous close at 24719.50. The futures contract was nearly 95 points higher than the Nifty 50's previous close of 24624.65, indicating a rangebound movement for the index Thursday.
The Nifty 50 settled at 24570.20 points after the continuous trading session Wednesday at 1515 IST, down 0.2% from Tuesday. The BSE Sensex ended at 78501.85 points, up 0.1%. After the closing auction, the Nifty 50 ended at 24624.65, up 9.75 points from Tuesday and over 54 points higher than the 1515 IST level. At 1535 IST, the August futures contract of the Nifty 50 was at a premium of 22 points to the index's close. After the implementation of the new closing auction mechanism for the equity cash segment Monday, a sharp divergence between the closing levels of the Nifty 50 and the Sensex remained for the third straight session.
Shares of Power Grid Corp. of India will also be in focus as the company released its June quarter results early Thursday. The company reported a nearly 7% on-year fall in its net profit at INR 34.11 billion. Its revenues for the quarter fell over 1% on year to INR 97.95 billion. Both the key metrics missed meeting analysts' expectations for the quarter.
Barring the Dow Jones Industrial Average, the US indices settled lower Wednesday. The Nasdaq Composite closed nearly 1% lower, while the S&P 500 settled marginally lower. Asian indices were mixed, with most of them being lower in early trade. Hong Kong's Hang Seng index and Japan's Nikkei 225 ended almost 1% lower each. (Arundathi A R)
Equity Alert: Brokerages mixed on Bharti Airtel, Emkay ups target price by 5%
MUMBAI--0820 IST--Brokerages are mixed on Bharti Airtel after the company's post-earnings call with analysts. The company will continue investments in its Africa operations, which is expected to punch above its weight over time, a senior company official said. Tuesday, the telecommunications major detailed its June quarte earnings, reporting a 12% on-quarter rise in its net profit to INR 81.67 billion and a 6% rise in its top line to INR 585.39 billion. The company's Africa mobile services segment contributed around 30% of the company's revenues for the quarter ended June.
Nuvama Institutional Equities has an optimistic view on the stock. The brokerage expects the company's "industry-leading" average revenue per user and robust free cash-flow to continue to bolster its balance sheet. The brokerage sees Bharti Airtel as the best way to play the Indian telecommunications sector. The brokerage tweaked its estimates for the company's earnings before interest, tax, depreciation, and amortisation estimates for financial year 2026-27 (Apr-Mar) by over 1% and for FY28 by over 3%. The brokerage retained its "buy" recommendation on the stock with an unchanged target price of INR 2,550, incorporate a higher stake in the company's Africa subsidiary.
On other hand, Emkay Global Financial Services maintained its "reduce" recommendation on the stock but increased its target price to INR 2,000, up 5.3%. The brokerage expects the company's average revenue per user to have a compounded annual growth rate of 7.5% over FY26 and FY29, below the consensus view of 8.8%. The brokerages sees the company's enterpise multiple at nine times the EBITDA based on FY28 estimates. This implies the multiple for the India business at 12.3 times the estimate, which is at the top end of valuations for global telecommunications companies. Given the expensive valuations, the brokerage believes the risk-reward ratio is unfavourable. (Shruti Nair)
Equity Alert: Most markets in Asia fall, technology stocks drag down indices
MUMBAI--0806 IST--Most indices in Asia moved in the negative territory, dragged down by a decline in technology stocks. South Korea's headline index Kospi lagged its peers in the region and Japan's key Nikkei 225 index and Hong Kong's Hang Seng index were also firmly in the red. Indices in China were mixed, with the CSI 300 index lower and the SSE Composite higher.
A five-minute trading halt was triggered on the Kospi after the index fell more than 5% intraday. Shares of SK Hynix fell over 8% and those of Samsung Electronics Co. by 6%. Shares of Samsung Electro-Mechanics Co. and SK Inc. were down almost 10% while Samsung SDI Co. was 1.5% lower. The broader market Kosdaq was also in the red, but fared slightly better than the benchmark. During early hours, the Kosdaq was about 2% down.
In Japan, the benchmark 225-stock index fell almost 2%. Index heavyweights Advantest Corp and Tokyo Electron were down 4% and 6%, respectively. Among other key stocks in the country, SoftBank Group Corp. fell over 6%, Murata Manufacturing Co. more than 8%, and TDK Corp. amost 5%. The country's broader market index, Topix, was only slighlty lower.
Following are the levels of key indices in the region at 0804 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
65185.18 | (-)1.68 |
|
TOPIX FIRST SECTION |
4035.99 | (-)0.25 |
|
S&P/ASX 200 Index |
9279.10 | 0.56 |
|
KOSPI Index |
6299.45 | (-)4.53 |
|
Hang Seng Index |
25441.69 | (-)1.83 |
|
CSI 300 Index |
4655.9296 | (-)0.05 |
|
FTSE Singapore Strait Times |
5631.19 | 0.89 |
(Ruchira Kagita)
Equity Alert: Wall Street ends mixed; Dow Jones, S&P hit record highs Wed
MUMBAI--0742 IST--Wall Street ended mixed even as the Dow Jones Industrial Average and the S&P 500 hit record highs Wednesday. The technology-heavy Nasdaq Composite ended lower. The S&P 500 pared its gains through the session and ended in the red. The Google parent Alphabet led losses in the magnificent seven stocks. Shares of Amazon, Microsoft, and Tesla closed lower though Nvidia outperformed.
Alphabet slumped 4% on an overhaul in its artificial intelligence vertical. Demis Hassabis, the chief executive officer Google DeepMind, stepped down from the position. Koray Kavukcuoglu, its chief technology officer, will now be the senior vice-president of DeepMind. Shares of Nvidia jumped and closed over 3% higher after Elon Musk said SpaceX will exclusively use the Nvidia's artificial-intelligence chips to grow its computing capacity, according to multiple media reports. However, shares of Nvidia's rival, Advanced Micro Devices, fell 7%. "I have tremendous respect for Elon and everything that he has done, and so we look forward to continuing to partner over the longer term," Advanced Micro Devices CEO Lisa Su told CNBC.
Shares of SanDisk Corp. fell as much as over 5?ter its guidance for its financial year ending September disappointed the Street though its earnings per share, overall revenue, and revenue from data centres for the quarter ended June were ahead of analysts' expectations. The company reported an earnings of $39.25 per share, above the estimate of $34.96 by FactSet and its sales from data center services were $2.98 billion, beating the expectation of $2.98 billion. However, its forecast of revenue being between $10.30 billion and $10.80 billion was below the anticipated $10.82 billion, Barrons reported.
Shares of Walt Disney Co. ended almost 4% higher after posting a healthy set of earnings for the June quarter. The broadcaster's revenues increased 7% to $25.2 billion, led by sales at domestic parks and experiences. The total parks and experiences revenues rose 10% on year. For its financial year ending September, the company expects its adjusted earnings per share to grow around 12%, including the impact of the 53rd week. The Toy Story 5 and strong ESPN viewership gains helped expand its consumer reach this quarter and boosted its earnings. Disney expects its operating income for the quarter ending September to be $4.9 billion.
Following were the closing levels of major US indices Wednesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
54349.12 | 0.49 |
|
NASDAQ Composite |
26363.439 | (-)0.83 |
|
S&P 500 |
7723.55 | (-)0.17 |
(Ruchira Kagita)
US$1 = INR 95.22
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Shubhayan Bhattacharya
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