Equity Alert
Indices down for 2nd day as oil rises to $90/barrel; TCS major drag
This story was originally published at 16:19 IST on 12 August 2026
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Equity Alert: Indices dn for 2nd day as oil rises to $90/bbl; TCS major drag
MUMBAI--1555 IST--Headline equity indices extended their losses to a second session Wednesday, settling marginally lower as Brent crude oil prices rose to $90 a barrel due to fresh escalation in the West Asia war. The spike in oil prices kept market sentiment weak for the whole session. Shares of Tata group companies in the 50-stock index plunged considerably on a report that Tata Sons Chairman N. Chandrasekaran will not seek reappointment at the end of his term in February.
At the end of the continuous trading session at 1515 IST, the Nifty 50 was at 24361.70 points, down 0.5% from Tuesday. The BSE Sensex was at 77889.97 points, down 0.3%. After the closing auction session, the Nifty 50 ended at 24435.95, down 35.75 points or 0.2% from Tuesday's close. This was over 74 points higher than the 1515 IST level. The Sensex ended at 77966.35, down 187.90 points or 0.2%.
Even though the market witnessed a lower closing for two sessions, investors were less nervous, as indicated by India VIX. The volatility index settled over 1% lower at 11.6950 points. Broader market indices ended mixed, with all small-cap indices down marginally. All mid-cap indices closed 0.2–0.3% higher.
During close, most sectoral indices were higher compared to a few in earlier hours. The Nifty IT ended as the major laggard among them, down 1.5%. The Nifty FMCG and Nifty Consumer Durables ended nearly 1% lower each. On the other hand, the Nifty PSU Bank was the top performing sectoral index, up over 2%.
Tata Consultancy Services ended as the key drag on the Nifty 50 index, down almost 4%. Shares of the company started falling steeply after media reports that Tata Sons Chairman N. Chandrasekaran will not seek reappointment at the end of his term in February. This comes amid uncertainty over his reappointment at the company's annual general meeting, scheduled for Aug. 18. Godrej Consumer Products ended as the worst-hit stock in both the Nifty 200 and Nifty 500 indices, down over 11%.
Hindalco Industries topped the 50-stock index with nearly 3% gains. Bharti Airtel ended as the second-biggest gainer in the index, up 1.6%. Shares of Bharti Airtel started gaining in the last few minutes of trade following CNBC-TV18's post on X saying the company hiked its selective tariff plan. According to the post, Bharti Airtel has discontinued its INR 299, INR 579, INR 619, and INR 649 prepaid plans. It also said the company will replace its INR 299 plan with an INR 349 plan. National Aluminium Co., up over 8%, ended as the top gainer in the Nifty 200 as well as the Nifty 500 index. (Arundathi A R)
Equity Alert: European mkts open mixed; luxury stocks fall, tech shrs gain
MUMBAI--1550 IST--European indices opened mixed as investors await US inflation data, which will bring clarity regarding the likelihood of an interest rate hike by the US Federal Reserve amid the war in West Asia. The pan-European Stoxx Europe 600 rose slightly. The Stoxx Europe Luxury 10 index fell 2%. The Stoxx Europe 600 Technology was up 1%.
The October futures contract of Brent crude oil rose as much as 1.3% to $90 per barrel after renewed attacks on vessels in West Asia. The war in West Asia, in its sixth month, has shown no signs of ending despite repeated claims by US President Donald Trump that a deal is imminent, Reuters reported. Markets have swung between gains and losses since the war began, as investors tried to gauge the risk of a broader disruption to energy supplies and global trade.
"The rally has continued despite uncertainty over efforts to resolve the US-Iran conflict. Europe is more vulnerable than the US to disruption in global energy markets because of its greater reliance on imported energy," Reuters quoted analysts at UBS Global Wealth Management. "But even after the market's strong gains, we believe European equities have further upside potential."
Meanwhile, shares of luxury goods companies such as Burberry, Hermes, and Moncler fell. Shares of Hermes fell nearly 2%, and Moncler fell just over 1% while those of Burberry fell around 3%. Other luxury companies that posted losses were Christian Dior and LVMH, which both fell around 2%. Meanwhile, technology companies posted gains. Shares of Infineon Technologies rose 3%, and those of ASML Holdings rose 2%.
Following are the levels of key indices in the region at 1508 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10848.79 |
0.04 |
|
CAC 40 |
8709.92 |
(-)0.1 |
|
MIB INDEX |
53838.89 |
0.3 |
|
DAX PERFORMANCE-INDEX |
26518.74 |
0.5 |
|
SLI |
2327.02 |
(-)0.5 |
(Deesha Jadhav)
Equity Alert: Nifty 50 Aug ends at premium of 44.95 points to spot index
MUMBAI--1545 IST--The August futures contract of the Nifty 50 closed at a premium of 44.95 points to the spot index Wednesday. Open interest in the contract rose 4% from Tuesday to around 12.61 million, according to provisional data.
--Nifty 50 closed at 24435.95 points, down 35.75 points or 0.2% vs Tuesday
--Nifty 50 August closed at 24480.90 points, down 59.60 points or 0.2% vs Tuesday
Nifty 50 options, expiring Tue, with maximum change in open interest:
Call: 24400, Put: 24300
Nifty 50 options, expiring Tue, with maximum open interest:
Call: 25000, Put: 24000
(Eshitva Prakash)
Equity Alert: Hospital cos fall for second day; Fortis Health slumps 6%
MUMBAI--1525 IST--Shares of most hospital companies extended losses for the second straight session Wednesday after a parliamentary committee on health and family welfare recommended capping hospital room rents and formulating fixed package rates for standard medical and surgical procedures. At 1520 IST, shares of Fortis Healthcare, Aster DM Quality Care, Max Healthcare Institute, Global Health, Apollo Hospitals Enterprise, and Narayana Hrudayalaya traded 1.0-5.7% lower. Most of these stocks extended losses for the second straight session.
The committee also recommended a fast-track mechanism to examine excessive billing and resolve disputes between hospitals and insurers, reports said. The panel also proposed moving healthcare services from the current goods and services tax-exempt regime to zero-rated goods and services tax, which would allow hospitals to claim input tax credit on capital expenditure such as medical equipment and infrastructure.
Global brokerage Jefferies sees limited earnings risk for hospital operators from the recommended changes an sees the correction as a buying opportunity, NDTV Profit reported citing the brokerage. The recommendations will now go through consultations with hospitals and are likely to face pushback, the brokerage said.
Macquarie, on other hand, sees the committee's conclusions as "notably more interventionist" than previous policy discussions. It pointed to the report's repeated focus on private healthcare as a major source of out-of-pocket spending and affordability concerns. Macquarie expects tighter pricing control going forward, the report said. However, it also noted that the recommendations could support capital expenditure-intensive infrastructure. (Arya S. Biju)
Equity Alert: Asian mkts close mixed; Kospi in green; Hang Seng in red
MUMBAI--1422 IST--Asian markets ended on a mixed note with Hong Kong's Hang Sang closing almost 1% lower, while South Korea's Kospi closed around 4% higher and the small-cap Kosdaq closed slightly higher. Gains in Kospi were boosted by heavyweights Samsung Electronics and SK Hynix. In Japan, the Nikkei 225 and the broader market Topix both closed around 1% higher. China's CSI 300 was also in the green in the region, while Singapore's FTSE Strait Times closed lower. Australia's S&P/ASX also closed slightly lower.
In Japan, shares of major semiconductor players, Advantest and Tokyo Electron, posted gains Wednesday. Shares of Advantest closed around 1% higher, while those of Tokyo Electron closed around 3% higher. Kospi heavyweights SK Hynix and Samsung Electronics closed around 6% and 7% higher, respectively. The gains in Samsung Electronics and SK Hynix came after the local media reported that sovereign wealth fund Temasek was considering an investment in both the companies, Bloomberg reported.
Meanwhile in Hong Kong, shares of Baidu closed 2.5% lower and those of Alibaba closed 3% lower. Shares of technology conglomerate Tencent Holdings closed 2% lower. In Australia, shares of BHP Group and Commonwealth Bank of Australia both closed around 1% lower.
Following are the levels of key indices in the region at 1416 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
67524.06 | 0.8 |
|
TOPIX FIRST SECTION |
4139.00 | 0.9 |
|
S&P/ASX 200 Index |
9209.40 | (-)0.5 |
|
KOSPI Index |
6579.04 | 3.7 |
|
Hang Seng Index |
25440.17 | (-)0.8 |
|
CSI 300 Index |
4690.92 | 0.6 |
|
FTSE Singapore Strait Times |
5714.40 | (-)0.7 |
(Deesha Jadhav)
Equity Alert: PI Ind dn 10%, hits 4-yr low after co's Q1 PAT falls 39% YoY
MUMBAI--1400 IST--PI Industries' shares shed nearly 10% and hit their lowest level in over four years at INR 2,470 on the National Stock Exchange. This was after the company's management Wednesday said in a post-earnings call with analysts that the global consumption pattern was putting pressure on its sales growth. The company also said the operating environment for its exports business remains challenging. The company detailed its June quarter results after market hours Tuesday and reported a sharp on-year fall in its consolidated net profit and sales.
For Apr-Jun, the company's consolidated net profit slumped 39% on year to INR 2.44 billion, while its revenues fell over 10% to INR 17.02 billion. Further, the company reported a 29% on-year fall in its earnings before interest, tax, depreciation, and amortisation for the June quarter at INR 3.69 billion. Its EBITDA margin contracted 577 basis points on year to 22%.
At 1350 IST, shares of the company were down over 9% at INR 2,478.60 on the NSE. Over 1.6 million shares of the company have changed hands on the exchange so far, nearly 15 times the number of shares traded till the same time Tuesday. Of the eight brokerage reports available on the company with Informist, three have a "buy" or equivalent recommendation on the stock, with target prices ranging from INR 3,108 to INR 4,023.(Shruti Nair)
Equity Alert: Godrej Consumer slumps 11% to over 3-year low after CEO's exit
MUMBAI--1335 IST--Shares of Godrej Consumer Products fell as much as 11% intraday to INR 912.60 per share, the lowest in over three years. The sharp decline came after the company announced the resignation of its managing director and chief executive officer Sudhir Sitapati effective Tuesday. The views of brokerages were largely mixed, with several of them flagging concerns around execution and the company's next phase of strategy, while others retained their positive stance. At 1330 IST, the stock was down 10.9% at INR 913.80 per share on the National Stock Exchange, the worst hit in both the Nifty 200 and Nifty 500.
"I feel that the task I had set for myself here is done and this is the right time to move on," Sitapati said in his resignation letter. Following this, the company appointed Aasif Malbari as managing director and chief executive officer for five years. Ahead of this, Malbari tendered his resignation as chief financial officer of the company effective Tuesday. The company also appointed Vishal Kedia as interim chief financial officer effective from Tuesday.
Following this, HSBC downgraded the stock to "hold" with a target price of INR 1,120, CNBC TV18 reported, citing the brokerage. The target price is over 9?ove the stock's close on Tuesday. The brokerage said the sudden resignation of Sitapati, despite his term having been extended until 2031, raises uncertainty around execution. HSBC also reduced its price-to-earnings multiple for the stock to 40 times from 45 times.
Another global brokerage, CLSA, retained its "underperform" call on the stock with a target price of INR 772, indicating a near 25% downside from Tuesday's closing price. The brokerage said the strategic roadmap remains unchanged following the CEO transition, with greater emphasis now expected on execution and speed, Moneycontrol reported, citing the brokerage. However, it highlighted continued challenges in the personal wash and home insecticides segments, where growth and market-share gains have remained weak.
Citi, Jefferies, and Goldman Sachs maintained their "buy" calls on the stock. Citi expects the stock to react negatively in the near term following Sitapati's sudden resignation. Goldman Sachs, on the other hand, trimmed its target price by around 12% to INR 1,175 per share, seeking greater clarity on key strategic initiatives, according to multiple media reports.
Systematix Institutional Equities retained its "buy" call on Godrej Consumer with a target price of INR 1,240 per share. It believes the company's current leadership team is well equipped to manage a seamless transition in management with minimal vacuum in strategy. Further, on the company's decision on appointing an individual chief executive officer for India and the regions reporting to the global chief executive officer, the brokerage said it could potentially bring in greater customised focus on each market, with more effective and agile local level execution. (Arya S. Biju)
Equity Alert: Indices fall more, Nifty 50 at two-week low; TCS down 5%
MUMBAI--1320 IST--Domestic equity indices fell further and were down 0.8?ch. The Nifty 50 index, with only seven stocks trading higher, fell to a nearly two-week low. Shares of Tata group companies in the 50-stock index fell on report Tata Sons Chairman N. Chandrasekaran will not seek reappointment at the end of his term in February.
At 1243 IST, the Nifty 50 was at 24281.90, down 189.80 points from Tuesday. The BSE Sensex was at 77566.06, down 588.19 points. Investor nervousness rose as the volatility index, India VIX, was up nearly 1% at 11.9350 points. All broader market indices traded marginally lower.
Barring the Nifty PSU Bank, Nifty Metal, and Nifty Bank, all sectoral indices were lower. The Nifty IT was the worst hit among sectoral indices, down over 2%. The Nifty Consumer Durables and Nifty Realty were down over 1?ch. The Nifty PSU Bank, the top sectoral gainer, was up nearly 2%.
Tata Consultancy Services became the key drag on the Nifty 50 index, down nearly 5%. Tata Motors Passenger Vehicles was down over 3%, while Tata Steel and Tata Consumer Products fell over 2?ch. Chandrasekaran will not seek reappointment after his current term ends on Feb. 20, 2027, ET Now posted on its X account, citing his official statement. This comes amid uncertainty over his reappointment at the company's annual general meeting.
Hindalco Industries led the pack of gainers in the 50-stock index, up over 3%. The stock rose after falling for the previous two sessions. State Bank of India was up 1.5%, while Grasim Industries and Nestle India rose around 1?ch. (Arundathi A R)
Equity Alert: Finolex Cables near 2-yr high; Jefferies ups price aim 18%
MUMBAI--1310 IST--Shares of Finolex Cables gained nearly 14% to hit their highest level in nearly two years at INR 1,374 on the National Stock Exchange. This comes after the company detailed its June quarter results on Tuesday. For Apr-Jun, the company reported a 59% on-year growth in its net profit to INR 2.21 billion, while its revenues rose 44% to INR 20.13 billion.
Global brokerage Jefferies upgraded the target price on the stock by nearly 18% to INR 1,410 from INR 1,200 previously and maintained its "buy" recommendation on the stock, according to a report by NDTV Profit. The brokerage noted healthy growth in sales and operating profit in the company's cables and wires segment, on the back of multiple price hikes in the last 12 months, according to the news report. Going ahead, the brokerage expects the benefits of backward integration to reflect in the company's margins and profit by the third quarter of financial year 2026-27 (Apr-Mar).
At 1301 IST, shares of the company traded nearly 8% higher at INR 1,299.20 on the NSE. Around 15.7 million shares of the company have changed hands on the exchange so far, which is nearly 61 times the number of shares traded until the same time Tuesday. The two brokerage reports on the company available with Informist have a "buy" or equivalent recommendation on the stock. The company's current market price is already above the target prices given by the two brokerages. (Shruti Nair)
Equity Alert: Tata group cos dn, reports say chairman not to seek another term
MUMBAI--1209 IST--Shares of several Tata group companies fell sharply amid reports that Tata Sons Chairman N. Chandrasekaran will not seek a re-appointment after his term ends in February. Following the report, shares of Tata Consultancy Services and Tata Motors Passeneger Vehicles extended their losses and slipped lower on the Nifty 50 index. Tata Consultancy Services was the worst-hit constituent in the 50-stock index.
Chandrasekaran has decided not to offer himself for reappointment when his current term ends on Feb. 20, CNBC-TV18 reported, citing sources. "I am grateful for the immensely satisfying opportunity to contribute to this venerable institution," ET Now posted in its X account as a statement from Chandrasekaran. "I have communicated to the Tata Sons Board, that I have decided not to offer myself for reappointment when my term ends on Feb 20, 2027. I have asked the Board to decide on the succession soon to ensure a proper transition."
At 1210 IST, shares of Tata Consumer Products, Tata Steel, Tata Motors Passenger Vehicles, and Tata Consultancy Services were down 2–5%. The stocks were among the worst-hit in the 50-stock index. (Shruti Nair)
Equity Alert: Aluminium cos surge; Hindalco up 8.8%, NALCO up 3.7%
MUMBAI--1155 IST--Shares of aluminium companies such as National Aluminium Co., Hindalco Industries, and Vedanta Aluminium Metal rose as prices of the metal surged in the early trade after production cut at a major alumina refinery in Brazil raised concerns over global supply. Higher aluminium prices are beneficial for these companies as this could lead to higher realisations.
Norwegian aluminium company, Norsk Hydro, Tuesday said its Alunorte alumina refinery in Brazil has cut output to 50% due to reduced supply of natural gas, according to media reports. The Alunorte refinery had annual capacity to produce 6.3 million metric tonnes of alumina. Alumina is the key raw material used to manufacture aluminium.
The three-month aluminium contract on the London Metal Exchange rose as much as 2% Tuesday to $3,382.50 a tonne. However, around 1135 IST, the three-month aluminium contract was down 0.6% from the previous close at $3,335 per tonne.
At 1154 IST, shares of NALCO were up over 7% and it was the top gainer in the Nifty 200 index. Hindalco Industries was up nearly 3% and was the top gaining Nifty 50 stock and Vedanta Aluminium Metal was up nearly 1%. Intraday, shares of Hindalco Industries and NALCO rose as much as 3.7% and 8.8%, respectively, to their highest levels in over two months to INR 1,087.95 and INR 422.2, respectively. (Arya S. Biju)
Equity Alert: Ardee Industries lists at 36% premium to issue price on NSE
MUMBAI--1150 IST--Shares of Ardee Industries were listed at INR 72 per share on the National Stock Exchange, a premium of 36% to the issue price of INR 53. The stock traded higher since its debut and rose 38% from the issue price to a high of INR 73.19. At 1153 IST, shares of Ardee Industries were trading over 30% higher at INR 69.09 on the NSE.
The initial public offering of Ardee Industries, which closed on Friday, was subscribed around 134 times, with the company receiving bids for 7.81 billion shares against 58.42 million shares on offer. The company had raised INR 1.28 billion from anchor investors ahead of the launch of the initial public offer.
Ardee Industries specialises in the recovery and recycling of end-of-life energy storage products and non-ferrous scrap while reclaiming critical resources from waste streams. The company reported a net profit of INR 846.81 million for the financial year 2025-26 (Apr-Mar) on revenues of INR 11.68 billion. (Arundathi A R)
Equity Alert: Grasim up 2%, Apollo Hospitals down 2% ahead of Q1 earnings
MUMBAI--1135 IST--Shares of Grasim Industries gained 2% to their intraday high of INR 3,385.90 and those of Apollo Hospitals Enterprise fell over 2% to their lowest level in almost two months at INR 8,535.50 on the National Stock Exchange. Both the Nifty 50 constituents are set to declare their June quarter earnings later in the day.
For Apr-Jun, brokerage estimates for Grasim Industries' bottom line vary. Of the three brokerage estimates on the company available with Informist, Motilal Oswal Financial Services expects the company's net profit at INR 700 million, while Kotak Institutional Equities sees it at INR 1.30 billion. However, Nuvam Wealth Management expects the company to post a loss of INR 712 million. The company posted a net loss of INR 1.18 billion in the year-ago quarter. The company's revenue is expected to be between INR 118.16 billion and INR 129.12 billion for the June quarter, according to estimates from three brokerages. In the year-ago quarter, the company reported revenues of INR 92.23 billion. At 1123 IST, shares of the company were at INR 3,352, up 1% from Tuesday. Nearly 477,000 shares of the company have changed hands on the exchange so far, almost twice the number of shares traded until the same time Tuesday.
For Apr-Jun, Apollo Hospitals is expected to report a 29% on-year jump in its consolidated net profit to INR 5.6 billion, according to the average of estimates from nine brokerages. The company's consolidated net sales are seen rising 18% on year to nearly INR 69 billion. Brokerages expect improved occupancy in the hospitals business and steady growth in the pharmacy and clinics segments to drive the company's earnings for the June quarter. At 1123 IST, shares of the company were at INR 8,567.50. Nearly 395,000 shares of the company have changed hands on the exchange so far, compared to nearly 222,000 shares traded until the same time Tuesday. (Shruti Nair)
Equity Alert:Analysts see Zydus Life sales growth from US launches to be slow
MUMBAI--1014 IST--Zydus Lifesciences reported a better-than-expected growth in its consolidated sales for the June quarter though its net profit missed the Street's estimates. The absence of revenue from generic cancer drug, Revlimid, and royalties paid in relation to the patent for its generic therapy, Mirabegron likely dragged down profitability for the quarter. Going ahead, most brokerages are not too enthused about the revenue the new drug launches in the US could potentially generate and they believe margin recovery will also take longer.
Growth in the pharmaceutical major's India and international formulations businesses surprised positively, Systematix Institutional Equities said. The brokerage estimated the company's revenue, earnings before interest, taxes, depreciation, and amortisation to grow at a compounded annual rate of 11.9% and 1.6%, respectively, over FY26-28. It has factored in sales contribution from material launches in the US.
While Saroglitazar is likely to be launched this financial year, revenues from this drug should only start flowing in FY28, Systematix said. The biosimilar of Ranibizumab in the US is seen contributing to sales in the second half of FY27. However, the brokerage expects some commercial challenges for Ranibizumab on the back of competition from established players. Systematix maintained its "hold" stance on the stock with a target price of INR 1,203 apiece.
Zydus Life's new sales are expected to come at lower profitability, JM Financial Institutional Securities and this will keep its margins mostly flat for the next three years. The company is expected to focus on investments in its specialty business and "coupled with high amortisation impact below EBITDA, would result in broadly flat earnings over FY26– 29E," the brokerage said. JM Financial pegs the drug maker's revenue to grow at a compounded annual rate of 10?tween FY26 and FY29. Its EBITDA is seen rising 5% but net profit is estimated to fall 2% during this period. The brokerage maintained its "reduce" recommendation on the stock with a target price of INR 1,084.
However, Nuvama Institutional Equities upgraded Zydus Life to "buy" from "hold" and hiked its target price over 33% higher to INR 1,400 while revising its earnings per share for the company by 11% for 2026-27 (Apr-Mar) and 19% for FY28. The company's revenue, EBITDA, and net profit were above the broking firm's estimates. The drug maker's gross profit of 72.1% for the June quarter indicates a better product mix, Nuvama noted. Launches of branded products and new 180-day exclusive opportunities should are further seen improving this mix, it said.
With the company's capital allocation, its domestic branded generics business and performance in the US specialty segment are expected to improve, Nuvama said. The emerging markets and Europe geography also have positive prospects, it said. Meanwhile, the potential start of its biologics contract development and manufacturing business in the US is also a key positive, the brokerage said.
Zydus Life reported a consolidated net profit of INR 9.40 billion, down nearly 36% on year and 26% on quarter, below analysts' estimate of INR 10.61 billion. The company's revenue from the operations for the quarter was up nearly 22% on year at INR 80.17 billion. At 1013 IST, shares of Zydus Life were over 1% down at INR 1,176.50 on the NSE. (Ruchira Kagita)
Equity Alert: IRCTC rises nearly 1% ahead of June quarter earnings
MUMBAI--1000 IST--Shares of Indian Railway Catering and Tourism Corp. Ltd. traded nearly 1% higher ahead of its June quarter earnings due later in the day. At 0954 IST, shares of the company were marginally higher at INR 516.15 on the NSE. So far in the day, above 142,000 shares of the company changed hands on the NSE compared with over 134,000 shares traded Tuesday.
Dolat Capital Market Pvt. Ltd. expects the company's net profit at INR 3.26 billion and the revenue from operations at INR 13.01 billion for the reporting quarter. Prabhudas Lilladher Pvt. Ltd. pegged the bottom line at INR 3.51 billion and the top line at INR 12.71 billion. Estimates from only two brokerages were available with Informist.
Prabhudas Lilladher expects the company's earnings before interest, tax, depreciation and amortisation at INR 4.24 billion. "We expect ticketing volumes of 135mn (million) resulting in convenience fee revenue of INR 2.5 billion in 1QFY27E (June quarter). Catering revenue is expected to increase 8.0% year-on-year to INR 5.9 bn (billion) while tourism business is expected to grow by 12.0% year-on-year to INR 1.7 bn (billion). Overall, we expect an EBITDA margin of 33.4%," the brokerage said.
All three brokerage reports on the company available with Informist have a 'buy' recommendation on the stock with an average target price of INR 671 on the National Stock Exchange. This is 30% higher than the current share price. (Astha Oriel)
Equity Alert: Indices open dn as oil rises to $90/bbl on Iran war escalation
MUMBAI--0930 IST--The Nifty 50 index opened a tad lower Wednesday amid a sharp rise in crude oil prices on fresh escalation in the US-Iran war. The BSE Sensex slipped into the red soon after opening slightly higher. The Brent crude oil prices surged to higher levels of around $90 a barrel as the possibility of ending the US-Iran war faded with a new round of attacks.
At 0933 IST, the Nifty 50 was at 24439.50, down 32.20 points or 0.1%. The BSE Sensex was at 78070.12, down 84.13 points or 0.1%. However, investors grew less nervous as the India Volatility index fell nearly 1% to 11.7350 points. The broader market was mixed, with all small-cap indices gaining slightly, while mid-cap indices down a tad each.
Among indices tracking sectors, the Nifty Realty index shed the most, down nearly 1%. The Nifty Healthcare index was also down nearly 1%. On other hand, the Nifty PSU Bank gained the most among them, up almost 2%.
Max Healthcare Institute was the top drag on the Nifty 50 index, down over 2%. Apollo Hospitals Enterprise was down almost 2% ahead of its June quarter results scheduled later in the day. Apollo Hospitals is expected to report a consolidated net profit of about INR 5.6 billion for the June quarter, up 29% on year and 5% on quarter. Its net sales are likely to rise 18% on year and 4% on quarter to nearly INR 69 billion.
Godrej Consumer Products was the worst hit in both the Nifty 200 and Nifty 500 indices, down nearly 10%. Shares of PI Industries were nearly 4% lower after the company posted a 39% on-year fall in its June quarter net profit. Techno Electric & Engineering Co. was down over 6% in the Nifty 500 index after its Apr-Jun net profit fell 31% on year on higher expenses.
Meanwhile, Hindalco Industries topped the Nifty 50 index, with over 3% gains. State Bank of India and Grasim Industries gained over 1?ch in the index. Shares of Grasim Industries rose ahead of its June quarter results scheduled later in the day. (Arundathi A R)
Equity Alert: Brokerages wary of Siemens profitability despite Q1 sales growth
MUMBAI--0907 IST--Brokerages are wary of Siemens profitability after the company detailed its June quarter earnings on Tuesday. The company reported a five-fold on-year surge in its consolidated net profit for the June quarter to INR 21.43 billion. However, the surge in the bottom line was largely attributable to a one-time gain of INR 20.99 billion from the sale of the company's low voltage motors business. The company dealt with challenges relating to higher raw material prices and foreign exchange volatility. The company's consolidated revenues for the June quarter rose 15% on year to INR 47.14 billion. Both the net profit and sales beat the Street's view.
Emkay Global Financial Services has a "buy" recommendation and a target price of INR 4,600 on the stock. This represents an upside of over 14% from the current market price. The company values the stock at 65 times the earnings per share multiple based on estimates for June 2028. The brokerage expects the free trade agreement between the EU and India as well as the capital expenditure outlined in the railway segment to drive healthy demand. However, the brokerage remarked that the company's operational performance was below expectations with commodity cost volatility, increase in material costs, and foreign exchange losses impacting operating margins.
Nuvama Institutional Equities maintained its "hold" recommendation on the stock with an unchanged target price of INR 4,375 on the National Stock Exchange. This represents an upside of nearly 9% from the current market price. The brokerage expects near-term margin weakness to be offset by strong order inflows. (Shruti Nair)
Equity Alert: Asian mkts open mixed; Kopsi, Nikkei 225, CSI 300 in the green
MUMBAI--0811 IST--Asian indices opened mixed with South Korea's Kospi rising almost 4% and leading the gains as index heavyweights Samsung Electronics and SK Hynix rose sharply. Elsewhere in the region, sentiment was affected as investors grew pessimistic over the prospect of a swift end to the war in West Asia. The broader Japanese market index Topix was up marginally as was the Nikkei 225. Mainland China's CSI 300 index also gained slightly during early trade. However, indices in Hong Kong and Singapore were in the red. Australia's S&P/ASX 200 was around 1% lower.
Kospi heavyweights SK Hynix and Samsung Electronics both rose around 6% and 7%, respectively. Shares of Samsung SDI rose around 6?ter the company announced an agreement with General Motors to jointly develop battery cells for potential electric vehicle applications, CNBC reported. In Japan, shares of technology company Advantest rose slightly and those of Tokyo Electron rose more than 1%. In Hong Kong, shares of Baidu fell around 2% while those of Alibaba fell around 3%.
The Japanese yen slipped closer to the psychologically significant 160 mark against the US dollar after giving up about half of its gains from the recent coordinated US-Japan intervention to keep the yen from falling further. The weakness of the yen cannot be justified by the US-Japan interest rate differential alone, analysts at Credit Agricole CIB said, according to a CNBC report. Analysts added that there is an "asymmetry of investment power" between the two economies and "the interest rate differential is only one aspect of the outcome."
Following are the levels of key indices in the region at 0803 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
67013.98 | 0.1 |
|
TOPIX FIRST SECTION |
4115.96 | 0.4 |
|
S&P/ASX 200 Index |
9195.20 | (-)0.6 |
|
KOSPI Index |
6569.26 | 3.5 |
|
Hang Seng Index |
25370.82 | (-)1.1 |
|
CSI 300 Index |
4679.25 | 0.3 |
|
FTSE Singapore Strait Times |
5719.91 | (-)0.6 |
(Deesha Jadhav)
Equity Alert: Seen in range; oil rises to $90/bbl on escalation in Iran war
MUMBAI--0835 IST--Headline equity indices are expected to move in a range Wednesday, suggested by the movement in the GIFT Nifty levels. Brent crude oil prices surged to around $90 a barrel on fresh escalation in the West Asia war. Technical analysts expect positive sentiment in the market as long as the Nifty 50 sustains above the 24400 level.
At 0831 IST, the October futures contract of Brent crude oil was nearly 1% higher from Tuesday at $89.63 a barrel. Oil prices have gained almost 2% in the past seven days. Within the last 30 days, oil prices rose 15%. The current crude oil prices are 23% higher than the pre-war levels.
At 0832 IST, the August futures contract of the GIFT Nifty was largely flat at 24559. This suggested a rangebound movement for indices, as the GIFT Nifty levels were over 87 points higher than the Nifty 50's previous close of 24471.70. However, Sunny Agrawal, fundamental research head at SBI Securities, expects markets to remain volatile in the near term, with geopolitical developments, crude prices and earnings outcomes continuing to drive investor sentiment," he said in a note.
Shares of Grasim Industries and Apollo Hospitals Enterprise will be in the spotlight as these companies will announce June quarter results later in the day. For Grasim Industries, two broking firms expect the company to report a net profit and one projected a net loss. Higher realisations in the viscose staple fibre and chemicals businesses are expected to support earnings, while continued losses in the paints and business-to-business segments are likely to weigh on the bottom line, analysts said.
Motilal Oswal Financial Services Ltd. expects the company to report a net profit of INR 700 million for the reporting quarter and Kotak Institutional Equities expects net profit of Grasim at INR 1.30 billion. On the other hand, Nuvama Wealth Management Ltd. expects the company to post a net loss of INR 712 million. The company's revenue is expected to be between INR 118.16 billion and INR 129.12 billion.
Apollo Hospitals is expected to report a consolidated net profit of about INR 5.6 billion for the June quarter, up 29% on year and 5% on quarter. Its net sales are likely to rise 18% on year and 4% on quarter to nearly INR 69 billion. Improved occupancy in the hospitals business and steady growth in the pharmacy and clinics segments are likely to help the company report healthy earnings growth for the quarter.
All three major US indices settled lower Tuesday, with the Nasdaq Composite shedding nearly 1%. Indices closed lower weighed by declines in major technology stocks such as SpaceX, Amazon, and Alphabet, as investors turned less optimistic about a deal to end the war in West Asia. Asian equity indices were mixed in early trade with South Korea's KOSPI leading the gains, up 3.5%. FTSE Singapore Strait and S&P/ ASX 200 indices were in red. (Arundathi A R)
Equity Alert: US markets close down, dragged down by tech stocks
MUMBAI--0703 IST--Major US indices ended lower pressured by declines in major technology stocks such as SpaceX, Amazon, and Alphabet, as investors grew less optimistic about a deal to end the war in West Asia. The technology-heavy Nasdaq Composite closed almost 1% lower while the S&P 500 and the Dow Jones Industrial Average closed slightly lower.
The Strait of Hormuz will remain closed as long as the US does not change its behaviour and accept Iran's conditions to end the war, the newly appointed secretary of Iran's Supreme National Security Council said, according to a Reuters report.
"As has been the case for months, it's just really hard to come to an agreement that works for everyone," Reuters quoted Ross Mayfield, investment strategy analyst at Baird as saying. "Oil is a little higher, pricing in more uncertainty around that. The market has obviously gyrated around this conflict at times, but it hasn't been the big headwind that a lot of people imagined it might be."
Meanwhile, shares of Amazon closed 2.1% lower, while Alphabet and SpaceX both closed around 4% lower, weighing on the S&P 500 and the Nasdaq Composite. Shares of Apple closed 1% lower.
However, shares of cloud computing company CoreWeave closed more than 2% higher after the company's revenue for the June quarter more than doubled to $2.58 billion amid strong demand for artificial intelligence infrastructure. Among others, alternative asset managers Apollo Global and Blackstone closed around 6% and 4% higher, respectively, after partnering with Nvidia on compute-financing platforms which will mobilise $500 billion.
Investors await the US July retail inflation data due later in the day, which could influence expectations for the Federal Reserve's interest-rate decision in September. Investors remain divided over the possibility of a rate hike in September. The likelihood of an interest rate hike has dropped to 48.5% from 52.2?rlier, according to the CME Fedwatch tool. Rising energy prices caused by the war in West Asia have increased inflation concerns and made it more difficult for central banks to determine their policy paths.
Following were the closing levels of major US indices Tuesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
53791.85 | (-)0.3 |
|
NASDAQ Composite |
26445.45 | (-)0.6 |
|
S&P 500 |
7728.20 | (-)0.3 |
(Deesha Jadhav)
US$1 = INR 95.33
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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