Equity Alert
Most Asian markets end higher as crude oil prices extend fall
This story was originally published at 15:10 IST on 26 August 2026
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Equity Alert: Most Asian markets end higher as crude oil prices extend fall
MUMBAI--1435 IST--Most Asian indices ended higher as crude oil prices extended its decline for the third consecutive session. Talks between Iran and Oman to manage shipping through the Strait of Hormuz renewed hopes of crude oil supply through the key waterway. US Treasury yields fell as crude oil prices dropped, supporting gains in Asian stocks.
Brent crude oil prices fell to around $86 per barrel on hopes that the Strait, which handled one-fifth of the world's total supply before the US-Iran war, will reopen, according to a Reuters report. South Korea's benchmark Kospi led the gains in the region. Index heavyweights Samsung Electronics and SK Hynix ended higher by nearly 2% and 1%, respectively. Mainland China's CSI 300 index and Japan's Nikkei 225 both closed nearly 1% higher. Nikkei heavyweights SoftBank Group Corp. and Advantest Corp. were up over 1% and nearly 4%, respectively.
Hong Kong's Hang Seng index was up 0.5%, with its heavyweight Alibaba ending more than 2% higher after the tech giant's top executives bought shares of the company, according to a CNBC report. Their buying followed an 8.5?cline in the stock Monday. The tech-heavy region now awaits Nvidia's June quarter earnings later in the day, which could set the tone for artificial intelligence-linked stocks.
Following are the closing levels of major Asian indices on Wednesday:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66262.16 | 0.6 |
|
TOPIX FIRST SECTION |
4111.02 | 0.4 |
|
S&P/ASX 200 Index |
9127.80 | (-)0.4 |
|
KOSPI Index |
6808.21 | 1.0 |
|
Hang Seng Index |
25637.42 | 0.5 |
|
CSI 300 Index |
4590.79 | 0.8 |
|
FTSE Singapore Strait Times |
5722.80 | (-)0.2 |
(Vidhi Thacker)
Equity Alert: BSE dn 25% from highs on stretched valuations, volume hit
MUMBAI--1430 IST--Shares of BSE traded almost 25% lower from all-time highs Wednesday. The new closing auction session leading to a decline in trading volumes on expiry day, stretched valuations, reports of NSE allowing trading of its stock on its own platform, and expectations of weak September quarter results have contributed to this decline, analysts said. However, analysts are optimistic on a recovery in trading volumes, which will help the once multibagger stock deliver healthy returns to investors yet again.
Shares of BSE have declined 8.5% so far in August and in a 30-day period, the stock has fallen a little over 6%. The company hit a record high of INR 4,446.80 on May 27 and declined sharply since then. At 1410 IST, shares of the company traded almost 1% higher at INR 3,332.60 on the NSE.
"The decline in trading volume due to the closing auction session is an industry-wide phenomenon and the new system's impact isn't limited to BSE alone," Amit Chandra, vice-president at HDFC Securities, said. BSE expiry-day contracts fell 33.2% against 23.6% for non-expiry, and the average daily premium traded volume market share declined 130 basis points to 36.3% in July, brokerage Nuvama said. Data from the BSE and NSE showed that the combined average daily cash market turnover fell 9.2% month-on-month to a five-month low of INR 1.29 trillion in July, the steepest since December and the second consecutive month of falling cash market turnover.
Premium decay is unpredictable because traders are now holding onto their positions in hopes of benefiting from the wild swing in options prices after the continuous trading session ends. Additionally, participation from foreign portfolio investors, provident funds, and mutual funds has been quite limited as they have struggled to get a desirable closing price under the new closing system. Taken together, thin liquidity, lower trading velocity, and participation loss have led to a decline in premium traded volume and has defanged trading strategies which were once effective, Chandra said.
A pickup in trading volumes of longer-dated contracts and the volumes added by high-frequency traders experimenting with new strategies will likely help BSE recover trading volumes in the near-to-medium term. Market share gains in derivative trading have been quite consistent for BSE in the past several quarters, and Chandra expects this trend to continue.
While Chandra said the decline in premium traded volume is not a permanent phenomenon, he nevertheless expects low volumes to adversely impact the company's performance in the September quarter. The analyst expects BSE to report a consolidated net profit of INR 6.80 billion to INR 7.00 billion. In the trailing quarter, the exchange reported a consolidated net profit of INR 8.74 billion. For the financial year 2026-27 (Apr-Mar), the company is expected to report a bottom line of around INR 30 billion, Chandra said, adding that HDFC Securities' estimate is around INR 2 billion-INR 3 billion lower than that of other brokerages. A pickup in volumes and steady market share gains will help the company almost double its compounded annual growth rate in two to three years, Chandra said. BSE raising option fees and increasing messaging fees for its co-location facility, could also help the company's bottom line growth, he said.
Of the seven brokerage reports available with Informist on BSE, five brokerages have a 'buy' recommendation on the stock with an average target price of INR 3,810, implying an upside of around 14% from the current market price. Two brokerages have a 'hold' recommendation. (Eshitva Prakash)
Equity Alert: BofA demotes Urban Co to 'underperform' after 30% stock rally
MUMBAI--1345 IST--Bank of America has downgraded Urban Co. to "underperform" from "neutral" after the stock recorded a 30% rise since the company announced its June quarter earnings. The brokerage downgraded the stock citing expensive valuation, losses by the company, a distorted risk-reward ratio, and growing competition in the instant help sector, according to an NDTV Profit report.
At 1319 IST, shares of the company were slightly lower at INR 168.84 apiece. Nearly seven million shares were traded so far on the NSE, around 15?low the three-month daily average volume. BofA has kept its target price for the stock unchanged at INR 155, which indicates an 8% downside to the current price.
"We expect higher competition and investments in the Instant Help services to drag down overall EPS (earnings per share) despite improving momentum at the core business," the brokerage said in a note, as quoted by NDTV Profit. Competition is expected to increase as Urban Co.'s peers Snabbit and Pronto have raised capital, the brokerage said.
The brokerage said while it expects InstaHelp to aid with a potential re-rating for the company, the losses will remain high for the near future. The InstaHelp segment's earnings before interest, tax, depreciation and amortisation losses increased from INR 100 million in the first quarter of financial year 2025-26 (Apr-Mar) to INR 1.3 billion in the first quarter of FY27. The brokerage has reduced Urban Co.'s EPS estimate and now expects FY28 EPS to be INR (-)0.73 as compared with INR 0.59 earlier, as per the NDTV Profit report. The EPS estimate for FY29 was cut to INR 1.41 from INR 2.27 previously. (Vidhi Thacker)
Equity Alert: Analysts mixed on Cyient; earnings seen up, execution in focus
MUMBAI--1330 IST--Brokerages are mixed on Cyient after its Investor Day. Nuvama Institutional Equities and Choice Equity Broking raised Cyient's target price by 11-17% on cheap valuation and a positive outlook on earnings growth. However, several other brokerages have kept their target prices unchanged as they await execution details for the plans announced by the company.
Nuvama raised its target price by nearly 17% to INR 1,050 per share, while retaining a "hold" recommendation for the stock. Choice Equity Broking has raised its target price on Cyient shares by 11% to INR 1,200 and maintained its "buy" call.
At 1255 IST, shares of the company traded nearly 7% higher at INR 1,046.70 apiece. Nearly 10 million shares of the company have changed hands on the NSE so far Wednesday. Traded volumes were significantly higher than the three-month daily average volume of 620,000 and one-month daily average volume of 820,000.
Cyient has broadened its total addressable market to $2.4 trillion-$3.2 trillion from $100 billion by including the full engineering life cycle across nine value-chain stages, according to management. Earnings before interest and tax for its digital, engineering, and technology segments are expected to rise by nearly 15% by the financial year 2027-28 (Apr-Mar) from 13.2% reported for the June quarter, the company said. This will be driven by artificial intelligence-led productivity, technology payback, operating leverage, and optimisation of selling, general, and administrative expenses, brokerages said. Cyient aims to achieve fourfold revenue growth for its semiconductor business by FY31, with gross margin at 40% and EBIT margin above 20%.
The company will mark a year of transformation in FY27 and a year of scale in FY28, according to JPMorgan, as quoted by NDTV Profit in a post on X. The multinational brokerage expects the company to deliver industry-leading growth with margins of over 16% in the medium to long-term, higher than the management forecast of 15%. The brokerage has an "overweight" recommendation for the stock with a target price of INR 1,050.
Prabhudas Lilladher raised its estimate for the company's EBIT margin to 13.5% and 14.0% for FY27 and FY28, respectively, from 13.2% and 13.7%. The company's pivot towards managing life cycle engineering can structurally improve the quality of its revenues, but the success rate and execution within its marquee accounts will be key, the brokerage said. The brokerage has maintained its "hold" recommendation for the stock with a target price of INR 1,040.
Morgan Stanley said it will turn constructive on the stock after Cyient executes along the stated lines, as quoted by NDTV Profit in a post on X. The brokerage is currently "underweight" on the stock with a target price of INR 820, which is nearly 22% lower than the current stock price.
Among others, Emkay Global Financial Services also maintained its "reduce" recommendation for the stock and a target price of INR 900, as it awaits the company's execution of its plans. Cyient's two acquisitions, TAO Digital and Kinetic Technologies, will reshape its revenue growth in FY27, the brokerage said in a report. (Ayush Jaiswal)
Equity Alert: Broader market outperforms; Nifty Midcaps hit new highs
MUMBAI--1315 IST--Broader market indices showcased a strong performance and outperformed benchmark indices sharply. The Nifty Midcap indices hit new historical highs Wednesday. Pharmaceutical, fertiliser, defence, some auto, and bank stocks provided gains to the broader market indices. The Nifty Midcap indices were up 0.1-0.2%, after rising 0.4-0.5%.
Shares of Ashok Leyland were among the top gainers in the Nifty Midcap 50 and the Nifty Midcap 100 indices. The auto stock rose over 2%. In the Nifty Midcap 150, Bank of Maharashtra rose over 5% and was the best performer. Anthem Biosciences, ACC, Bank of India, and AWL Agri Business gained 1-4%. Coromandel International, Bank of India, Cochin Shipyard, Adani Total Gas, and Bharat Dynamics were up 1-2% and were the top gainers in the Nifty Midcap 100 index. PB Fintech rose over 3% and was the top gainer in the Nifty Midcap 50. Ashok Leyland, Mankind Pharma, NMDC, SBI Cards and Payments, and Lupin rose 1-2%.
Wednesday, the Nifty Midcap 100 rose 0.4% to hit an all-time high of 64450.90, and the Nifty Midcap 50 gained 0.5% to new historical high of 18500.95. Meanwhile, the Nifty Midcap 150 rose 0.5% to its historical high of 23647.5.
The Nifty Smallcap indices gained 0.6-0.8%. Capri Global Capital gained nearly 8% in the Nifty Smallcap 100 and outperformed all the other constituents in the index. Ather Energy rose nearly 3%. The stock rose after Hero MotoCorp made an investment of INR 2.40 billion. Central Depository Services, City Union Bank, and Aptus Value Housing rose around 2?ch. Aditya Birla Sun Life, Aptus Value Housing, Amber Enterprises, and Aditya Infotech gained 1-2% in the Nifty Smallcap 250 index.
Hindustan Copper, Cohance Lifesciences, Five-star Business Finance, Central Depository, Navin Flourine International, and Karur Vysya Bank rose 3?ch and were the top gainers in the Nifty Smallcap 50.
At 1318 IST, the Nifty 50 was at 24258.65, down 75.90 or 0.3%, and the BSE Sensex was at 77581.21, down 74.88 points or 0.1%. (Adhithya Aji)
Equity Alert: Hind Zinc surges to 3-mo high as Jefferies ups target price 14%
MUMBAI--1243 IST--Shares of Hindustan Zinc surged over 5% to a nearly three-month high of INR 623.75 after global brokerage Jefferies raised its target price for the stock by around 14% and maintained its "buy" recommendation. The brokerage increased its target price for Hindustan Zinc to INR 750 from INR 660 earlier, implying an upside of 21% from the current price. It also upped the stock's earnings per share estimate for financial year 2026-27 (Apr-Mar) to FY29 by 10-11%, NDTV Profit reported.
The brokerage also sees the potential for another 12% increase to the stock's FY28 earnings per share estimate if spot metal prices remain at current levels, the report said. Jefferies attributed a changing balance in the global zinc market, a rebound in silver prices, and the company's strong cash-generation profile as key reasons for the bullish view.
The International Lead and Zinc Group revised its projections for the global zinc market this year, now expecting a deficit of 19,000 tonnes from a surplus of 271,000 tonnes earlier, the brokerage said. This reflects lower output from mines, operational disruptions, lower ore grades, and limited new supply outside China, the report said. The recent rebound in silver prices, after declining between May and July, could also support the company's earnings as silver contributed around 45% to its earnings before interest and tax for FY26, the report said.
Hindustan Zinc's net cash is expected to rise to INR 227 billion by FY29 from INR 52 billion in FY26. Jefferies compared this with peer Hindalco Industries, whose net debt increased 74% in FY26, it said.
At 1237 IST, shares of the company were trading 4.6% higher at INR 619.75. Over 12 million shares have changed hands on NSE so far in the day, higher than 7.7 million shares at the same time Tuesday. The stock has gained around 17% in the last 30 days but is down 4% in the last 90. It is up over 44% in the last 52 weeks. Of the eight brokerage reports on the company available with Informist, seven have a "buy" recommendation with an average target price of INR 680. One brokerage has a "hold" recommendation. (Ashutosh Pati)
Equity Alert: Most banks up; analysts see earnings recovery in coming qtrs
MUMBAI--1200 IST--Most banking stocks rose Wednesday, with the Nifty PSU Bank, Nifty Private Bank, and Nifty Bank indices gaining as much as 1–2%. Analysts expect banks to see earnings recovery over the coming quarters, supported by robust liquidity conditions, healthy loan growth, stable or higher net interest margins, asset quality, cost discipline, and operating leverage.
At 1145 IST, the Nifty PSU Bank was at 8696.25 points, up over 1% from Tuesday, and was the top-gaining sectoral index. The index rose for the second straight session, gaining around 2%. Over the month, the index has gained nearly 4% and around 2% so far this year. The Nifty Private Bank and Nifty Bank traded at 27741.35 and 57913.80, up 1.1% and 0.7%, respectively. Over the month, both the indices gained around 1?ch. At 1201 IST, shares of Kotak Mahindra Bank, Axis Bank, ICICI Bank, State Bank of India, and HDFC Bank were up 0.1-2.6% and were among the top-gaining Nifty 50 stocks.
The banking sector is expected to sustain healthy growth in the financial year 2026-27 (Apr-Mar), supported by robust liquidity conditions and a recovery in nominal credit growth, reports cited global brokerage Bernstein. However, potential policy tightening by the Reserve Bank of India could moderate momentum later in the year, the reports stated. Margin outlook remains stable, with deposit repricing largely behind and any rate hikes likely to provide an incremental boost to net interest margins, the brokerage said. Further, it expects asset quality to remain benign, supported by stable credit costs and earnings resilience.
Similarly, Goldman Sachs sees a cyclical earnings recovery in the banking sector over FY27-FY29, with pre-provision operating profit rising to the high teens, according to media reports. However, the brokerage sees private banks as better placed than public sector banks to benefit from improving loan growth, margins and asset quality, with the latter likely to face rising credit costs, weaker non-core income and higher employee expenses. The brokerage highlighted that the liquidity coverage ratios between private and public sector banks have largely converged, reducing one of the advantages enjoyed by state-owned lenders in recent years. It also expects private banks to capture a larger share of foreign currency non-resident (bank) deposits, which can strengthen their liquidity position. (Arya S. Biju)
Equity Alert: Indices mixed; Nifty slips into the red as IT stocks weigh
MUMBAI--1130 IST--Benchmark indices turned mixed with the Nifty 50 slipping into negative territory while the Sensex pared gains. Stocks of banks offered some support but continued weakness in Infosys and Bharti Airtel weighed on the Nifty 50. At 1130 IST, the Nifty 50 was at 24305 points, down 29.55 points or 0.1%, while the BSE Sensex was at 77738.32 points, up 82.23 points, or 0.1%.
Nearly half of the Nifty 50 companies traded in the red. Kotak Mahindra led the gainers, rising more than 2% while State Bank of India and ICICI Bank rising around 1?ch. Shares of UltraTech Cement, HDFC Life Insurance Co., Adani Enterprises, and Hidustan Unilever rose around 1?ch.
Meanwhile, Bharti Airtel, Infosys, and Nestle India fell over 1?ch, making them the biggets drags on the Nifty 50 index.
The broader market remained firm. The Nifty Smallcap indices were 0.4-0.5% higher, and Nifty Midcap indices rose 0.4?ch. Sectoral performance was mixed with Nifty PSU Bank nearly 2% higher while Nifty India Defence, Nifty IT, and Nifty Consumer Durables down 0.4?ch.
In the Nifty 200 index, Hindustan Zinc was the top performer, rising more than 4%, followed by PB Fintech and LIC Housing Finance, both up around 3%. Hindustan Zinc gained after Jefferies raised its target price to INR 750 while maintaining its 'buy' rating, CNBC-TV18 reported. Billionbrains Garage Ventures was the major laggard in the Nifty 200 index falling over 3%, followed by Varun Beverages, which fell around 2%.
In the Nifty 500 index, Cyient and Capri Global Capital were the top gainers, rising around 5?ch. Shares of Cyient rose after the company's investor day where the management rolled out a strategy to transition from project-led engineering research and development model to lifecycle engineering and annuity-based model to improve predictable and quality revenues. "We believe that the pivot towards managing lifecycle engineering can structurally improve the quality of Cyient's revenue; however, the key monitorable remain the success rate and execution within its marquee accounts," Prabhudas Lilladher said.
Welspun Corp was the worst hit stock in the Nifty 500 index, and traded over 5% lower. (Utthara E. S.)
Equity Alert: Gaja Alternative sees profit booking, post listing at premium
MUMBAI--1035 IST--Shares of Gaja Alternative Asset Management saw a sharp profit booking after listing at a premium of nearly 16%. At 1030 IST, the stock was up 8% on the National Stock Exchange, giving up more than half of the gains.
Earlier, the stock listed at INR 185 and rose to an intraday high of INR 191.65, up 20% from the issue price, soon after normal trading began. Later, it came off highs and traded around INR 174. Over 40 million shares have traded so far on the NSE.
The initial public offering of Gaja Alternative was subscribed over 31 times. The company had received bids for 793.6 million shares against 25.3 million shares on offer. The initial public offering closed for subscription Friday.
Gaja Alternative Asset Management is an investment and asset management firm involved in investment banking and category-I alternative investment funds. It also acts as an adviser to offshore funds that provide capital to companies in India. For the financial year 2025-26 (Apr-Mar), it reported a net profit of INR 796.55 million on revenues of INR 13.55 billion. (Durgesh Nandan)
Equity Alert: Nuvama downgrades Titan Co to 'hold' on surge in shr prices
MUMBAI--0945 IST--Brokerage Nuvama downgraded Tata-owned jewellery player Titan Co. to "hold" on the back of a sharp jump in the company's stock price. For context, the stock has gained around 26% over the last three months and risen nearly 10% in a month. However, the brokerage underscored that it continued to view the company's business positively.
The jewellery sector retained its top-line momentum in the June quarter primarily due to the 60% surge in average gold prices, the brokerage highlighted in its report. "This value-led trajectory proved highly resilient, successfully navigating regional elections in West Bengal, intense summer heatwaves and the Adhik Maas overlap with wedding dates," according to report. It highlighted that Titan delivered standalone jewellery revenue growth of 38% on year, with Tanishq posting a healthy like-to-like growth of 33% amid highly resilient demand for plain gold and studded products.
Further, the hike in gold and silver import duty to 15% from 6% in May intensified the focus on old gold recycling, the brokerage said and highlighted that Titan's gold exchange programme contributed to more than 50% to the company's Tanishq brand's business. Among peers, Kalyan Jewellers saw recycled gold contribute more than 46% to its revenues, while Senco Gold's exchange accounted for 43% of sales quantity, the brokerage underscored.
Moreover, inventory levels are rising on account of both higher gold prices and aggressive network expansion, the brokerage highlighted. Simultaneously, retailers are proactively building inventory ahead of the festival and the peak wedding seasons. The brokerage highlighted Titan was advancing gold procurement while Senco was following a seasonal build-and-sell cycle. At 0950 IST, shares of Titan were down marginally at INR 5,121. Shares of Kalyan Jewellers were up slightly at INR 613.15, while those of Senco Gold were down 2% at INR 362. (Shruti Nair)
Equity Alert: Indices open higher on fall in crude oil prices; banks rise
MUMBAI--0937 IST--Indices opened higher amid a fall in crude oil prices due to the Iran-Oman talks that sparked renewed hopes of the reopening of the Strait of Hormuz. Banking stocks were the major gainers while metal companies underperformed. At 0941 IST, the Nifty 50 was at 24361.95, up 27.40 points or 0.1%, and the BSE Sensex was at 77930.10, up 274.01 points or 0.4%.
Heavyweight ICICI Bank was the top gainer among the Nifty 50 constituents and was up over 1%. SBI Life Insurance Co. and Asian Paints rose over 1?ch. InterGlobe Aviation gained nearly 1%. Shares of InterGlobe Aviation and Asian Paints gained due to a fall in the crude oil prices. A fall in energy prices is likely to offset the impact on the airline's margins. On other hand, Asian Paints use crude oil as a key raw material to make their products.
Banking stocks State Bank of India, Axis Bank, Bajaj Finserv, Jio Financial Services, and Kotak Mahindra Bank rose nearly 1?ch. UltraTech Cement was up nearly 1%. On the other hand, Shriram Finance fell nearly 2% and was the worst hit stock in the Nifty 50. Infosys, Apollo Hospitals Enterprises, Bharti Airtel, Max Healthcare Institute, and Cipla fell around 1?ch.
Among the sectoral indices, Nifty PSU Bank was the top gainer, up nearly 2%. On other hand, Nifty Metal was the major laggard, down 0.4%. All the broader market indices were higher--Nifty Midcap indices were up 0.3-0.4% and the Nifty Smallcap indices were up 0.3-0.5%.
Hindustan Zinc was the top gainer among the Nifty 200 constituents and was up nearly 4%. LIC Housing Finance, Union Bank of India, and Mankind Pharma was up 2-3%. On other hand, Billionbrains Garage Ventures was the worst hit stock in Nifty 200, down over 3%. Varun Beverages and Bharat Dynamics fell nearly 3% and 2%, respectively. Oil marketing companies Indian Oil Corp., Bharat Petrolueum Corp., and Hindustan Petroleum Corp. rose around 1?ch. The downstream oil companies rose due to a fall in crude oil prices.
In the Nifty 500, Sagility was the top gainer and was up nearly 6%. Shares of Cyient rose nearly 5?ter some brokerages upgraded the target price on the stock after the company's investor day. Welspun Corp was the major laggard in the index and was down 5%. (Adhithya Aji)
Equity Alert: Macquarie upgrades Jubilant Food to neutral, ups price aim 39%
MUMBAI--0858 IST--Global brokerage Macquarie has turned constructive on domestic quick-service restaurant companies with channel checks suggesting better same-store sales growth in the September quarter compared with the June quarter, NDTV Profit reported citing the brokerage. The brokerage upgraded Jubilant Foodworks to "neutral" from "underperform" and increased its target price by around 39% to INR 520 per share. Macquarie also raised the target prices of other quick-service restaurant stocks by 40–50%.
The brokerage expects dine-in led demand recovery and operating leverage gains to drive over 20% compounded annual growth rate in earnings before interest, tax, depreciation, and amortisation between 2025-26 (Apr-Mar) and FY29 across the segmental players. While the brokerage sees continued earnings per share volatility from Domino's Turkey for Jubilant Foodworks, it has a constructive outlook for Popeye's and expects recovery in India like-for-like sales.
Macquarie prefers Devyani International, Sapphire Foods over Westlife Foodworld, and Jubilant Foodworks in the domestic quick-service restaurant space given the strength of the KFC and McDonald's formats, the report said. The brokerage raised its target price on Devyani International by over 46% to INR 190, Westlife Foodworld by 40% to INR 730, and Sapphire Foods by 50% to INR 300 while maintaining an "outperform" call on all three. The brokerage sees a potential turnaround in Pizza Hut format post merger of Yum franchisees as a tailwind to Devyani International's earnings per share. (Arya S. Biju)
Equity Alert: Asian indices up on fall in crude oil prices, US bond yields
MUMBAI--0850 IST--Major Asian indices were up at open as a sharp fall in crude oil prices and yields on US Treasury bonds helped investor sentiments. Iran said it held talks with Oman Tuesday to manage the passage of vessels through the Strait of Hormuz, adding to positive market sentiments. Investors also await Nvidia's June quarter earnings, which will be out later in the day.
Hong Kong's Hang Seng index outperformed its peers and was up 1%. Index heavyweights Tencent Holdings and Alibaba Group rose more than 1%. Mainland China's CSI 300 index was up nearly 1%, while South Korea's benchmark Kospi and Japan's Nikkei were up 0.5% and 0.2% respectively.
The talks between Iran and Oman came as Tehran faces new economic pressures from the US, according to a Reuters report. Crude oil prices fell for a third time Wednesday and were around $86 per barrel on hopes of the Strait reopening. The fall in crude oil prices eased fears over inflation, which led to a fall in yields of US Treasury bonds, with the 10-year note yield down nearly 7 basis points.
"While there was no real progress or details of the Iran-Oman deal, as Iran reiterated that Hormuz will remain shut until conditions are met, price action suggested that markets are quickly pricing in optimism around an interim announcement," analysts at JPMorgan told CNBC.
Besides its quarterly earnings, investors will focus on the massive spending on artifivial intelligence and whether it is sustainable and can make profits, according to a report on CNBC. "Nvidia is approaching the point where beating expectations is expected, so the headline numbers alone may not determine the market reaction," CNBC quoted Charu Chanana, chief investment strategist at Saxo in Singapore as saying.
Following are the levels of major Asian indices at 0807 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
65999.67 | 0.2 |
|
TOPIX FIRST SECTION |
4111.29 | 0.4 |
|
S&P/ASX 200 Index |
9172.00 | 0.1 |
|
KOSPI Index |
6776.62 | 0.5 |
|
Hang Seng Index |
25755.15 | 1.0 |
|
CSI 300 Index |
4583.76 | 0.7 |
|
FTSE Singapore Strait Times |
5712.78 | (-)0.4 |
(Vidhi Thacker)
Equity Alert: Mkt to open higher as crude oil prices fall on Iran-Oman talks
MUMBAI--0836 IST--Indices are expected to open on a positive note as talks between Iran and Oman to manage shipping through the Strait of Hormuz have sparked renewed hopes of the reopening of the key waterway. Crude oil prices traded below $90 per barrel. Global market sentiment was largely positive, with headline indices in Asia opening higher following a positive close to Wall Street benchmarks Tuesday.
Iran said it has resumed talks with Oman to manage the Strait of Hormuz after the US imposed new economic sanctions on Tehran. Both Iran and Oman have been in talks earlier to control the Strait, Reuters reported. "However, any agreement between these two parties does not mean we will see normalisation in oil flows through the key chokepoint," ING Research said. "We would likely need to see the US lift its blockade on Iranian ports and ease sanctions on Iran before we see any move towards normalisation." At 0829 IST, the August futures of Brent crude oil were down nearly 3% at $86.15 per barrel.
If the Nifty 50 index holds above 24320 points, it will likely move towards 24450-24480, while a fall below 24250 could lead the index to consolidate in the near term, said Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market. "The benchmark Nifty index breached its past six days long congestion range of 300-points (24026–24313 spot zone) on the higher side in the last second tick," Kumar said.
On the stocks front, Nuvama Institutional Equities has downgraded watchmaker Titan Co.'s shares to "hold" after a sharp rise in the stock price. The stock gained over 1% in the last seven days and 5% over a month. Tuesday, the stock ended nearly 1% higher at INR 5,124.80. (Adhithya Aji)
Equity Alert: US indices end higher Tue on fall in oil prices, Treasury ylds
MUMBAI--0730 IST--Major US indices closed higher Tuesday as oil prices fell and yields on treasury bonds contracted for the second day. The tech-heavy Nasdaq Composite gained the most among the indices as chip stocks recovered from a selloff ahead of Nvidia's June quarter results due later in the day. Yields on the 10-year treasury note shrunk more than 7 basis points to 4.625%.
The Nasdaq Composite closed nearly 1% higher, while the broader market S&P 500 and the Dow Jones Industrial Average ended around 0.3% higher each. Shares of Nvidia ended more than 2% higher, after a seven-day decline. Shares of peer chipmakers Advanced Micro Devices and Micron Technology ended nearly 5.0% and 2.5% higher, respectively. Shares of Meta closed almost 2% higher, adding further support to the Nasdaq.
Consumer stocks ended notably lower. Shares of Dick's Sporting Goods plummeted after a disappointing quarterly result and ended around 31% lower. Sportswear company Nike's shares ended more than 3% down. Retail stocks like Walmart and Target were also down under pressure, ending around 1% and 4% lower, respectively. A survey showed that US consumer confidence in August was down to its lowest level in seven months, according to a Reuters report.
Investor sentiment was down on trade conflict between the US and Canada, after the latter announced retaliatory tariffs against the former. The Canadian government said that they will match the 50% levies that the US President Donald Trump imposed over the weekend, a CNBC report said. Investors will wait for the personal consumption expenditure price index reading for the month of July due later in the day.
Following are the closing levels of major US indices on Tuesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
53577.40 | 0.3 |
|
NASDAQ Composite |
26151.30 | 0.7 |
|
S&P 500 |
7677.28 | 0.3 |
(Vidhi Thacker)
US$1 = INR 95.41
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Shubhayan Bhattacharya
All prices from National Stock Exchange, unless otherwise specified.
All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.
All times are Indian Standard Time.
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