Equity Alert
European markets mixed as oil prices rise after US, Iran strikes
This story was originally published at 17:25 IST on 31 August 2026
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Equity Alert: European mkts mixed as oil prices rise after US, Iran strikes
MUMBAI--1530 IST--Major European indices opened mixed as fresh attacks by the US and Iran pushed crude oil prices higher. The pan-European Stoxx Europe 600 was down marginally. Germany's DAX Performance-Index was the worst hit in the region, falling nearly 1%, as investors awaited provisional inflation data for August in the eurozone, due Tuesday. Financial markets were closed in the UK for a public holiday.
Crude oil prices were up after fresh attacks between the US and Iran. The attacks were "a fresh reminder that this conflict still has plenty of dry tinder lying around", SPI Asset Management said, as quoted in a Dow Jones Newswires report. At 1536 IST, the November futures contract of Brent crude was up nearly 4% at $91.4 per barrel. Financial firm Julius Baer expects oil prices to decline in the near term to around $70 per barrel in 2026 and around $60 per barrel in 2027, according to the Dow Jones report.
Germany's two-year bond yields were up to its highest level since July 2024, according to a Reuters report. Eurozone government bond yields were also up, as the 10-year bond yield climbed to a 15-year high, according to LSEG data cited in the Dow Jones report.
Technology stocks in the region were traded lower, with Stoxx Europe 600 Technology falling nearly 1%. Shares of ASML Holding and SAP were down over 1?ch.
Following are the levels of key indices in the region at 1450 IST:
|
Index |
Level |
Change in % |
|
CAC 40 |
8402.46 | 0.02 |
|
MIB INDEX |
52817.03 | 0.38 |
|
DAX PERFORMANCE-INDEX |
26402.66 | (-)0.63 |
|
SLI |
2306.95 | (-)0.22 |
(Vidhi Thacker)
Equity Alert: Asian mkts end mixed; oil prices up on fresh US-Iran attacks
MUMBAI--1512 IST--Equity indices in Asia ended mixed Monday after crude oil prices rose following fresh hostilities between the US and Iran. Market sentiment was also dampened by US Federal Reserve Chair Kevin Warsh's Jackson Hole address Friday where he said inflation had not slowed meaningfully and policymakers needed clear evidence it was doing so.
The November futures contract of Brent Crude rose nearly 4% to $91.39 per barrel after the US attacked two Iranian launchers on Larak Island. In response, Iran attacked US forces in Jordan and said they hit a tanker in the Strait of Hormuz. US President Donald Trump later posted that Iran's main oil export terminal on Kharg Island was being "blown to smithereens", though this has not been confirmed by the military, according to a Reuters report.
Government bond yields across several markets rose, with Japan's two-year government bond yield rising to a 31-year-high, according to media reports. The Nikkei 225 Day index ended slightly lower than Friday while the broader Topix ended 0.2% higher. South Korea's Kospi reversed a fall and closed 0.5% higher. Index heavyweights Samsung Electronics and SK Hynix gained around 1%, providing support.
Mainland China's CSI 300 Index closed 0.4% higher after declining in early trading while Hong Kong's Hang Seng Index ended marginally lower. Shares of major Chinese property developers came under pressure after regulatory changes aimed at changing the system of selling new homes before completion. State-owned China Jinmao Holdings, Yuexiu Property, and Greentown China Holdings were the worst hit, falling 14-17%. China Overseas Land & Investment and China Resources Land ended around 9% down.
Following were the levels of key indices in the region at 1420 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66311.93 | (-)0.1 |
|
TOPIX FIRST SECTION |
4156.29 | 0.2 |
|
S&P/ASX 200 Index |
9076.00 | (-)0.2 |
|
KOSPI Index |
6820.02 | 0.5 |
|
Hang Seng Index |
25566.99 | (-)0.1 |
|
CSI 300 Index |
4625.09 | 0.4 |
|
FTSE Singapore Strait Times |
5734.80 | 0.6 |
(Vidhi Thacker)
Equity Alert: Ashoka Buildcon hits 1-month high after co bags INR 6-bln order
MUMBAI--1500 IST--Ashoka Buildcon surged 15% to its highest level in over a month at INR 129 apiece. This comes after the company won an order from Rail Vikas Nigam worth INR 6.02 billion on Saturday. At 1442 IST, the shares were at INR 122.29, up 8.6% from Friday. The traded volume of the stock was 90.37 million, which is around 68 times the three-month daily average volume traded and around 75 times the one-year average daily volume.
Under the order, the company will erect and commission electro-mechanical, ventilation, fire-fighting, and uninterruptible power supply systems for the broad-gauge Rishikesh-Karnprayag railway line in Uttarakhand. The order will be executed in 30 months from the date of commencement.
Of the seven brokerage reports on the company available with Informist, four have a "buy" or equivalent recommendation with an average target price of INR 164.5, which is nearly 35% higher than the current market price. (Ayush Jaiswal)
Equity Alert: SAIL up 16% in month on rise in long steel prices; peers lag
MUMBAI--1455 IST--Steel Authority of India has risen appreciably over the past month, outperforming its peers in the steel segment. The stock has tracked the recent gains in the price of long steel, according to a lead analyst at a top broking firm. With a larger portfolio of long steel products, the state-owned steelmaker is at an advantage compared to large-cap peers Tata Steel and JSW Steel, who have lesser exposure to this product segment, the analyst said.
Shares of SAIL have risen over 16% over the past 30 days. For comparison, shares of peer JSW Steel have gained 4% and those of Tata Steel have fallen 4% in that period. Jindal Steel, which is also expected to benefit from the increase in long steel prices, according to the analyst, has risen 5% in the period.
Over the past month, prices of long steel have jumped to INR 55,000 per tonne, up from INR 48,000 per tonne, according to the analyst. SAIL is a direct beneficiary of this increase. In a report released last week, Kotak Securities had said spot primary and secondary rebar prices have increased by around 12% from their lows in July to INR 53,900 per tonne and INR 47,900 per tonne. "We believe price recovery could continue with a receding monsoon," the broking firm had said in its report. The view was echoed by the analyst, who expects a pickup in construction activities towards the end of the monsoon season to keep demand strong. However, the analyst flagged the sharp increase in coking coal prices as a concern in the near term.
At 1451 IST, shares of SAIL were at INR 197.18, down over 1% from Friday. Over 18.2 million shares of the company have changed hands so far, which is less than half the number of shares traded until the same time Friday. (Shruti Nair)
Equity Alert: Lenskart Solutions up 5% ahead of MSCI global index inclusion
MUMBAI--1440 IST--Shares of Lenskart Solutions rose as much as 5% to an intraday high of INR 666.90 apiece ahead of its inclusion in the MSCI global standard indices as part of the August index review. The sentiment around the stock also turned positive after global broking firm Nomura initiated coverage on the stock with a "buy" recommendation and a target price of INR 888 apiece, indicating nearly 40% upside from the stock's Friday close, CNBC-TV18 reported citing the brokerage.
At 1436 IST, the stock came slightly off the day's high and was up around 3% from Friday at INR 655. The stock has risen after falling for five straight sessions, in which it shed around 4%. The stock had been under pressure after several investors sold their stake in the company through block deals. However, over this month, the stock has gained around 17% and nearly 10% since its June quarter earnings announcement after market hours Aug. 12. Since listing, shares of the eyewear company have risen as much as 62%.
Earlier this month, global index provider MSCI announced the inclusion of Lenskart Solutions into its India index. The changes to the index will be reflected at the day's close, leading to a surge in trading volume and stock-specific volatility. Analysts expect large volatility in the final hour of trade as this is the first MSCI index rebalancing after the introduction of the new closing auction session.
Nomura believes Lenskart Solutions has transformed from being a challenger to a market leader in the highly-customised, fragmented, and unorganised prescription eyewear category in India, with market share still at just 5%, double that of the number two player. It has created a scalable and profitable business model with end-to-end vertical integration, leading to its cost structure being 35-40% lower than industry average, the brokerage noted.
The brokerage expects the company to report a long-term earnings before interest, taxes, depreciation, and amortisation margin of 25%, up from 11% in the financial year 2025-26 (Apr-Mar), led by scaling up of its international business, increased adoption of progressive lenses, and operating leverage.
All five brokerage reports on the stock have a "buy" call on the stock with an average target price of INR 691 apiece, indicating a near 9% upside from Friday's close. So far in the day, 16.6 million shares of the company had changed hands, lower than the near 20 million shares that had changed hands till the same time Friday. (Arya S. Biju)
Equity Alert: Headline indices off lows but most Nifty 50 stocks remain down
MUMBAI--1349 IST--The headline indices came off lows but continued to remain in the red. The advance-decline ratio was titled towards the laggards intraday. The Nifty 50 had slipped below the 24000 level earlier to an over-one-month low of 23993.60 points but managed to recover a little. The broader markets moved largely in tandem with the benchmarks.
At 1341 IST, the Nifty 50 was at 24060 points, down 115.65 points or 0.5%, while the BSE Sensex was at 76957.60 points, down 306.91 points or 0.4%. In the 50-stock index, only 12 stocks were in the green. HDFC Bank exerted the most downward pressure on the index. The market volatility gauge, India VIX, spiked nearly 5% to 11.18 points.
On the sectoral front, all indices barring the Nifty Auto and Nifty Private Bank were in negative territory. The Nifty Media index slumped the most, down 2.5%. The decline was largely because of a fall in Zee Entertainment. The Nifty Metal was the next worst-performing index on an intraday basis. Except for two stocks in the index, all the constituents fell. Aluminium stocks fell. Hindustan Zinc and National Aluminium Co. were among the top laggards in the Nifty 200, down about 4?ch.
Among some key buzzers in trade were Zee Entertainment, which fell over 14% to its lowest level in around three months amid the ongoing controversy relating to Chairman Emeritus Subhash Chandra's role as personal guarantor for corporate loans availed by Essel Group-owned companies. The broadcasting major's stock has been falling for four straight trading days now and is down over 17% in this period.
Shares of Ather Energy were up 4?ter the company Saturday launched its new scooter, Konarc. Brokerages released positive commentatry on the stock and expect the launch to help the company expand its market presence, especially in tier-II and tier-III cities. Shares of the other major electric two-wheeler maker, Ola Electric Mobility, also rose over 5%. Meanwhile, shares of Balrampur Chini Mills advanced more than 10%. The stock was up for the second session in a row. Over the past two sessions, the stock gained almost 14%. The sugar major was the top performer in the Nifty 500 index. (Ruchira Kagita)
Equity Alert: Metal cos decline on fall in bullion prices; Nifty Metal dn 2%
MUMBAI--1225 IST--Shares of metal companies were trading in the red. Bullion prices also fell after US Federal Reserve Chairman Kevin Warsh's speech at Jackson Hole Symposium, where he hinted at the possibility of an interest rate hike. The Nifty Metal fell over 2% with all the constituents trading lower.
At 1111 IST, October futures of silver fell nearly 1% to $66.86 per ounce on the COMEX. Major silver producer Hindustan Zinc and its parent company Vedanta fell over 4% and 3%, respectively. Major aluminium producers Hindalco Industries and National Aluminium Co. fell nearly 4% and over 2%. At 1129 IST, September futures of aluminium were flat at INR 345.7 per kilogram on the Multi Commodity Exchange. "Base metals prices are under pressure as Federal Reserve Chairman Kevin Warsh came his closest yet to acknowledging interest rate hikes may lie ahead," SMC said in a report.
On Friday, the US Federal Reserve chair said, "We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That's our job, our mandate and our charge to keep."
At 1142 IST, the Nifty Metal fell over 2% and was the second underperformer among sectoral indices. Hindustan Zinc was the worst hit stock in the sectoral index. (Adhithya Aji)
Equity Alert: Zee Ent hits 3-month low; NCLAT to hear banks' pleas over NCLT order
MUMBAI--1220 IST--Shares of Zee Entertainment Enterprises fell over 14% to hit their lowest level in around three months at INR 86.90. This comes in the wake of the controversy over the media company's Chairman Emeritus Subhash Chandra's role as personal guarantor for corporate loans availed by Essel Group-owned companies. At 1215 IST, shares of the company were down roughly 8% at INR 93.66. The stock was the worst-hit constituent of the Nifty 500. It fell for the fourth straight session during which period it has fallen 17%. The stock is down nearly 19% over the past 30 days.
Tuesday, the National Company Law Tribunal approved an INR 62.50-million repayment plan submitted by Chandra for admitted claims of INR 220.07 billion in personal guarantor insolvency proceedings. Subsequently, multiple banks said they were looking to file an appeal against the order. Monday, the National Company Law Appellate Tribunal agreed to hear the pleas of banks and other creditors Tuesday.
In a related development, multinational conglomerate Reliance Industries denied allegations against its media entities made by Chandra. This comes after Chandra, in a televised statement, alleged that media entities such as the TV-18 Group, which is part of the Reliance Group, had started portraying him in a negative light. Chandra also alleged that Mukesh Ambani, chairman and managing director of Reliance Industries, had tried to "grab" Zee Entertainment Enterprises.
Of the seven brokerage reports on Zee Entertainment available with Informist, four have a "buy" or equivalent recommendation on the stock with an average target price of INR 128, which is already around 37% higher than its current market price. (Shruti Nair)
Equity Alert: Benchmark indices fall further; fincl svcs, metal cos drag
MUMBA--1110 IST--Benchmark Indices fell further with intensified hostilities in West Asia leading to negative sentiment. Metal and major financial services companies' stocks were the major laggards dragging the Nifty 50 index lower. At 1054 IST, the Nifty 50 fell nearly 0.7% to 24005.75 points, while the BSE Sensex fell 0.6% to 76789.50 points. More than half of the constituents in the Nifty 50 index traded lower. Broader market indices remained in red.
In the Nifty 50 index, HDFC Bank was the top gainer, up nearly 2%. Shares of the bank opened higher after Managing Director and Chief Executive Officer Sasidhar Jagdishan decided not to seek reappointment. Most brokerages maintained their "buy" call on the stock despite the management change. Coal India, Bajaj Auto, Oil and Natural Gas Corp., Bharti Airtel, and Apollo Hospitals Enterprise were the only stocks in the green, up 0.5-1.0%. On the other hand, Adani Enterprises fell further and was down over 3%. Zomato owner Eternal slipped into the red after opening higher and was trading nearly 1% lower.
Aluminium major Hindalco Industries fell nearly 3% as aluminium prices fell. Its peers JSW Steel and Tata Steel declined 2?ch. Financial services companies Shriram Finance, Bajaj Finance, Bajaj Finserv, State Bank of India, Axis Bank, and SBI Life Insurance Co. fell 1-2%. The broader markets were weak with the smallcaps and midcaps down 1?ch. All the sectoral indices were in the red. Nifty Media index fell the most, down nearly 4%.
After HDFC Bank, Oil India and Astral were the gainers in the Nifty 200 index, which traded over 1.5% higher each. Shares of Aurobindo Pharma turned green after its wholly-owned subsidiary Lannett Company LLC launched the asthma drug Advair Diskus in the US market. The stock was up over 1%. Hindustan Zinc traded as the major underperformer, down over 4%. Persistent Systems and Lodha Developers traded nearly 4% lower each.
In the Nifty 500 index, The New India Assurance Co. was the top gainer, trading nearly 6% higher. Supreme Petrochem traded nearly 5% higher. Zee Entertainment Enterprises traded over 11% lower, emerging as the major underperformer in the 500-stock index. NMDC Steel and Newgen Software Technologies traded nearly 5% and over 5% lower, respectively. Shares of Indraprastha Gas were up over 2% after the co. hiked the compressed natural gas price by INR 3.89 per kilogram in Delhi. (Utthara E. S.)
Equity Alert: Oil India up 4?ter Emkay ups price aim 9%, retains 'buy'
MUMBAI--1105 IST--Emkay Global Financial Services has raised its target price on Oil India by almost 9% to INR 625. The brokerage has retained its "buy" recommendation on the stock. Monday, shares of the company gained nearly 4% to hit their highest level in around three months at INR 500. At 1103 IST, Oil India shares came off highs to INR 485.60 apiece, up nearly 1%. The brokerage's revised target price implies a nearly 29% upside from the current trading price. Oil India shares are up nearly 20% from the end of June.
The brokerage expects Oil India's adjusted earnings per share to rise to nearly INR 62 in the financial year 2026-27 (Apr-Mar) from INR 40.7 in FY26. This will be driven by increase in realisations and gross refining margins from oil and gas, rise in sales from New Well Gas, and expansion of capacity in Numaligarh Refinery. Given the current shortage in distillate products and rise in gross refining margins, the brokerage expects the company to meet its INR 75 billion-INR 80 billion earnings before interest, tax, depreciation, and amortisation estimates for FY29–FY30 by FY27-FY28 itself.
Further, the Assam Hydrocarbon policy is expected to benefit Oil India, given its significant upstream presence and exploration acreage in the state. The policy will lower the capital expenditure required for additional exploration by Oil India, partially reduce risk of unsuccessful exploration, and also provide royalty support on post-discovery project economics, the brokerage said in its report. However, the company faces risk from adverse crude oil and gas prices, refined product cracks, and currency movements, which could affect realisations and margins.
The company's management expects its capacity to expand to 4.2 million tonnes per annum by FY29 from the current 4 million tonnes per annum capacity, the brokerage highlighted. It also aims to have an output of 10-12 million tonnes of oil equivalent per annum by FY30. (Ayush Jaiswal)
Equity Alert: Ather Energy hits new high post Konarc launch, analysts bullish
MUMBAI--1045 IST--Shares of Ather Energy rose for the fourth consecutive session, gaining 4% to hit a fresh high of INR 1,679 after the company Saturday launched its new scooter, Konarc, in Bengaluru. Over this period, the stock has surged over 16%. Brokerages see the new launch as a strong tailwind for the company.
Emkay Global Financial Services hiked its target price on the company by around 38% to INR 2,200 from INR 1,600 and believes the stock could double from current levels over the next three to four years. The brokerage retained its "buy" stance on the stock. As for the new model, it showcases several customer-oriented features and is backed by strong engineering, Emkay Global said.
The price of the two-wheeler, which will be available in six variants, starts from INR 99,999. Deliveries for the new model will initially be phased and only across select variants and cities. The Indian driving cycle of the two-wheeler ranges from 100 kilometres to 200 km, depending upon the model.
Further, while its facility in Aurangabad Industrial City (AURIC) is expected to scale up in the December or the March quarter, the production of Konarc starting from the Hosur unit reduces the company's initial dependence on the AURIC plant, the brokerage noted the company as saying on the launch day. Ather Energy will also likely unveil its motorcycle platform in 2027-28 (Apr-Mar). The company also indicated it will expand capacity at its Hosur facility by 6,000 to 10,000 units a month.
The new Konarc is impressive and it is likely to double the country's total addressable market as the model is expected to garner interest in the mass market, Nomura said. The brokerage estimates the scooter's sales volumes to touch 24,000 in FY27 and 240,000 in FY28. Some cannibalisation for the company's Rizta model has been pencilled in. The brokerage maintained its "buy" call on the stock with a target price of INR 1,714.
Konarc is based on Ather's new EL platform and this platform's simpler architecture and lower cost structure are expected to help the company maintain healthy gross margin. Better scale with the new scooter should also help the company's net income, and earnings before interest, taxes, depreciation, and amortisation turn positive by FY28. "We maintain our view that electrification is at an inflection point in India and Ather remains one of the best long-term plays in the 2W segment," Nomura said.
The stock of Ather Energy has consistently been moving upwards. Over the past month, the stock has risen more than 32% and since the start of this calendar year, it has surged a whopping 121%.
At 1045 IST, the stock was trading 3.4% higher at INR 1,670.90 on the National Stock Exchange with trading volume near eight million. Volume is around 58% lower compared with the same time Friday. (Ruchira Kagita)
Equity Alert: Augmont Enterprises lists at 22% premium at INR 961 on NSE
MUMBAI--1028 IST--Shares of Augmont Enterprises listed at INR 961 on the National Stock Exchange, a premium of 22% to its issue price of INR 788. On the BSE, the scrip listed at INR 956, over 21% higher than the issue price. At 1026 IST, shares of the company came off opening highs and were trading at INR 935.05 apiece, up nearly 19% on the NSE.
The company's initial public offering was subscribed 105.78 times on the final day of bidding with bids placed for 816.19 million shares against 7.72 million shares on offer. Prior to the offer, the company had raised INR 2.46 billion from anchor investors.
Augmont Enterprises is an integrated gold and silver platform with a presence in both online and offline channels. For the financial year 2025-26 (Apr-Mar), it reported a consolidated net profit of INR 3.48 billion on revenues of INR 941.86 billion. (Deesha Jadhav)
Equity Alert: Brokerages retain "buy" on HDFC Bk but see near-term weakness
MUMBAI--1020 IST--Shares of HDFC Bank rose 2.7% to hit an intraday high of INR 739.75, making it the top gainer in the Nifty 50 index. This comes after the lender on Saturday announced that its incumbent Chief Executive Officer and Managing Director, Sasidhar Jagdishan, has decided not to seek reappointment despite the board's attempts to persuade him to continue. Jagdishan will retire when his current term ends Oct. 26, according to the bank's exchange filing. Further, the bank's board has decided to expedite the selection and appointment process for Jagdishan's successor. Most brokerages retained their "buy" recommendation on the stock despite foreseeing some near-term weakness in the stock. Jagdishan's exit addresses a key overhang related to the future of the lender's top leadership.
Tracking the development, brokerage JM Financial trimmed its target price on the lender's stock by nearly 9% to INR 950 but retained its "buy" recommendation. Deputy MD Kaizad Bharucha could be appointed to bring stability, and he is eligible to be in office until April 2029 per regulations, according to the brokerage. It believes near-term pressure may continue till there is clarity on succession. However, the brokerage believes the stock is attractive at 1.4 times the core adjusted book value based on Mar. 28 estimates and underscored that the stock was at a 30% discount to that of its peer, ICICI Bank.
Brokerage Nuvama Institutional Equities echoed a similar view and anticipates near-term weakness in the stock till clarity regarding succession emerges. The brokerage cut its target price on the stock by 15% to INR 875. However, Jagdishan's exit is a cleaner outcome as term extension from the RBI would have been difficult amid the lender's recent operational and governance lapses, the brokerage highlighted and retained its "buy" recommendation on the stock. The brokerage also sees the possibility of Bharucha emerging as a "pragmatic short-term" transition candidate while an internal or external successor is groomed. Alternatively, the bank could appoint an external candidate for a full three-year term, though this may take five–six months and prolong the uncertainty, according to the brokerage.
Brokerage Nomura also expects the stock to be range bound until there is clarity on the CEO candidate. The brokerage highlighted that Jagdishan's decision to not seek reappointment comes less than two months before the end of his term. "The absence of clarity until now suggests the succession process has remained unresolved for some time, in our view," the brokerage said in its report. Further, the slew of governance or regulatory issues that have cloaked the lender recently, such as the erstwhile chairman Atanu Chakraborty's resignation, has weighed on investor sentiment, according to Nomura. However, the brokerage clarified that these issues did not necessarily signal a deterioration in the core franchise.
Jagdishan's exit addresses one overhang, but the successor would need to accelerate growth, improve deposit mobilisation, and, importantly, rebuild confidence around governance and senior-management stability, Nomura said in its report. The brokerage retained its "buy" recommendation on the stock with an unchanged target price of INR 950. (Shruti Nair)
Equity Alert: Transformers and Rectifiers rises to 1-mo high on order win
MUMBAI--1004 IST--Shares of Transformers and Rectifiers (India) gained nearly 8% to an over-one-month-high of INR 326.95 per share after the company Saturday received a "large" order from Megha Engineering and Infrastructures. The order is to supply transformers for the Nuclear Power Corp., according to an exchange filing. The company classifies a large order as one valued between INR 1 billion and INR 5 billion.
This marks the first time the company has received an order for a nuclear project, the company said in a press release. The company will provide infrastructure for two separate 700 megawatt electrical pressurised heavy-water reactors at the Kaiga site which will add 1,400 MW of nuclear capacity at this site. "The generator transformers will form a critical part of the electrical infrastructure of the project, supporting the evacuation of power generated by the nuclear power units," the company said. At 1000 IST, shares of Transformers and Rectifiers traded 3% higher at 313.10 apiece on the National Stock Exchange. (Deesha Jadhav)
Equity Alert: Mkt opens down on military action in W Asia, rise in crude oil
MUMBAI--0936 IST—-Indices opened lower Monday as new military action escalated in West Asia, with the US and Iran exchanging strikes. This pushed crude oil prices above $90 per barrel. Metal and information technology stocks were the major laggards. Broader market indices opened lower. At 0935 IST, the Nifty 50 fell 0.5% to 24052.45, while the BSE Sensex fell 0.4% to 76979.53.
HDFC Bank was the top gainer among the Nifty 50 constituents, up over 2%. The stock rose nearly 2?ter its Managing Director and Chief Executive Officer Sasidhar Jagdishan decided not to seek reappointment when his tenure ends on Oct. 26. Oil explorer Oil and Natural Gas Corp. gained nearly 1% on higher crude oil prices. Peer Oil India was up over 2%. Coal India and Bajaj Auto rose around 1?ch.
Metal companies Hindalco Industries, Tata Steel, and JSW Steel fell 2-3%. Information technology companies Infosys, Wipro, Tech Mahindra, and HCL Technologies fell 1-3%. Financial services stocks Shriram Finance, Bajaj Finance, Bajaj Finserv, SBI Life Insurance Co., and Jio Financial Services fell 1-2%. Adani Enterprises, UltraTech Cement, Asian Paints, Adani Ports and Special Economic Zone, InterGlobe Aviation, Larsen and Toubro, and Tata Motors Passenger Vehicles fell 1-2%.
Among the sectoral indices, Nifty Metal fell nearly 3%, with all the constituents trading lower. Nifty Private Bank gained 0.2% to be the best performer on the back of gains in HDFC Bank. All the broader market indices opened lower. Midcap indices fell 0.9?ch and smallcap indices fell 1?ch.
In the Nifty 200 space, metal players Hindustan Zinc, Vedanta, and National Aluminium Co. fell 3-4%. Gold loan financiers Manappuram Finance and Muthoot Finance fell around 3?ch. Zee Entertainment fell over 6% amid controversy over the personal insolvency case of the company's Chairperson Emeritus Subhash Chandra.
Friday, Union Bank of India's UK arm said it will challenge the National Company Law Tribunal's approval for the resolution plan in the personal insolvency case. Earlier, HDFC Bank also said it will challenge the tribunal's resolution.
Shares of Transformers and Rectifiers (India) rose nearly 5?ter the company received a large order to supply generator transformers for a nuclear power project. The New India Assurance rose nearly 5% as well. (Adhithya Aji)
Equity Alert: Asian mkts fall on higher crude oil prices, Fed Warsh comments
MUMBAI--0830 IST--Major Asian indices opened lower Monday after fresh attacks broke out between the US and Iran, leading to a rise in crude oil prices. Meanwhile, US Treasury bond yields rose after concerns over the US Federal Reserve hiking rates spiked, following Chair Kevin Warsh's statement that the central bank had "work to do" to control inflation. The South Korean Kospi was the worst hit in the region and was down more than 2%.
Brent Crude Oil prices were up over 2% and breached the $90 per barrel level again after US forces attacked two Iranian rocket launchers on Larak Island, Iran. The Iranian Revolutionary Guards responded by attacking US bases in Jordan, according to a Reuters report.
US Treasury bond yields were high and chances of a rate hike in September rose to around 57%, according to the CME FedWatch. "We continue to expect that a hike won't come until December, though agree that the September meeting is live. Moreover, regardless of the exact timing of hikes, Warsh's speech suggested a chair more willing to translate his concern about inflation into a policy tightening," Michael Feroli, chief US economist at JPMorgan, told Reuters.
Asian Treasury bond yields were also up. Japan's 10-year government bond yield was up over 3 basis points at 2.92%, while Australia's 10-year sovereign debt gained 1 bp to 5.080%.
As for stocks in South Korea, shares of Samsung Electronics and SK Hynix were down around 2?ch, pulling down the Kospi. In Japan, the Nikkei 225 slipped 1.5% and the broader market, Topix, was down around 1%. Shares of major technology stocks in Japan such as Advantest Corp. fell over 6%, Murata Manufacturing Co. around 4%, Tokyo Electron more than 3%, and SoftBank Group Corp. over 2%. Singapore's FTSE Straits Times index was the only major index in the region in the green.
Following are the levels of key indices in the region at 0829 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
65361.60 |
(-)1.60 |
|
TOPIX FIRST SECTION |
4128.76 |
(-)0.40 |
|
S&P/ASX 200 Index |
9091.00 |
(-)0.01 |
|
KOSPI Index |
6646.30 |
(-)2.10 |
|
Hang Seng Index |
25364.75 |
(-)0.86 |
|
CSI 300 Index |
4564.98 |
(-)0.96 |
|
FTSE Singapore Strait Times |
5727.80 |
0.49 |
(Vidhi Thacker)
Equity Alert: Mkt may start week lower on W Asia war escalation, high crude
MUMBAI--0829 IST--Indices are expected to start the week in the red as military action escalated in West Asia. The US launched two missile strikes against Iran on Larak Island in southern Iran Sunday. In retaliation, Iran launched strikes targeting two US bases in Jordan. Crude oil rose over $90 per barrel. Global peers were also lower, with all Asian indices opening lower Monday and US indices ending lower Friday.
Crude oil prices rose amid renewed tensions in West Asia, on concerns about global oil supply. At 0738 IST, November Brent crude futures were up over 2% to $90.31 per barrel. Even though crude oil fell for a few sessions last week, the decline was not enough to ease pressure on Indian equity markets, analysts said. They peg comfortable crude levels at around $75 to $80 per barrel. The current rise in energy prices is likely to weigh on investor sentiment.
The Nifty 50 was consolidating around 24025-24380 for the past 10 trading sessions, according to Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market. "A break on either side of this range is essential for the next short-term directional move in that direction," Kumar said. If the 50-stock-index moves above the 24440 mark, it could touch 24700-24800 spot levels, he added.
On the stocks front, two heavyweights are set to be in focus, Reliance Industries and HDFC Bank. Reliance's Jio Platforms received the Securities and Exchange Board of India's approval Friday for its initial public offering. Meanwhile, HDFC Bank's Managing Director and Chief Executive Officer Sasidhar Jagdishan has decided not to seek reappointment. He is set to retire on Oct. 26. Nuvama Institutional Equities trimmed its target price of HDFC Bank's stock by nearly 15% to INR 875, and maintained its 'buy' call. "We expect near-term stock weakness until succession clarity emerges," the brokerage said in a report. (Adhithya Aji)
Equity Alert: US indices end lower post Fed Warsh comments at Jackson Hole
MUMBAI--0730 IST--Major US indices ended lower Friday as concern about a potential rate hike in September climbed after Federal Reserve Chair Kevin Warsh sounded slightly hawkish and conveyed concern about higher inflation at the annual symposium in Jackson Hole. Indices were, however, up on a weekly basis.
"...While this summer's PCE and CPI readings were better than expected, they do not tell me that underlying trends have meaningfully improved," Warsh said in his speech. "A good majority of my colleagues and I thought the wiser course was to await new information in the intermeeting period—especially given possible developments in supply chains, investment flows, and geopolitics, before deciding whether a change in interest rate policy was advisable. And we expressed our joint readiness to act as circumstances might require," he also said. Odds of a rate hike in September stood at 56.8%, according to the CME FedWatch.
Yields rose after Warsh's speech. The 2-year Treasury yield rose 12 basis points to 4.356%, according to a report on CNBC. Long-term bond yields were also up, with the 30-year bond yield gaining 2 bps to 5.211% and the 10-year note yield rising more than 5 bps to 4.726%.
Friday, the Nasdaq Composite was worst hit among its peers and it closed 0.5% lower. The S&P 500 ended nearly 0.3% lower, while the Dow Jones Industrial Average ended flat. Chip stocks in the region ended lower after a rally on Thursday on the back of Nvidia's strong earnings for the July quarter. Nvidia's shares closed nearly 5% lower.
Meanwhile, shares of Marvell Technology plunged 10% over doubts regarding the timing of revenue from its artificial intelligence chip agreement with Alphabet's Google. Alphabet, however, closed 2% higher. Gains in Salesforce shares helped cap losses for the Dow Jones. Shares of the software major closed nearly 2% higher.
Following are the closing levels of key indices in the region:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
53559.99 | (-)0.02 |
|
NASDAQ Composite |
26402.42 | (-)0.52 |
|
S&P 500 |
7711.76 | (-)0.25 |
(Vidhi Thacker)
US$1 = INR 95.16
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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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