Equity Alert
Asian markets fall as crude oil prices, treasury yields rise
This story was originally published at 14:57 IST on 1 September 2026
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Equity Alert: Asian markets fall as crude oil prices, treasury yields rise
MUMBAI--1435 IST--Major indices in Asia closed lower as oil prices surged and treasury yields around the world rose. Japan's 10-year bond yield was up 6 basis points at 4.784%, at its highest level since 1996. South Korea's Kospi managed to pare its losses and end in the green and in Japan, while the Nikkei 225 index fell, Topix closed nearly 1% higher.
The rise in Japan's bond yields came after US Treasury Secretary Scott Bessent met Japan's Finance Minister Katayama Satsuki, and Bank of Japan Governor Kazuo Ueda, stressing the need for rate hikes. "I have information that the market doesn't have, and it's my belief that the Japanese government and the BOJ will do the things that will lead to a stronger yen," Bessent told CNBC. The Bank of Japan's next monetary policy meeting is scheduled for Sept. 17-18.
Further, the November futures contract of Brent Crude Oil rose 2% to over $92 per barrel after US President Donald Trump threatened more severe attacks on Iran after the two countries attacked each other on Sunday, according to multiple media reports. A tanker in the Strait of Hormuz was also struck by three unknown projectiles.
Mainland China's CSI 300 index and the SSE Composite Index closed marginally lower. Hong Kong's Hang Seng Index was the worst hit at the end of the trading session Tuesday. The index closed nearly 1% lower as shares of heavyweights Tencent Holdings and Alibaba Group Holding fell more than 2% and 3%, respectively. Shares of fast-fashion giant Shein closed around 9% lower as it began trading in Hong Kong.
Following are the levels of key indices in the region at 1425 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66215.34 | (-)0.2 |
|
TOPIX FIRST SECTION |
4181.86 | 0.6 |
|
S&P/ASX 200 Index |
9066.70 | (-)0.1 |
|
KOSPI Index |
6835.80 | 0.2 |
|
Hang Seng Index |
25329.73 | (-)0.9 |
|
CSI 300 Index |
4611.44 | (-)0.3 |
|
FTSE Singapore Strait Times |
5698.37 | (-)1.0 |
(Vidhi Thacker)
Equity Alert: Happiest Minds dn 11% on news of merger with ITC arm; ITC up 5%
MUMBAI--1430 IST--Shares of Happiest Minds Technologies witnessed a sharp correction while ITC rose to become the top gainer in the benchmark Nifty 50 index. This comes after the announcement that ITC Infotech will merge with Happiest Minds to form a global technology services company.
Per the agreement, ITC Infotech, unlisted subsidiary of ITC, will acquire 22.1% stake in Happiest Minds from promoter Ashok Soota and promoter group Ashok Soota Medical Research LLP. for INR 13.3 billion in two tranches. The companies expect to complete the transaction within 15 months. The development is likely to weigh on the stock of Happiest Minds in the near term, according to multiple analysts, and heralds a major shift in the company's business and operations vis-a-vis its role in the merged entity.
Shares of Happiest Minds fell 12% to hit their lowest level in over a month at INR 356.95. The stock has fallen for four sessions straight and is down 20% in this period. In the near term, the merger is unlikely to result in any accretive traction in the stock, according to Rishabh Vasa, research analyst at Indsec Securities & Finance. He believes the stock will linger within a band of INR 330 on the lower end and INR 390–400 at the upper end. By comparison, shares of ITC had risen 5% to hit their intraday high at INR 267.50.
The merger serves as a precursor to the listing of ITC Infotech, according to Vasa. Following the merger, Soota's stake in the combined entity would be around 7.5%. If the new entity were to be listed successfully, there would be an overhang on the stock of the merged business given that Soota, as a public investor, could offload his entire stake at nearly twice the value he received from selling his stake in the first tranche of the merger, according to the analyst.
Happiest Minds also stands to see a dilution in its business structure, strategy, and constitution following the merger, Vasa underscored. While Happiest Minds operates as an information technology services player, ITC Infotech functions in the IT-enabled services space with significant exposure to the retail, manufacturing, and travel sectors. These segments are very sensitive to geopolitical or cyclical changes and would account for 55% of the segment break-up in the combined entity, according to Vasa. At the same time, the banking, financial services, and insurance segment, which accounts for a notable share in Happiest Minds, will have a more diluted contribution in the combined business. Thus, the combined business would benefit less from the insulation offered by the BFSI segment, traditionally the largest spender in the domestic IT sector.
From the perspective of Happiest Minds, the merged entity is also likely to inherit certain geographic risks to the business, according to Vasa. For Happiest Minds, business from the US accounts for a huge portion of its revenues, which is characteristic of IT services players, given that the US is the biggest IT spender, he said. For the June quarter, nearly 57% of the company's revenues came from North America. Conversely, ITC Infotech is more exposed to business from Europe and the rest of the world. Consequently, the combined entity is expected to derive nearly 69% of its revenues from Europe and other parts of the world, and only around 31% from the US.
Much will depend on how ITC Infotech functions after the merger, according to Vasa. The company's existing business structure is not expected to undergo massive change within the combined entity. Further, the larger ITC group's commitment to the sector would also be of keen interest to the Street. However, Vasa sees room for the venture to evolve positively. (Shruti Nair)
Equity Alert: Hy-Tech Engineers lists at 42% premium at INR 75
MUMBAI--1425 IST--Shares of Hy-Tech Engineers were listed at INR 75, a premium of 41.5% to the issue price of INR 53. At 1413 IST, shares of the company were at INR 78.75 apiece, up nearly 49%. On the BSE, the scrip was listed at INR 72, nearly 36% higher than the issue price.
The company's issue closed Thursday and was subscribed 244.41 times with bids placed for 4.43 billion shares against 18.15 million shares on offer. Hy-Tech Engineers is an engineering company involved in the design, manufacture, and supply of hydraulic fittings catering to various industrial applications. For the financial year 2025-26 (Apr-Mar), it had reported a consolidated net profit of INR 225.92 million on revenues of INR 1.89 billion. (Rosalin Lenka)
Equity Alert: Nifty 50 below support of 24000 pts as auto, bank stocks fall
MUMBAI--1420 IST--The benchmark indices fell as several automobile and financial services stocks extended their fall. The Nifty 50 fell below its key support level of 24000 points and was down over 100 points from Monday at 1400 IST. The BSE Sensex was at 76744.40, down over 200 points or 0.3%.
Shriram Finance remained the worst-hit stock in the Nifty 50 index, down more than 5%. Most bank stocks were also down with Axis Bank, ICICI Bank, and State Bank of India down 2-3%.
Shares of Maruti Suzuki India fell more after the automaker's August dispatches were below expectations. The scrip was down nearly 5%, hitting a one-month low of INR 12,851.
Among other laggards, Nestle India and InterGlobe Aviation fell over 3% amid risks of higher input costs. ITC rose 4.6% and replaced HCL Technologies as the top gainer on the index. Among other gainers, HCL Technologies, Adani Ports and Special Economic Zone, and Bharti Airtel were up 3-4%. Tata Motors Passenger Vehicles rose nearly 1?ter the company's automobile data for August showed an increase in total sales.
All the broader market indices were in the red with the midcap indices down 1.5-1.7%. Among the sectoral indices, Nifty Oil & Gas came off lows and was largely unchanged from Monday. Reliance Industries and Chennai Petroleum were the top gainers among oil and gas companies. Both were up nearly 2%.
Shares of Happiest Minds Technologies were still trading lower with the stock down over 11%. Some analysts have raised concern about the low valuation given to the company for its merger with ITC Infotech.
Shares of cable makers KIE Industries and Polycab India were down 6-7%. This was after UltraTech Cement, the new entrant in the cable business, began production of wires and cables at its new plant at Bharuch, Gujarat. (Deesha Jadhav)
Equity Alert: Maruti Suzuki slumps to near 3-month low as Aug sales miss view
MUMBAI--1415 IST—Shares of Maruti Suzuki India fell as much as 5.1% to INR 12,851, the lowest in nearly three months, after the company's wholesale sales in August fell short of analysts' expectations. The automaker's despatches in August grew 21% on year, sharply lower than 30-36% on-year growth estimated by four brokerages.
Maruti Suzuki sold 219,220 automobiles in August, up 21% on year but down 9% on month. Analysts had expected the company to report monthly sales of 240,000 units in August, according to the average of estimates from four brokerages. While its domestic sales surged almost 29% on year to 185,376 vehicles in August, its exports fell 7% on year to 33,844 units. Its domestic passenger vehicle despatches grew nearly 35% on year to 176,971 units.
At 1410 IST, the stock was at INR 12,881, down nearly 5% from Monday's close. So far in the day, 701,821 shares of the company changed hands on the NSE, compared with 248,381 shares traded till the same time Monday. Of the 16 research reports on the company available with Informist, 15 have a "buy" or equivalent recommendation, with an average target price of INR 16,571 apiece, indicating 29% upside from the current market price. The remaining one has a "neutral" call on the stock. (Arya S. Biju)
Equity Alert: Skyways Air Svcs lists at INR 124, 10% discount to issue price
MUMBAI--1311 IST--Shares of Skyways Air Services listed at INR 124 apiece on the NSE, a discount of over 10% to its issue price of INR 138. On the BSE, the shares listed at INR 124.50, nearly 10% lower than the issue price. At 1311 IST, shares traded at INR 128.10 apiece on the NSE, down over 7% from the issue price.
The company's initial public offering was subscribed 71.25 times on the final day, with bids placed for 2.11 billion shares against 29.58 million shares on offer. The public offer comprised a fresh issue of up to 28.90 million shares and an offer for sale of up to 13.33 million shares.
Skyways Air Services is an air freight forwarding and logistics company that offers air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, technology-driven express cargo, parcel delivery, and other value-added services. For the financial year 2025-26 (Apr-Mar), it had reported a consolidated net profit of INR 410.09 million on revenues of INR 28.13 billion. (Utthara E. S.)
Equity Alert: Symbiotec Pharmalab shares rise 18?ter subdued debut
MUMBAI--1250 IST--Shares of Symbiotec Pharmalab made a subdued debut on the stock market Tuesday and listed at its issue price of INR 988 apiece on the NSE. On the BSE, the stock listed at INR 978.20, a nearly 1% discount to the issue price. However, shares saw high demand on the bourses after listing. At 1257 IST, shares traded nearly 18% higher at INR 1,162.45 on the NSE. The stock was nearly 18% higher at INR 1,162 on the BSE.
The company's initial public offering was subscribed 71.26 times on the final day of bidding with bids placed for 935.25 million shares against 13.12 million shares on offer. Symbiotec Pharmalab is a research and development-driven pharmaceutical and biotechnology company with capabilities across three platforms--organic chemistry, biotechnology, and complex injectables. On a consolidated basis, it had reported a net profit of INR 1.10 billion for the financial year 2025-26 (Apr-Mar) on revenues of INR 8.69 billion. (Diksha Singh)
Equity Alert: Indices gain further as RIL, select IT cos extend gains
MUMBAI--1223 IST--Benchmark indices rose further as heavyweight Reliance Industries, select information technology stocks, and others extended gains. The Nifty 50 was supported by Reliance Industries and Bharti Airtel, up over 2% and 3%, respectively. IT majors HCL Technologies and Infosys rose further and were up nearly 4% and over 1%, respectively. At 1212 IST, the Nifty 50 was 0.2% higher at 24128.75 and the BSE Sensex rose 0.3% to 77217.05.
FMCG major ITC was the top gainer in the index and was up nearly 4%. The stock carried on the positive sentiment after the announcement of the merger of Happiest Minds Technologies with its arm. Shares of Happiest Minds Technologies fell 11%. The stock hit a one-month low of INR 356.95 after the announcement of the merger. The management of Happiest Minds in an analyst call said it would discuss operational strategies related to cross-selling and leadership details for the combined entity of ITC Infotech and Happiest Minds after getting approval from the Competition Commission of India.
Shares of automobile companies Bajaj Auto and Tata Motors Passenger Vehicles were up around 2?ch. Financial services companies put downward pressure on the Nifty 50. Shares of Shriram Finance were the worst hit, falling nearly 4%, while Bajaj Finserv, Axis Bank, State Bank of India, and Jio Financial Services were down 1–2%. The heavyweight ICICI Bank fell over 1% and added to the downward pressure.
Shares of Maruti Suzuki India fell further after the automobile major detailed its August monthly sales data. The stock fell nearly 3%. Shares declined despite over 21% on-year growth in total car sales for the month.
The broader market indices were mixed as midcap indices fell nearly 1?ch. The Nifty Smallcap 250 was up 0.2%. The index was supported by the gains in the stock of Aditya Infotech, up over 3%. Nifty Smallcap 100 and Nifty Smallcap 50 were flat.
Shares of Info Edge (India) and Adani Green Energy were up over 4% and were the top gainers in the Nifty 200 constituents. Shares of Kei Industries were the worst performers in both the Nifty 200 and Nifty 500, down more than 5%. Caplin Point Laboratories and Engineers India were the top gainers in the Nifty 500, up around 8%. (Vidhi Thacker)
Equity Alert: Indices off lows; financial services cos drag Nifty 50
MUMBAI--1030 IST--Nifty 50 came off lows as heavyweight HDFC Bank erased some earlier losses and turned flat. Reliance Industries gained further and lent support to the 50-stock index, while ICICI Bank weighed down. On other hand, Sensex turned green and was slightly higher. The financial services companies were the major laggards of the Nifty 50 index. At 1057 IST, the Nifty 50 was flat at 24086.85 and the BSE Sensex was 0.1% higher at 77035.05.
Shriram Finance was the top underperformer, down nearly 4%. Other major financial service companies Axis Bank, Bajaj Finserv, Jio Financial Services, and State Bank of India were 1–3% lower. The heavyweight ICICI Bank fell nearly 1%. Nestle India traded over 3% lower after opening a tad higher in the day. In contrast, Adani Ports And Special Economic Zone was the top gainer in the index, and up nearly 4%. ITC and Bharti Airtel were nearly 3% higher each. Automobile companies Bajaj Auto, Tata Motors Passenger Vehicles and Mahindra & Mahindra were seen in the green and were 1-2% higher. Bajaj Auto lodged a 28% on year growth in its August monthly sales, while Mahindra & Mahindra posted a 42% on-year growth. More auto sales date are yet to be detailed.
The broader markets were majorly in red, with the midcaps down around 1?ch and smallcaps were mixed. Nifty Smallcap 250 was flat, while Nifty Smallcap 100 and Nifty Smallcap 50 were down 0.1?ch. Indices tracking sectors were majorly in red with Nifty Realty down for the fifth consecutive session and was nearly 2% lower. Nifty Metal, Nifty FMCG, Nifty Media, Nifty Auto and Nifty Infrastructure were 0.1-0.6% higher.
Prestige Estates Projects and KEI Industries traded nearly 5% lower and were the laggards in the Nifty 200 index. Polycab India fell over 4%. Shares of wires and cable manufacturers fell amid a rise in copper metal prices. On other hand, Adani Green Energy and Info Edge traded nearly 4% higher in the Nifty 200. Vardhman Textiles was the top gainer in the Nifty 500 and was 8% higher. Graphite India and Engineers India traded 6% higher, each. (Utthara E. S.)
Equity Alert: Mkt opens dn amid higher crude prices, escalation in W Asia war
MUMBAI--0952 IST--Indices opened lower amid a rise in crude oil prices on the back of an escalation in fighting in West Asia. Pharmaceutical companies were the major laggards. Broader market indices were in the red. At 0943 IST, the Nifty 50 was 0.2% lower at 24040.80, and the BSE Sensex fell 0.1% to 76867.65.
FMCG major ITC was the top gainer among the Nifty 50 constituents, up over 3%. The shares rose after Happiest Minds Technologies, an information technology firm, announced its merger with ITC Infotech Ltd, a wholly owned subsidiary of ITC. The combined entities are targeting revenues of $1 billion by 2026-27 (Apr-Jun). Meanwhile, shares of Happiest Minds Technologies fell nearly 5%.
HCL Technologies, Bharti Airtel, Tata Motors Passenger Vehicles, Adani Enterprises, and Dr. Reddy's Laboratories rose 2-3%. Reliance Industries was up nearly 2%. Mahindra & Mahindra was up over 1%. The Thar-maker reported a 42% on-year growth in August vehicle sales. On the other hand, Max Healthcare Institute and Shriram Finance fell over 3?ch. InterGlobe Aviation fell nearly 3%. Nestle India, Axis Bank, Asian Paints, Tata Consultancy Services, and Bajaj Finserv fell around 2?ch.
Sun Pharmaceutical Industries fell nearly 2?ter the company signed a pact with the US administration to extend "Most Favoured Nation" pricing. The company will extend "Most Favoured Nation" pricing to the country's Medicaid programmes. "Sun Pharma also commits to MFN pricing for future innovative medicine launches," the company said in a press release. Nifty Pharma and Nifty Healthcare fell over 1?ch. Broader market indices were down. Mid-cap indices fell around 1?ch, and small-cap indices fell 0.3-0.5%.
In the Nifty 200, Adani group cos – Adani Green Energy, Adani Ports and Special Economic Zone, and Adani Power – rose around 3?ch. The gains came after the stocks fell sharply Monday. Meanwhile, Prestige Estates Projects was the worst-hit stock in both the Nifty 200 and Nifty 500 indices, down over 4%. Vardhman Textiles gained 11%, the best performer among Nifty 500 constituents. (Adhithya Aji)
Equity Alert: Asian markets down on rising crude oil, West Asia war worries
MUMBAI--0825 IST--Major Asian equity indices opened lower Tuesday, weighed down by elevated crude oil prices amid heightened tensions between the US and Iran, and concerns over a US Federal Reserve rate hike. The November Brent crude futures contract rose nearly 3% from Monday's lows to more than $91 per barrel.
Hong Kong's Hang Seng Index was hit hardest in the region, down more than 1%. Heavyweights Alibaba Group Holding and Tencent Holding fell nearly 4% and 3%, respectively. In Japan, the benchmark Nikkei 225 index was down while the broader market, Topix, rose. South Korea's Kospi was down nearly 1%.
Japan's 10-year yield touched a 30-year high of 2.965% Tuesday. Earlier, the US 10-year Treasury yield crossed 4.75% for the first time since 2025. Expectations for a rate hike by the US Federal Reserve have increased since Chair Kevin Warsh's hawkish comments at the Jackson Hole symposium on Friday. Further, Bank of Japan Deputy Governor Ryozo Himino has also indicated that interest rates could be raised going forward. The Bank of Japan's next monetary policy meeting is scheduled for Sept. 17–18.
Japan's Nikkei fell for the second straight day, followed by overnight losses in US markets. Technology and artificial intelligence-related stocks were down in the region. Tokyo Electron and Fujikura were down over 3% and nearly 4%, respectively.
The following are the levels of key indices in the region at 0820 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66050.33 | (-)0.4 |
|
TOPIX FIRST SECTION |
4177.85 | 0.5 |
|
S&P/ASX 200 Index |
9049.30 | (-)0.3 |
|
KOSPI Index |
6771.60 | (-)0.7 |
|
Hang Seng Index |
25264.27 | (-)1.2 |
|
CSI 300 Index |
4610.38 | (-)0.3 |
|
FTSE Singapore Strait Times |
5711.13 | (-)0.8 |
(Vidhi Thacker)
Equity Alert: Indices to have subdued start as crude oil rises above $91/bbl
MUMBAI--0812 IST--Indices are expected to have a subdued start Tuesday with crude oil above $91 per barrel and the ongoing war between the US and Iran in West Asia. Higher crude oil prices are expected to weigh on sentiment, while investors will analyse the higher-than-expected June quarter India GDP numbers. Tracking global peers, most Asian indices opened lower, and Wall Street indices ended lower, tracking higher crude oil and fresh escalations in West Asia.
The GDP growth for the June quarter stood at 7.8%, according to the government data. This was higher than expectations of 7.2%, according to an Informist Poll. "GDP growth has remained resilient despite geopolitical tensions, while high-frequency indicators suggest that domestic growth momentum continues to hold up," Nirmal Bang Institutional Equities said in a report. This evidence of broad-based inflation should allow the Reserve Bank of India to keep the interest rates unchanged in the near term. "However, with emerging signs of inflation broadening, Feb-27 could emerge as the key risk window for a potential rate hike," the brokerage said.
The index remained rangebound for 11 consecutive sessions. "Going forward, sustained trading below 23980 spot could drag it toward 23900 spot levels, followed by 23750," Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market, said. On other hand, a sustained rise above 24200 could take the Nifty 50 to 24380, according to Kumar.
Shares of the Nifty 50 constituent Sun Pharmaceutical Industries are expected to be in focus Tuesday. The pharmaceutical company signed a pact with the US government to extend "Most Favored Nation" pricing. The company will extend "Most Favored Nation" to the country's Medicaid programmes. "Sun Pharma also commits to MFN pricing for future innovative medicine launches," the company said in a press release. (Adhithya Aji)
Equity Alert: US indices fall on West Asia war escalation, 10-yr yld above 4.75%
MUMBAI--0740 IST--Major US indices closed lower after fresh attacks between the US and Iran pushed crude oil prices higher and raised inflation worries. Benchmark US Treasury yields rose as investors processed the speech of US Federal Reserve Chair Kevin Warsh Friday at the Jackson Hole Symposium. The US 10-year treasury yield topped 4.75% for the first time since January 2025.
The November futures contract of Brent Crude Oil closed nearly 3% higher at $90.49 per barrel after the US attacked Iran for the first time since late July. Iran had retaliated by attacking US bases in Jordan. "The world's got enough oil for what it needs, and $80 to $90 is not so restrictive that it collapses the economy. Today's indication just puts us at the high end of that range, but it doesn't change our outlook for the consumer, for business, for AI, manufacturing reshoring or continued electrification of the economy," Tom Hainlin, US Bank Asset Management's national investment strategist, told CNBC.
Monday, the Dow Jones Industrial Average was the worst hit among its peers, closing nearly 1% lower. Index heavyweights Microsoft Corp. and UnitedHealth Group were down around 1?ch. The Nasdaq Composite and the S&P 500 closed lower for the second straight session. Barring Tesla and Nvidia, the rest of the Magnificent Seven stocks ended in the red.
On a monthly basis, all three indices closed higher. The Nasdaq Composite posted the highest monthly gains of the indices for August, up 4%, as trade in artificial intelligence stocks remained high. The Dow Jones was up for the fifth consecutive month. The blue-chip index has gained nearly 15% over this period.
Following are the closing levels of key indices in the region:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
53185.90 |
(-)0.7 |
|
NASDAQ Composite |
26370.88 |
(-)0.1 |
|
S&P 500 |
7686.14 |
(-)0.3 |
(Vidhi Thacker)
US$1 = INR 94.94
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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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