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Informist, Tuesday, Sept. 8, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 remains down as heavyweights, financial services fall

MUMBAI--1505 IST--Benchmark indices remained lower, kept under pressure by a fall in shares of banks, financial services, and index heavyweights. Select automobile companies also weighed on headline indices. Market breadth remained weak among NSE constituents and the advance decline ratio was below 1. The Nifty 50 headed for the second straight session of decline ahead of the weekly expiry of options contracts.

At 1501 IST, the Nifty 50 was at 23645.40, down 133.75 points or 0.6% from Monday. The BSE Sensex was at 75598.80, down 534.01 points or 0.7%. Nifty 50 heavyweights, Reliance Industries and Infosys, were down 0.5–1%. A near 2% decline in ICICI Bank was the biggest drag on the 50-stock index. A fall in shares of HDFC Bank and other banking and financial services companies such as Jio Financial Services, Shriram Finance, and SBI Life Insurance Co. were also among key drags. Bharti Airtel shares were down 1%.

Shares of automobile companies Mahindra & Mahindra, Maruti Suzuki India, and Tata Motors Passenger Vehicles were down 0.5–0.9%, while Eicher Motors and Bajaj Auto rose 0.5-1%. The Nifty Auto index was nearly unchanged, as a rise in select small- and mid-cap stocks helped prevent a steeper fall.

Bharat Electronics remained the top gainer in the Nifty 50 and was up nearly 2%. Other defence companies also traded higher, buoyed by the defence acquisition council's decision Monday to acquire equipment worth INR 1.1 trillion, almost all of which will be sourced domestically. Consumer-facing stocks Hindustan Unilever and Apollo Hospitals were among other top gainers, up around 1% each. 

The New India Assurance Co. and IFCI were among the worst hit stocks of the Nifty 500 index and declined more than 10%. Shares of the two companies fell after the grey market premium of NSE shares fell considerably ahead of the bourse's listing. Both these companies hold stake in NSE, either directly or through subsidiaries.  (Deesha Jadhav)

Equity Alert: Asian indices end lower as crude oil prices hit one-month high

MUMBAI--1430 IST--Major Asian indices ended in the red after the Japanese yen surged and crude oil prices were up after the US and Iran exchanged fresh strikes. The November futures contract of Brent crude oil rose 2.5% intraday to a one-month-high of $99.46 per barrel. The contract rose for the third straight session, gaining over 4% in this period. The yen surged to 152.89 against the dollar, its highest level since Feb. 17.

"The yen has rallied to its strongest level since February, driven by a sharp unwinding of short-yen and carry-trade positions as investors price in faster Bank of Japan tightening," Joel Kruger, market strategist at LMAX Group in London, told Reuters. "Speculation over capital repatriation by Japanese investors and the authorities' demonstrated willingness to support the currency through intervention have added momentum to the move."

Japan's GDP for the June quarter grew faster than estimated at 1.4%, supported by business spending, a Reuters report said. Japanese government bond yields were down after the data. The yield on the 10-year note fell 4.5 basis points to 2.885%, supporting the upward movement of the yen, Reuters added. Trade growth in China was up in August, but imports missed expectations. Exports in US dollar terms grew 25% on year and were in line with expectations, according to a CNBC report.

Japan's Nikkei 225 Day and broader Topix were the worst-hit indices in the region, ending nearly 2% lower each, dragged down by electronic and automobile stocks. Nikkei heavyweights Tokyo Electron and Toyota Motor Corp. ended over 3% and 4% lower, respectively. South Korea's Kospi closed nearly 1% down while China's CSI 300 Index and Hong Kong's Hang Seng Index ended marginally lower.   

Following were the levels of key indices in the region at 1429 IST:

(Vidhi Thacker)

Equity Alert: Jefferies begins covering Solar Ind, Astra Microwave with 'buy'

MUMBAI--1415 IST--Brokerage firm Jefferies has initiated coverage on Astra Microwave Products and Solar Industries India with a "buy" recommendation and on Bharat Dynamics with a "hold" call as it sees India's domestic defence capital expenditure growing at a compounded annual rate of 16% between the financial year 2025-26 (Apr-Mar) and FY30. Meanwhile, defence exports are expected to rise 11% over the same period to INR 584 billion. Solar Industries was up around 2% and Astra Microwave 0.6%. Shares of Bharat Dynamics were only slightly up.

"Private sector companies particularly have visible growth prospects north of 20% backed by government focus on domestic manufacturing and building the private sector supply chain," Jefferies said in its report.

Solar Industries, which is a major manufacturer of explosives and ammunition, has expanded its capabilities to manufacture defence and aerospace products like rockets and drones, Jefferies noted. The brokerage now expects the company's defence business to make up 40% of sales by FY30 and drive earnings at a compounded annual growth rate of 31% between FY26 and FY30. The higher mix of defence sales is seen to be driven by the company's defence order book totalling INR 180 billion. The rising share of defence in revenue is also likely to support margin expansion to 27.9% by FY30 from 26.7% as of FY26, according to the brokerage. Jefferies has a price target of INR 28,160 on the stock. This implies an upside of over 28% from its closing price Monday.

Astra Microwave is shifting from being a component and subsystems supplier to a development-cum-production partner for entire systems in key large defence programmes, Jefferies said. It expects the company's earnings per share to grow at a compounded annual rate of 28% between FY26 and FY30. The brokerage has set a price target of INR 2,055 on the stock. This is around 20% higher than its closing price Monday. Astra Microwave's return on equity is seen improving to 22% by FY30 from 16% in FY26. Going ahead, Jefferies expects the defence segment, which made up 72% of sales in FY26, to be the primary driver of growth.

Meanwhile, the order book of Bharat Dynamics worth INR 262 billion provides visibility for compounded annual revenue growth of 25% in the medium term, but execution concerns persist, Jefferies said. In FY26, the company's earnings before interest, taxes, depreciation, and amortisation margin slipped to 9.4% from 14.1% a year ago, primarily due to operating deleverage from weak revenues, according to the broking firm. With a pick-up in execution and absorption of fixed costs, margin is seen recovering to 15.3% in FY27. The brokerage has a price target of INR 1,280 on the stock, implying an upside of only 3% from its Monday close. 

There is potential for exports by Bharat Dynamics to also improve. "Our FY27E-30E estimates factor 12–16% of revenues coming from exports, which has upside surprise scope if further large orders materialize," Jefferies said. Between FY26 and FY30, the company's earnings per share are expected to rise at a compounded annual growth rate of 30% on a low base, the brokerage noted.

Additionally, shares of nearly all defence companies were up after the Defence Acquisition Council gave in-principle approval to proposals for acquisition of equipment worth INR 1.10 trillion.  (Ruchira Kagita)

Equity Alert: Hitachi Energy falls to 1-mo low; Citi cuts price aim by 10%

MUMBAI--1405 IST--Shares of Hitachi Energy fell almost 4% to touch a one-month-low of INR 30,550 apiece as it failed to secure a six-gigawatt order from Power Grid Corp. of India. At 1400 IST, its shares traded at INR 30,900 on the NSE, down almost 3% from Monday. So far in the day, 240,437 shares of the company have been traded on the NSE, over six times the 38,194 shares traded till the same time Monday and more than double the one-month daily average volume of 122,142. Citigroup has cut its target price on the stock by 10% to INR 42,000, which implies a 36% upside to the current market price. The brokerage has also closed its catalyst watch on the company and maintained its "buy" rating.

Power Grid Monday declared GE Vernova T&D India as the lowest bidder to develop a 6 gigawatt high-voltage direct current line-commutated converter terminal station. Citigroup had expected Hitachi Energy to secure the order due to its higher local content share in line-commutated converter-based high voltage direct current and execution bandwidth from the Mumbai-Aarey Colony high voltage direct current commissioning. The brokerage now expects the company to secure its next domestic high voltage direct current order in the financial year 2027-28 (Apr-Mar) from FY27 projected earlier. 

The brokerage has cut the estimate for the company's earnings before interest, tax, depreciation, and amortisation and earnings per share for FY29 by 16% and 18%, respectively. It also trimmed its valuation multiple to 60 times the FY28 EBITDA from 65 times pegged earlier. It also cut the estimate for compounded annual growth rate for earnings per share between FY26 and FY30 to 38% from 43%.  (Ayush Jaiswal)

Equity Alert: Indices dn more as heavyweights extend losses; ICICI Bk dn 2%

MUMBAI--1230 IST—-Benchmark indices fell further as heavyweights and banks extended losses. Defence companies traded higher after the government's defence acquisition council Monday approved the acquisition of INR 1.1 trillion worth of equipment, out of which 98% will be sourced domestically. At 1218 IST, the Nifty 50 was at 23649.60, down 129.55 points, or 0.5%, from Monday, and the BSE Sensex was at 75641.68, down 491.13 points, or 0.7%.

Nifty 50 heavyweights ICICI Bank, HDFC Bank, and Reliance Industries fell 1-2% and weighed on the benchmark index. Financial services players Shriram Finance, SBI Life Insurance Co., and Bajaj Finance fell around 1% each. Shares of defence companies--Bharat Electronics and Hindustan Aeronautics--pared some gains and were up 1-2% to be the top gainers in the index.

All broader indices turned positive. The Nifty small-cap and mid-cap indices were up marginally and recovered from their intraday lows. The Nifty Oil & Gas index was down over 1%. The Nifty India Defence index rose nearly 3%. The sectoral index was supported by an over 13% rise in Mishra Dhatu Nigam.

GE Vernova was trading at its one-month-high, up nearly 9%. The company was the top gainer in both the Nifty 200 and Nifty 500 indices. Brokerages have raised their target price on the stock after it secured a 6 gigawatt high-voltage direct current order from Power Grid Corp. of India. PVR Inox rose almost 6% after the company clarified that its former Chief Executive Officer Pramod Arora was not involved in any kickbacks. The New India Assurance Co. continued to be the top laggard in the Nifty 500 and was down nearly 9%.  (Ayush Jaiswal)

Equity Alert:Sterlite Tech gains 16% in 3 days post FY29 growth plan rollout

MUMBAI--1222 IST--Shares of Sterlite Technologies surged nearly 16% in the last three sessions and hit its upper band price of INR 825.60. The stock hit the upper circuit at the open after which the trading was halted. The stock has rallied after Sterlite Technologies' announcement of its 2028-29 (Apr-Mar) growth roadmap 'Lakshya' in which the company targets a revenue of INR 200 billion.

On Tuesday, the stock was up for the third consecutive session, gaining nearly 16%. Sterlite Technologies aims to achieve the INR 200 billion revenue target by FY29 through four growth drivers. The first is by expanding the company's optical total addressable market. Followed by measures such as customer co-development, integrated connectivity solutions, and technology-led differentiation. The company is also targeting an earnings before interest, tax, depreciation, and amortisation margin of over 27% by FY29. Higher than the EBITDA margin of 13.2% reported in FY26.

"Together, these targets represent much more than financial aspirations. They reflect our roadmap to significantly scale STL (Sterlite Technologies), strengthen the quality of our earnings, and build a larger, more profitable, and globally competitive company," Ajay Jhanjhari, chief financial officer of the company said in an analyst call Thursday, where the company rolled out its new ambitions targets. The confidence behind the ambitions is the expectation of continued growth in the core optical business. "...supported by an open order book of more than $2 billion, providing strong visibility into the opportunity ahead," Jhanjhari added. 

The management also said they will invest approximately INR 10 billion annually over the next three years as capital expenditure to expand the company's preform fiber and cable capacities by 50%. The management said it will allow the company to scale with demand visibility.

Following this, Nuvama raised the company's FY27 EBITDA estimate by 22%, and by 38% for FY28. This revision was largely led by the company's revenue and capex guidance. The brokerage said India's expected compound annual growth rate of 46% in data centre capacity to 10 gigawatts from 1.5 gigawatts in 2030 is likely to aid the company. "STL (Sterlite Technologies) already supplies to almost all major global hyperscalers and expects to leverage these relationships as customers expand their infrastructure in India," Nuvama said.  (Adhithya Aji)

Equity Alert: GE Vernova bags high voltage direct current order, rises 9% 

MUMBAI--1130 IST--Shares of GE Vernova rose almost 9% to reach an over two-month high of INR 4,747.10. This came after the company secured a six-gigawatt high-voltage direct current project. Nearly 3 million shares of the company have been traded so far, nearly three times higher than the three-month daily average volume. At 1111 IST, GE Vernova traded at INR 4,734.10 apiece on the National Stock Exchange, up over 8% from Monday.

Power Grid Corp. of India has declared GE Vernova as the lowest bidder to design and set up a six-gigawatt high-voltage direct current line-commutated converter terminal station. Through this line, renewable power will be transmitted from Barmer II in Rajasthan to South Kalamb in Maharashtra.

After the company received this order, some brokerages raised their target prices on GE Vernova. Prabhudas Lilladher raised its target price on the stock by 26% to INR 5,928. This implies a 36% increase from the stock's closing price Monday. It also upgraded its rating on the stock to "buy" from "accumulate." Nomura also raised its target price by nearly 6% to INR 6,000, which is 37% higher than the stock's previous close. The brokerage retained its "buy" call.   

Prabhudas Lilladher and Nomura expect an overall order cost of around INR 250 billion–INR 260 billion, of which GE Vernova T&D's order value will be INR 125 billion–INR 130 billion. The order contribution to the company's revenue will start in the second half of financial year 2027-28 (Apr-Mar), Nomura said. Citigroup, meanwhile, sees revenues from this project to come in from FY29. 

"HVDC–LCC order enhances strong multi-year revenue visibility for GE Vernova," Prabhudas Lilladher said. The brokerage raised its estimate for the company's earnings per share over 4% to INR 75.5 for FY28. The company's robust order book, strong position in high voltage direct current, and focus on margin improvement will likely augur well for its revenue and profit growth, the brokerage said. 

Meanwhile, Nomura raised its estimate for the company's order inflow in FY27 to INR 231 billion from INR 120 billion. It also raised its expectations for revenue by 4% for FY28 and by 9% for FY29. However, it cut the company's earnings before interest, tax, depreciation, and amortisation margin estimate by 56 basis points for FY29 due to execution mix. Investors will also watch out for GE Vernova's export order inflows, Nomura said.

The company's earnings are expected to grow at a compounded annual growth rate of 25% between FY26 and FY29, Emkay Global Financial Services said. The new high voltage direct current project is expected to scale up the company's order backlog to INR 280 billion and provide 4.2 times its trailing 12-month revenue. "GVTD is well positioned to capitalise on structural growth in the power transmission sector, supported by strong prospects across both domestic and export businesses," Emkay Global said. The brokerage has a target price of INR 5,300 on the stock with a "buy" recommendation.  (Ayush Jaiswal)

Equity Alert: Hindustan Copper up 5%; copper prices surge on supply worries

MUMBAI--1118 IST--Shares of Hindustan Copper rose over 5% to an intraday high of INR 537 following a sharp rise in copper prices. Copper prices on the Multi Commodity Exchange hit a three-month high of INR 1,408.90 per kilogram, while the metal's prices hit an all-time record high on the London Metal Exchange. The metal prices gained traction due to supply concerns from major producers like Chile and strong US imports ahead of anticipated import tariffs. 

At 1103 IST, the October copper futures contract on the Multi Commodity Exchange was at INR 1,405.10 per kilogram, up 0.8%. Prices earlier hit a more than three-month high of INR 1,408.90. The benchmark three-month futures contract of copper hit an all-time record high of $14,533 per tonne on the London Metal Exchange as well. "Copper is up more than 17% this year, with structural support from aging mine supply and rising demand from grids, data centers and electrification," Kotak Securities said in a report. The recent acceleration was triggered as Chile's August copper exports fell to the lowest level in over a year due to mine disruptions and severe weather, the brokerage added, sparking supply concerns that pushed the metal prices higher.

At 1113 IST, shares of Hindustan Copper rose nearly 5% to INR 532.60. Over 16 million shares of the company changed hands on the NSE, which is eight times higher than the number of shares traded till the same time Monday. Over the last one week, the stock gained 2%. Shares of Hindalco Industries, another copper producer, were up nearly 2% in the Nifty 50.  (Adhithya Aji)

Equity Alert: Rays of Belief lists at issue price, turns red soon after

MUMBAI--1103 IST--Shares of Rays of Belief listed at the issue price of INR 239 on exchanges before slipping into the red in early trade. The scrip listed flat despite a strong subscription for its initial public offering. At 1036 IST, shares traded at INR 232.50 apiece, down nearly 3% on the National Stock Exchange. Over 1.6 million shares changed hands on the exchange so far, around twofold the volumes on the BSE.

The company's initial public offering was subscribed nearly 108 times as of the final day of bidding Thursday, with bids placed for 338 million shares against over 3 million shares on offer. Rays of Belief provides personalised therapy and intervention plans for children with neurodevelopmental disorders.

Mom's Belief is the development and therapy brand of the company. For the financial year 2025-26 (Apr-Mar), the company had reported a consolidated net profit of INR 49.59 million on revenues of INR 816.62 million.  (Deesha Jadhav)

Equity Alert: Defence cos up; govt OKs INR-1.10-tln equipment buy proposals

MUMBAI--1102 IST--Shares of defence companies rose after the Defence Acquisition Council Monday gave an in-principal approval to proposals for acquisition of equipment worth INR 1.10 trillion. The defence council, headed by Defence Minister Rajnath Singh, accorded an acceptance of necessity for a range of acquisition proposals across the Indian Army, Navy, and the Air Force. Bharat Electronics, Hindustan Aeronautics, and BEML are among the major beneficiaries of these approvals, according to brokerages.

Bharat Electronics gained nearly 3% and was the top gainer in the benchmark Nifty 50 index. Barring one, all constituents of the Nifty India Defence thematic index gained. Mishra Dhatu Nigam rose nearly 11% and Data Patters (India) almost 7%. Shares of Paras Defence and Space Technologies, Hindustan Aeronautics, and Apollo Micro Systems were up almost 4% each.  

For the Indian Army, the panel approved procuring chemical, biological, radiological, and nuclear reconnaissance vehicles, high mobility vehicles, self-propelled mechanical mine layers, and advanced light helicopters. For the Indian Navy, the council approved the procurement of Arudhra radars and of marine gas turbines. As for the Indian Air Force, it gave is approval to get ground-based multi-purpose jammers and install the Defence Forces Secure Access Card System. Around 98% of these procurements are expected to be sourced from India. 

The approvals for the chemical, biological, radiological, and nuclear reconnaissance vehicles, high mobility vehicles, and self-propelled mechanical mine layer should primarily benefit BEML, Prabhudas Lilladher said in its report. Meanwhile, HAL is seen benfetting from the approval for marine gas turbines and advanced light helicopters. As for Bharat Electronics, it is expected to benefit from the nod for Arudhra radars and ground-based multi-purpose jammers, the brokerage said.

The proposal for chemical, biological, radiological, and nuclear reconnaissance vehicles should also benefit Bharat Forge and Bharat Electronics too, according to Motilal Oswal Financial Services. Bharat Forge will also likely gain from the development of marine gas turbines. Meanwhile, the proposal for the Sarvatra bridge system should also be a positive for BEML, the brokerage said. Some mid-cap and small-cap defence companies are also likely to get a boost from the nod for ground-based multi-purpose jammers for the Indian Air Force. Key among these are Data Patterns and Astra Microwave Products, Motilal Oswal said. 

Some defence companies also gained after brokerage Jefferies initiated coverage on them with a "buy" recommendation. These include Astra Microwave, Solar Industries, and Bharat Dynamics. Astra Microwave and Solar Industries were up nearly 2% while Bharat Dynamics was up more than 1%.  (Ruchira Kagita)

Equity Alert: Nifty 50 hits over-one-month low;  index heavyweights fall

MUMBAI--1030 IST--Nifty 50 hit an over-one-month low of 23657.15 points Tuesday as index heavyweights and financial services companies declined. However, defence stocks remained higher. At 1040 IST, the Nifty 50 was at 23670.90, down 108.25 points, or 0.5%, and the BSE Sensex was at 75721.55, down 411.26 points, or 0.5%.

Index heavyweights ICICI Bank, HDFC Bank, and Reliance Industries fell around 1% each as did Shriram Finance, Axis Bank, and SBI Life Insurance Co.

Defence major Bharat Electronics was the top gainer, up 2% in the Nifty 50 index. Metal companies Hindalco Industries and JSW Steel gained 2% and 1%, respectively. Coal India, Tech Mahindra, State Bank of India, and Grasim Industries came off lows and were trading 0.1–0.3% higher. The fast-moving consumer goods stocks Hindustan Unilever and Nestle India rose by a sharp 1%. Adani Ports and Special Economic Zones was up 0.5%.

The broader markets were mixed. The Nifty Smallcap 250 rose 0.1%, while the Nifty Smallcap 100 and Nifty Smallcap 50 were flat. Midcap indices were down 0.1% each. Indices tracking sectors were also in the red with Nifty Realty down 1%. Nifty India Defence was up 1.3% with Data Patterns trading over 4% higher. Shares of BEML were up over 4% and Paras Defence and Space Technologies was up 3%. The stocks traded higher on the positive sentiment of defence acquisitions approval worth INR 1.10 trillion by the government.

GE Vernova T&D India rose 8% and remained the top gainer in both Nifty 200 and Nifty 500 indices. Shares of The New India Assurance Co. and IFCI saw a steep fall, down 10% and 6%, respectively. Shares of Symphony rose 10% after the company announced its plan to expand its portfolio into the room air conditioner, ceiling fan and air purifier markets.  (Utthara E. S.)

Equity Alert: Deepa Jewellers lists at 25% premium to the issue price on NSE

MUMBAI--1006 IST--Shares of Deepa Jewellers saw a strong debut on exchanges. The stock listed at INR 221 on the National Stock Exchange, reflecting a nealy 25% premium to the issue price of INR 177. At 1005 IST, shares of the company came off the opening highs and traded at INR 201.30 apiece, up nearly 14% on the NSE. Over 15 million shares changed hands on the exchange so far.

The company's initial public offering was subscribed 42.61 times as of the final day of the issue Thursday, with bids placed for over 789 million shares against over 18 million shares on offer. Deepa Jewellers is an organised business-to-business designer, processor, and supplier of hallmarked gold jewellery, operating primarily in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and Kerala. It had reported net profit of INR 1.05 billion on revenues of INR 19.27 billion for the financial year 2025-26 (Apr-Mar).  (Deesha Jadhav)

Equity Alert: Mkt open dn as crude stays above $97/bbl; defence cos rise

MUMBAI--0945 IST--Benchmark indices opened lower Tuesday as elevated crude oil prices weighed on investor sentiment. The November futures of crude were above $97 per barrel. Financial services companies were the major laggards in the indices Tuesday. Defence stocks opened higher after the government approved acquisition proposals worth INR 1.10 trillion. The broader market indices were in red. At 0938 IST, the Nifty 50 was at 23691.15, down 88 points or 0.4%, and the BSE Sensex was at 75781.74, down 351.07 points or 0.5%.

Defence major Bharat Electronics was the top gainer among the Nifty 50 constituents, up nearly 2%. Aluminium producer Hindalco Industries and HDFC Life Insurance Co. rose over 1% each. On the other hand, financial services companies Shriram Finance, Bajaj Finance, and Axis Bank fell around 1% each. Automobile companies Tata Motors Passenger Vehicles, Maruti Suzuki India, and Mahindra & Mahindra fell over 1% each. Fashion retail company Trent fell nearly 2% and was worst hit stock in the index.

Broader market indices fell. Midcap indices were down 0.1-0.2%, while smallcap indices fell 0.1% each. Nifty Realty was the under performer among the sectoral indices, down nearly 1%. Nifty IT was down 0.7%. In contrast, Nifty Metal rose 0.4%, while Nifty India Defence rose over 1%.

Defence stock opened on a positive note after the Defence Acquisition Council, headed by Defence Minister Rajnath Singh, accorded an in-principle administrative approval to various acquisition proposals of the defence forces on Monday at an estimated cost of about INR 1.10 trillion. The government said that of the total approvals accorded, approximately 98% of procurements will be made from Indian industry. Most constituents in the Nifty India Defence traded higher. Data Patterns (India), BEML, Axiscades Technologies, Paras Defence and Space Technologies, and Hindustan Aeronautics rose 3-4%.

"These approvals strengthen medium-to-long term order visibility for Indian defence manufacturers, with the high domestic sourcing component providing opportunities across platforms, electronics and critical systems," ICICI Securities said in a note. 

Shares of GE Vernova T&D India rose over 6% and was the top gainer in both the Nifty 200 and Nifty 500 indices. The shares rose after state-owned Power Grid Corp. of India named the company as the lowest bidder for 6 gigwatts terminal station. Hitachi Energy India fell over 3%. The New India Assuarnce fell nearly 9%.  (Adhithya Aji)

Equity Alert: Seen range-bound as high crude oil prices weigh on sentiment

MUMBAI--0812 IST--Equity indices are expected to move in a range Tuesday as higher crude oil prices weigh on sentiment amid the war in West Asia. November Brent crude futures were over $97 per barrel and are likely to weigh on investor sentiment. The Nifty 50 might see some volatility Tuesday due to the weekly futures expiry, technical analysts said. Defence stocks will be the centre of attraction after the government approved acquisition proposals worth INR 1.10 trillion.

At 0723 IST, November Brent futures were up 0.2% at $97.15 per barrel. This is more than 33% above the pre-war levels. Analysts said crude oil will stabilise only if there is more clarity on the war in West Asia ending. Moreover, crude oil levels are significantly higher than what is comfortable for India, a net importer of oil. Analysts see a comfortable level for crude oil for India at around $75-$80 per barrel.

On Tuesday, the possibility of a bounce-back in the Nifty 50 to the 24000 mark cannot be ruled out, according to Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market. "Moving forward, a cross and sustenance above 24000 is essential for a sustained move toward 24200, followed by the 24350 level," Kumar added. Some technical analysts echoed this view, saying the Nifty 50 might bounce back as the index is now in an oversold position. On Tuesday, the Nifty 50 might see some volatility owing to the weekly futures expiry, analysts said.

Defence stocks will be in focus today after the Defence Acquisition Council, headed by Defence Minister Rajnath Singh, accorded in-principle administrative approval to various acquisition proposals of the defence forces on Monday at an estimated cost of about INR 1.10 trillion. The government said that, of the total approvals accorded, approximately 98% of procurements will be made from Indian industry.  (Adhithya Aji)

Equity Alert: Asian indices mixed as crude oil prices rise for the third day

MUMBAI--0745 IST--Major indices in Asia were mixed as crude oil prices were up for a third consecutive day over fresh attacks between the US and Iran over the weekend. US President Donald Trump Monday said in a Truth Social post that oil prices would "drop precipitously" after the US wins the war with Iran, expecting it to drop $3 a gallon and ultimately $2 a gallon. He added that Iran will "never have a Nuclear Weapon." 

The November futures contract of Brent crude oil was up marginally at $97 per barrel Tuesday. US markets were closed for trading Monday for Labor Day. The Dow September futures contract was down nearly 0.6%.        

Investors expect the Bank of Japan to hike interest rates later this month after Japan's GDP growth for the June quarter was at an annualised 1.4%, above the initially expected 1.1%, according to a Reuters report. "Given that the April–June quarter was a period when the Middle East situation could have exerted downward pressure, the fact that growth ended up around this level is notable. It is not at all a situation where we need to worry about the economy... That means the Bank of Japan can definitely move ahead with rate hikes," Kento Minami, senior economist at Daiwa Securities, told Reuters.

Investors expect a 98% chance of a 25-basis-point hike to 1.25% by the Bank of Japan at its September meeting, according to the Reuters report. Traders also expect another 25 bps hike at the January meeting. 

Tuesday, the South Korean Kospi was the region's top gainer, rising over 1%. Shares of heavyweights SK Square, SK Hynix, and Samsung Electronics were up 2–4%. Japan's Nikkei 225 was up marginally, while Topix was down around 0.4%. SoftBank Group Corp shares supported the Nikkei and were up nearly 6%. Mainland China's CSI 300 Index was nearly flat, and Hong Kong's Hang Seng was down 0.5%.   

The following are the key levels of indices in the region at 0715 IST:

(Vidhi Thacker)

US$1 = INR 94.83

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.

NSE: National Stock Exchange
NYSE: New York Stock Exchange
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India

Internet links:
Securities and Exchange Board of India - https://www.sebi.gov.in
Bombay Stock Exchange - https://www.bseindia.com
National Stock Exchange of India - https://www.nseindia.com
Directory of Indian government websites - https://igod.gov.in/
Indian Ministry of Finance - https://igod.gov.in/organization/Ic4zv3QBGZk0jujBKgGW
Reserve Bank of India - https://rbi.org.in
Controller General of Accounts, Government of India - https://cga.gov.in/
Government's Press Information Bureau - https://www.pib.gov.in

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