Equity Alert
Indices end down for 3rd straight session, Nifty 50 below 23500
This story was originally published at 16:54 IST on 9 September 2026
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Equity Alert: Indices end dn for 3rd straight session, Nifty 50 below 23500
MUMBAI--1555 IST--Indices ended lower for the third consecutive session. Fears of a prolonged war in West Asia and concerns about the US Federal Reserve hiking interest rates this month kept market sentiment subdued. The Nifty 50 slipped further and closed below 23500 points for the first time since June. Sentiment in the broader market was also subdued Wednesday.
"Crude oil prices moving towards the $97–98 per barrel mark remain a key concern for the markets, adding to inflationary and macroeconomic worries," Sudeep Shah, head of technical and derivatives research at SBI Securities, said in a note. Brent crude oil futures breached the $100-per-barrel mark intraday for the first time since July.
At the end of the continuous trading session at 1515 IST, the Nifty 50 was at 23462.45 points, down 0.7%, and the BSE Sensex was at 74895.36 points, down 0.9%. After the closing auction session, the Nifty ended 0.9% lower at 23431.50 points, while the Sensex closed at 74764.23 points, down 1.1% from Tuesday. India VIX, the volatility indicator, rose over 6% to 11.92.
Among the Nifty 50 constituents, 36 ended in the red, while 13 closed in the green. Shriram Finance remained unchanged. Adani Enterprises gained over 5% to become the top gainer in the index. The stock rose after the company said its wholly-owned subsidiary, Adani Airport Holdings, plans to raise $1 billion by issuing fresh shares equivalent to about a 5.54% stake to several investors, including four funds managed by BlackRock and Temasek. Meanwhile, information technology stocks were the worst performers among the Nifty 50 constituents. Infosys was the top laggard, down 4.3%, followed by HCL Technologies, which closed nearly 4% lower.
IT stocks took a beating Wednesday amid concerns of a rate hike in the US. All constituents of the Nifty IT index posted losses. The IT index fell for six consecutive sessions, shedding more than 8% during the period. Wednesday, it closed 3.2% lower at 28913.95 points and was the worst performer among the sectoral indices. The IT index is seeing a phase of consolidation. While the sectoral index has largely bottomed out, an immediate bounce-back is unlikely, Jigar Patel, technical analyst at Anand Rathi Shares & Stock Brokers, said. In fact, the index may consolidate for 15–20 more sessions, he said. Among some key buzzers, Coforge was in focus after Chairman O.P. Bhatt resigned after the company's internal auditor found issues with a board evaluation report. The stock closed over 5% lower and was the top loser in the Nifty 200 universe.
Among others, aluminium shares ended higher. National Aluminium Co., Hindalco Industries, and Vedanta Aluminium Metal rose 2?ch. The Nifty Metal index was the best-performing among sectoral indices, ending nearly 2% higher. Barring two, all metal index constituents ended in the green. Steel companies Jindal Steel and JSW Steel rose 1?ch, while Jindal Stainless soared 6%.
Graphite electrode manufacturers rose after a US-based manufacturer raised graphite electrode prices. Graphite India rose 19% to an over-seven-year high of INR 874.35 before ending 15% higher. HEG rose 5% intraday but came off highs and closed nearly 2% higher. Shares of One 97 Communications closed with 5% gains. Shares of the fintech major gained after a Bloomberg report suggested the company will start selling artificial intelligence agents to enterprise customers. (Ruchira Kagita)
Equity Alert: European markets fall as oil prices hit $100/bbl on W Asia war
MUMBAI--1530 IST--Major European indices fell Wednesday ahead of US inflation data, with Brent crude oil prices hovering at the $100-a-barrel level amid an escalating war between the US and Iran. The ongoing conflict in West Asia has heightened inflation concerns. The pan-European STOXX 600 was down 0.7%.
Helsinki's blue chips rose to their highest level in nearly three months, Reuters reported. Finnish energy company Fortum was the top gainer on the Stoxx 600 after it signed a long-term power purchase agreement with Google. The tech giant said it would invest at least $15.1 billion in artificial intelligence infrastructure in Finland over the next two years, Reuters said.
Energy shares gained 0.6% as crude oil prices rose above $100 a barrel for the first time since July. "Risk appetite remains weak as rising oil prices occupy the headlines – and investors' minds," Ipek Ozkardeskaya, senior analyst at Swissquote, said in a note, according to Reuters.
Shares of Auto1 Group SE shed over 3?ter Christian Wallentin stepped down as chief financial officer of the German-based online platform for buying and selling used cars. Zara owner Inditex declined over 4?ter the Spanish fast-fashion retailer reported weaker-than-expected second-quarter profit.
The euro edged higher ahead of the European Central Bank's policy decision on Thursday, with markets widely expecting a hike amid inflationary pressures from the war in West Asia, Reuters reported ahead of US inflation data later this week. German consumer price data due Thursday will be closely watched.
The following are the levels of key indices in the region at 1530 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10757.62 | (-)0.5 |
|
CAC 40 |
8209.43 | (-)1.3 |
|
MIB INDEX |
51670.79 | (-)1.0 |
|
DAX PERFORMANCE-INDEX |
25737.47 | (-)1.0 |
|
SLI |
2243.83 | (-)1.0 |
(Arundathi A R)
Equity Alert: BSE falls 3.7%; Bernstein sees stock 'underperform'
MUMBAI--1515 IST--Shares of BSE fell as much as 3.7% to an intraday low of INR 3,268.20. The stock fell after global brokerage Bernstein, which initiated coverage on the stock, said it sees it "underperform" and set a price target of INR 2,820 per share, indicating a downside of around 14% from the current market price, according to media reports. At 1511 IST, the stock was down over 3% at INR 3,288.
The brokerage believes the stock exchange is entering a normalisation phase after strong growth fuelled by rising retail participation in equity derivatives. Retail participation has driven strong earnings growth and valuation gains for stock exchanges in recent years. However, the equity derivatives-led retail wave is now showing signs of moderation, potentially weighing on the growth trajectory of exchanges heavily exposed to the segment, it noted. It expects BSE's market-share gains to peak in the financial year 2026-27 (Apr-Mar) and then for the growth to normalise. The cautious view by the brokerage comes amid concern over trading volumes after the recently introduced closing auction session.
Bernstein is, however, more constructive on Multi Commodity Exchange of India. It initiated coverage on the stock with an "outperform" view and a price target of INR 3,830, indicating an upside of 15%. The brokerage sees an inflection point for the commodities segment, with MCX benefiting from a long runway for growth as participation in commodity derivatives expands and potentially cross-pollinates equity derivatives. At 1511 IST, the stock was largely flat at INR 3,340.20. (Arya S. Biju)
Equity Alert: Most Asian indices end lower amid higher crude oil prices
MUMBAI--1430 IST--Nearly all Asian indices ended in the red. Japan's key indices, which were up in early trade, failed to hold on to their gains and ended slightly lower. South Korea's Kospi and important indices in mainland China, however, managed to end the session in positive territory. Market sentiment remained subdued amid higher crude oil prices due to the continuing hostilities in West Asia. Brent crude oil futures had earlier breached the $100 per-barrel mark intraday for the first time since July.
In Japan's Nikkei 225 Day index, 113 stocks advanced while 110 fell. Shares of Advantest Corp. fell nearly 3% while those of Tokyo Electron and Disco Corp. declined 0.6?ch. Shares of major financial companies Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group fell around 2?ch. The country's broader market index, Topix, ended lower for the second session, but only marginally.
The stronger yen has the potential to ease upward pressure on government bond yields in Japan and bring recovery for shares of companies involved in semiconductor equipment manufacture and artificial intelligence infrastructure, Bloomberg cited strategists at JPMorgan Securities Japan Co. as saying in a note. Real estate shares could also benefit while stocks in the transportation, automobile, and logistics space could suffer, as per JPMorgan. The Japanese yen appreciated as much as 0.6% against the US dollar intraday to 152.93 from Tuesday's close.
In China, the SSE Composite and CSI 300 indices ended 0.3% higher. Hong Kong's Hang Seng Index closed in the red for the third consecutive session. It has fallen 1.5% over this period. The FTSE Singapore Strait Times also ended lower for the third straight day. It has fallen nearly 2% in this period.
The following were the levels of key indices in the region at 1426 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
65412.78 | (-)0.19 |
|
TOPIX FIRST SECTION |
4046.64 | (-)0.09 |
|
S&P/ASX 200 Index |
8911.40 | (-)0.11 |
|
KOSPI Index |
7051.64 | 1.40 |
|
Hang Seng Index |
25274.96 | (-)0.17 |
|
CSI 300 Index |
4572.5995 | 0.30 |
|
FTSE Singapore Strait Times |
5717.99 | (-)0.29 |
(Ruchira Kagita)
Equity Alert: Nifty IT down for sixth session as US Fed rate hike bets grow
MUMBAI--1400 IST--Shares of information technology companies extended declines as expectations of an interest rate hike by the US Federal Reserve next week rose and weighed on market sentiment. The Nifty IT index continued to fall for the sixth consecutive session. Coforge and Infosys were the top laggards in the index.
At 1309 IST, the Nifty IT index was down 3% and was the top sectoral loser as all its constituents fell. Over the past six trading days, the index has shed as much as 9%. Intraday, it slipped almost 4% to its lowest level in more than a month to 28779.80 points. Shares of LTM and Oracle Financial Services fell the least; both stocks were down around 1?ch. Meanwhile, Infosys, down over 4%, was the top laggard and a major drag on the benchmark Nifty 50.
The decline in IT stocks can primarily be attributed to higher chances of a US Fed interest rate hike, analysts said. The odds of a rate hike by 25 basis points to 3.75%-4.00% stood at 60%, according to the CME FedWatch. Key US inflation print due this week will also provide investors with more insight regarding the odds of a rate hike.
Further, there is no clear visibility on IT companies' revenue growth for the September and December quarters, Kunal Bajaj, equity research analyst at Choice Institutional Equities, said. "Demand environment remains challenging at the moment," he said.
Growing disruptions from the rise in artificial intelligence and issues with the processing of US H-1B visas are also adding to the sector's troubles, Sumit Pokharna, vice president at Kotak Securities, said. Amid rate hike concerns, the benchmark US 10-year treasury yield remained high and over 4.80% since the release of US jobs data for August Friday. There is a possibility of the 10-year yield inching higher even with a slim likelihood of it touching 5% in the near term, Pokharna said.
On a technical basis, the Nifty IT index is undergoing a phase of correction, Deven Mehata, a senior technical and derivatives analyst at IDBI Capital Markets & Securities, said. The sectoral index faces major resistance at the 35600 level and the crucial near-term support is seen at 28200 points, Mehata said.
Among some individual IT stocks, Coforge was in focus after Chairman O.P. Bhatt Tuesday resigned with immediate effect after the company's internal auditor found issues with a board evaluation report. The company named Vivek Sharma as interim chairperson until Jan. 31, 2027. The evaluation report was not related to its business performance, and near-term, medium-term or long-term stated guidance, Coforge clarified. The stock declined 4.6% and was at INR 1,860.20.
For Coforge, the key support is seen at INR 1,750, Mehata said, and there is potential for the stock to run up to as much as INR 2,400 if it manages to breach past the INR 2,000 mark. However, the stock is likely to display a sideways trend in the near term, he said. Since the start of 2026, the stock has gained around 12.5% while the IT index fell around 24%. (Ruchira Kagita)
Equity Alert: Indices come off lows as metal cos rise; IT stocks stay down
MUMBAI--1348 IST--The benchmark indices came off the day's lows as shares of Adani Enterprises, Max Healthcare Institute, and metal companies continued to rise. Information technology stocks and select heavyweights, however, kept the indices under pressure. At 1332 IST, the Nifty 50 was down 0.3% at 23555.40 points and the BSE Sensex was down 0.5% at 75201.59 points. The Sensex had fallen 0.9% intraday to a nearly three-month low of 74914.79 points. During the session, crude oil prices hit the psychological mark of $100 per barrel.
Adani Enterprises cemented its position as the top gainer in the Nifty 50 and was up 5%. Adani Ports and Special Economic Zone rose over 4%. Both Adani group companies provided some support to the Nifty 50. However, this was offset by the fall in shares of IT behemoth Infosys and heavyweight HDFC Bank. They were down over 4% and 1%, respectively.
In the Nifty 50, metal companies JSW Steel, Hindalco Industries, and Tata Steel rose 1-3%. The Nifty Metal rose 2% and was the top gainer among sectoral indices. Among other stocks, Max Healthcare Institute, Coal India, Trent, and NTPC were up 2-4%. Infosys remained the major drag on the benchmark index. Its peers, Wipro, Tech Mahindra, Tata Consultancy Services, and HCL Technologies were also down 2-4%. A fall of around 1% in heavyweights Reliance Industries and Bharti Airtel also weighed the index down.
All the broader market indices also remained in the red, with the small-cap and mid-cap indices falling 0.2-0.3%. Among sectoral indices, Nifty IT, Nifty Realty, and Nifty FMCG were the laggards. Nifty IT fell over 3% while Nifty Realty and Nifty FMCG were down nearly 1%.
In the Nifty 500, Graphite India cemented its position as the top gainer. The stock was up nearly 17%. On the other hand, Coforge was down nearly 5%. The scrip fell almost 9% to an intraday low of INR 1,780.7 after Chairman O.P. Bhatt resigned with immediate effect Tuesday after the company's internal auditor found issues with a board evaluation report. (Deesha Jadhav)
Equity Alert: Enviro Infra up 10% to mo high; co's arm bags INR-1.9-bln deal
MUMBAI--1250 IST--Shares of Enviro Infra Engineers rose nearly 10% to a nearly one-month high of INR 215 after the company said its step-down subsidiary, Suyog Urja, has secured an INR-1.9-billion engineering, procurement, and construction turnkey contract order from Tata Power Renewable Energy. The contract is for a 180-megawatt NTPC wind power project in Parli, Maharashtra.
The project includes supply of reinforcement steel and geotechnical, balance of plant operations comprising a fully-equipped 39-acre storage yard, logistics coordination, and the construction of all necessary site roads, pathways, and crane pads. It also includes a 33-kilovolt transmission line work.
At 1245 IST, shares of the company traded over 6% higher at INR 208. Nearly 11 million shares of the company have changed hands on the NSE, nearly 23 times higher than the number of shares traded till the same time Tuesday and nearly five times higher than the three-month average daily traded volume. (Deesha Jadhav)
Equity Alert: Benchmark indices fall further; IT cos, HDFC Life drag most
MUMBAI--1235 IST--Benchmark indices fell further as some IT companies and HDFC Life Insurance Co. extended losses. Only 13 of the 50 stocks in the Nifty 50 traded higher. At 1215 IST, the Nifty 50 was down 0.6% at 23486.30, while the BSE Sensex was down 0.8% at 74960.13. The Sensex had fallen 0.9% intraday to a nearly three-month low of 74914.79.
IT companies, such as Infosys, HCL Technologies, Tech Mahindra were down 3–4% and were dragging down the index further. HDFC Life Insurance fell further and was down over 4%. The stock became the worst hit among the 50-stock index members. On the other hand, Adani Enterprises was the top gainer in the Nifty 50. Its shares rose almost 5?ter reports that its wholly-owned subsidiary, Adani Airport Holdings, plans to raise funds by selling up to a 5.54% stake to several international investors. Coal India and Max Healthcare were also up over 3% and over 4%, respectively.
All broader markets were in the red. The small-cap indices were down 0.2–0.3% while mid-cap indices were down 0.4–0.5%. IT services companies, such as Coforge, Mphasis, and Persistent Systems, dragged down the mid-cap indices. The sharp fall in IT stocks has dragged the Nifty IT index down over 3%.
Nifty Metal was the biggest gainer among sectoral indices and was up 1.7%, driven by a sharp rise in Adani Enterprises. Graphite India was the top gainer in the Nifty 500 and was up over 17%. This came after the US-based graphite electrode manufacturer increased prices of graphite electrodes, which will lead to an improvement in realisation and margins expectations for Indian graphite manufacturers. (Ayush Jaiswal)
Equity Alert: Coforge slips 9?ter Chairman OP Bhatt resigns
MUMBAI--1226 IST--Shares of Coforge fell almost 9% to an intraday low of INR 1,780.7 after Chairman O.P. Bhatt Tuesday resigned with immediate effect after the company's internal auditor found issues with a board evaluation report. The fall in the stock was likely a knee-jerk negative reaction and the shift in management will only be a near-term overhang for the company, according to analysts.
At 1204 IST, shares of Coforge were 4% lower at INR 1,871.40 on the National Stock Exchange. More than seven million shares of the company changed hands on the bourse. This was more than its three-month average of volumes traded.
The board evaluation report was prepared under the guidance of Bhatt. Following Bhatt's resignation, the company named Vivek Sharma as interim chairperson until Jan. 31, Coforge informed exchanges. The company's evaluation was also not related to its operations, business performance, and near-term, medium-term or long-term stated guidance, Coforge clarified.
"While we see limited near-term impact on operations or earnings, resolution of the governance matter remains a key monitorable," Choice Institutional Equities said in a note. More clarity from the company regarding the change in management and some corrective measures should help alleviate concerns, the brokerage said. No adverse impact on the company's financials is expected from the managerial rejig, Kunal Bajaj, an equity research analyst at Choice Institutional, said in an interaction. However, the exact timeline of management stabilisation remains unclear, Bajaj said. Coforge remains one of Choice Institutional's top picks in the mid-cap information technology space. The brokerage has a target price of INR 2,050 with a "buy" call. This target implies nearly 10% upside from the stock's current market price.
Echoing a similar sentiment, ICICI Direct Research said in a report that the absence of a final adverse decision by the board and the stated good-faith position from Bhatt limit any conclusions which could be drawn currently. However, the "...immediate change in leadership creates a degree of governance uncertainty," the broking firm said. The sudden change in leadership does warrant monitoring, it added.
Coforge did perform better than its peers in the sector, Sumit Pokharna, vice president at Kotak Securities said. Over the past month, the stock has run up more than 5% while the Nifty IT index fell over 8%. Since the start of 2026, the stock has gained around 12.5% while the IT index fell around 24%. Investors likely sought to book their profits in the stock, Pokharna said. There is a likelihood that the stock will garner buying interest at lower levels, he said. Coforge is among Kotak Securities' top picks in the IT sector. The brokerage has a "buy" recommendation on the stock with a target price of INR 2,000 apiece.
On the charts, Coforge is witnessing some selling pressure near the INR 2,000 level, Jigar Patel, equity technical analyst at Anand Rathi Shares & Stock Brokers, said. The stock may pull back and slip to its July lows of INR 1,750-1,700 level before seeing some significant buying interest, according to Patel. (Ruchira Kagita)
Equity Alert: Graphite electrode makers rise; Graphite India up 18%, HEG 5%
MUMBAI--1120 IST--Shares of graphite electrode manufacturers rose after a US-based manufacturer increased prices of graphite electrodes. This raised expectations of an improvement in realisations and margins for Indian graphite electrode manufacturers. Graphite India rose more than 18% to its over-seven-year high of INR 870. Meanwhile, HEG rose 5% to an intraday high of INR 271.50, which is slightly lower than its 52-week high of INR 273.
At 1056 IST, Graphite India was trading over 17% higher at INR 859.95 apiece, while HEG was trading over 4% higher at INR 270 on the National Stock Exchange. So far Wednesday, over 23 million shares of Graphite India were traded on the NSE, which is 19 times higher than the three-month daily average of 1.23 million. Trading volume in HEG was at 2.45 million, higher than the three-month daily average volume of 1.96 million. Intraday, HEG was also locked in 5% upper circuit at INR 271.50 before it pared some gains.
After a prolonged period of weak pricing for the graphite electrode, GrafTech aims to restore prices to sustainable levels. "Our graphite electrode pricing remains at levels that we do not believe are sustainable or consistent with the investment required to provide customers with reliable, high-quality supply over the long term," GrafTech International's Chief Executive Officer and President Timothy Flanagan was quoted as saying in a press release.
For GrafTech, the average realisation for graphite electrodes stood at $4,100 per tonne, according to CNBC. Analysts expect that figure to reach $6,250 per tonne by the financial year 2027-28 (Apr-Mar), CNBC added. This will translate into an increase of $1,500 per tonne for Indian graphite manufacturers. (Ayush Jaiswal)
Equity Alert: Marico's EBITDA margin to expand 150 bps in FY27, says Nuvama
MUMBAI--1115 IST--Nuvama Institutional Equities highlighted that Marico's earnings before interest, tax, depreciation, and amortisation margin are expected to expand around 140–150 basis points in the financial year 2026-27 (Apr-Mar) on the back of a likely 20% growth in EBITDA. The company expects its revenue to cross INR 150 billion for FY27 and INR 200 billion by FY30.
At 1109 IST, shares of Marico traded at INR 813.25 apiece on the National Stock Exchange, down over 1% from the previous close. The brokerage has retained its 'buy' recommendation on the stock with a target price of INR 1,015. This implies a 25% upside from the current market price. So far, 1.5 million shares of the company have traded.
Marico is likely to deliver volume growth of high-single digit in FY27, Nuvama said. Parachute and Saffola Oil's volume will likely grow by 4–6% while the company's value-added hair oils will post strong volume growth, the brokerage added. Marico's management expects a recovery in its volume for Saffola. The company's parachute shampoo and almond oil are expected to cross the INR 1 billion mark by FY27 and FY28, respectively.
The company's revenue share of premium personal care in India will reach nearly 27% in FY27 and 33% in FY30, from the 23% in FY26. The company's mass products share in its total portfolio will be reduced to 50% by FY30 from 63% in FY26, while its premium share will rise to 50% from 37% in the same period. The company's food revenue is projected to grow nearly nine times FY20 revenue by FY27 and 15 times FY20 sales by FY30, the brokerage said.
Of the 18 brokerage reports on the company available with Informist, 15 have a 'buy' recommendation with a target price of INR 949. This is nearly 17% higher than the current market price. (Ayush Jaiswal)
Equity Alert: Adani Ent up 6%; co's arm Adani Airport to sell 5.5% stake
MUMBAI--1100 IST--Shares of Adani Enterprises rose as much as 6% to the day's high of INR 3,137.10 after its wholly-owned subsidiary, Adani Airport Holdings, plans to raise funds by selling up to 5.54% stake to several investors including four BlackRock funds and Temasek. The stock was up for the seventh straight session and gained nearly 10% during this period.
PI Opportunities fund and Aplpha Wave III were other investors included in the stake sale, the company Wednesday said in an exchange filing. Adani Airport plans to raise $1 billion or around INR 98.25 billion through this stake sale, which is expected to complete in three tranches by July. This transaction values Adani Airport Holdings at $18 billion as per pre-money equity valuation.
At 1056 IST, shares of the company traded 6% higher at INR 3,129.90 on the NSE. Over 3 million shares of the company have changed hands on the exchange, higher than nearly 314,000 shares traded till the same time Tuesday.
There is only one brokerage report available with Informist on the company which has a buy recommendation on the stock with a target price of INR 3,880. (Arundathi A R)
Equity Alert: Mkts remain lower; Infosys, banking majors drag down Nifty 50
MUMBAI--1030 IST--Benchmark indices remained in the red. Information technology stocks remained the major drags in the Nifty 50 index as higher crude oil prices and greater odds of the US Federal Reserve hiking interest rates dampened sentiment. The broader markets mirrored the benchmarks.
At 1027 IST, the Nifty 50 was 0.4% lower at 23535.10 points and the BSE Sensex fell 0.6% to 75116.55 points. Nifty 50 heavyweights HDFC Bank and ICICI Bank were down nearly 1?ch and also contributed to decline in the index. Small-cap indices were down 0.1–0.2% and mid-cap indices fell 0.4–0.5%. On the sectoral front, the Nifty IT index was down over 3%, falling for the sixth consecutive session.
Information technology giant Infosys was the major drag on the Nifty 50 index. The stock traded nearly 3% lower. Meanwhile, Tech Mahindra, HCL Technologies, Tata Consultancy Services, and Wipro fell 2–3%. Coforge was slightly off lows but was still 5.5% down. It was the worst-hit stock in both the Nifty 200 and Nifty 500 indices. Coforge came under pressure after Chairman O.P. Bhatt resigned with immediate effect after the company's internal auditor found issues with a board evaluation report. This report was prepared under the guidance of Bhatt.
Shares of Adani Enterprises were up nearly 6% after the company decided to sell a 5.5% stake in its airport unit to raise INR 98 billion. Adani Enterprises was the top gainer in the Nifty 50 index. Max Healthcare Institute was the second-top performer in the 50-stock index and it was up nearly 4%. Graphite India was the top gainer in the Nifty 500 index and was up nearly 16%. Shares of the company rose after GrafTech International hiked graphite electrode prices by 30% Tuesday. (Utthara E. S.)
Equity Alert: Mkt opens lower as crude inches closer to $100/bbl; IT cos fall
MUMBAI--0939 IST--Benchmark indices opened lower for the third session as crude oil prices rose closer to the psychologically crucial $100 per barrel, dampening investor sentiment. The November futures of Brent crude oil were above $99 per barrel. Information technology stocks were the major laggard in the indices Wednesday. At 0938 IST, the Nifty 50 was 0.5% lower at 23524.75 and the BSE Sensex fell 0.6% to 75117.94.
Information technology companies Infosys, Tech Mahindra, HCL Technologies, and Wipro fell around 2-3% and were the worst hit stocks in the Nifty 50. Heavyweight stocks HDFC Bank and Reliance Industries were down nearly 1%. Automobile companies Tata Motors Passenger Vehicles, Eicher Motors, and Mahindra & Mahindra fell around 1?ch. HDFC Life Insurance Co., Bharti Airtel, Jio Financial Services, Eternal, State Bank of India, and Hindustan Unilever fell around 1?ch.
On other hand, Max Healthcare Institute was the top gainer among the Nifty 50 constituents, up over 3%. Adani Enterprises rose nearly 3?ter its wholly-owned subsidiary Adani Airports decided to sell 5.5% stake to several investors, including BlackRock. Coal India and NTPC rose nearly 2?ch. Larsen & Toubro, Apollo Hospitals Enterprises, and Hindalco Industries gained around 1?ch. Oil and Natural Gas Corp. was up nearly 1%. Shares of the oil explorer rose amid elevated crude oil prices.
All broader market indices were lower. Smallcap indices fell 0.1-0.2% and midcap indices fell 0.4-0.5%. Among the sectoral indices, Nifty IT fell over 3%. Nifty Financial Services and Nifty Auto fell 0.7?ch. On the other hand, Nifty Energy rose nearly 1% and was the top performer among the sectoral indices.
Shares of Coforge fell after the sudden resignation of Chairman O.P. Bhatt. The resignation comes after the company's internal auditor found issues with a board evaluation report, which was prepared under the guidance of Bhatt. Following Bhatt's resignation, the company has appointed Vivek Sharma as the interim chairperson until Jan. 31. "The immediate change in leadership creates a degree of governance uncertainty, particularly as the resignation stems from concerns identified through an internal audit rather than being a routine transition," ICICI Securities said in a note. The stock was down over 6% and was the worst hit in both the Nifty 200 and Nifty 500 indices. (Adhithya Aji)
Equity Alert: Indices seen down at open as crude prices remain above $99/bbl
MUMBAI--0823 IST--Indices are seen opening lower as crude oil prices rose above $99 per barrel on continued military action in West Asia. On Tuesday, the US and Iran continued attacking each other, keeping the tensions in the region heightened. Asian indices opened mixed Wednesday as they saw some gains in chip stocks, while the US indices ended lower on higher crude oil prices.
The US launched missile attacks on Iranian oil carriers Tuesday after the Islamic Revolutionary Guard Corps attacked a US Navy ship, US Central Command said in an X post. Islamic Revolutionary Guard Corps targeted a US Navy ship with ballistic missiles twice over the past two days, the social media post said. This conflict follows the Houthi rebels' attacks on Aramco's oil sites in Saudi Arabia. Analysts said the movement of crude oil prices is likely to determine the sentiment for Indian equity markets. At 0736 IST, the November futures of Brent crude were at $99.25 per barrel, up over 1%.
On Tuesday, the Nifty 50 ended 0.6% lower at 23635.10 due to higher crude oil prices. The Nifty index has reached its immediate price support around the 23600 spot level, according to Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market. "The possibility of a bounce-back rally up to 24000 spot levels cannot be ruled out at this juncture. Conversely, a decisive close below 23600 will have a negative impact that could trigger selling pressure and drag it toward 23350 spot levels.
On the stock front, shares of Coforge will be on focus Wednesday after the sudden resignation of Chairman O.P. Bhatt. The resignation comes after the company's internal auditor found issues with a board evaluation report, which was prepared under the guidance of Bhatt. Following Bhatt's resignation, the company has appointed Vivek Sharma as the interim chairperson until Jan. 31. (Adhithya Aji)
Equity Alert: Asian indices mixed, South Korea's Kospi gains most
MUMBAI--0810 IST--Major stock markets in Asia were mixed Wednesday. South Korea's key index, Kospi, gained the most in the region, followed by Taiwan's Taiex. However, cautious sentiment is likely to prevail as crude oil prices remain high, and market participants await key inflation data from the US due later this week.
In technology news, South Korea plans to increase the commercialisation of solid-state batteries, United Press International reported. The country's major battery makers, Samsung SDI, LG Energy Solution, and SK On are seeking to boost commercialisation. Samsung SDI aims to complete preparations for mass production next year while LG Energy is targeting mass production in 2029. SK On is also targeting commercialisation in 2029, according to the report. Shares of LG Energy Solution were up more than 1%, and those of Samsung SDI Co. more than 2%.
On the macroeconomic front, China's producer price index rose 3.8% on year in August, higher than the 3.6% rise forecast in a Reuters poll. Producer price inflation accelerated from 3.5% in July. The consumer price index, meanwhile, rose 0.8% on year in August, up from 0.5% in July. China's consumer inflation was in line with Reuters' expectations. "Higher international crude oil and non-ferrous metal prices have pushed up prices across related industries in China," Dong Lijuan, a statistician at NBS, said, according to Reuters. China's key indices, the SSE Composite and the CSI 300, were slightly up during early trade.
The following are the levels of key indices in the region at 0807 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
65406.75 | 0.21 |
|
TOPIX FIRST SECTION |
4060.06 | 0.24 |
|
S&P/ASX 200 Index |
8895.00 | (-)0.29 |
|
KOSPI Index |
7068.19 | 1.63 |
|
Hang Seng Index |
25296.51 | (-)0.08 |
|
CSI 300 Index |
4573.0815 | 0.31 |
|
FTSE Singapore Strait Times |
5717.99 | (-)0.29 |
(Ruchira Kagita)
Equity Alert: US indices fall for second session Tue, Dow Jones down over 1%
MUMBAI--0737 IST--Major US indices fell for the second session in a row Tuesday amid elevated crude oil prices and fresh hostilities in West Asia. Market sentiment was likely tepid ahead of key inflation data set to be released later this week. The inflation print will provide investors insight regarding the odds of the US Federal Reserve hiking interest rates this month.
"The conflict between the US and Iran is beginning to look less like a temporary disruption and more like a longer-term backdrop for markets," Jeff DerGurahian, chief investment officer at loanDepot, was quoted as saying by Reuters.
Tuesday, the Dow Jones Industrial Average fell the most and for the second session in a row, closing over 1% lower. It was followed by the broader market, S&P 500, which declined 0.6%. The NASDAQ Composite also closed in the red.
In the blue-chip Dow Jones, only five constituents ended in positive territory. Retail majors Home Depot and Johnson & Johnson fell over 2?ch and technology majors such as Nvidia Corp. lost 2%, while Amazon and Microsoft fell over 1?ch. Among others, software companies Salesforce fell 4% and ServiceNow 5%.
Shares of Apple fell over 1% ahead of its "Surprise and shine" event where it will unveil the iPhone 18 series under Chief Executive Officer John Ternus for the first time. Apple is also likely to reveal its first foldable iPhone. Among the Magnificent Seven stocks, only shares of Tesla gained. The stock closed about 4% higher.
In the S&P 500, there appears to be a mid-cycle rotation towards stocks with quality and strong free cash flow, Morgan Stanley said in a report. For the near term, there is a shift towards asset light businesses and adopters of artificial intelligence from AI enablers, the brokerage said. "We expect the long leg to increasingly feature services-oriented, asset-light companies with strong free cash flow—Software, Financial Services, Insurance and Healthcare Services are likely to be more heavily represented," Morgan Stanley said.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52786.07 |
(-)1.18 |
|
NASDAQ Composite |
26421.413 |
(-)0.32 |
|
S&P 500 |
7673.52 |
(-)0.58 |
(Ruchira Kagita)
US$1 = INR 95.10
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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.
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