Equity Alert
European markets open higher after crude oil prices cool
This story was originally published at 15:31 IST on 17 September 2026
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Equity Alert: European markets open higher after crude oil prices cool
MUMBAI--1515 IST--European stock markets opened higher Thursday, driven by a decline in crude oil prices and a slowdown in bond selloffs after the US Federal Reserve raised interest rates by 25 basis points. The broader pan-European Stoxx 600 traded over 0.6% higher.
Germany's DAX performance index, London's FTSE 100 index and Switzerland's SLI PR rose 0.5?ch. France's CAC 40 and Italy's MIB index were up 0.3% and 0.4%, respectively. Carmakers and industrials led the Paris index, with Renault gaining almost 3%, Stellantis over 2%, and Schneider Electric over 1%.
The Bank of England is expected to announce its interest rate decision later in the day. Investors see more than an 80% chance of the Bank of England keeping interest rates unchanged, according to LSEG data. This would be a divergence from other major central banks. "Although the inflation increase was unlikely to convince the Bank of England to hike interest rates just yet, it could raise fresh concerns about the outlook for inflation among policymakers," CNBC quoted Scott Gardner, an investment strategist at J.P. Morgan Personal Investing, as saying.
The November futures of Brent crude oil declined to levels of $103 a barrel after US President Donald Trump said he plans to meet leaders of Gulf countries on Tuesday. Reports emerged that Saudi Arabia was working to restore crude flows following damage to its East-West pipeline and the kingdom is arranging additional crude shipments via Oman to help address immediate concerns about supply disruptions.
Following were the levels of key indices in the region at 1445 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10736.87 | 0.45 |
|
CAC 40 |
8162.44 | 0.27 |
|
MIB INDEX |
52160.53 | 0.37 |
|
DAX PERFORMANCE-INDEX |
25670.43 | 0.52 |
|
SLI PR |
2230.47 | 0.45 |
(Ayush Jaiswal)
Equity Alert: Asian markets end mixed as crude oil prices, bond yields cool
MUMBAI--1415 IST--Asian markets ended mixed Thursday as Brent crude oil prices fell and US bond yields took a breather after the US Federal Reserve raised interest rates for the first time in three years by 25 basis points. Japan's Nikkei 225 index posted modest gains, while South Korea's Kospi closed flat. Hong Kong's Hang Seng and China's CSI 300 index both fell slightly.
Crude oil prices fell amid reports that US President Donald Trump is planning to meet leaders of Gulf countries on the sidelines of the United Nations General Assembly coming Tuesday, amid the tense situation in West Asia. At 1422 IST, Brent November futures traded at $104.54 per barrel, down 1.3% from Wednesday.
On the stocks front, shares of SoftBank Group Corp closed around 1% higher. In Japan's benchmark Nikkei 225 index, 182 advanced and 42 fell. Technology stocks in Japan had come under pressure Thursday, with heavyweights Advantest Corp. and Tokyo Electron down over a percentage each. As for the Hang Seng, key constituents, Tencent Holdings and Alibabab Group Holdings, were down 1% and about 2%, respectively.
Following are the levels of key indices in the region at 1403 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
64136.25 | 0.33 |
|
TOPIX FIRST SECTION |
4094.19 | 0.80 |
|
S&P/ASX 200 Index |
8732.40 | 0.41 |
|
KOSPI Index |
6715.41 | (-)0.04 |
|
Hang Seng Index |
24604.29 | (-)0.44 |
|
CSI 300 Index |
4460.16 | (-)0.45 |
|
FTSE Singapore Strait Times |
5657.88 | 0.40 |
(Ayush Jaiswal)
Equity Alert: Indices stay up on gains in insurance cos, select shares
MUMBAI--1405 IST--The benchmark indices remained green with the Sensex up marginally. A rise in insurance and select stocks kept the Nifty 50 higher. At 1331 IST, the Nifty 50 was at 23263.50 points, up 0.2%. The Sensex was flat at 74347.09 points.
More than half the constituents in the Nifty 50 were up. Shares of insurance companies such as HDFC Life Insurance Co. and SBI Life Insurance Co. rose over 5% and 4%, respectively. Shares of these companies rose on expectations that they will have to pay lower commission to agents selling their products to customers, if the Insurance Regulatory and Development Authority of India's norms on insurance commissions kick in.
The rise in shares of Larsen & Toubro, Eternal, and Bharat Electronics supported the 50-stock index. These stocks were up 1–2%. Automobile companies Maruti Suzuki India, Tata Motors Passenger Vehicles, and Mahindra & Mahindra rose 1–2% as well. Dr. Reddy's Laboratories was up 3%. Shares of Shriram Finance, Jio Financial Services, and InterGlobe Aviation rose over 2?ch as well. On the other hand, Oil and Natural Gas Co. remained the worst hit in the Nifty 50, down nearly 2%. Shares of banks such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and State Bank of India were down 0.2-0.8%, dragging the indices lower.
The broader market indices continued to outpace the benchmarks. The small-cap indices were up 0.8-0.9% while the mid-cap indices were up over 1?ch. Nifty Realty was the top sectoral gainer, up 1.5%. All stocks in the Nifty Realty index were up with DLF being the top gainer, which was up over 3%. Nifty Bank was down marginally owing to a fall in major bank stocks.
In the Nifty 500, Tega Industries was the top gainer. Its shares rose over 9% to reach an over three-month high of INR 1,875. Aditya Infotech was the top loser, down nearly 5%, followed by CreditAccess Grameen and ACME Solar Holdings, which were down 3%. (Ayush Jaiswal)
Equity Alert: Motilal Oswal initiates 'buy' call on Turtlemint Fintech
MUMBAI--1400 IST--Motilal Oswal Financial Services initiated coverage on Turtlemint Fintech Solutions with a "buy" recommendation and a price target of INR 180 apiece, which is 36% higher than the current price of the stock. With corporate overheads expected to grow at a compounded annual growth rate of 6% over four years starting financial year 2025-26 (Apr-Mar), the brokerage sees the company achieving an adjusted earnings before interest, tax, depreciation, and amortisation breakeven in FY27.
Further, the company's adjusted EBITDA margin is seen expanding around 11% by FY29, Motilal Oswal said in a report Thursday. The company's service EBITDA margin is expected at 22% by FY29 from 13% in FY26.
At 1355 IST, shares of the company were at INR 132.21 apiece, up over 3% from Wednesday's close. The stock had risen nearly 7% to touch an intraday high of INR 136.59. So far in the day, 1.4 million shares have changed hands, which is nearly 12% lower than the three-month average volume. The stock is currently at 17 times its September 2028 enterprise value to EBITDA ratio, "which appears attractive given the earnings compounding ahead", Motilal Oswal said.
Turtlemint Fintech Solutions is a scaled and technology-enabled insurance distribution franchise in India. The platform covers an end-to-end distributor journey on a single app, including mutual funds and credit products. Motilal Oswal expects 130,000–150,000 partner additions annually and active distribution partners to grow at a compounded annual growth rate of 24% by FY29. Point-of-sale person-driven premiums are growing at nearly twice the industry rate. The company has a presence across 19,186 Postal Index Number codes and is well positioned to capture this opportunity, the brokerage said.
The brokerage expects a 27% take rate for the company, supported by continued momentum in fresh business and rising renewals. This is expected to translate into a compounded annual growth rate of 35% in revenue over FY26–FY29. Take rate is the percentage of total transaction value that a platform retains as its own revenue. A fast-growing policy pool and compounding of renewal books should likely lead to renewal revenue contribution rising to over 25% by FY29. However, regulatory uncertainty around commission structures is a key risk, partly offset by passing the impact through to distribution partners, the brokerage added. (Utthara E. S.)
Equity Alert: Life insurance cos up on hope of lower commission payment
MUMBAI--1330 IST--Shares of life insurance companies rose Thursday due to expectations that they have to pay lower commission to agents selling their products to customers. The Insurance Regulatory and Development Authority of India is expected to issue a consultation paper soon that will provide clarity on insurance commissions and distributions. As per the proposed document, insurance agents and banks will face a cut in commission.
The insurance regulator is expected to release a consultation paper, which is directional in nature, regarding the insurance commissions and distribution, CNBC TV18 reported, citing sources. The document is unlikely to specify limits on commission or expenses of management, the report said. As per the proposed consultation paper, banks are likely to face significant cuts in the commission they receive and individual agents may see the smallest reduction in commissions. Meanwhile, group life insurance products could face a larger cut, CNBC TV18 reported.
Shares of life insurance providers traded on a positive note as these companies would have to pay lower commission to agents, if the new norms kick in. Meanwhile, third-party companies that sell multiple insurance products are likely to get lower commissions. PB Fintech, operator of the insurance marketplace Policybazar.com, traded nearly 3% lower. The stock was the worst hit among Nifty 200 constituents.
Shares of HDFC Life Insurance Co. and SBI Life Insurance Co. rose over 5% and nearly 4%, respectively, the top gainers in the Nifty 50. Their peers Max Financial Services rose, ICICI Lombard General Insurance Co., and The New India Assurance Co. rose 3-7%. (Adhithya Aji)
Equity Alert: Lupin reiterates FY27 EBITDA margin guidance of 25%
MUMBAI--1315 IST--Lupin has reiterated its guidance of 25% for earnings before interest, tax, depreciation, and amortisation margin guidance for financial year 2026-27 (Apr-Mar). The EBITDA margin is lower than 29.7% in FY26, primarily due to lower contribution from Tolvaptan in the US. The rise in costs of raw materials is also likely to weigh on its margins, the company said in an interaction with Nomura. However, Lupin still expects its revenue from the US over the next two years to exceed the figure of $1.3 billion for FY26.
Nomura maintained its "buy" recommendation on Lupin with a target price of INR 2,675. At 1153 IST, its shares were trading at INR 2,077.50, up over 1.6% from the previous close. The brokerage's target price implies a 29% upside from the company's current trading price.
Lupin is confident that its key inhalation therapies can receive regulatory approvals over the next few years. "...the company aims to build a specialty and innovation platform and is willing to invest a large chunk of potential acquisition amount in the space," Nomura said. The pharmaceutical major plans to generate a third of its revenue from innovation across geographies over a decade. In the US, it foresees significant product-specific upside from Apixaban in the near term. The product has significant sales potential of around $10 billion, Nomura noted. The company expects Apixaban to be launched in the US during the first quarter of FY28.
As for Namuscla in the US, the filing is expected around January 2028, and the approval could be around January 2029. Earlier, Lupin had indicated peak sales potential of $100 million–$200 million in the US, Nomura said. Approvals for inhalation therapy, Ellipta and inhalation device, Respimat, are in the works and these are likely to be commercialised by FY30-31, according to Lupin. The biosimilar of Enbrel is likely to be commercialised by the same period.
The company expects to grow its India business at 1.2–1.3 times the market growth over the medium term. Lupin's growth over the next five years will be driven by segments such as cardiac, anti-diabetic and respiratory, according to Nomura's report. "Management does not expect any material structural disruption in the marketplace due to the emergence of generics or private label," Nomura said. In India, the company may pursue acquisitions of up to $2 billion to build its speciality business and expand its presence. (Ayush Jaiswal)
Equity Alert: Indices rise as IT cos recover, broader markets outperform
MUMBAI--1230 IST--Benchmark indices rose as Eternal, Larsen & Toubro, and Mahindra & Mahindra lent support to the Nifty 50 index. Information technology stocks came off lows and turned green after trading in the red earlier in the session. Heavyweight HDFC Bank was the key drag in the Nifty 50.
At 1213 IST, the Nifty 50 was at 23337.70, up 120.10 points or 0.5%, and the BSE Sensex was at 74586.46 points, up 250.01 points or 0.3% from Wednesday. The broader markets continued to outperform. The mid-cap and small-cap indices were up around 1?ch. All sectoral indices were in the green, with the Nifty Realty being the top gainer, up almost 2%.
In the Nifty 50, HDFC Life Insurance Co. was the top gainer, up 5%. Its peer SBI Life Insurance Co. gained nearly 3%. Shriram Finance rose 2%, while Axis Bank and Bajaj Finance were up around 1?ch. Shares of Maruti Suzuki India, Tata Motors Passenger Vehicles, and Mahindra & Mahindra were up around 2?ch. Major healthcare stocks were up, with Dr. Reddy's Laboratories gaining over 2%. Shares of Max Healthcare Institute, Cipla, and Apollo Hospitals Enterprise were up around 1?ch.
In the broader market, PB Fintech was the worst hit in the Nifty 200 index and was down over 3%, while HDFC Life Insurance Co. was the top gainer. Shares of Syrma SGS Technology gained 9% and were the top gainer in the Nifty 500, while Afcons Infrastructure fell more than 4%, making it the worst hit in the index. (Vidhi Thacker)
Equity Alert: Manipal Payment, Asset Reconstruction make weak debut on NSE
MUMBAI--1118 IST--Shares of Manipal Payment and Identity Solutions and Asset Reconstruction Co. listed on the bourses Thursday morning. While Manipal Payment listed at a discount from its issue price, Asset Reconstruction opened flat. Both stocks fell in trade after listing on the exchanges.
Manipal Payment listed at INR 330 apiece on the NSE, down nearly 3% from its issue price of INR 339. On the BSE, it listed at INR 332 on the BSE, down over 2%. At 1115 IST, its shares were trading nearly 5% lower at INR 320.85 on the NSE. Over three million shares changed hands on the NSE, seven times higher than on the BSE.
Meanwhile, Asset Reconstruction listed at its issue price of INR 139 apiece on the NSE and BSE. At 1115 IST, the stock fell over 1% to INR 137.49 on the NSE. Over 21 million shares changed hands on the NSE, over 13 times higher than on BSE.
Manipal Payment's initial public offer closed Friday and it was subscribed 1.42 times. The offer received bids for 18.51 million shares against 13.06 million shares on offer. The company had raised INR 3.62 billion from anchor investors by allotting 10.69 million shares at INR 339 apiece. Manipal Payment and Identity Solutions, part of the Manipal group, provides payment, identification, and secure solutions to financial services companies nationally and internationally. For the financial year 2025-26 (Apr-Mar), it reported a net profit of INR 2.53 billion on revenues of INR 13.27 billion.
Asset Reconstruction's initial public offer also closed Friday and was subscribed 20.10 times. The offer received bids for 741.97 million shares against the 36.91 million shares on offer. The company had raised INR 2.2 billion from anchor investors by allotting 15.82 million shares at INR 139 apiece. Asset Reconstruction Co. acquires stressed assets from financial institutions and implements resolution strategies. For the financial year 2025-26 (Apr-Mar), it reported consolidated net profit of INR 3.52 billion on revenues of INR 7.22 billion. (Durgesh Nandan)
Equity Alert: PB Fintech down even as CEO denies news he will quit
MUMBAI--1117 IST--Shares of PB Fintech fell nearly 6% to an intraday low of INR 1,718.10, amid speculation the company's group chief executive officer, Yashish Dahiya, will resign. He later clarified that the news was false and he would continue to hold the position, according to a CNBC TV18 report.
Moreover, the stock fell despite multinational brokerage Bernstein's view that PB Fintech will face only a limited impact due to the government's norms on commission cut. Bernstein said the regulatory overhang over the company is resolving. The Insurance Regulatory and Development Authority of India is expected to issue a consultation paper on insurance commissions and distribution soon, CNBC TV18 reported, citing sources. The consultation paper is likely to be directional, the report said.
The document will discuss the commission and expense limits of insurance products. Banks are likely to face significant commission reduction while retail insurance products may see smaller cuts. Bernstein said the regulatory overhang will be resolved amicably, and PB Fintech is expected to see limited impact, the media report said.
At 1113 IST, shares of PB Fintech traded nearly 4% lower at INR 1,760.60. Nearly four million shares of the company changed hands on NSE, nearly 12 times higher than at the same time Wednesday. The stock was the worst hit among the Nifty 200 constituents. (Adhithya Aji)
Equity Alert: Steamhouse India, Rentomojo list at 17%-19% premium on NSE
MUMBAI--1105 IST--Shares of Rentomojo listed at INR 482.45 apiece on the National Stock Exchange, a more than 19% premium to its issue price of INR 404. On the BSE, it listed at INR 480. At 1058 IST, shares were up nearly 28% at INR 516.80 on the NSE.
The company's initial public offering was subscribed 73 times as on the final day, with bids placed for 1.59 billion shares against 21.77 million shares on offer. The public issue comprised a fresh issue of shares worth up to INR 1.5 billion and an offer for sale of 27.37 million shares. The company had raised INR 3.76 billion from anchor investors by allocating 9.31 million shares at INR 404 apiece.
Rentomojo operates a direct-to-consumer online rental and subscription platform for furniture and appliances in India. The company reported a net profit of INR 1.04 billion on revenues of INR 3.87 billion for the financial year 2025-26 (Apr-Mar).
Shares of Steamhouse India listed at INR 94.50 apiece on the NSE, a nearly 17% premium to its issue price of INR 81. On the BSE, it listed at a premium of nearly 15% at INR 93. At 1058 IST, shares were up over 28% at INR 103.95 on the NSE.
The company's initial public offering was subscribed 30.49 times as on the final day, with total bids at 1.15 billion against the 37.64 million shares on offer. The public offer comprised a fresh issue of up to INR 3.53 billion and an offer for sale of INR 610 million. The company had raised INR 1.24 billion from anchor investors by allocating 15.33 million shares at INR 81 apiece.
Steamhouse India specialises in generating and centrally distributing industrial gases, including steam and nitrogen, through its pipeline network. For the financial year 2025-26 (Apr-Mar), the company reported consolidated restated net profit of INR 386.39 million on revenues of INR 4.92 billion. (Vidhi Thacker)
Equity Alert: Benchmark indices face selling pressure at higher levels
MUMBAI--1102 IST--Benchmark indices rose more on gains in financial services stocks and select heavyweights, while information technology and oil exploration companies remained lower, which limited gains. Indices continued to face selling pressure amid concern about higher interest rates in India after the US Federal Reserve hiked its key interest rate by 25 basis points Wednesday.
At 1039 IST, the Nifty 50 was at 23280.65 points, up 0.3%, and the BSE Sensex was at 74463.69 points, up 0.2%. The India VIX slipped further to 12.50, down 5%. More than 66% of stocks on the NSE were up, while 30% were down.
In the Nifty 50, HDFC Life Insurance Co. surged 4% and was the top gainer. Other financial services companies such as Bajaj Finance, Jio Financial Services, Shriram Finance, and SBI Life Insurance Co. rose 1-2%. Jio Financial Services rose after falling over 6% in the previous seven sessions. A 1% rise each in heavyweights Reliance Industries, Axis Bank, and Larsen & Toubro boosted the headline index. Among other gainers, Eternal and ITC rose 3% and 1%, respectively.
Meanwhile, IT constituents remained major laggards on the Nifty 50. HCL Technologies, Tata Consultancy services, and Infosys were down 1?ch. The Nifty IT was down nearly 1%, worst hit among sectoral indices. Oil exploration companies remained lower with the shares of Oil and Natural Gas Corp. and Oil India falling over 1?ch. The Nifty Oil and Gas turned flat giving up slight gains in the morning. Index heavyweight HDFC Bank was down 1%, which limited the gains in the Nifty 50.
Broader market indices rose further with small-cap and mid-cap indices rising around 1%. HEG hit 5% upper circuit after falling over 18% in the previous four sessions. Syrma SGS Technology was up nearly 7% and was the top gainer among the Nifty 500 stocks. Shares of PB Fintech shed nearly 5%. (Deesha Jadhav)
Equity Alert: LCC Projects, Karamtara Eng list at premium to issue price
MUMBAI--1040 IST--Shares of LCC Projects listed at INR 189 apiece on the National Stock Exchange, a nearly 30% premium to its issue price of INR 146. On BSE, shares debuted at INR 191.90, an over 31% premium to the issue price. At 1026 IST, shares traded over 19% higher at INR 174 on the NSE.
The company's initial public offering was subscribed 48.51 times as on the final day, with bids placed for 1.02 billion shares against 20.93 million shares on offer. Prior to the public issue, the company had raised INR 1.28 billion by allotting 8.78 million shares at INR 146 apiece to anchor investors.
LCC Projects is an engineering, procurement, and construction company based in Gujarat. The company primarily executed projects in the irrigation and water supply segment. For 2025-26 (Apr-Mar), the company reported consolidated net profit of INR 2.83 billion on revenues of INR 36 billion.
Shares of Karamtara Engineering listed at INR 320 apiece on the National Stock Exchange and on BSE, nearly 26% premium to the issue price of INR 254. At 1026 IST, shares were nearly 39% higher at INR 352 on the NSE.
The company's initial public offering was subscribed 62.6 times as on the final day, with bids placed for 1.59 billion shares against 25.41 million shares on offer. Prior to the public issue, the company had raised INR 2.62 billion by allotting 10.33 million shares at INR 254 apiece to anchor investors.
Karamtara Engineering is a backward integrated manufacturer of products for renewable energy and transmission line sectors. It offers structures and fasteners in the solar energy and transmission sectors and overhead transmission line hardware fittings and accessories. For the financial year 2025-26 (Apr-Mar), the company had reported a consolidated net profit of INR 2.29 billion on revenues of INR 43.12 billion. (Arundathi A R)
Equity Alert: Indices open flat after US Fed hikes rate; broader mkt gains
MUMBAI--0950 IST--Benchmark indices were up slightly after a flat open but continued to face selling pressure at higher levels. However, broader market indices outperformed, with small-cap indices up nearly 1%. Sentiment for large-caps was cautious after the US Federal Reserve hiked its key interest rate by 25 basis points and Chairman Kevin Warsh sounded hawkish to tame inflation.
"Oversold RSI (relative strength index) conditions may support buying interest at lower levels, but global weakness and continued FII (foreign institutional investor) selling could limit the upside," Hitesh Tailor, technical research analyst at Choice Broking, said in a note Thursday morning. "Traders should monitor the key support and resistance zones, as sustained buying above resistance may extend the recovery, while a break below crucial supports could revive selling pressure." He sees crucial support for the Nifty 50 at 23100-23000 and immediate resistance 23300-23450.
At 0927 IST, the Nifty 50 was at 23236.85 points, up 0.1% from Wednesday, and the BSE Sensex was flat at 74314.43 points. All sectoral indices except Nifty IT and Nifty Oil & Gas were in the green. In the Nifty 50, heavyweights HDFC Bank and ICICI Bank were the key drags and fell 0.7% and 0.3%, respectively. The India VIX, a gauge of volatility in the market, slipped 3% to 12.76.
Public sector banks fared better than private sector banks. All constituents of the Nifty PSU Bank index were up and the index itself gained over 1%. Bank of Maharashtra was up nearly 4%, while Bank of India, Indian Bank, and Punjab National Bank rose 2?ch. On the other hand, information technology stocks fell after the Fed raised interest rates, which could affect discretionary spending in the US on software and other related services. Shares of software exporters Tech Mahindra, Tata Consultancy Services, and HCL Technologies fell around 1?ch.
Among others, shares of upstream oil companies, Oil and Natural Gas Corp. and Oil India, fell close to 1?ch even as Brent crude oil futures hovered near $105 per barrel. US President Donald Trump is expected to hold a meeting with leaders of the Gulf Cooperation Council on the sidelines of the United Nations General Assembly in New York next Tuesday to discuss the war in West Asia, Axios reported Wednesday. (Ruchira Kagita)
Equity Alert: Seen down as US rate hike fuels RBI rate-increase bets
MUMBAI--0900 IST--Indices are expected to open lower after the US Federal Reserve raised the interest rates by 25 basis points. The US Fed highlighted stubborn inflation as the key reason for the interest rate hike, which was for the first time in three years. The domestic markets are now expecting an intrest rate hike by the Reserve Bank of India.
"The current chart structure and elevated crude oil prices indicate the possibility of a further downside move in the near term," Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market, said. The support for the Nifty index is now seen at 23000-23100, and a closing below these levels could push it to 22500 in the near term, Kumar said.
The US Federal Open Committee raised the interest rates by 25 basis points to 3.75-4.00% and indicated another 25 bps hike in 2026 and not in 2027. The 12-member committee unanimously supported the rate hikes citing that the inflation remain elevated. "This summer's inflation readings do not tell me that underlying trends have meaningfully improved," US Federal Chairman Kevin Warsh, said in his opening remarks at the press conference, CNBC reported.
"Rising crude and inflation along with increasing global rates may also guide the India MPC to raise rates by 50 bps," Deepak Agrawal, chief investment officer of debt and head products at Kotak Mutual Fund, said in a note. Voicing the same, Emkay Global Financial Services said that based on the August CPI figures, which showed higher inflation and a recent spike in energy prices, the Reserve Bank of India is likely to raise its key interest rate. "A 25bp hike in October by the RBI looks more likely, but we also expect this to be a shallow hiking cycle (50-75 bps) and will await more clarity at the October review," the brokerage said in a report.
At the same time, the war in West Asia continued to escalate. The war pushed crude oil prices higher, sparking inflationary worries globally, and finally pushing the US Federal Reserve to hike interest rate. Saudi Arabia intercepted and shot down a drone deployed by the Houthis that targeted the holy city Mecca on Tuesday, as per several media reports. The November futures of Brent crude was nearly $106 per barrel, still up 45% from pre-war level. (Adhithya Aji)
Equity Alert: Asian markets mixed after US Fed hikes rate, crude oil at $105
MUMBAI--0840 IST--Asian markets were subdued Thursday after the US Federal Reserve hiked its interest rate and Chairman Kevin Warsh delivered hawkish commentary. Crude oil prices continued to hover above $100 per barrel, further weakening sentiment. Hong Kong's Hang Seng was the top loser in the region while Japan's Topix First Section was the top gainer. Japan's benchmark Nikkei 225 index was largely flat.
The November futures contract of Brent crude oil remained high even as the US assured that the east-west pipeline in Saudi Arabia, which was damaged by drone attacks, will begin operations soon. At 0800 IST, the futures traded slightly down at $105.68 per barrel.
The over 1% drag in the Hang Seng came from heavyweights Tencent Holdings and Alibaba Group Holding, which fell nearly 2% and 1.4%, respectively. The Australian S&P/ASX 200 index and South Korea's Kospi were both slightly up.
In Japan, shares of semiconductor equipment makers fell. Advantest Corp., Tokyo Electron, and Kioxia Holdings Corp. fell 2?ch. On the macroeconomic front, the Bank of Japan is expected to hike its interest rate Friday by 25 basis points to 1.25%. "Markets are divided between those who see hawkish BOJ (Bank of Japan) communication as helping lower bond yields by alleviating concern it is behind the curve on inflation, and others who see it as lifting yields by moving up terminal-rate bets," Katsutoshi Inadome, senior strategist at Sumitomo Mitsui Trust Asset Management, told Reuters.
Following are the levels of key indices in the region at 0800 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
63980.23 | 0.09 |
|
TOPIX FIRST SECTION |
4084.91 | 0.57 |
|
S&P/ASX 200 Index |
8713.10 | 0.19 |
|
KOSPI Index |
6719.19 | 0.02 |
|
Hang Seng Index |
24418.18 | (-)1.20 |
|
CSI 300 Index |
4460.70 | (-)0.44 |
|
FTSE Singapore Strait Times |
5642.27 | 0.12 |
(Ayush Jaiswal)
Equity Alert: US mkts end dn as Fed ups rate, officials hint more hike 2026
MUMBAI--0730 IST--US indices ended lower after the US Federal Reserve raised its interest rate for the first time in three years by 25 basis points and some officials indicated more hikes going forward. The Dow Jones Industrial Average was the worst hit, down over 1%, as losses in banking stocks dragged down the index. The S&P 500 fell slightly while the technology-heavy NASDAQ composite was flat as gains in some key chip stocks helped limit losses.
The FOMC voted unanimously to hike the Fed funds target range by 25 basis points to 3.75-4.00% to curb inflation that remains well above its target. The Summary of Economic Projections showed the median estimate of Fed officials was that the target rate would be raised by another 25 bps in the remainder of 2026. The Federal Reserve Chairman Kevin Warsh highlighted that inflation was persistent. "The plain fact is that inflation is too high, and has been for too long," Warsh said during the press conference. "This summer's inflation readings do not tell me that underlying trends have meaningfully improved," he added. The US Treasury yields also rose above 5% again after Wednesday's hike.
On the stocks front, shares of Intel Corp. jumped 4?ter a report highlighted that the company was in talks with South Korea's SK Hynix to build semiconductors in the US. Chip stocks such as Nvidia and Advanced Micro Devices rose nearly 1% and 2%, respectively, recovering more of their losses from earlier in the week. In the Dow Jones, Goldman Sachs and American Express Co. fell 4?ch, while JPMorgan Chase & Co. lost 1%. Among others, Boeing Co. slipped 4?ter it said its deliveries of 737 Max were getting delayed, as per reports.
Following were the closing levels of US indices Wednesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
51461.90 | (-)1.21 |
|
NASDAQ Composite |
25978.43 | (-)0.01 |
|
S&P 500 |
7551.81 | (-)0.45 |
(Ayush Jaiswal)
US$1 = INR 95.93
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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
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Directory of Indian government websites - https://igod.gov.in/
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Reserve Bank of India - https://rbi.org.in
Controller General of Accounts, Government of India - https://cga.gov.in/
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