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Informist, Thursday, May 21, 2026

By Arundathi A R

MUMBAI – After closing with marginal gains in the previous session, headline stock indices are likely to extend gains and open higher Thursday in the wake of positive global cues. Brent crude oil prices eased significantly to $105 a barrel after US President Donald Trump said talks with Iran were in the final stages. All Asian markets were also higher in early trade, reacting to this news.

"We'll either have a deal or we're going to do some things that are a little bit nasty. But hopefully that won't happen," NDTV reported, quoting Trump. "I'm in no hurry. I just, ideally, I'd like to see few people killed, as opposed to a lot," he said.

Mohammad Bagher Ghalibaf, Iran's chief negotiator, has said the US wants to restart the war and is carrying out "overt and clandestine movements" that signal a new attack, according to a report by Al Jazeera. In another development, US marines boarded an Iranian-flagged oil tanker in the Gulf of Oman after suspecting that it violated a US blockade as it headed to an Iranian port, Al Jazeera report said, but the vessel was later released.

At 0724 IST, Brent crude oil July futures were 0.5% higher at $105.49 per barrel. Though the crude oil price rose slightly from the previous close, it fell to the $105 a barrel level after remaining above it for the last three sessions in a row. The crude oil futures contract shed over 3% in a week.

At 0733 IST, the May futures contract of the GIFT Nifty was a tad lower at 23804 from its previous close. The movement of the GIFT Nifty suggested a higher opening for the benchmark indices and the spot level of the GIFT Nifty was 145 points higher than the Nifty 50's previous close of 23659. The June contract of the GIFT Nifty was also slightly lower at 23870.50 from its previous close at 0735 IST. Nirav Harish Chheda, assistant vice president of derivatives and technical research at Nirmal Bang, expects the Nifty 50 to face resistance at 23900 levels and find support at 23600 levels on Thursday.

Meanwhile, India and Italy are "moving fast" towards achieving their target of bilateral trade worth 20 billion euros per annum, Prime Minister Narendra Modi said at a joint press briefing with his Italian counterpart, Giorgia Meloni, in Rome Wednesday. He also announced the upgrading of India-Italy relations to a "Special Strategic Partnership".

The flow of foreign investment largely depends on the rupee's levels and crude oil prices. On Wednesday, foreign investors net sold shares worth INR 15.97 billion, while shares worth INR 19.68 billion were bought by domestic investors.

According to a report by the United Nations Department of Economic and Social Affairs, India's GDP is expected to grow 6.4% in 2026, though 20 basis points slower than previously expected, supported by resilient private consumption and strong services exports. The UN sees growth picking up to 6.6% in 2027, though this forecast is also 10 bps lower than earlier.

Max Healthcare Institute and ITC will be in focus Thursday, as the companies will announce their March quarter earnings later in the day. Max Healthcare is likely to post a nearly 38% on-year rise in its net profit and revenue for the quarter, driven primarily by volume growth, led by bed additions and a ramp-up of newly commissioned facilities. Its consolidated net profit is seen at INR 4.39 billion and revenue at INR 26.33 billion. The stock closed nearly 1% higher Wednesday at INR 1,075.70 on the National Stock Exchange.

ITC's net profit for the March quarter is expected to be flat on year at nearly INR 49 billion. The company's revenue, however, is expected to increase almost 6% on year to nearly INR 183 billion. On a sequential basis, the net profit is likely to decline 8.8% and revenue is expected to increase 1.4%. The stock closed almost 1% lower Wednesday at INR 307.55 on the NSE.

Apollo Hospitals Enterprise reported its March quarter earnings post market hours Wednesday. Its consolidated net profit for the quarter rose 36% on year to INR 5.29 billion and surpassed analysts' estimate of INR 4.75 billion. The top line of the company in Jan-Mar grew over 18% on year to INR 66.06 billion, above the expectation of INR 64.52 billion.

South Korea's KOSPI was the highest gainer among Asian equity indices, up over 6% in early trade. All three major US indices settled higher Wednesday, over 1% higher each.  End

US$1 = INR 96.82

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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