Equity Alert
InterGlobe Aviation down 5% as West Asia conflict intensifies
This story was originally published at 10:34 IST on 2 April 2026
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Equity Alert: InterGlobe Aviation down 5% as West Asia conflict intensifies
MUMBAI--1012 IST--Shares of InterGlobe Aviation fell 5% to a low of INR 3,970 amid rising crude oil prices as US President Donald Trump said the US would intensify its attack on Iran for the next two to three weeks. This has sparked concerns about energy supply and pushed crude oil prices higher, even as the company is facing a hike in aviation turbine fuel prices by oil marketing companies.
On Wednesday, the company said it would revise its fuel surcharges for domestic routes in the range of INR 275-INR 950, and by INR 900–INR 10,000 for international flights. The revision came amid a rise in ATF prices. The government has shielded the company from facing the heat of high ATF rates on domestic flights by limiting the hike to 25%. There was no relief in the ATF rate hike on international flights.
Shares of the airline operator have fallen nearly 18% since the commencement of the military action in West Asia between the US, Iran, and Israel. The stock was facing the heat of war and higher crude oil prices in March, during which the company's chief executive officer, Pieter Elbers, resigned as well. On the last day of the month, InterGlobe Aviation appointed William Walsh as its new CEO. On Wednesday, the first day of the new financial year, the stock ended 6% higher.
At 1006 IST, InterGlobe Aviation's shares were over 4% lower at INR 4,000.70. Over 600,000 shares of the company changed hands on the bourse, lower than over 1 million shares traded till the same time Wednesday. (Adhithya Aji)
Equity Alert: Mkt opens sharply dn; oil rises on Trump threat to hit Iran hard
MUMBAI--0945 IST--After witnessing a sharp rebound in the previous session, the domestic headline indices opened sharply lower Thursday as crude oil prices hiked over $100 per barrel. Crude oil prices surged after US President Donald Trump early Thursday said the US will hit Iran extremely hard in the next two-three weeks.
"I can say tonight that we are on track to complete all of America's military objectives shortly — very shortly. We are going to hit them extremely hard over the next two to three weeks. We are going to bring them back to the stone ages where they belong. In the meantime, discussions are ongoing...We have all the cards; they have none," he said, according to a statement put out by the White House.
At 0916 IST, the Nifty 50 was at 22223.95, down 455.45 points or 2%. The BSE Sensex also slid 2% to 71661.22 points. All the constituents of the 50-stock index traded lower at the open. At 0927 IST, the June futures contract of Brent Crude was trading 5% higher at $106.31 per barrel. Crude oil prices have stayed aboved the $100 per barrel mark for the eight straight sessions.
The Nifty 50 index is expected to find intraday support at 21900-22000 points, said Ajit Mishra, senior vice-president of technical research at Religare Broking. However, he expects the index to see some recovery towards the end of the day and close at 22200–22300 levels.
Broader market indices slipped more than their benchmark peers, down around 3?ch. All the sectoral indices were also down, with the Nifty Realty shedding the most. The sectoral index was down nearly 4%. India VIX, the fear gauge of the domestic equity market, was up almost 5% at 26.2125, indicating a rise in nervousness among investors.
"The high crude price, the widening trade deficit, the fear of declining remittances and sustained FPI selling are acting cumulatively to put high pressure on the rupee which continues to decline despite RBI's decisions on restrictions on dollar futures deals," V.K. Vijayakumar, chief investment strategist, Geojit Investments, said in a note.
Sun Pharmaceutical Industries was the worst hit Nifty 50 constituent, down 5%. The stock was down for the fourth straight session and shed nearly 10% during this period. InterGlobe Aviation followed Sun Pharma among the 50-stock constituents, and was down over 4%. In the Nifty 200 index, only three constituents were in the green. Page Industries, Avenue Supermarts, and Coforge were up 1.4-0.2%.
Brokerage Nomura has downgraded Indian equities to 'neutral' from 'overweight' due to elevated risks to earnings and valuations of domestic equities from higher energy prices. The brokerage has also cut its 2026 year-end target for the Nifty 50 to 24500 points from 29300 points, CNBC TV18 reported. Global brokerage Jefferies expects a 4-5% cut in earnings estimates for 2027-28 (Apr-Mar) by March 2027, NDTV Profit posted on its 'X' account, quoting the brokerage. The brokerage sees the Nifty 50 valuation as attractive at 17 times the 12-month forward price-to-earnings ratio. (Arundathi A R)
Equity Alert: Nomura downgrades India equities to 'neutral'
MUMBAI--0855 IST--Brokerage Nomura has downgraded Indian equities to 'neutral' from 'overweight' due to elevated risks to earnings and valuations of domestic equities from higher energy prices. The Indian economy is one of the most vulnerable to high energy prices, the brokerage said in a report Tuesday, adding that the country had the largest share of companies likely to be negatively impacted by high commodity prices.
The brokerage has also cut its 2026 year-end target for the Nifty 50 to 24500 points from 29300 points, CNBC TV18 reported, citing the brokerage. "Our India strategy team has set the end-2026 Nifty target at 24900 (points) as its base case, which assumes a 7.5% reduction in earnings estimates and a 10-15% risk to consensus earnings, should oil prices stay elevated," the report said, citing Nomura's note.
Indian equities could struggle to outperform in the regional context, given multiple headwinds, ranging from elevated energy prices to the artificial intelligence capital expenditure momentum and the technology cycle, according to Nomura. As a result, the brokerage has recommended a switch to Korean equities, particularly after the 15?cline since the breakout of the US-Iran war, and MSCI China equities, where they remain "overweight," the report said.
Nomura sees two emerging concerns for Indian equities. First, even before the US-Iran war, investors were concerned about AI and its implications for India's demographic dividend, consumption outlook and structural story, the report said. Nomura also noted that with the subdued market returns, the incremental domestic participation may moderate, undermining the crucial lever of market support. (Arya S. Biju)
Equity Alert: Jefferies sees 4-5% cut in FY28 earnings estimates
MUMBAI--0840 IST--Jefferies expects a 4-5% cut in earnings estimates for 2027-28 (Apr-Mar) by March 2027, NDTV Profit posted on its 'X' account, quoting the global brokerage. However, a large cut for March 2028 is unlikely, the brokerage said.
The brokerage sees the Nifty 50 valuation as attractive at 17 times the 12-month forward price-to-earnings ratio. Jefferies set the target for the Nifty 50 at 25000 points as a base case. This would mean an upside of about 10% from current levels, NDTV Profit quoted Jefferies as saying. The brokerage will be bullish on the index if the current global conflict resolves and will set the target at 28000 points. However, in a bearish scenario, the target for the Nifty 50 would be at the 22400 level, the brokerage said.
Jefferies was bullish on real estate and preferred a non-consensus buy for the sector. It has also raised its recommendation for pharmaceutical companies. (Arundathi A R)
Equity Alert: ATF-price-hike hit for IndiGo eased by govt steps, says Emkay
MUMBAI--0837 IST--The impact on InterGlobe Aviation of the hike in aviation turbine fuel prices by the oil marketing companies was moderated by the government's action, which limited the rate revision by only 25% on domestic airlines, Emkay Global Financial Services said. Indian Oil Corp. initially hiked ATF prices on domestic flights by 115% to INR 207 per litre on a monthly basis. The government limited this hike by 25% to INR 105 per litre to protect domestic passengers from high ticket fares, the brokerage said.
However, Indian Oil Corp. hiked the prices on international flights by 107% to $1.7 per litre, Emkay added. The IndiGo operator has revised its fuel surcharge from Thursday, with domestic fare hike ranging from INR 275 to INR 950 for distances covering around 500 kilometres to 2,000 kilometres. "However, international fuel surcharge is hiked materially, from INR 425-INR 2,300 for the South Asia–Europe route to INR 900-INR 10,000," Emkay said.
Based on the company's average stage length, the brokerage estimates a 20% rise in the revenue per available seat kilometre against a 50% rise in blended fuel cost, according to Emkay. The profit-before-tax spreads are improving from pre-conflict levels, which can offset the slowdown in passenger volumes and RPK, the brokerage said. Emkay has cut the earnings per share estimate for 2026–27 (Apr-Mar) and FY28 by 28% and 7%, respectively. The brokerage also trimmed that target price by 13% to INR 5,500. Emkay maintained a 'buy' call on the stock, saying that "Given Indigo's dominant position in India's aviation market and the past precedence of emerging stronger from a crisis situation and with leadership largely in place...".
The brokerage maintained a positive stance on the appointment of Willie Walsh as IndiGo's new chief executive officer. Walsh currently holds the position of Director General of International Air Transport Association. "We think this is a positive development, given Walsh's extensive exposure in large-scale aviation operations," the brokerage said. Willie Walsh's significant global industry experience is likely to be beneficial as IndiGo continues to focus on its international operations and expansion into newer business models, Emaky said.
On Wednesday, shares of the company ended 6% higher at INR 4,180.80 on the National Stock Exchange. Over the last seven days, the stock has fallen nearly 3% and, over the last 30 days, the stock shed nearly 8%. (Adhithya Aji)
Equity Alert: Asian mkts fall after Trump indicates stronger attacks on Iran
MUMBAI--0836 IST--Asian markets fell sharply after US President Donald Trump threatened to intensify attacks on Iran over the next two-three weeks, even as he said the war was nearing its end. "We are going to bring them back to the stone ages, where they belong," Trump said.
Mixed statements by Trump in his address jolted market sentiment, with Brent crude oil June futures rising almost 5% to nearly $106 per barrel. South Korea's Kospi fell 3.6% and Japan's Nikkei 225 was down 1.6?ter logging its strongest daily gain in almost a year on Wednesday. Hong Kong's Hang Seng index opened lower and extended its losses to fall over 1%.
Indices in South Korea fell sharply after inflation accelerated in March. Its consumer price index rose 2.2% on year in March after rising 2% in February, Dow Jones reported. However, the latest reading was below the estimate of 2.4% in a poll by The Wall Street Journal.
Following were the levels of major Asian indices at 0814 IST:
|
Index |
Level |
Change in % |
| CSI 300 Index | 4504.7254 | (-)0.47 |
| Hang Seng Index | 25041.72 | (-)1.00 |
| Nikkei 225 Day | 52792.86 | (-)1.76 |
| TOPIX FIRST SECTION | 3625.34 | (-)1.24 |
| KOSPI | 5264.63 | (-)3.91 |
| FTSE Singapore Strait Times | 4945.51 | (-)0.61 |
| S P/ ASX 200 INDEX | 8606.4 | (-)0.75 |
(Ruchira Kagita)
Equity Alert: Indices may open lower as oil prices rise after Trump's comment
MUMBAI--0819 IST--Benchmark indices are expected to open lower as oil prices rose after US President Donald Trump in a televised address early Thursday said he expected the war with Iran to last another two to three weeks. Major equity indices across the Asia-Pacific and US stock futures slid after Trump's speech on the West Asia conflict. At 0814 IST, the June futures contract of Brent crude traded around $105 per barrel.
"We will continue until our objectives are fully achieved. Thanks to the progress we've made, I can say we are on track to complete all of America's objectives shortly, very shortly," Trump said in a speech which many called an echo of his past statements. "We are going to hit them (Iran) extremely hard over the next two to three weeks. We are going to take them back to the stone ages," Trump said. "If during this period of time no deal is made, we have our eyes on key targets. If no deal is reached, we are going to hit every one of their electric generating plants very hard, and probably simultaneously," he added.
Trump also said allies who depend on the West Asia oil that transits through the Strait of Hormuz, which is effectively shut since the war, should "go to the strait and just take it, protect it, use it for yourselves." He also called for countries to buy US oil instead. Energy shipments from the Gulf region have largely come to a standstill after Iran retaliated against the US-Israeli strikes by threatening to attack vessels that try to cross the Strait of Hormuz, a critical trade waterway.
Meanwhile, shortly after Trump concluded his remarks, in which he also claimed that Iran's military capabilities have been all-but crushed, the Israeli military said it detected Iranian missile launches, according to an Al Jazeera report. "Defensive systems are operating to intercept the threat," the Israeli military said.
The Gift Nifty is indicating a gap down opening for the domestic markets, said Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market. "We continue to maintain our 'sell on rise' trading approach until some decisive de-escalation measures comes out in Middle East (West Asia) war. On levels front, 22800-23200 will continue to act as immediate resistance (for the Nifty 50 index). On the lower side, the 22000-21700 spot zone will act as immediate support. (Arya S. Biju)
Equity Alert: US futures dn 1% as Trump threatens to hit Iran "extremely hard"
MUMBAI--0747 IST--US equity futures fell nearly 1% from its intraday high as Brent crude crossed $105 per barrel again after US President Donald Trump threated to attack Iran's energy infrastructure if Iran did not strike a deal. In a speech, Trump said he would attack Iran "extremely hard" over the next two-three weeks.
All major Wall Street indices were up Wednesday after Trump had signalled that the war with Iran might be nearing its end. The Dow Jones Industrial Average had closed higher for the third straight session, while the Nasdaq Composite and S&P 500 ended with gains for the second straight session.
The Nasdaq outperformed its peers to end nearly 1.2% higher Wednesday. Technology giants Alphabet, Tesla supported the index. Intel Corp ended almost 9% higher after the company said it would buy 49% stake in Apollo Global Management for $14.2 billion. Meanwhile, almost all key S&P 500 sectoral indices closed with gains, barring the energy-linked indices.
However, Trump's latest speech has hit sentiment and US futures suggest the market may open lower on Thursday. "Everybody's trying to guess as to what he (Donald Trump) really means by what he's saying. The markets want it to be positive, they want the war to be over," Thomas Martin, senior portfolio manager at Globalt Investments, told Reuters.
Following are the closing levels of US indices Wednesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
46565.74 | 0.48 |
|
NASDAQ Composite |
21840.947 | 1.16 |
|
Dow Jones Industrial Average |
6575.32 | 0.72 |
(Ruchira Kagita)
US$1 = INR 93.58
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.
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