Equity Alert
European indices rise; auto, chemical stocks drive gains
This story was originally published at 15:53 IST on 27 May 2026
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Equity Alert: European indices rise; auto, chemical stocks drive gains
MUMBAI--1528 IST--Stock markets in Europe inched up in early trade Wednesday. Gains were driven mostly by automobile and chemical stocks. Investors are, however, expected to remain cautious due to developments around peace talks between the US and Iran. The pan-European STOXX 600 index was up 0.4% while indices in Germany, France, and Switzerland outperformed other indices in the region.
Automobile stocks in Europe rose Wednesday morning after new car registrations in the region rose 4.2% on year in April. More than 850,000 new cars were registered in the four months ended April and during this period. The market share of petrol vehicles fell to 22.5% in April from 28.5% a year ago while battery-electric cars made up 19.7% of the market, up from 15.3% a year earlier, data from the European Automobile Manufacturers' Association showed. Shares of Volkswagen Group, Stellantis, Renault, BMW, and Mercedes-Benz Group rose 2.5-5.0%. Shares of sports car maker Ferrari were also up more than 2%.
Among some key stocks in focus was Akzo Nobel. Shares of the paints maker surged more than 17?ter it rejected a joint cash takeover offer worth $85 per share from its rivals Nippon Paint and Sherwin-Williams. Meanwhile, the STOXX 600 Europe Luxury 10 index gained 3.5%. Shares of French luxury majors LVMH, Hermes International, Kering, EssilorLuxottica rose 3-4%. British luxury designer was also up 3%.
In other news, European shares will struggle to post further gains during the remaining year, according to a poll by Reuters. The STOXX 600 is expected to close the year with gains of 2.6%, as per the poll. "...we think Europe has some disadvantages compared to other regions like North America or emerging markets," Jorn Spillmann, head of investment strategy at Zurcher Kantonalbank, told Reuters.
The following were the levels of major European indices at 1526 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10500.24 | 0.08 |
| CAC 40 | 8238.41 | 0.80 |
| SLI PR | 2167.59 | 0.76 |
| DAX PERFORMANCE-INDEX | 25362.06 | 0.70 |
| FTSE MIB Index | 50029.17 | 0.26 |
(Ruchira Kagita)
Equity Alert: Indices slip into red as banking shrs weigh, HDFC Bank down 3%
MUMBAI--1441 IST--Benchmark indices slipped into the red, weighed down by bank stocks. The Nifty 50 was weighed down by shares of index heavyweight HDFC Bank, which fell nearly 3%. Metal stocks continued to hold on to their gains. At 1432 IST, the Nifty 50 was 0.1% lower at 23881.45, and the BSE Sensex was 0.2% lower at 75825.71.
Hindalco Industries cemented its position as the top gainer in the Nifty 50, up nearly 4%. Tata Steel and JSW Steel were over 2% and 1% higher, respectively. Automobile stocks Bajaj Auto, Tata Motors Passenger Vehicles, and Mahindra & Mahindra rose 1-2%. On the other hand, Oil and Natural Gas was the worst hit in the 50-stock index, down over 4%. The company, in a post-earnings conference call, said it expects natural gas production to go up further from next year, even as it continues to sell more natural gas than crude oil currently.
HDFC Bank was the second-worst hit in the Nifty 50. The bank has strongly rejected a news report saying it paid INR 450 million to Maharashtra State Road Development Corp., disguised as contribution for a road safety awareness campaign. The Reserve Bank of India may look into the quantam of differential interest rates, CNBC TV-18 reported, citing sources. Coal India was down nearly 2%.
Nifty Financial Services and Nify IT were the underperformers among sectoral indices, down 0.6% and 0.5%, respectively. In contrast, Nifty Media gained nearly 4% and was the best performer among sectoral indices. Broader market indices defied benchmark peers and remained higher. The Nifty mid-cap indices were up 0.1-0.4%, and Nifty small-cap indices gained 0.1-0.5%.
ONGC was the major laggard in the Nifty 200 as well. Multi Commodity Exchange fell over 3% in the index. Meanwhile, Adani Total Gas was the top gainer in the Nifty 200, up over 9%. Shares of Cummins India rose further and were up over 8% to be the second top gainer in the index. The stock rose after the company posted 25% on-year growth in its March quarter net profit and beat the Street's view.
Among Nifty 500 constituents, Jaiprakash Power Ventures was the top gainer and rose nearly 20%, while Techno Electric & Engineering Co. fell over 11% to be the major laggard. (Adhithya Aji)
Equity Alert: Asian indices end mixed, optimism on US-Iran peace deal helps
MUMBAI--1410 IST--Indices in Asia ended on a mixed note as investors were optimistic about the US and Iran negotiating a peace deal. Technology stocks rose across the key indices in the region. Japan's benchmark Nikkei 225 had hit a fresh record high Wednesday but the index struggled to hold on to those gains. The Nikkei closed in the green by a hair's breadth. South Korea's KOSPI managed to hold on to its gains and end over 2% higher.
China's CSI 300 index snapped its three-session gaining streak and closed nearly 1% lower. The SSE Composite, meanwhile, fell for the second straight day. Hong Kong's Hang Seng index fell for the second session.
In South Korea, Samsung Electronics Co.'s Union approved a tentative bonus-pay deal with the company, averting a potential strike. More than 73% of the participating union members voted in favour of the agreement, The Wall Street Journal reported, citing a statement by the workers' union. Furthermore, Reuters reported that the South Korean company plans to invest $1.5 billion in Vietnam to build a semiconductor testing plant. Operations at the facility are set to begin in November 2027, the media agency said, citing a proposal document. Shares of Samsung closed almost 3% higher. Meanwhile, shares of SK Hynix closed more than 9% higher.
Bank of Japan Governor Kazuo Ueda said past experiences showed that oil price shocks test the entire inflation regime. "...the boundary between temporary and persistent inflation is not mechanical. A temporary shock can become persistent if it changes wages, expectations, and price-setting behavior. Conversely, a large shock can remain temporary if those channels do not activate," Ueda said at a conference. Ueda said Japan was facing a fifth oil shock, with the first one being in 1973, the second in 1979 and 1980, third in the late 2000s, and the fourth being the one caused by the Russia-Ukraine war.
The following were the levels of major Asian indices at 1410 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4908.1714 | (-)0.80 |
| Hang Seng Index | 25328.23 | (-)1.06 |
| Nikkei 225 Day | 64999.41 | 0.01 |
| TOPIX FIRST SECTION | 3918.01 | (-)0.52 |
| KOSPI | 8228.70 | 2.25 |
| S&P/ASX 200 Index | 8717.70 | 0.69 |
(Ruchira Kagita)
Equity Alert: Siemens up despite mixed Q4, PAT misses view but sales beat
MUMBAI--1355 IST--Shares of Siemens rose over 5% to an intraday high of INR 3,863.50 even as the company's bottom line for the March quarter missed the Street's view due to a higher base in the year-ago quarter. The high base was because of income from discontinued operations of its energy business to Siemens Energy India. Currency depreciation and higher commodity costs also weighed on the company's earnings in the reporting quarter. The company's top line in the March quarter, meanwhile, beat analysts' estimates.
However, Siemens' management indicated strong domestic demand within both public and private sectors, JM Financial Institutional Securities said in a report. The company's order inflows were also 33% higher on year at INR 67.31 billion, taking the order backlog to INR 450.33 billion, the brokerage noted. JM Financial maintained its 'add' stance on the stock with a target price of INR 3,595.
While the company's mobility and digital industries business showed a strong sequential recovery in margins and profitability, moderation in overall earnings indicates that execution and cost pressures continue in the near term despite robust order inflows and demand visibility, ICICI Direct Research said in its report.
At 1355 IST, shares of Siemens were up almost 5% at INR 3,857 and over 1 million shares of the company changed hands on the NSE. The stock was among the top gainers in the Nifty 200 index. (Ruchira Kagita)
Equity Alert: Nomura sees Indian steel cos' margins under pressure near term
MUMBAI--1310 IST--Major Indian steelmakers such as JSW Steel and Tata Steel may see pressure on their margins in the near term if prices of seaborne coking coal rise, brokerage Nomura Financial Advisory and Securities said in a report Wednesday. A coal mine accident in China late last week has raised concerns about regulatory response from the authorities and some production losses. If Chinese buyers resort to Australia for coal supplies, prices of the raw material could rise materially in the near term and put pressure on the margins of Indian steelmakers, who meet most of their coking coal needs through imports.
Several people died in a gas explosion at the Liushenyu coal mine in China's northern province of Shanxi, according to Reuters. While the capacity of the mine is small at 1.2 million tonnes, Nomura analysts are worried that this accident could trigger an aggressive safety review across Chinese coal operations. "The direct production loss is immaterial in the context of China's ~5.0BT (billion tonnes) annual coal output...However, Shanxi accounts for ~25% of China's total coal production and a materially larger share of domestic coking coal supply (>20%)...making broader shutdowns far more important," the report said.
If the disruptions and inspections take less than a week, China's domestic inventories and its imports from Mongolia could absorb the supply shock. However, if the inspections persist for two-four weeks, China may need "seaborne replacement tonnes", with Australia being the most likely supplier. Due to the tight nature of seaborne coking coal markets, even a 2-3 million tonnes per month of incremental Chinese demand could push coking coal prices materially higher, the report said.
For Indian steel producers, every $10 per tonne increase in coking coal prices can create a $7-9 per tonne impact on earnings before interest, tax, depreciation, and amortisation for these companies, depending on the inventory cover and coal blend assumptions. Nomura said JSW Steel and Tata Steel would be the most exposed, with a partial impact on Jindal Steel. "Near-term earnings risk depends on inventory positions, but if Chinese buyers begin sourcing Australian tonnes aggressively, replacement procurement costs could reprice quickly. With domestic steel spreads showing signs of easing, this would be incrementally negative for near-term margin expectations unless offset by stronger steel pricing, in our view," the report said.
Current reported disruptions show around 319,000 tonnes per day of output impacted at Shanxi, and Nomura believes coking coal production here could decline 10-15% in the near term. "The immediate market reaction reflects this risk, with Chinese coking coal futures moving -up (~8%)...suggesting the market is pricing in a broader tightening in domestic steelmaking raw material availability rather than an isolated operational event," the report said. (Ashutosh Pati)
Equity Alert: Indices turn flat; HDFC Bank, ONGC exert pressure on Nifty 50
MUMBAI--1300 IST--Benchmark stock indices turned largely flat, with most Nifty 50 constituents trading with gains. Shares of index heavyweight HDFC Bank and those of Oil and Natural Gas Corp. exerted the pressure on the key index. Most broader market indices were slightly better off than headline indices. Barring the Nifty Midcap 50, all mid-cap indices were up 0.3% and small-cap indices were up more modestly by 0.1-0.4%.
At 1256 IST, the Nifty 50 was at 23917.40, up 3.70 points, and the BSE Sensex was at 75977.47, down 32.23 points. Volatility was largely contained on Wednesday, with India VIX slipping nearly 6% to 15.2550.
Sectorally, the Nifty Media was the top gainer, up nearly 4%. Shares of index constituent Zee Entertainment soared more than 10?ter the company said it was in talks with the Federation Internationale de Football Association to broadcast and stream FIFA World Cup 2026 matches in India. The broadcaster also said it would launch four sports channels under 'Unite8 Sports'. Sun TV Network gaining nearly 6% and Saregama India almost 5% also supported the sectoral index.
On the other hand, financials were under pressure, driven largely by a decline in shares of banking giant HDFC Bank. Shares of the lender fell after a media report that the bank disguised an INR 450-million payment to Maharashtra State Road Development Corp. as marketing spend. HDFC Bank, down over 2%, was among the top laggards in the benchmark Nifty 50 index.
Earnings-driven momentum was also seen on the Street. Shares of Hitachi Energy India advanced for the third straight session, largely due to positive earnings sentiment. Brokerages were positive about the company's growth trajectory even as they cited valuation concerns. Hitachi Energy was up 3% intraday and over the past three sessions, gained over 5%. Shares of Oil and Natural Gas Corp. declined almost 4?ter its revenue and profit for the March quarter missed consensus estimates. (Ruchira Kagita)
Equity Alert: AIA Engineering gains over 8%; Q4 consol PAT, sales beat view
MUMBAI--1225 IST--Shares of AIA Engineering surged 8.5% to a year's high of INR 4,495 after the company's consolidated net profit and sales for the March quarter surpassed the Street's view. The stock was trading higher for the second session and has gained over 13% during this period. The volume of the shares traded jumped over 90 times from the shares traded till the same time Tuesday.
The company's consolidated net profit for the reporting quarter surged almost 38% on year to INR 3.93 billion. Its top line grew over 9% on year to INR 12.66 billion. On a sequential basis, the bottom line rose over 33% and the top line rose nearly 19%.
At 1203 IST, shares of the company were nearly 7% higher at INR 4,417.90 on the NSE. So far in the day, over 845,000 shares of the company have changed hands on the exchange, higher than 9,334 shares traded till the same time Tuesday.
Of the five brokerage recommendations available with Informist on the company, two have a 'buy' recommendation and two have a 'hold' call on the stock, while the remaining one has a 'sell' recommendation. (Arundathi A R)
Equity Alert: Hitachi Energy growth sound but valuations lofty, say analysts
MUMBAI--1120 IST--Hitachi Energy India posted a strong set of earnings for the quarter ended March and the growth trajectory for the company is intact, according to analysts. A healthy order book and the fresh capital expenditure worth INR 20 billion to set up a power transformer unit in Gujarat is seen playing out positively for the company. However, the stock's overvaluations are a key overhang for the stock, analysts said. The stock is trading at an adjusted price-to-earnings multiple of 155.96 times. At 1117 IST, shares of the company were over 2% higher at INR 36,825 on the NSE with a trading volume of over 143,000.
Nuvama Institutional Equities maintained its "hold" recommendation on the stock "given stretched valuation." The company has stellar prospects, the brokerage said in its report while adding that these are already priced in. The broking firm expects the company's earnings before interest, taxes, depreciation, and amortisation margin to be 20% in 2027-28 (Apr-Mar). It also revised its earnings per share estimates for the company higher by 8% in FY27 and by 16% in FY28. Nuvama's upgraded target price for the stock is INR 34,200, nearly 26% higher than its previous price.
Emkay Global Financial Services said the company has a robust opportunity pipeline. Its diversified portfolio catering markets across renewables, data centres, transportation, and industries is seen as a tailwind. However, the company's valuations are lofty, which limits upside potential. The brokerage downgraded the stock to "reduce" from "add" and revised its target price higher by nearly 38% to INR 28,700.
Echoing a similar sentiment, Prabhudas Lilladher also downgraded the stock to "reduce" from "hold" given its sharp gains. The brokerage, however, said the company being a leading player in high-voltage direct current technology, having a strong order book and global parentage are key positives. Power demand from data centres and battery energy storage systems, and improving share of services and exports will also support the company's growth. Prabhudas Lilladher hiked the target price to INR 30,768 from INR 26,108.
Meanwhile, Motilal Oswal Financial Services expects Hitachi Energy's order inflows to rise at a compounded annual growth rate of 13?tween FY26 and FY28, and the company is expected to win at least one high-voltage direct power system project annually. Given the company's pricing discipline and a better execution mix, its EBITDA margins seen improving to 17.2% in FY27 and to 19% in FY28. In FY26, the company posted a margin of 15.4%. The brokerage raised its earnings per share estimates for the company by 8% for FY27 and by 6% for FY28. The broking firm hiked its target price to INR 32,000 from INR 27,000 while reiterating its "neutral" stance on the stock. (Ruchira Kagita)
Equity Alert: Indices climb into the green as metal cos, ICICI Bank rise more
MUMBAI--1102 IST--Benchmark indices climbed into the green after being volatile earlier. Further gains in shares of metal companies and heavyweight ICICI Bank supported the Nifty 50. Tata Steel and JSW Steel rose further and were trading nearly 4% and 2% higher, respectively. ICICI Bank was up nearly 1%.
At 1057 IST, the Nifty 50 was at 23961.80 points, up 48.10 points, or 0.2%, and the BSE Sensex was at 76140.21 points, up 130.51 points, or 0.2%.
Hindalco Industries continued to be the top gainer among the Nifty 50 stocks gaining 4%, followed by its peers Tata Steel and JSW Steel. Eternal, Power Grid Corp. of India, and Tata Motors Passenger Vehicles were 2% higher each. NTPC, Adani Enterprises, Bajaj Auto, Adani Ports and Special Economic Zone, and Axis Bank gained 1?ch.
On the other hand, Oil and Natural Gas Corp. and Coal India were the major laggards in the 50-stock index. They were down nearly 4% and 2%, respectively. The heavyweight HDFC Bank fell 2% following a news report that said the bank paid an INR-450-million interest above the specified rate to Maharashtra State Road Development Corp. disguised as a contribution for a road safety awareness campaign during 2023-24 (Apr-Mar) and FY25. Records revealed that this transaction was "verbally" approved by the then managing director and chief executive officer Sashidhar Jagdishan, The Indian Express reported.
Nifty Metal was the best performing sectoral index, up nearly 3% with all its constituents trading higher. On the other hand, Nifty Oil & Gas was the worst hit sectoral index, down 0.5%. The broader market indices were in the green, with Nifty Smallcap indices up 0.1-0.4%, and the Nifty Midcap indices up 0.2-0.4%.
Adani Total Gas was the top gainer among the Nifty 200 constituents, up nearly 7%. Siemens Energy India and Adani Energy Solutions rose nearly 7% and over 6%, respectively. National Aluminium Co. rose over 4%. In contrast, ONGC was the worst hit in the Nifty 200 index.
Among the Nifty 500 constituents, Jaiprakash Power Ventures was the top gainer and rose nearly 15% while Techno Electric & Engineering Co. fell over 6% to be the major laggard. (Adhithya Aji)
Equity Alert:HDFC Bk dn on report bk showed INR 450-mln payment as mktg spend
MUMBAI--1100 IST--HDFC Bank slumped over 2% to a low of INR 761.25 Wednesday after a report that the bank disguised an INR 450-million payment to Maharashtra State Road Development Corp. as marketing spend. The stock fell for the second session and shed over 3% during this period. The volume of shares traded so far rose over three times from that traded till the same time Tuesday.
An internal vigilance probe at HDFC Bank has found that INR 450 million paid to Maharashtra State Road Development Corp. as additional interest was allegedly disguised as marketing expenditure routed through local vendors, The Indian Express reported on Wednesday, citing sources.
The bank's marketing department facilitated the arrangement by showing the payouts as spending on a road safety awareness campaign instead of directly crediting it as interest payment, the investigation found.
At 1047 IST, shares of HDFC Bank were down almost 2% at INR 763.75 on the NSE. So far, nearly 23 million shares of the company have changed hands on the exchange, higher than over 7 million shares traded till the same time Tuesday.
All the 18 brokerage recommendations available with Informist on the company have a 'buy' recommendation with an average target price of INR 1,065. (Arundathi A R)
Equity Alert: ONGC down after Q4 PAT, sales miss Street view
MUMBAI--1040 IST--Shares of Oil and Natural Gas Corp. declined over 4% to an over one-month low of INR 275.50 after the company's net profit and sales for the March quarter missed analysts' expectations. The company announced its March quarter earnings Tuesday post market hours. The volume of shares traded so far Wednesday surged fivefold from that traded till the same time Tuesday.
The state-owned company's net profit for the March quarter rose over 3% on year to INR 66.50 billion. The bottom line was way below analysts' view of INR 87.02 billion. The revenue from operations rose nearly 3% on year to INR 359.28 billion, also lower than analysts' estimate of INR 362.99 billion.
Brokerage Macquarie maintained its 'outperform' recommendation on ONGC with an unchanged target price of INR 300. It expects the company to have a firmer path ahead, according to NDTV Profit's post on X, quoting the brokerage. Jefferies also maintained its 'buy' recommendation on the stock with an unchanged target price of INR 360.
At 1009 IST, shares of ONGC were over 3% lower at INR 277.95 on the NSE. So far in the day, over 12 million shares of the company have changed hands on the exchange, much higher than over 2 million shares traded till the same time Tuesday.
Of the 10 brokerage recommendations available with Informist on the company, six have a 'buy' recommendation with an average target price of INR 310. Of the remaining four, two have a 'sell' recommendation and two have a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Coal India dn; govt to sell stake, floor price set at discount
MUMBAI--1020 IST--Shares of Coal India fell over 6% to a one-month low of INR 428.40 after the government decided to sell 2% stake in the company. The government will sell the stake through an offer for sale, where non-retail investors can make their bids on Wednesday, while non-retail investors can subscribe on Friday, Divestment Secretary Arunish Chawla said.
The floor price for the issue is set at INR 412 per share, which is a 10% discount to the previous close of INR 458.15. The offer includes a base issue of 1% and a greenshoe option of 1%, Chawla said. As of Mar. 31, the government held 63.1% stake in Coal India. If the government uses the greenshoe option, its shareholding in the company will reduce to 61.13%. With the floor price set at INR 412, the government will raise around INR 50.78 billion by selling 2% stake. The global brokerage Morgan Stanley said that the floor price will act as an overhang, and it expects the stock to remain volatile in the near term, NDTV Profit reported.
At 1006 IST, shares of Coal India traded over 3% lower at INR 443.70. Nearly 29 million shares of the company changed hands on the NSE, which is over 15 times higher than the number of shares traded till the same time Tuesday. The number of shares traded Wednesday is over 2 times higher than the three-month average daily traded volume. (Adhithya Aji)
Equity Alert: Indices open tad down on global cues, turn volatile
MUMBAI--0937 IST--The benchmark indices opened slightly lower, then turned volatile, swinging between red and green, on the uncertainty regarding developments in West Asia. The markets had opened lower on a rise in tension in the region after the US attack on Iran Monday, which Tehran called a violation of the ceasefire agreement and threatened to answer in kind. The July futures contract of Brent Crude Oil was at around $98.08 per barrel. Asian markets were mixed as well after opening.
At 0935 IST, the Nifty 50 was at 23882.75, down 30.95 points or 0.1%. The BSE Sensex was at 75869.18, down 140.52 points or 0.2%. Hindalco Industries was the top gainer in the Nifty 50, up nearly 4%. NTPC and Eternal rose nearly 2?ch. Dr. Reddy's Laboratories, JSW Steel, Tata Steel, Adani Ports and Special Economic Zone, and UltraTech Cement all rose 1%.
State-owned energy companies Coal India and Oil and Natural Gas Corp. were the worst hit in the Nifty 50. They were down over 4% and 3%, respectively. Coal India shares fell after the government decided to sell up to 2% stake in the company through an offer for sale. ONGC's shares fell after the company's consolidated net profit fell sharply short of the Street's view despite rising 3% on year.
All the broader market indices were up. The Nifty Smallcap indices rose 0.4-0.5% and the Nifty Midcap indices were up 0.3-0.5%. The Nifty Metal rose nearly 2% to be the top gainer among sectoral indices. The Nifty Oil & Gas index was the underperformer, down 0.6%.
Coal India was the worst hit in the Nifty 200 and Nifty 500 indices as well. Adani Green Energy and Adani Total Gas rose over 3?ch in the Nifty 200. In the Nifty 500, JK Tyre & Industries rose nearly 6% to be the top gainer. The company's shares rose after it reported an 80% year-on-year growth in net profit for the March quarter. (Adhithya Aji)
Equity Alert: JPMorgan sees fall in crude oil, retail hikes aiding fuel cos
MUMBAI--0845 IST--Global brokerage JPMorgan said the fall in crude oil prices, coupled with retail fuel price hikes and excise duty cuts, have eased the pressure on state-owned oil marketing companies. The brokerage said Hindustan Petroleum Corp. remains the most affected among the three. The margin outlook for the financial year 2027–28 (Apr-Mar) remains uncertain as lower crude oil prices could trigger higher excise duties, JPMorgan added. "FY27 earnings may be weighed down by Q1 (June quarter) stress & potential inventory losses," the brokerage said. JPMorgan continues to prefer Bharat Petroleum Corp. and Indian Oil Corp. in the oil marketing sector.
The managements of the oil marketing companies, in their post-earnings calls with analysts, said the June quarter earnings will be hit by the under-recovery on retail fuel products. The Hindustan Petroleum management said it expects some losses in the June quarter. The Bharat Petroleum management said the under-recovery on retail oil products is a short-term challenge and it is hopeful that the government will extend help to surmount it.
The oil marketing companies have raised retail prices of petrol and diesel in a staggered manner over the past two weeks. Since May 15, retail prices have risen by INR 7.35 per litre for petrol and INR 7.53 per litre for diesel. The price hikes were expected because of the energy shock caused by the war in West Asia. In March, the government also trimmed the excise duty on petrol and diesel by INR 10 per litre.
Tuesday, shares of Bharat Petroleum and Hindustan Petroluem ended over 1% higher from Monday at INR 304.60 and INR 398, respectively. Indian Oil Corp. closed 1% lower at INR 142.38. (Adhithya Aji)
Equity Alert: May open lower as US-Iran conflict escalates, oil prices rise
MUMBAI--0835 IST--Benchmark stock indices are expected to open slightly lower Wednesday amid escalation in the West Asia war. The rise in crude oil prices to nearly $100 a barrel is also expected to weigh on market sentiment. Asian markets were mixed in early trade. Shares of Oil and Natural Gas Corp. will be in focus as the company announced its March quarter earnings Tuesday post market hours.
Iran's foreign ministry said US strikes in Iran's southern Hormozgan province represent a "gross violation" of the fragile ceasefire in place since early April, Al Jazeera reported. Seyed Majid Moosavi, commander of the Revolutionary Guards' aerospace force, posted on his X account that his forces were prepared to respond and "negotiation with the enemy is pure loss." Meanwhile, Israel attacked southern Lebanon and killed 31 people and injured 40 others Tuesday as Israel's forces intensified their strikes and issued dozens of forced displacement orders for towns and villages in Lebanon's south and east, according to Al Jazeera's report.
At 0831 IST, Brent crude oil July futures were over 1% lower at $98.27 a barrel.
"GIFT Nifty is indicating a slightly gap-down opening for the domestic markets," Vipin Kumar, technical analyst at Globe Capital Market, said. "Immediate support for Nifty index is placed around 23800–23850 spot levels. Going ahead, we reiterate our bullish view on Nifty index as long as it remains above 23800 spot levels on closing basis. Conversely, sustained trading below 23800 spot levels might push it back in a consolidation phase," he said. At 0811 IST, the June futures contract of GIFT Nifty was a tad lower from its previous close at 23891.50. This was over 22 points short of the Nifty 50's previous close of 23913.70.
An internal vigilance probe at HDFC Bank has found that INR 450 million paid to Maharashtra State Road Development Corp. as additional interest was allegedly disguised as marketing expenditure routed through local vendors, The Indian Express reported Wednesday, citing sources. Tuesday, shares of HDFC Bank closed 1% lower at INR 778.90, and it settled lower after two sessions of gains.
ONGC's net profit in the March quarter rose over 3% on year to INR 66.50 billion. The bottom line was way below analysts' view of INR 87.02 billion. Its revenue from operations rose 3% on year to INR 359.28 billion, also lower than analysts' estimate of INR 362.99 billion.
Barring the Dow Jones Industrial Average, other major US indices closed higher Tuesday. South Korea's KOSPI gained the most among Asian markets, and was nearly 5% higher. (Arundathi A R)
Equity Alert: Indices in Asia mixed; Nikkei 225, KOSPI hit new highs
MUMBAI--0810 IST--Indices in Asia were mixed as market participants sustained their optimism of the US and Iran concluding a peace deal soon. The rally in technology stocks on Wall Street overnight also likely supported sentiment. Japan's benchmark Nikkei 225 Day and South Korea's KOSPI notched fresh record highs during the early hours of the trading session. The Nikkei 225 touched a new high for the second time in the week.
The KOSPI was driven higher by gains in its heavyweights. Shares of SK Hynix surged over 11%. Semiconductor major SK Hynix crossed $1 trillion in market capitalisation for the first time. This comes after Micron Technology also joined the $1 trillion club after rising more than 19% on Wall Street Tuesday. Shares of Samsung Electronics Co. also gained over 6%. Given the volatile moves in the KOSPI, trading was also briefly halted when the index rose 5%, the Dow Jones Newswires reported. In Japan, while the Nikkei 225 displayed positive momentum, the broader TOPIX moved with a negative bias. The FTSE Singapore Strait Times is closed for Id al-Adha.
In some macroeconomic news, retail inflation in Australia rose 4.2% on year in April, down from the 4.6% annualised rise in March. Automotive fuel prices fell 7% on month in April, after rising 32.8% in the previous month. "The fall this month includes the halving of the fuel excise on 1 April. Automotive fuel prices are still 23.5 per cent higher compared to February and before the impact of the Middle East (West Asia) conflict," Sue-Ellen Luke, head of prices statistics at the Australian Bureau of Statistics, said in a media release. The S&P/ASX 200 was flat.
The following were the levels of major Asian indices at 0810 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4890.4272 | 0.94 |
| Hang Seng Index | 25479.65 | (-)0.47 |
| Nikkei 225 Day | 65735.60 | 1.14 |
| TOPIX FIRST SECTION | 3937.44 | (-)0.03 |
| KOSPI | 8413.75 | 4.55 |
| S&P/ASX 200 Index | 8657.80 | 0 |
(Ruchira Kagita)
Equity Alert: Morgan Stanley sees Coal India OFS price discount an overhang
MUMBAI--0744 IST--Morgan Stanley sees the floor price of Coal India's offer for sale to be at material discount to current market price, NDTVProfit said citing the firm in a post on X. Late Tuesday, the coal mining company informed exchanges that the government will sell up to 2% stake in the company at a floor price of INR 412 a piece. The floor price is at a discount of 10% to Tuesday's close of INR 458.15 on the NSE. The discounted floor price is seen acting as an overhang and Morgan Stanley expects the stock to remain volatile in the near term.
Coal India's offer for sale includes a base issue of 1% and a greenshoe option of 1%. The government holds 63.13% stake in the mining company and if the government exercises green shoe option, the shareholding will reduce to 61.13% post the issue. At the floor price, the government will raise around INR 50.78 billion by selling 2% stake in Coal India. If the government reduces its stake by only 1%, it will raise INR 25.40 billion. (Gopika Balasubramanium)
Equity Alert: Jefferies sees non-defence govt spend flat; cuts weight on RIL
MUMBAI--0740 IST--In an India strategy report, Jefferies said it expect the government's spend on non-defence sectors to be flat during 2026-27 (Apr-Mar), as the government will look to cut costs to offset rising expenses from higher petroleum and fertiliser subsidies and lower oil tax revenues, NDTV Profit said, citing the investment bank as saying in an X post. The overall fiscal impact due to these factors could be INR 1.25 trillion-INR 1.5 trillion, to be shared with states or oil companies, the investment bank said.
On current retail fuel prices, oil marketing companies will have breakeven at $85-$87 a barrel without specifying the time period, Jefferies said. So far in May, these companies have hiked prices four times, with the latest price in Delhi for petrol being INR 102.12 a litre and that for diesel INR 95.20 a litre. Jefferies expects fuel prices to rise further from current levels.
Other measures to manage the impact from the higher costs for the government are likely to be pushing divestment in state-owned enterprises. The latest is the government selling 2% stake in Coal India through an offer for sale at a floor price of INR 412 a piece, with the issue opening later in the day. The government is slated to raise up to INR 50.78 billion through this.
On stocks, Jefferies said it added ABB India to its porfolio with a 3% allocation and Triveni Turbines with 2% allocation. Alongside, it removed Bharat Electronics and reduced capital in Reliance Industries by 1.5% and that in Thermax by 2%. It increased weights on Titan Co. by 1.5% and NTPC by 2%. (Gopika Balasubramanium)
Equity Alert: Tech stocks drive US mkt Tue; S&P 500, NASDAQ hit fresh highs
MUMBAI--0738 IST--Wall Street reopened Tuesday after the Memorial Day break Monday. While the S&P 500 and the NASDAQ Composite advanced, the Dow Jones Industrial Average closed in the red. The S&P 500 and the NASDAQ hit fresh all-time highs Tuesday, driven by technology stocks. Shares of Micron Technology soared almost 20% and the stock breached $1 trillion in market capitalisation for the first time.
"For those of us that have been working that long, the tech rallies we've been seeing this year are reminiscent of the boom at the end of the 1990s," Chris Zaccarelli, the chief investment officer for Northlight Asset Management, told Reuters.
Among other technology stocks that advanced during the session were Advanced Micro Devices, Qualcomm, Intel Corp., Alphabet, Broadcom. Shares of these companies rose 2–8%. The Philadelphia Semiconductor Index gained over 5% to hit a record high and the S&P 500 Information Technology index was up almost 2%.
Investors were also buoyed by prospects of a peace deal between the US and Iran. US President Donald Trump had indicated earlier that a peace deal was nearing finalisation. Despite the US military's recent attack against Iran, which the US Central Command said was done in "restraint", Brent Crude oil futures remained below $100 per barrel. Prices have been hovering between $95 and $99 per barrel for the past three days. The July contract of Brent crude oil futures fell almost 5% during this period.
Following were the closing levels of major US indices Tuesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
50461.68 | (-)0.23 |
|
NASDAQ Composite |
26656.181 | 1.19 |
|
S&P 500 |
7519.12 | 0.61 |
(Ruchira Kagita)
US$1 = INR 95.69
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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.
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