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Indian equity benchmarks opened lower on Thursday, resuming declines after a one-day breather after the US President Donald Trump warned of intensified military action against Iran in the coming weeks.
The BSE Sensex dropped as much as 2.1%, or 1,525 points, to 71,608.48 and the NSE Nifty 50 fell as much as 2.1% to 22,209.
“We are systematically dismantling the regime's ability to threaten America or project power outside of their borders,” Trump said. He added that the United States would escalate strikes if Iran does not agree to terms. “Will hit Iran extremely hard over next two to three weeks,” Trump said, adding that Washington could target Iran's electric plants if no deal is reached. “My choice was diplomacy, Iran rejected every attempt,” he said.
Meanwhile, Brent crude rose more than 5% to trade above $105 per barrel, while US West Texas Intermediate crude climbed as much as 3.2% to $103.27 per barrel. The rebound came after both benchmarks had declined earlier in the session. Brent had fallen 1.4% to around $99.70 per barrel after dropping as much as 1.8% intraday, while WTI had slipped as much as 2.4% to $97.70.
The Reserve Bank on India on Thursday approved the proposed acquisition of majority shareholding in RBL Bank Ltd. by Emirates NBD Bank. The Dubai-based lender had announced a $3 billion deal to acquire 60% stake in RBL Bank in October via a preferential allotment of equity shares.
Emirates NBD will acquire control over the RBL Bank and will be classified as a promoter, and the acquired bank will be classified as a subsidiary of a foreign bank. India allows 74% foreign investment in private banks, but limits shareholdings of any single foreign institution to 15% unless the RBI has approved.
Enviro Infra has secured five major project wins worth Rs 1,481 crore, according to an exchange filing.
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Broader markets underperformed, with the Nifty MidCap 100 down 2.82% and the Nifty SmallCap 100 lower by 2.76%.
India’s 10-year bond yield rose 1 basis point to 7.04%.
Source: Bloomberg
Eicher Motors reported March Royal Enfield sales of 1.12 lakh units, with motorcycle sales up 11% year-on-year and exports up 8%. Hero MotoCorp said March two-wheeler sales rose 8.8% to 5.98 lakh units and said it acquired 2.7 lakh shares in Euler Motors for Rs 210 crore, maintaining a 36.67% stake. NMDC said March production rose 51% to 5.35 MT and sales increased 40% to 5.90 MT.
Karnataka Bank said total deposits rose 3.8% year-on-year to Rs 1.1 lakh crore, gross advances increased 6.9% to Rs 83,337 crore and CASA rose 10% to Rs 36,621 crore as of March 31. Amber Enterprises said its arm raised its stake in Unitronics to 49.66%, while Piramal Pharma said its arm completed the acquisition of Kenalog and associated brands from Bristol-Myers Squibb.
Source: PTI
Catch all the live updates on the speech and reactions here.
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