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The market ended the session relatively flat but with gains. Nifty reclaimed 23,400 by closing while Sensex closed 50 points higher as markets bounce back.
Asian stocks declined for a second straight session on Wednesday as a record-setting rally in semiconductor shares lost momentum and stronger-than-expected US inflation reinforced bets that the Federal Reserve may have to raise interest rates next year. The MSCI Asia Pacific Index fell 0.5%, led by South Korea, where the Kospi tumbled 2.8%.
Oil prices held on to strong gains after rising nearly 4% in the previous session, as the conflict in the Middle East showed little sign of easing. Brent crude traded near $107 a barrel, while West Texas Intermediate hovered around $102.
On the earnings front, Balaji Amines Ltd, Bharti Airtel Ltd, Bharti Hexacom Ltd, Cipla Ltd, Crompton Greaves Consumer Electricals Ltd, DLF Ltd, Hindustan Petroleum Corporation Ltd, Interarch Building Solutions Ltd, Kaynes Technology India Ltd, LIC Housing Finance Ltd, Metropolis Healthcare Ltd, Oil India Ltd, Paras Defence and Space Technologies Ltd, Power Finance Corporation Ltd, Tata Motors Ltd, TVS Motor Company Ltd, Zaggle Prepaid Ocean Services Ltd, and more are expected to announce their fourth quarter results.
Stay tuned for the latest market updates!
Rupee ends at record closing low of 95.70 per dollar.
Nifty reclaims 23,400 on Wednesday coming off day's low to end at 23,412.60. Sensex on the other hand ended 50 points higher at 74,608.98.
L&T Finance has 1.42 million shares traded in a block deal.
Source: Bloomberg
A petition filed in the Bombay High Court against the Sir Ratan Tata Trusts was withdrawn during court proceedings, with the bench observing that the petitioner had not been fair in its submissions.
The court noted that the petitioner was not the original complainant in the underlying case before the Charity Commissioner and had also failed to disclose who the original complainant was in the petition.
During the hearing, the petitioner’s counsel sought liberty to withdraw the plea, which the court allowed. The petition was subsequently withdrawn.
Ixigo said it does not expect any immediate negative impact on business, even as geopolitical tensions have led to flight disruptions. Group CEO Aloke Bajpai noted that utilitarian travel trends — driven by necessity rather than discretionary spending — are likely to remain resilient in the near term.
He highlighted that May and June mark the peak season for domestic travel, which should help sustain volumes despite uncertainties. Bajpai also backed the Prime Minister’s appeal to curb non-essential travel, calling it a necessary step under current circumstances.
The company has seen a significant number of flight cancellations due to the ongoing conflict, though it has continued to witness healthy growth in its international business segment in recent months.
Mutual funds turned more tactical in April, rotating into capital goods, capital market-linked companies and non-banking financial firms, while trimming exposure to information technology, healthcare and private sector banks. The shift came as fund managers appeared to chase sectors benefiting from improving domestic momentum, while locking in gains in areas that had seen strong outperformance.
Among large-cap stocks, mutual funds increased holdings in ICICI Bank, Eternal, State Bank of India, Adani Ports and Special Economic Zone and Maruti Suzuki India. On the selling side, funds pared stakes in Reliance Industries, Wipro, Bajaj Auto, NTPC and Jio Financial Services.
Shardul Cropchem reported a strong performance in Q4, with earnings and margins expanding sharply on a year-on-year basis, driven by operating leverage and improved profitability.
Net profit rose 56.5% to Rs 319 crore from Rs 204 crore a year ago, while revenue increased 12.9% to Rs 2,065 crore compared with Rs 1,829 crore in the same quarter last year.
EBITDA jumped 60.7% to Rs 487 crore from Rs 303 crore, with EBITDA margin expanding to 23.6% from 16.6% YoY, indicating significant margin improvement.
HPCL management also indicated a sharp shift towards sourcing more Russian crude on the Q4 earnings concall, adding that all three state-run oil marketing companies have significantly stepped up procurement from Russia in recent months.
HPCL expects to report losses in the first quarter of FY27, signalling pressure on margins amid volatile crude dynamics. The company said it has benefitted from Q4 inventory, and secured crude supplies for the next two months and is increasingly relying on spot cargoes, with purchases for July already underway.
Bihar has approved amendments to its electric vehicle (EV) policy, targeting at least 30 per cent of all new vehicle sales in the state to be electric by 2030. The move signals an acceleration in the state’s clean mobility transition, aligning with broader efforts to reduce emissions and curb urban pollution.
The decision was cleared at a cabinet meeting chaired by Chief Minister Samrat Choudhary.
The policy push is aimed at cutting greenhouse gas emissions, reducing vehicular pollution and improving air quality, especially in urban centres where pollution levels remain a concern.
“The Bihar government aims to ensure that by 2030, at least 30% of all new vehicles sold in the state are electric vehicles,” the approved proposal stated.
The Reserve Bank of India (RBI) is expected to pay the highest-ever dividend to the government, providing the Centre with a fiscal cushion to address challenges arising from the ongoing Middle East crisis, sources said.
Last year the RBI made a record dividend payout of Rs 2.69 lakh crore to the central government for 2024-25, 27 per cent higher than Rs 2.11 lakh crore transferred in the previous year. RBI is likely to decide about dividend quantum in its board meeting expected to be held during this month, sources said.
(Source: PTI)
Kirloskar Brothers Q4FY26 (Cons, YoY)
Other Updates
Global oil inventories are being drawn down at a record pace following disruptions triggered by the Iran conflict, with the Strait of Hormuz playing a critical role in tightening supplies, according to the International Energy Agency (IEA), as reported by Informist. The agency expects global oil supply to decline by 3.9 million barrels per day in 2026 to 102.2 million bpd, with an earlier drop of 1.8 million bpd already recorded in April.
Demand is also set to weaken sharply, with the steepest contraction expected between April and June, when consumption could fall by 2.45 million bpd. For the full year 2026, global oil demand is projected to decline by 420,000 bpd to 104 million bpd, reflecting the broader economic and supply disruptions caused by the ongoing geopolitical tensions.
Cabinet approved the coal gasification incentive scheme, a move experts say is significant for Coal India and other state-run coal companies.
The policy is expected to drive diversification into chemicals, methanol and fertiliser feedstock, while improving utilisation of low-grade coal and enhancing value addition across the sector.
The Indian rupee has hit a new low against the US dollar, falling 95.74.
PFC Q4
Uber CEO Dara Khosrowshahi said the company will set up its first data centre in India in partnership with the Adani Group, marking a deeper push into the country’s technology ecosystem.
In a post on X (formerly Twitter), Khosrowshahi said the facility will be used to test and deploy Uber’s technology, with operations expected to begin later this year.
Great to meet @gautam_adani in Ahmedabad this morning and build on our existing partnership with the Adani group.
— dara khosrowshahi (@dkhos) May 13, 2026
As India fast emerges as a leading innovation hub for @Uber, we are setting up our first data center in the country with the Adani Group to test and deploy our tech.… pic.twitter.com/jll5NcPT4l
The investment underscores India’s growing role as an innovation hub for Uber and is aimed at building scalable solutions “from India, for the world,” while strengthening its existing partnership with the Adani Group.
TVS Motor Q4FY26
There's a clear technical up move in the market post the sell-off.
The possible triggers?
Gaura Sengupta, Chief Economist at IDFC First Bank, told NDTV Profit that India’s external position could come under pressure if the ongoing geopolitical conflict persists, warning that the comfort provided by foreign exchange reserves may erode in a prolonged war scenario. She noted that India currently has import cover of around nine months, but flagged a slowdown in foreign portfolio investor (FPI) inflows since 2025 as an emerging concern.
Sengupta added that while the current account was not a major issue prior to the conflict, the evolving situation is likely to widen the deficit and prompt policy responses from the government to manage the current account deficit.
Cipla Q4FY26 (Cons)
Get the latest on the Q4 earnings here.
India may be forced to raise retail fuel prices if elevated crude oil levels persist due to ongoing tensions in the Middle East, Reserve Bank of India Governor Sanjay Malhotra said.
Speaking at a conference hosted by the Swiss National Bank and the International Monetary Fund in Switzerland, Malhotra indicated that the current price stability may not hold if the situation drags on. “If this continues for a prolonged period, it is only a matter of time before the government passes on some of the higher costs,” he said.
At present, the impact of rising crude prices has been cushioned by earlier cuts in excise duties and by state-run fuel retailers absorbing part of the increase. However, this buffer may prove unsustainable if oil prices remain elevated.
Malhotra’s comments come shortly after Prime Minister Narendra Modi urged citizens to adopt restraint in fuel consumption and delay discretionary imports such as gold purchases to conserve foreign exchange reserves. The government has already more than doubled import duty on gold and is exploring additional measures to curb demand for imported goods, according to earlier reports.
Morgan Stanley On Berger Paints
Macquarie On Berger Paints
Nomura on Berger Paints
Bajaj Mobility AG reported a sharp rise in performance for Q1 2026, with revenue surging 70.2% year-on-year to €331 million, according to an exchange filing.
Motorcycle sales for the quarter stood at 40,332 units, while the company swung to a positive EBITDA of €5.5 million, marking a turnaround in profitability. Bajaj Mobility AG serves as the holding company of KTM AG.
SpiceJet has approached the Supreme Court seeking permission to submit a title deed instead of depositing cash in the ongoing dispute with former promoter Kalanithi Maran, according to reports by Informist.
The move comes after the Delhi High Court had earlier directed the airline to deposit Rs 1.45 billion in connection with the case. SpiceJet is now requesting relief from the apex court, proposing an alternative form of security as it continues to contest the matter.
HPCL Q4FY26 (QoQ)
HPCL Q4FY26
HPCL has announced a final dividend of Rs 19.25 per equity share.
Srinivas Mattapalli, Group Chief Financial Officer at Sagility, told NDTV Profit that the company expects a modest AI-led productivity compression of around 2% in FY27. He guided for low double-digit constant currency revenue growth for the year, supported by a strong pipeline that underpins confidence in the outlook.
Mattapalli added that a 1.5–2% impact on revenue has already been factored into the guidance, noting that order book visibility and overall revenue prospects remain robust despite near-term headwinds.
India’s vegetable oil imports rose to 1.31 million tonnes in April, according to data from the Solvent Extractors’ Association (SEA), as higher shipments of other edible oils offset a decline in palm oil inflows.
Palm oil imports fell to 513,403 tonnes during the month, while soybean oil purchases increased to 360,350 tonnes. The shift in the import mix reflects changing price dynamics and demand patterns in the domestic market, Bloomberg reported.
Ridham Desai, Managing Director and Chief Equity Strategist at Morgan Stanley India, remains bullish on India even at a time when the domestic equity markets have faced consistent pressure and rampant selling from foreign investors.
In his latest India strategy note for Morgan Stanley, Desai has made a case for Indian equities entering a 'defensive growth' market phase, with earnings growth turning the corner after six consecutive quarters of mid-cycle slowdown. According to him, the setup is ideal and points to a strong year ahead for Indian stocks.
Desai also favours domestic cyclicals over defensives and external-facing sectors.
The Union Cabinet is likely to announce a coal gasification incentive scheme later today, with a proposed outlay of around Rs 37,000 crore, according to sources. The move is aimed at promoting cleaner utilisation of India’s vast coal reserves while reducing dependence on oil and gas imports.
The proposed scheme is also expected to provide a boost to key sectors such as fertilisers, petrochemicals and energy. A Cabinet meeting to consider the proposal is currently underway, sources said.
Brokerage Goldman Sachs has maintained its buy rating on Neuland Laboratories Ltd. and raised its 12-month target price to Rs 19,550 from Rs 17,275. The current market price is Rs 17,100 and the upgraded target price implies an upside of around 14.3%.
The brokerage said Neuland's Q4 performance was well ahead of estimates which was led by a strong show in its Contract Development and Manufacturing Organisation business. Goldman Sachs said the company's sales and EBITDA grew 136% and 155% year-on-year, respectively, mainly driven by its top two commercial CMS projects. These projects helped the segment grow 366% year-on-year.
MV Ramana, CEO - Global Generics at Dr Reddy’s Laboratories, told NDTV Profit that the company is preparing for global launches in the fast-growing GLP-1 segment, with the semaglutide deal expected to support the bottomline in the coming years. He said the company is targeting double-digit growth in FY27, backed by multiple product launches planned across the US, Europe and emerging markets, alongside a pipeline of innovative offerings.
Ramana added that Dr Reddy’s is also exploring inorganic growth opportunities while sharpening its R&D focus on high-potential areas. The company aims to achieve gross margins of 50–55% in FY27, with base business profitability currently around 20%.
He noted that Q4 earnings and margins were impacted by one-off factors, including shelf stock adjustments, even as the company launched new products in the US during the quarter. Europe, India and emerging markets delivered double-digit growth, reinforcing the broader momentum across geographies.
Larsen & Toubro (L&T) said it has secured a power transmission and distribution order valued between Rs 1,000 crore and Rs 2,500 crore, according to an exchange filing.
The contract has been awarded for a project in the Middle East and will be executed through the company’s power business.
Nifty IT continues to trade in the red, after it crashed over 3.5% in yesterday's session. Only two stocks, Oracle and HCLTech, are trading in the green.
Why Is IT Under Pressure?
Read more here: Five Reasons Why IT Sector Is Crashing
The Indian rupee has hit a new low against the US dollar, falling as much as 4 paise to 95.58.
Morgan Stanley on Titan
Ajay Srivastava, MD of Dimensions Corporate Finance Services, told NDTV Profit that the CDMO segment represents one of India’s largest export opportunities, with the pharma sector also benefiting from favourable currency movements. He advised investors to remain patient with the power sector, while noting that mining companies have been among the best performers over the past year.
Srivastava continues to favour non-ferrous metal stocks, highlighting their strong run alongside oil and metal companies. He added that global economic responses to the ongoing conflict remain uneven, with the US market holding up relatively well for now. In this backdrop of heightened volatility, he emphasised that disciplined portfolio allocation remains key for investors.
In an exclusive interaction with NDTV Profit, IIFL Finance Chairman Nirmal Jain said the recent tax assessment is unlikely to have any impact on the company’s business operations.
He noted that several tax demands remain under dispute with the authorities, adding that the company has strong grounds to challenge the assessment.
Three major global brokerages — Goldman Sachs, JPMorgan, and BofA Securities — have maintained cautious stances on Tata Power following its fourth-quarter FY26 results, with all three carrying target prices below or barely above the current market price of Rs 418.40. The unified message: the stock's positives are already priced in.
S&P Global, in comments cited by Bloomberg, said India is handling global financial pressures better than what headline data may suggest, adding that concerns around foreign capital outflows are overstated.
The ratings agency also noted that India has sufficient buffers to absorb a higher current account deficit (CAD), indicating resilience in the country’s external position despite ongoing global uncertainties.
Shares of Dixon Technologies Ltd. are surging in trade on Wednesday, rising up to 3% on the back of in line performance in the fourth quarter for the financial year ending March 2026.
The stock is currently trading at Rs 10,479, accounting for gains of around 3.5% compared to Tuesday's closing price of Rs 10,138.
In a series of posts on Truth Social, US President Donald Trump said he plans to press Chinese President Xi Jinping to “open up” China, adding that the issue will be his first ask when the two leaders meet.
Trump also referred to Nvidia CEO Jensen Huang and his recent China visit, signalling a renewed focus on technology ties and market access amid ongoing geopolitical and trade tensions, according to Bloomberg.
Cohance Life Sciences has been one of the most talked-about market stories in the past few weeks, having surged as much as 33% since April 24, riding a wave of optimism around the appointment of Umang Vohra as Chairman and Group CEO. But it appears Jefferies has seen enough upside.
The global brokerage firm has downgraded Cohance Life to 'underperform' from 'hold', cutting its target price of Rs 300 from Rs 340, implying meaningful downside from current levels.
Nifty rose as much as 0.5% to 23503.70 in early trade.
The Sensex jumped up to 0.5%, or 384 points, to 75,981 at the open.
June futures for Gold, and July futures for Silver gained 6% on MCX in early trade.
The Indian rupee opened weaker against the US dollar and fell as much as 2 paise to 95.61 in early trade.
Dr Reddy's Laboratories Ltd. in on brokerages' radar after the pharma giant saw an 86% YoY (year-on-year) plunge in its consolidated net profit for the financial results for the fourth quarter of fiscal 2025-26.
Brokerages broadly maintain a bearish view. Morgan Stanley retained its Equal-weight rating, but cut its target price to Rs 1,215 from Rs 1,259. Citi maintained its Sell call, with a target of Rs 1,070, and Jefferies echoed the sentiment, with an Underperform rating, and an unchanged target of Rs 1,040.
Systematix said Dr Reddy’s Laboratories’ Q4 performance was a miss even after adjusting for one-offs, with earnings weighed down by the absence of Revlimid revenue, making the quarter likely a bottom for the company. The brokerage expects a gradual recovery in earnings going ahead, with improvement visible over the coming quarters.
However, it flagged that Cipla’s Q4 earnings are likely to be disappointing due to supply issues related to a key product, while the company is still awaiting critical approvals in the US market.
Within large-cap pharma, it prefers Sun Pharma, Cipla and Dr Reddy’s.
IIFL Finance has received an income tax demand notice for an amount of Rs 475.56 crore, the NBFC informed the exchanges on Tuesday, May 12.
The order, for a block period from April 1, 2018, to February 3, 2025, was passed by the Joint Commissioner of Income Tax (OSD), Central Circle 4(4), Mumbai. The order was received on May 12, 2026, the filing said.
IIFL Finance claimed that it has fulfilled all the applicable tax liabilities and has enough factual and legal grounds support its position. The company further assured that the order will not have any material impact on its financials and operations.
India’s weight in MSCI Standard index at 12.3% vs 12.4%.
MSCI Inflows And Outflows To Happen On May 29
The NSE Nifty 50 Index finds support in the 23,200-23,000 levels, according to Dhupesh Dhameja, derivatives research analyst at Samco Securities. The index is expected to see further downsides, with the Nifty index logging its worst losing streak since January, owing to weakness in global markets, amid uncertainty and escalation regarding the US and Iran.
The analyst recommended a sell-on-rise strategy. "A decisive follow-through below 23,320 could accelerate downside momentum towards 23,000–22,900, while stability above 23,800 is essential to revive short-term recovery momentum and ease the prevailing selling pressure," he added.
William Lee, Chief Economist and Managing Director at Global Economic Advisors, notes that India is trying to restore confidence in the rupee. He adds that US inflation expectations remain well-anchored. On Trump and Xi's meet, Lee says that investors are primarily looking at the tech aspect of US-China talks, and that China needs to comes through with big purchases.
Dixon Technologies Ltd. came out with largely decent fourth quarter earnings on Tuesday, posting in-line numbers. However, the results have done very little to settle a seemingly growing divide on Dalal Street on where the electronics manufacturing giant moves forward.
Reacting to the Q4 earnings, Macquarie maintained its 'outperform' rating with a target price of Rs 15,000. Jefferies, on the other hand, cut its target to Rs 10,280 while maintaining a 'hold' rating.
AERA has set User development fee (UDF), landing charges, parking charges for 2026-2031 for Noida International Airport (NIA).
For FY27:
Government sources say, "The measure represents a balanced, proportionate, and nationally responsible response to extraordinary external conditions while maintaining due regard for macroeconomic stability and long-term economic resilience."
Balaji Amines Ltd, The Bombay Burmah Trading Corporation Ltd, Bharti Airtel Ltd, Bharti Hexacom Ltd, CARE Ratings Ltd, Cipla Ltd, Crompton Greaves Consumer Electricals Ltd, DCM Shriram Ltd, DLF Ltd, eClerx Services Ltd, GlaxoSmithKline Pharmaceuticals Ltd, Hindustan Petroleum Corporation Ltd, Inventurus Knowledge Solutions Ltd, Interarch Building Solutions Ltd, JSW Dulux Ltd, Kaynes Technology India Ltd, Kirloskar Brothers Ltd, LIC Housing Finance Ltd, Man Infraconstruction Ltd, Metropolis Healthcare Ltd, NLC India Ltd, Oil India Ltd, Onesource Specialty Pharma Ltd, Paras Defence and Space Technologies Ltd, Power Finance Corporation Ltd, Quality Power Electrical Equipments Ltd, Redington Ltd, Sagar Cements Ltd, Sharda Cropchem Ltd, Signatureglobal (India) Ltd, SKF India Ltd, Suven Life Sciences Ltd, Tourism Finance Corporation of India Ltd, Tube Investments of India Ltd, Tata Motors Ltd, TVS Holdings Ltd, TVS Motor Company Ltd, Zaggle Prepaid Ocean Services Ltd, ZF Commercial Vehicle Control Systems India Ltd are set to report their earnings today.
Berger Paints (Q4, Cons YoY)
Dixon Technologies (Q4, Cons YoY)
Neuland Laboratories (Q4, Cons YoY)
Tata Power (Q4, Cons YoY)
Torrent Power (Q4, Cons YoY)
Stove Kraft (Q4, YoY)
Cohance Life (Q4, Cons YoY)
MTAR Technologies (Q4, Cons YoY)
Max Financial Services (Q4, Cons YoY)
Kalpataru (Q4, Cons YoY)
Sagility (Q4, Cons QoQ)
Texmaco Rail (Q4, Cons YoY)
Inox India (Q4, Cons YoY)
Pfizer (Q4, YoY)
Gopal Snacks (Q4, YoY)
Indraprastha Medical (Q4, YoY)
Sai Silks (Q4, YoY)
Nazara Technologies (Q4, Cons YoY)
Thomas Cook (Q4, Cons YoY)
Religare Enterprises (Q4, Cons YoY)
Clean Max Enviro (Q4, Cons YoY)
Huhtamaki (Q4, Cons YoY)
Sri Lotus Developers (Q4, Cons YoY)
Ventive Hospitality (Q4, Cons YoY)
Elantas Beck (Q4, YoY)
Dr. Reddy's (Q4, Cons YoY)
Adani Ports, Vodafone Idea, Texmaco Rail, RVNL, Intellect Design, United Breweries, Puravankara, Interarch Building Products, PNC Infratech, Archean Chemical, and HCLTech are key stocks to watch today.
Jewellery Companies are also in focus as basic Customs Duty on Gold & Silver imports increased to 10% from 5%
Fractal Analytics, Aye Finance, Pine Labs, Niva Bupa are also in focus on the back of their Lock-in Expiry.
PM Modi has directed that the number of vehicles in his convoy be halved, sources told NDTV. Instructions regarding this have been issued to the Special protection Group (SPG). The PM also stated that the number of electric vehicles (EVs) in the convoy should be increased. However, he specified that no new vehicles should be purchased for this purpose.
Sources also told NDTV that the SPG has already begun implementing these directives. Additionally, steps are being taken to ensure that there is no compromise on the mandatory security guidelines stipulated in the 'Blue Book.' Other ministries are also set to undertake various initiatives aimed at conserving fuel.
The Centre has doubled the import duty levied on gold, silver and platinum to 10%, with effect from the midnight of May 13, according to an official notification issued on Tuesday.
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