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Indian equity benchmarks recovered from deeper intraday losses but ended lower amid expiry-led volatility. The Nifty 50 closed 0.36% lower at 24,032.80, while the Sensex fell 0.33% to 77,017.79.Intraday, the Nifty was down as much as 0.95%, while the Sensex declined up to 0.94%. Positive global cues and a decline in Brent crude prices helped indices pare losses toward the close.
Indian equity benchmarks recovered from deeper intraday losses but ended lower amid F&O expiry-led volatility. The Nifty 50 closed 0.36% lower at 24,032.80, while the Sensex fell 0.33% to 77,017.79.
Intraday, the Nifty was down as much as 0.95%, while the Sensex declined up to 0.94%. Positive global cues and a decline in Brent crude prices helped indices pare losses toward the close.
S&P 500 futures traded 0.27% higher, while Nasdaq 100 futures gained 0.4%. Futures linked to the Dow Jones Industrial Average rose 126 points, or 0.26%.
Force Motors reported a 4.9% year-on-year decline in domestic sales to 3,053 units in April. Total sales fell 4.4% from a year earlier to 3,113 units, according to the company’s monthly business update.
DCW reported a 60.2% year-on-year increase in net profit to Rs 18.1 crore for the March quarter, compared with Rs 11.3 crore a year earlier. Revenue rose 13.2% to Rs 609 crore from Rs 538 crore.
EBITDA increased 16% year-on-year to Rs 64.6 crore, while EBITDA margin improved marginally to 10.6% from 10.35% a year ago.
International benchmark Brent crude futures fell 1.3% to $112.85 a barrel, while U.S. West Texas Intermediate futures declined 2.5% to $103.78.
Brent and WTI had settled 6% and 4% higher, respectively, in the previous session.
The Nifty 50 recovered from the day’s lows but was still down 0.31% at 24,044.60, a decline of 74.70 points. The Sensex also pared losses and traded 0.24% lower at 77,084.58, down 184.82 points.
Both benchmarks rebounded from deeper intraday declines, indicating partial recovery after earlier selling pressure.
Most NSE sectoral indices traded lower on Tuesday, with Nifty Realty down 1.36%, the steepest among sectors. Nifty Oil & Gas fell 0.36%, while Nifty Financial Services and Nifty Bank declined 0.22% and 0.18%, respectively.
On the upside, Nifty India Defence rose 1.32%, the top sectoral gainer. FMCG, Auto, Metal and PSU Bank indices traded higher, gaining between 0.18% and 0.28%.
Emcure Pharmaceuticals reported a 28.8% year-on-year rise in consolidated net profit at Rs 243 crore for the March quarter, compared with Rs 189 crore a year earlier. Revenue grew 16.7% to Rs 2,470 crore from Rs 2,116 crore.
EBITDA increased 19.2% year-on-year to Rs 480 crore, while EBITDA margin edged up to 19.4% from 19%. The company announced a final dividend of Rs 3.60 per share.
Marico said it expects to sustain high single-digit volume growth in FY27, according to its investor presentation. The company also expects to deliver mid-teen constant currency revenue growth in the coming financial year.
Marico reported a consolidated net profit of Rs 391 crore for the March quarter, largely in line with the estimate of Rs 392 crore, and up 14% year-on-year. Revenue rose 22.1% from a year earlier to Rs 3,333 crore, slightly above estimates.
EBITDA grew 13.8% year-on-year to Rs 521 crore but came in below the estimate of Rs 533 crore. EBITDA margin slipped to 15.6% from 16.8% a year ago and was lower than the estimated 16.1%, while other income rose to Rs 60 crore from Rs 47 crore.
HDFC Bank may see the appointment of a new chairman in June, people privy to the development told NDTV Profit. Keki Mistry’s interim term is set to end in June, and his reappointment is seen as unlikely, the sources said.
Raymond reported a consolidated net profit of Rs 1.1 crore for Q4, down 99.2% year-on-year, compared with Rs 133 crore a year earlier. The quarter included a one-time loss of Rs 20 crore.
Revenue rose 8.1% year-on-year to Rs 603 crore, while EBITDA increased 37.8% to Rs 75.5 crore. EBITDA margin improved to 12.5% from 9.8%. Other income declined to Rs 9.6 crore from Rs 43.9 crore, while the company reported a tax credit of Rs 7.8 crore against a tax expense in the year-ago quarter.
Former IndusInd Bank Chief Financial Officer Gobind Jain has filed a civil suit of Rs 70 crore against the bank in the Bombay High Court, sources told NDTV Profit. Jain has challenged his exit, calling the termination unlawful, and has sought restoration to his role along with dues.
Jain is seeking Rs 20 crore towards unpaid salary, incentives and equity benefits, and Rs 50 crore in damages for alleged reputational loss. The plea claims the action ignored contractual safeguards, was taken without a fair process and before completing internal checks, and flags accountability of the board and senior management. The matter is yet to be moved in the Bombay High Court.
The pan-European Stoxx 600 index was flat, with no clear direction across sectors and major bourses. Global markets remained cautious after renewed tensions in West Asia raised concerns about stability in the region.
Caplin Point Laboratories said its arm has received approval from the US Food and Drug Administration for Calcium Gluconate Injection, according to an exchange filing.
Mahindra & Mahindra is seeing broad‑based growth across its key verticals, with strong performance from what it terms its “growth gems” spanning aerospace, logistics, and trucks, according to comments by Managing Director and CEO Dr. Anish Shah.
The logistics business has turned operationally profitable, breaking even after 12 consecutive quarters. Electric vehicle penetration at M&M has reached 9.6%, while return on equity stands at 20%, the highest level in the past five years. The company said it continues to target an ROE of 18% over the medium term and believes its businesses are well positioned to sustain the current growth momentum.
Unicommerce has entered into a partnership with Waaree Energies to automate the latter’s e‑commerce operations, according to an exchange filing. Under the agreement, Unicommerce will probably provide its technology solutions to streamline and manage Waaree Energies’ online order processing, inventory and fulfilment workflows.
Punjab National Bank reported a solid performance in the fourth quarter, with profit after tax rising 14.4% year‑on‑year to ₹5,225 crore compared with ₹4,567 crore in the same period last year.
Asset quality improved sequentially, as gross non‑performing assets (GNPA) declined to 2.95% from 3.19% in the previous quarter, while net NPAs eased to 0.29% from 0.32% on a quarter‑on‑quarter basis.
PNB Q4 Results
Caplin Point Laboratories said its arm has received approval from the US Food and Drug Administration for Calcium Gluconate Injection, according to an exchange filing.
Mahindra & Mahindra reported a 53.4% year-on-year rise in net profit to Rs 3,737 crore from Rs 2,437 crore. Revenue increased 26.2% to Rs 39,554 crore from Rs 31,353 crore.
EBITDA rose 18.8% to Rs 5,564 crore, while EBITDA margin stood at 14.1%, lower than 14.9% a year earlier. Auto business revenue grew 25% year-on-year to Rs 31,115 crore, while farm equipment revenue rose 32% to Rs 8,483 crore.
Mahindra & Mahindra reported a Q4 profit of Rs 3,737 crore, above the estimate of Rs 3,491 crore. Revenue came in at Rs 39,554 crore compared with the estimate of Rs 38,115 crore.
EBITDA stood at Rs 5,564 crore versus an estimate of Rs 5,364 crore, while EBITDA margin was in line with estimates at 14.1%. The company announced a final dividend of Rs 33 per share.
Moody’s said India is well placed to manage future economic shocks, according to Informist. The ratings agency said inflation expectations in the country remain well anchored.
The Indian rupee weakened further against the US dollar and hit a fresh record low. The local currency depreciated as much as 32 paise to 92.41.
SEBI has proposed measures to widen retail participation in the bond market and expand online bond platforms, according to a consultation paper. The regulator has outlined three proposals covering IFSC products, tax-saving bonds and compliance norms.
SEBI has sought public comments on the proposals till May 26.
The Nifty 50 fell as much as 0.95% to 23,891 in intraday trade. The Sensex declined as much as 0.94%, or 726 points, to 76,542.
Kiran Mazumdar-Shaw said Claire Mazumdar will transition into her role at BIocon at the right time, while adding that she is not planning to step down yet.
Dream Sports has launched DreamStreet, a broking platform that will offer investments in stocks, ETFs and futures and options at launch. IPO investments are expected to be added in the coming weeks.
The platform will use AI, data-driven insights and access to SEBI-registered research analysts and investment advisers to support investment decisions. DreamStreet also plans to add stock recommendations, stock and index information, a built-in AI companion and analysis tools over the next few months.
Former HDFC Chairman Deepak Parekh told NDTV Profit that the BFSI sector does not need to worry much about the impact of the West Asia war as it is not directly affected.
Former HDFC Chairman Deepak Parekh told NDTV Profit that he has nothing to do with HDFC anymore, when asked about the recent HDFC Bank chairman exit.
Parekh said HDFC Bank is strong and well-capitalised.
Kotak Mahindra Bank saw 20.1 lakh shares traded in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
Deepak Parekh, former chairman of HDFC, said life insurance and non-life insurance sectors could see growth in the coming years. He said insurance accounts for 3% of India’s GDP, compared with 8% globally, indicating headroom for expansion.
Speaking at the CII BFSI Summit, Parekh also said global capability centres offer a large opportunity for the real estate sector, with 9,000 GCCs.
Larsen & Toubro has received an order from Bharat Coal Gasification and Chemicals Ltd., according to an exchange filing. The order is valued between Rs 2,500 crore and Rs 5,000 crore.
The Nifty 50 fell as much as 0.2% to 24,072.10 in trade at 11 AM amid F&O expiry. The Sensex declined as much as 0.8%, or over 600 points, to 78,628.79.
Fourteen of the 15 sectoral indices compiled by the NSE traded lower. Nifty Realty fell 1.5%, followed by Nifty Oil & Gas, Nifty Bank, Nifty Financial Services and Nifty Auto.
Nifty India Defence was the only sectoral gainer, rising 0.46%. Nifty IT was little changed, down 0.01%.
Accumulation was visible in Coforge, Aditya Birla Capital, and Vedanta, with open interest rising alongside price gains. Coforge led with a 77.78% jump in open interest, followed by Aditya Birla Capital at 63.64%.
Hindustan Zinc, Colgate-Palmolive, and HAL also saw steady build-up, signalling fresh long positions in select pockets despite expiry volatility.
Long unwinding dominated names such as Coal India, Grasim Industries, and Siemens, where prices declined with a fall in open interest.
Eternal, Patanjali Foods, and DLF also featured in the liquidation list, indicating traders cutting long exposure ahead of expiry.
ICICI Bank and HDFC Bank were the top drags on the Nifty 50, pulling the index down by 23.94 points and 23.88 points, respectively. L&T cut 11.66 points, while Bajaj Finance and Sun Pharma also weighed on the index.
Reliance Industries added 6.64 points to the Nifty 50, while Infosys, TCS, Titan and HDFC Life contributed between 2.72 and 5.01 points.
Suzlon, Adani Power, Vedanta, BHEL, Tata Technologies and Reliance Power were also among the most active counters. Tata Technologies rose 9.3%, the highest gain among the stocks shown.
Airline stocks traded lower as crude prices rose. SpiceJet declined 2.75%, while InterGlobe Aviation fell 0.73%.
Fuel costs remain a key monitorable for airlines as they form a large part of operating expenses.
West Bengal-linked stocks showed mixed moves a day after the election results. Emami Realty rose 5%, while Senco Gold gained 3.52% and Greenpanel Industries advanced 2.68%.
Garden Reach, Vikram Solar and Texmaco Rail also traded higher. Lux Industries fell 3.28%, while Speciality Restaurants, PCBL, Rupa & Co, Dollar Industries and Emami declined between 1.03% and 1.68%.
Oil marketing companies traded lower as crude prices rose. BPCL fell 1.03%, HPCL declined 1.02% and Indian Oil slipped 0.49%.
Higher crude prices remain a key monitorable for OMCs because they affect input costs and marketing margins.
Nifty IT traded 0.26% higher at 29,151.55 after moving between an intraday low of 28,889.45 and a high of 29,407.
Coforge gained 1.40%, while Oracle Financial Services rose 1.03%. Persistent Systems, Infosys and TCS also traded higher, while HCLTech and Tech Mahindra declined.
Nifty Bank declined 0.65%, while Nifty Midcap 100 fell 0.22%. Nifty Smallcap 250 was little changed, trading 0.01% higher.
Among broader indices, the Nifty 50 fell 0.56% and the Sensex declined 0.53%. Nifty Media led the gainers with a 0.96% rise, while Nifty Financial Services fell 0.85%.
Nifty Media rose 0.98%, while Nifty IT, FMCG and Consumer Durables gained between 0.29% and 0.44%. Nifty Energy was up 0.20%.
On the downside, Nifty Financial Services fell 0.74%, followed by Nifty Auto, Nifty Bank and Nifty Metal. Nifty Realty was flat.
The Nifty 50 declined 0.24% to 24,061 after falling as much as 0.7% intraday to 23,949. The Sensex fell 150 points to 77,113, after declining as much as 524 points intraday to 76,745.
The Nifty 50 was little changed in pre-open trade at 24,080, while the Sensex stood at 77,235.
The Indian rupee opened lower against the US dollar and hit a record low. The local currency depreciated as much as 24 paise to 95.33.
Prominent gas importer of India, Petronet LNG, will receive the total value agreed in the contract of liquefied natural gas after the Middle East tensions de-escalation, the company's chief executive A K Singh was reported as saying on Monday.
Qatar, India's main LNG supplier, has paused its yearly 7.5 million metric ton supply to Petronet due to a sharp rise in regional tensions. The regular flow of 9 to 10 monthly cargoes ground to a halt this March after the closure of the Strait of Hormuz was compounded by targeted Iranian strikes on two of Qatar's 14 liquefaction trains.
FADA said overall vehicle retail sales rose 12.94% year-on-year to 26,11,317 units in April from 23,12,221 units a year earlier. Passenger vehicle retail sales increased 12.21% to 4,07,355 units from 3,63,028 units.
Larsen & Toubro is set to report its Q4FY26 results today. Revenue is expected to rise 8.7% year-on-year to Rs 80,869 crore, while EBITDA may increase 7.5% to Rs 8,818 crore. EBITDA margin is expected to be nearly flat at 10.9% against 11% a year earlier, with project mix and cost pressures in focus.
Net profit is expected to rise 6.8% to Rs 5,435 crore. Revenue growth is seen supported by execution across core segments, while the projects and manufacturing business is expected to drive steady growth. Investors will watch order inflows against a high base, the order pipeline, Middle East exposure, execution across large EPC projects and management commentary on margins.
Mahindra & Mahindra is set to report its Q4FY26 results today. Bloomberg estimates standalone revenue to rise 22% year-on-year to Rs 38,115 crore, while EBITDA may increase 15% to Rs 5,364 crore. Margin is expected to fall 80 basis points to 14.1% due to higher commodity costs.
Bloomberg estimates net profit to rise 43% to Rs 3,491 crore. Passenger vehicle sales rose 23% year-on-year to 1,83,800 units, while tractor sales increased 36% to 1,19,811 units. Investors will watch commentary on Q1 margin impact, FY27 growth after strong second-half volumes post GST rate cuts, and the timeline for two more variant launches in FY27.
Marico is set to announce its Q4FY26 results today. Bloomberg estimates revenue to rise 21.8% year-on-year to Rs 3,325 crore, while EBITDA may increase 16.4% to Rs 533 crore. Margin is estimated at 16.1% against 16.8% a year earlier.
Net profit is expected to rise 14.3% to Rs 392 crore. Investors will watch management commentary on West Asia, price hikes, volume growth, urban demand and FY27 growth after Marico said Q4 revenue grew in the low twenties and India business sustained high single-digit volume growth.
Earnings reactions may put Wockhardt, Manappuram Finance, Sobha, Petronet LNG, Tata Technologies, KEI Industries and Aarti Industries in focus after their results showed profit, margin, volume or outlook-related positives.
Wockhardt reported its first profitable year since FY22, while Manappuram Finance saw margin improvement. Sobha reported 26% growth in collections, Petronet LNG posted a beat led by higher volumes and margins, and Tata Technologies gave a positive outlook for FY27.
Tata Chemicals, IIFL Capital Services, Jaiprakash Power Ventures and CAMS may also be in focus after weaker quarterly updates. Tata Chemicals reported operating performance below estimates, IIFL Capital Services had a weak quarter, Jaiprakash Power Ventures saw margin pressure, and CAMS reported a weak Q4.
JPMorgan maintained its Overweight rating on Petronet LNG with a target price of Rs 335, saying the company beat estimates on volumes and Use or Pay recoveries. It said better-than-feared volumes and recoveries of historical charges supported the quarter, though long-term volumes may remain at a lower run rate.
Investec maintained its Buy rating with a target price of Rs 400. It said a provision reversal drove the earnings beat, while Dahej utilisation was affected by Middle East disruptions and Kochi utilisation remained stable.
Stocks in focus today include companies that announced orders, approvals, acquisitions and management changes.
Morgan Stanley said companies that have reported results so far recorded 13% revenue growth, 11% EBITDA growth and 11% net profit growth from a year earlier. Average EBITDA margin stood at 27%, in line with analyst estimates.
For the 20 Nifty companies that have reported results, revenue growth stood at 13%, beating estimates by 4 percentage points, while net profit growth stood at 7%, beating estimates by 3 percentage points. Profit growth was led by materials, utilities and financials, while consumer discretionary and energy reported declines.
Jefferies and BofA maintained Buy ratings on Godrej Properties after its FY26 finish and FY27 guidance. Jefferies raised its target price to Rs 2,475 from Rs 2,420, citing expected growth in construction spends, pre-sales quality, a possible free cash flow turnaround by FY28, dividend resumption after a decade and recent promoter stake purchase.
BofA kept its target price at Rs 2,600 and said Q4 bookings and operating cash flow were ahead of expectations. Investec downgraded the stock to Hold from Buy and cut its target price to Rs 1,986 from Rs 1,994, saying fundamentals remain intact but valuation appears fair.
Kotak Securities maintained its Sell rating on BHEL but raised its target price to Rs 140 from Rs 120 after the company reported better results. The brokerage said strong execution, gross margin expansion and flat receivables helped performance, while coal gasification remains an added opportunity for the company.
Morgan Stanley maintained its Overweight rating and raised its target price to Rs 444 from Rs 304. It said BHEL’s macro positioning is improving in India and that the company’s turnaround could continue to surprise markets.
Brokerages said the BJP’s state election wins could strengthen policy coordination between the Centre and states. Jefferies said the results may keep the capex burden with the central government as state manifestos continue to focus on income transfers and welfare schemes.
Macquarie said BJP-led governments in more states could support coordinated policymaking and development. Citi said the results expand the BJP’s geographic reach and may help the government implement policy and process reforms, while noting that the current Rajya Sabha composition already supports its legislative agenda.
US President Donald Trump said Iran would face a military response if it attacks American vessels escorting ships through the Strait of Hormuz. He said the US had launched “Project Freedom” to secure the shipping route and urged South Korea to join the mission.
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Companies scheduled to report earnings today include Larsen & Toubro, Mahindra & Mahindra, Hero MotoCorp, Marico, Punjab National Bank, Coforge, United Breweries, SRF, Raymond, Shoppers Stop and Jammu & Kashmir Bank.
Brent crude futures for July delivery fell 0.60% to $113.77 a barrel on Tuesday. U.S. West Texas Intermediate futures declined 1.35% to $105.06 a barrel after Brent and WTI settled higher on Monday.
The Hang Seng Index opened at 25,945.75, down 150.13 points, or 0.58%.
Markets in Korea, Japan and China are closed today due to a holiday. Trading in these markets will resume on Wednesday.
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