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Indian equity benchmarks rallied on Wednesday, halting a two-day losing streak amid positive global cues after the US President Donald Trump signalled an end to Iran war. The BSE Sensex rose as much as 2.6%, or 1,900 points, to 73,847.08 and the NSE Nifty 50 rose as much as 2.6% to 22,902.25.
Meanwhile, Brent crude for June delivery rose 1.5% to $105.56 a barrel. The May contract had settled about 5% higher on Tuesday at $118.35 a barrel. Brent prices have surged more than 60% in March. US WTI crude for May delivery also rose 1.5% to $102.92 a barrel. WTI has climbed about 51% in March, its best month since May 2020.
Source: Exchange Filing
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A Fortis Health arm has received a tax demand of Rs 149 crore from the Income Tax Department, according to an exchange filing.
About 25 lakh Ashok Leyland shares changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
IOCL has increased aviation turbine fuel prices for domestic airlines to Rs 2,07,341 per kilolitre from Rs 96,638 per kilolitre. For domestic airlines on international run, IOCL has raised ATF prices to $1,690.81 per kilolitre from $816.91 per kilolitre.
Fuel costs account for nearly 30% of topline. The hike suggests unit cost could rise to Rs 3.1 per km from Rs 1.5 per km. The input says every 5% increase in ATF prices affects margins by 150 basis points and EPS by 20%.
Part of the increase has already been passed on. IndiGo had imposed a fuel surcharge on March 14, implying a fare increase of 8-10%. The surcharge covers about 20% of the rise in fuel cost, while unit revenue or RASK could increase by Rs 0.3-0.4 per km.
A weaker rupee adds to the pressure. The input says every 1% fall in the rupee against the dollar leads to a 13% hit to FY27 profit after tax, with part of the impact coming from mark-to-market loss on lease liabilities.
The brokerage said the share of battery electric vehicles in the Rs 20-30 lakh price band increased from 9% in CY24 to 24% in CY25 and to 36% in Q1 CY26, helped by new launches from M&M, Tata Motors, Hyundai and Maruti.
Macquarie said charging infrastructure remains a key constraint, along with limited model options. It added that new launches with larger batteries may partly address range concerns and expects EV adoption to rise gradually over the next 12-24 months.
The brokerage said M&M, with a target price of Rs 4,168, is better placed than passenger vehicle peers from an EV perspective because of multiple product launches. It also said TVS continues to build its position in electric two-wheelers with its recent launch below Rs 1 lakh.
Brent prices have surged more than 60% in March.
US WTI crude for May delivery also rose 1.5% to $102.92 a barrel. WTI has climbed about 51% in March, its best month since May 2020.
Both benchmarks posted their best single-day gain since May.
The move came after Iran’s president said he was ready to end the war with the US, according to state media, and after a Wall Street Journal report said President Donald Trump wanted to end America’s military campaign.
The level was above Monday’s Nifty 50 close of 22,331.40.
The move indicated a gap-up opening for the benchmark index.
Kospi rose 5.97%, Nikkei 225 gained 3.91%, Hang Seng advanced 2.32%, ASX 200 climbed 1.52% and Shanghai added 1.16%.
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