Stock Market Today: Nifty, Sensex End Flat After Sharp Intraday Moves; HDFC Bank Top Drag

This live blog has ended. Thanks for joining and see you on Friday!

Moving away from Dalal Street, US equity futures are unchanged. Contracts for S&P 500 and the tech-heavy Nasdaq 100 futures are flat.

The Indian rupee ended 4 paise stronger at 90.92 to the dollar. Intraday, the INR gained as much as 31 paise.

The dollar index was flat against a basket of major currencies.

Source: Bloomberg

NSE CEO Ashishkumar Chauhan, speaking in Mumbai, said there is a growing need for an increase in F&O activity as geopolitical risks continue to rise. He noted that the exchange expects further degrowth in F&O volumes following the tax hike that came into effect in April. Chauhan also emphasised that regulatory measures aimed at curbing excessive speculation will continue.

The shares of PNB are in focus on Thursday as 2.87 shares change hands in block trade. 

The stock was trading 0.26% lower at Rs 130.18 apiece on the NSE, compared to a 0.06% decline in the benchmark Nifty 50. The shares earlier during the day rose as much as 1.62% to Rs 132.65 per share before it pared gains.

PNB's shares have risen 39.8% in the last 12 months and 5.4% year-to-date.

Rail Vikas Nigam Ltd gets two construction orders worth Rs 645 crore from NMDC in Chhattisgarh. 

The first contract pertains to the construction of a residential tower in Kirandul, and is to be executed within 16 months. The second order involves the development of a township in Kirandul, Chhattisgarh, and is scheduled to be completed within 21 months.

India's GDP could grow between 6.8-7.2 per cent in the next fiscal, EY Economy Watch report said on Thursday. It suggested that to attain the Viksit Bharat goal by 2047, India may have to increase its tax-GDP ratio largely by improvement of tax compliance as major tax reforms have already taken place.

'In the background of India's extensive bilateral trade agreements with other major economies or economic groups, India's medium-term prospects have brightened up. We estimate India's real GDP growth to be in the range of 6.8-7.2 per cent in FY27,' EY India Chief Policy Advisor D K Srivastava said.

Read more here.

European stocks were little changed near record highs as investors assessed fresh corporate earnings, with strong results from Nvidia prompting only a muted reaction. The Euro Stoxx 50 added 0.2% to 6,185, while the broader STOXX Europe 600 was flat at 633.

• London's FTSE up 0.1%
• France's CAC 40 up 0.4%
• Germany's DAX down 0.2%

Piyush Goyal on Thursday met United States Commerce Secretary Howard Lutnick and Ambassador Sergio Gor in New Delhi to discuss trade and economic ties. Goyal said they engaged in "very fruitful discussions" to expand trade links after the two countries agreed to a pact. 

>>

Sensex monthly expiry is influencing trade, with options data pointing to a range‑bound market. The medium‑term technical setup for both Nifty and Nifty Bank remains intact. Short covering is continuing in IT stocks, and midcaps are outperforming the Nifty index. Broader sentiment is supported by a global risk‑on mood, and FII inflows are expected to continue.

Aurobindo Pharma arm Eugia gets USFDA nod for Everolimus tablets, used to treat cancer.

Source: Exchange Filing

BSE F&O positioning trends:

• Long Buildup: Mankind Pharma, Vodafone Idea
• Short Covering: Persistent Systems, Oracle Financial Services
• Long Unwinding: Samman Capital, Axis Bank
• Short Buildup: Chola Finance, CDSL

>>

>>

>>

Siddharth Mittal of Biocon told NDTV Profit that the company expects to generate revenue from its Semaglutide launch in the US by FY28. Biocon is aiming to launch the drug, used to control type 2 diabetes and promote significant weight loss, in the US in FY27.

The company is targeting as much as 20% market share for Liraglutide, which currently has a US market size of $130 million. Mittal noted that the Liraglutide market has shrunk due to the presence of other competing products. Biocon expects to launch Liraglutide there within the next 45 days.

>>

Gold prices held firm above $5,190 per ounce, extending gains from the previous session and hovering near an almost four-week high, as markets weighed geopolitical tensions and uncertainties surrounding US trade policies. Silver remained above $89 per ounce, staying near its highest levels in a month.

On the MCX, gold futures for April traded 0.3% lower at Rs 1.6 lakh per 10 grams, and silver March contracts dropped 0.9% to Rs 2.65 lakh per kilo.

>>

Eternal buzzed during early trade after 1% equity or nearly 9.7 crore shares changed hands in two blocks at Rs 2,405 crore.

>>

The yield on the benchmark 10-year government bond was flat at 6.67%.

The Indian rupee opened 11 paise stronger at 90.846 to the dollar. The dollar index is down 0.1% at 97.55. 

• RVNL: Gets Rs 372 crore order from NMDC 
• United Spirits: Strong India performance commentary by Diageo 
• Zydus Lifesciences: Plans to launch Semaglutide injections in India 
• RBL Bank: SBI Mutual Fund receives RBI approval to increase its stake 
• IRFC: Not to exercise green shoe option (2%) for OFS, limiting the share sale to 2% only.

BofA on IDFC First Bank

• Downgrade to Neutral from Buy; Cut TP to Rs 75 from Rs 95
• De-empanelment introduces near term headwinds
• Fraud incident in government accounts of ~Rs590 Cr
• Likely impact CASA growth, cost of funds and opex
• Bank currently has almost 8-10% of total deposits from central government, state government and other PSBs

HSBC on Indian Tractor Industry

• Weak monsoon outlook, yet water reserves and replacement demand are supportive.
• The outlook for the tractor sector is now subdued, primarily due to the anticipated El Niño effect.
• Long-term penetration remains attractive.
• Regional reservoir levels are slightly negative for M&M.
• M&M – Maintain Buy; Cut TP to Rs 4150 from Rs 4250.
• Escorts – Maintain Buy; Cut TP to Rs 3600 from Rs 3700.

UBS on Shaily Engineering

• Maintain Buy with TP of Rs 4000.
• Received order from domestic pharma company for pen injectors to supply over 4 years.
• This order shows the momentum building around generic semaglutide launch in India with the patent expiring in March.

Antique on Canara HSBC Life

• Initiate Buy with TP of Rs 190.
• Play on banca led growth.
• Banca to drive industry leading near-term growth.
• Product mix to improve in favor of protection and annuities.
• VNB margin to improve despite investments in agency channel.
• Persistency improving; solvency strong.

Japan's benchmark Nikkei 225 index jumped over 1% to hit a new record of 59,199, extending gains to a third session this week. The broader Topix rose 1.5% to a new high.

The government of PM Sanae Takaichi appointed two new board members on the Bank of Japan who are considered dovish and in-line with the pro-growth PM's economic vision.

Overnight strength on Wall Street after Nvidia results and outlook commentary also boosted sentiment.

Asian shares climbed for a fourth day as recent turmoil sparked by concerns over the impact of artificial intelligence subsided, though gains were tempered by a muted response to Nvidia Corp.'s upbeat sales forecast. The MSCI Asia Pacific Index rose 1% to another all-time high.

Japan's Nikkei 225 index crossed 59,000 for the first time fueled by "Takaichi Trade". Australia's S&P/ASX 200 and South Korea's Kospi Index — a bellwether for AI investments — also jumped to new records. 

>>