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Asia

Indian Equities End Lower on Tuesday as Global Uncertainty Weigh on Sentiment

Indian benchmark indices closed in the negative territory on Tuesday as investors stayed cautious amid mixed global cues and renewed uncertainty around geopolitical tensions in the Middle East.The BSE Sensex fell 114.19 points, or 0.2%, to close at 75,200.85, while the NSE Nifty 50 declined 31.95 points, or 0.1%, to settle at 23,618.00.Market sentiment remained subdued as concerns over the U.S.-Iran conflict, elevated crude oil prices, and persistent weakness in the Indian rupee continued to pressure risk appetite.In earnings news, RITES (NSE:RITES, BOM:541556) slipped over 1% after reporting a marginal decline in fiscal fourth-quarter consolidated profit to 1.30 billion rupees from 1.33 billion rupees a year earlier.Eureka Forbes (NSE:EUREKAFORB, BOM:543482) also declined over 1% despite posting a higher quarterly profit of 510.3 million rupees compared to 495 million rupees last year.In other corporate developments, Bharat Forge (NSE:BHARATFORG, BOM:500493) ended lower by around 2% after its aerospace division signed an MoU with the Andhra Pradesh government to establish a marine gas turbine repair, overhaul, and development facility in Visakhapatnam.

^BSENifty 50BOM:500493BOM:541556BOM:543482NSE:BHARATFORGNSE:EUREKAFORBNSE:RITES
International

Market Chatter: India Mulls Raising Import Duty on Vegetable Oils

India is said to be looking at raising import duties on vegetable oils at the request of the domestic players, according to a Bloomberg report on Tuesday, citing sources.India is a major importer of vegetable oil, as it imports about 60% of its edible oil needs, the report said.The government is now evaluating whether higher taxes would help local farmers to get higher prices for their crops, said the sources cited in the report, adding that no decision on the matter has been taken yet.The discussion comes amid a series of measures being taken by the Indian government to restrict foreign exchange outflows to protect the weakening rupee and forex reserves.Prime Minister Narendra Modi recently requested citizens to restrict their purchase of imported goods such as vegetable oils, fertilizers, gold, and crude oil, to conserve foreign exchange.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities End Marginally Higher on Monday as Tech Buying Pares Early Losses

Indian benchmark indices closed slightly higher on Monday after a late-session recovery led by strong gains in technology stocks.The BSE Sensex rose 77.05 points, or 0.1%, to close at 75,315.04, while the NSE Nifty 50 added 6.45 points, or 0.03%, to settle at 23,649.95.Market sentiment remained cautious as the Indian rupee weakened to another record low of 96.39 against the U.S. dollar. Elevated crude oil prices and continuing uncertainty surrounding the Middle East conflict also kept investors on edge.In corporate developments, JSW Energy (NSE:JSWENERGY, BOM:533148) gained nearly 3% after the company sold 25 million shares of JSW Steel (NSE:JSWSTEEL, BOM:500228) for 31.5 billion rupees through a bulk deal on the National Stock Exchange.Zydus Wellness (NSE:ZYDUSWELL, BOM:531335) fell over 1% after fiscal fourth-quarter consolidated net profit declined to 1.62 billion rupees from 1.72 billion rupees a year earlier. Earnings per share slipped to 5.09 rupees, while revenue from operations increased to 14.8 billion rupees from 9.13 billion rupees.

^BSENifty 50BOM:500228BOM:531335BOM:533148NSE:JSWENERGYNSE:JSWSTEELNSE:ZYDUSWELL
Asia

India Tightens Silver Import Rules to Ease Pressure on Forex Reserves

India on Saturday tightened restrictions on imports of most silver products as the government seeks to curb its import bill and support the weakening rupee.Under a May 16 notification issued by the Directorate General of Foreign Trade, several silver product categories were shifted from the "free" to the "restricted" import category.Imports of silver bars containing 99.9% or more silver by weight, along with other categories of silver bars, will be subject to regulations set by the Reserve Bank of India.The Indian government has been urging citizens to cut down on the purchase of precious metals such as gold and silver, which are mainly imported into the country. This is aimed at easing the pressure on foreign exchange reserves amid surging oil prices due to the Middle East crisis.

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International

India Raises Export Duty on Petrol; Cuts Duties on Diesel, Aviation Fuel

India raised its export duty on petrol and reduced the duties on diesel and aviation ​fuel, according to an official government notification on Friday.The Government of India implemented a Special Additional Excise Duty of 3 Indian rupees per liter on the export of petrol, following the recent increase in retail fuel prices.The duty on diesel has been cut to 16.5 rupees per ⁠liter, while export duties on aviation fuel have been cut to 16 rupees per liter.Despite these changes for exported fuels, the excise duty rates for petrol and diesel meant for domestic consumption remain unchanged.Recently, Indian oil marketing companies raised petrol and diesel prices for the first time in four years by about 3 Indian rupees per liter, amid the ongoing geopolitical crisis in the Middle East and volatility in the global crude oil markets.

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Asia

Indian Equities End Lower on Wednesday as Profit Booking, Weak Rupee Weigh on Sentiment

Indian benchmark indices closed lower on Friday, ending a two-day winning streak, as profit booking intensified amid weak global cues, higher crude oil prices, and continued pressure on the rupee.The BSE Sensex fell 160.73 points, or 0.2%, to close at 75,237.99, while the NSE Nifty 50 declined 46.10 points, or 0.2%, to settle at 23,643.50.Market sentiment stayed subdued as investors tracked a sharp rise in crude oil prices and the rupee's slide to a fresh record low of over 96 rupees against the U.S. dollar. Persistent foreign outflows added to pressure on the domestic currency.In corporate developments, Indobell Insulations (BOM:544334) secured a 13.9 million rupee domestic contract from Bharat Heavy Electricals (NSE:BHEL, BOM:500103) for thermal insulation work, scheduled for completion by July 2027.Lupin (NSE:LUPIN, BOM:500257) announced the launch of Atharv Ability in New Delhi, a neuro-rehabilitation center focused on multidisciplinary treatment for neurological disorders, as per a stock exchange filing.Separately, Indian billionaire Gautam Adani and Sagar Adani reached a settlement with the U.S. Securities and Exchange Commission in a civil case, agreeing to pay civil penalties of $6 million and $12 million, respectively, without admitting or denying the allegations.

^BSENifty 50BOM:500103BOM:500257BOM:544334NSE:BHELNSE:LUPIN
International

Fitch Sees Uneven Impact on APAC Finance Firms, Developed Markets More Resilient

Fitch Ratings said non-bank financial institutions in Asia-Pacific face uneven but broadly manageable risks from an energy shock linked to the US-Iran war, with developed markets expected to show greater resilience than emerging peers.The agency noted that higher fuel prices, imported inflation, softer demand and tighter funding conditions would weigh on finance and leasing companies, particularly in emerging markets. It added that currency weakness could further raise inflation and constrain monetary easing.Fitch warned that Vietnam and Thailand are more vulnerable due to faster fuel price transmission, riskier unsecured lending in Vietnam, and Thailand's already weak economic backdrop. India and Indonesia may also see higher funding costs as currency depreciation and inflation expectations push up interest rates, Fitch said.In contrast, China's leasing and asset management firms are expected to remain relatively stable, supported by controlled risk appetite and policy backing, despite property sector weakness.Developed Asia finance companies are seen as more resilient due to deeper funding markets and AI-related growth support, although SME exposure remains a key risk in some markets such as Taiwan, the agency said.

^BSE^HNX^HOSE^JKSEFTSE Bursa Malaysia KLCINifty 50^SETShanghai Composite^STI^SZSETaiwan Weighted
International

Market Chatter: Indian Fuel Retailers Raise Petrol, Diesel Prices Amid Global Volatility

Amid the ongoing geopolitical crisis in the Middle East and volatility in the global crude oil markets, Indian oil marketing companies have raised petrol and diesel prices for the first time in four years by about 3 Indian rupees per litre, according to a Reuters report on Friday quoting fuel retailers.Fuel prices in India are market-linked, allowing retailers to adjust prices as needed without government intervention.State-run Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) and Bharat Petroleum Corporation (NSE:HINDPETRO, BOM:500104), together control overe 90% of the country's over 103,000 fuel stations.They usually fix the rates of diesel and petrol in line with each other, and have not raised gasoline and diesel prices since April 2022.Public sector refiners have been losing nearly 10 billion rupees per day on fuel sales as retail prices failed to keep pace with rising import costs over recent months, Bloomberg News reported separately on the same day, citing industry estimates.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:500104BOM:500547BOM:530965NSE:BPCLNSE:HINDPETRONSE:IOC
Asia

Indian Equities Rebound on Thursday as Pharma, Metal Stocks Drive Rally

Indian benchmark indices closed sharply higher on Thursday, led by strong buying in pharma and metal shares, while a recovery in financial stocks further supported sentiment.The BSE Sensex rose 789.74 points, or 1.1%, to close at 75,398.72, while the NSE Nifty 50 gained 277.00 points, or 1.2%, to settle at 23,689.60.Markets recovered after recent losses as investors reacted positively to encouraging signals from the Trump-Xi summit, which raised hopes of stronger economic cooperation. However, sentiment remained cautious as tensions in West Asia persisted.In macroeconomic news, India's wholesale price inflation accelerated to 8.3% in April from 3.88% in March, driven by higher prices of fuel, metals, and manufactured products, according to government data released on Thursday.In corporate developments, Hindustan Aeronautics (NSE:HAL, BOM:541154) booked an increase in consolidated profit in fiscal Q4 to 42.0 billion rupees from 39.8 billion rupees a year earlier, according to a Thursday filing. Revenue from operations increased to 139.4 billion rupees from 137.0 billion rupees.Meanwhile, HFCL (NSE:HFCL, BOM:500183) received board approval to set up a defense manufacturing facility in Andhra Pradesh, India, with an initial investment of 2.30 billion rupees.

^BSENifty 50BOM:500183BOM:541154NSE:HALNSE:HFCL
International

India's Wholesale Price Inflation Quickens to 8.3% in April

India's wholesale price inflation, measured by the Wholesale Price Index (WPI), jumped to 8.3% in April from 3.88% in March, according to data released by the Ministry of Commerce and Industry on Thursday.In the same month last year, wholesale inflation was lower at 0.85%.The rise in WPI was attributed to higher prices of mineral oils, crude petroleum and natural gas, other manufacturing and non-food articles, and basic metals.The index for primary articles increased by 9.17% to 202.4 in April from 197.3 in the previous month, while fuel and power inflation soared by 24.71% to 181.7 in the reported month from 153.7 in March.Manufactured products were up by 4.62% to 151.6 in April from 149.5 a month ago.

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International

India Approves INR375 Billion Scheme to Boost Gasification Projects

The Indian government on Wednesday approved a 375 billion Indian rupee scheme to promote gasification projects in a bid to reduce the country's dependence on imported fuels such as liquefied natural gas (LNG), urea, ammonia, and methanol.The move comes amid India's gas imports being impacted by the Iran war and the geopolitical crisis in the Middle East. It aims to increase the conversion of coal into synthetic gas that can be used to produce power, fertilizer, petrochemical among other industrial applications.The total financial outlay of 375 billion rupees to incentivize new surface coal and lignite gasification projects for the production of syngas and its downstream products, targeting gasification of around 75 million tons of coal and lignite. This is expected to generate 63 billion rupees annually.The government expects the scheme to attract total investments of up to 3 trillion rupees.

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Asia

Market Chatter: India Buys More-Than-Expected DAP Fertilizer as Middle East Conflict Lifts Fertilizer Prices

India contracted larger-than-expected volumes of diammonium phosphate (DAP) in a recent import tender as the Middle East conflict disrupted supplies and pushed global fertilizer prices higher, Bloomberg reported late on Tuesday, citing people familiar with the matter.India secured around 1.35 million tons of DAP through the latest import tender, exceeding the originally targeted volume of 1.2 million tons, according to people familiar with the matter cited by Bloomberg News.The country purchased about 12% above the 1.2 million tons of DAP sought in the latest tender, which closed last week, people familiar with the matter told Bloomberg.State-backed importer Indian Potash will buy 705,000 tons for delivery on India's west coast at $930 per ton and another 641,500 tons for the east coast at $935 per ton, according to the report.The contracted prices stood roughly 39% above the prices before the start of the Middle East conflict, Bloomberg reported, citing Green Markets data. India had earlier purchased 2.5 million tons of urea in another tender at nearly double pre-war prices, the report added.The fertilizer purchases come ahead of sowing for key monsoon crops, including rice, corn and soybeans.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities Rebound on Wednesday as Duty Hike on Gold, Silver Lifts Sentiment

Indian benchmark indices ended slightly higher on Wednesday, snapping a four-day losing streak, as measures to support the rupee and selective buying helped lift sentiment.The BSE Sensex rose 49.74 points, or 0.1%, to close at 74,608.98, while the NSE Nifty 50 gained 33.05 points, or 0.1%, to settle at 23,412.60.Sentiment improved after India raised import duties on gold and silver to curb demand for the precious metals and ease pressure on foreign exchange reserves.However, gains remained limited as investors continued to monitor rising tensions in the Middle East and the possibility of prolonged disruption around the Strait of Hormuz, which could tighten global oil supplies.Among stocks, Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) surged nearly 6% after reporting a sharp rise in Q4 profit to 60.7 billion rupees from 34.2 billion rupees a year earlier. Revenue from operations also increased to 1.232 trillion rupees from 1.179 trillion rupees.Ceigall India (NSE:CEIGALL, BOM:544223) slipped nearly 1% after securing a 1.25 billion rupee order from Punjab State Power Corporation for a battery energy storage system project, according to a filing.

^BSENifty 50BOM:500104BOM:544223NSE:CEIGALLNSE:HINDPETRO
Asia

Market Chatter: India More Than Doubles Gold, Silver Import Duties to Support Rupee Amid FX Pressure

India raised import duties on gold and silver sharply to defend the rupee and ease pressure on foreign-exchange reserves, multiple media outlets reported Wednesday, citing official orders.The government increased total import taxes to about 15% from 6%, combining a 10% basic customs duty with a 5% agriculture infrastructure and development levy, Bloomberg said citing two official orders.The move aims to cut demand in the world's second-largest bullion market and follows a rare weekend appeal from Prime Minister Narendra Modi to avoid gold purchases and cut non-essential foreign travels, the report noted.Gold ranks as India's second-largest import after crude oil, and higher import costs have widened foreign outflows, adding pressure on the rupee, which has hit record lows in recent sessions, Bloomberg said.The Reserve Bank of India has stepped up interventions in currency markets, with foreign-exchange reserves easing to $690.7 billion as of May 1, the lowest in over a month, Bloomberg reported. The RBI has also tightened rules on bank forex positions to curb speculation, it added.Markets reacted to the move, with shares of Kalyan Jewellers slipping over 2% in Wednesday's trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

India's Retail Inflation Picks Up in April

India's retail inflation edged up in April, with the Consumer Price Index (CPI) rising 3.48% in April, up from 3.40% in March, according to data released by the Ministry of Statistics and Program Implementation on Tuesday.Rural and urban inflation stood at 3.74% and 3.16%, respectively, in April.Food inflation, measured by the Consumer Food Price Index, climbed to 4.20% in April from 3.87% in March. Rural food inflation was recorded at 4.26%, while urban food inflation came in at 4.10%.Housing inflation for April was provisionally at 2.15%, with rural housing inflation at 2.65% and urban at 1.96%, data showed.

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Asia Markets

Indian Equities Extend Losses on Tuesday as Oil Fears, Weak Rupee Hit Sentiment

Indian benchmark indices extended losses on Tuesday as selling pressure deepened across sectors amid concerns over a prolonged oil shock and weak global cues.The BSE Sensex fell 1,456.04 points, or 1.9%, to close at 74,559.24, while the NSE Nifty 50 dropped 436.30 points, or 1.8%, to settle at 23,379.55.Markets saw sharp pressure as technology stocks weakened and the rupee slipped to fresh lows, adding to already fragile sentiment. Investors also stayed cautious amid uncertainty around the U.S.-Iran conflict, while expectations of prolonged disruption in crude supply kept energy-related risks elevated.Rising Brent oil prices and discussions around domestic austerity measures further weighed on risk appetite.In corporate developments, Dynamic Cables (NSE:DYCL, BOM:540795) reported a rise in fiscal Q4 profit to 241.7 million rupees from 235.6 million rupees a year earlier.JSW Steel (NSE:JSWSTEEL, BOM:500228) reported a 1% year-on-year decline in April crude steel production to 2.12 million tons, impacted by a planned shutdown at its Vijayanagar plant for expansion work.

^BSENifty 50BOM:500228BOM:540795NSE:DYCLNSE:JSWSTEEL
Asia

Market Chatter: ADB to Trim ASEAN Growth Forecasts as US-Iran War Drags On

The Asian Development Bank's (ADB) previous "early stabilization" scenario is no longer valid amid continued war in the Middle East, The Star reported Tuesday, citing ADB chief economist Albert Park's address to reporters.This prompts a revision of the earlier outlook, he reportedly said, as the conflict has stretched beyond initial expectations. Under updated projections, regional growth is now seen slowing to 4.7% in 2026 and 4.8% in 2027, while inflation forecasts have also been revised higher to 5.2% this year.Park warned that energy markets remain under pressure, with gas prices up around 30% and diesel rising even more sharply, while fertilizer costs have surged, raising risks for food and industrial supply chains. He also cautioned that prolonged disruption could keep oil prices elevated, with scenarios showing averages near $96 per barrel in 2026 and even higher in worst-case conditions, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSE^HNX^HOSEI^JKSEFTSE Bursa Malaysia KLCINifty 50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
Asia

Market Chatter: India Mulling Fuel Price Hike Amid US-Iran Tensions

Indian state-run refiners are mulling a modest increase in petrol and diesel prices within days as the government weighs the economic impact of the U.S.-Iran war against consumer needs, Bloomberg News reported, citing people familiar with the matter.Fuel retailers are likely to raise prices by about 5 rupees per liter to partly offset estimated daily losses of 10 billion rupees on fuel sales, the report said. However, the increase would still remain below 15 to 20 rupees per liter, a hike which is needed to fully cover losses, the sources told Bloomberg.India's energy imports have come under pressure following disruption in flows through the Strait of Hormuz, pushing up crude prices and creating shortages of cooking gas, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Market Chatter: India Mulls Emergency Steps to Protect Foreign Reserves

India is said to be evaluating emergency steps to strengthen its foreign-exchange reserves in a bid to curb the damage caused by the surge in oil prices, according to a Bloomberg report on Tuesday, citing sources.As per the report, the Indian government is considering moves like curbing non-essential imports such as gold and electronic goods, and hiking fuel prices.The moves are expected to help shelter the economy amid the global economic turmoil caused by the Iran war.Officials in the Prime Minister's Office and Finance Ministry have held discussions with the Reserve Bank of India on possible measures to limit the damage from the rising oil prices, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia Markets

Indian Equities Extend Losing Streak on Monday as Global Cues Weigh

Indian benchmark indices fell for a third straight session on Monday as broad-based selling pressure and weak global cues dragged the market lower.The BSE Sensex dropped 1,312.91 points, or 1.7%, to close at 76,015.28, while the NSE Nifty 50 declined 360.30 points, or 1.5%, to settle at 23,815.85.Sentiment weakened amid fading hopes of U.S.-Iran talks, after the U.S. reportedly rejected Iran's peace proposal. Rising uncertainty around the West Asia conflict and its impact on global growth concerns kept investors cautious.A sharp rebound in crude oil prices moved Brent crude back above $105 per barrel as supply risks through the Strait of Hormuz persisted.In corporate developments, Canara Bank (NSE:CANBK, BOM:532483) fell nearly 4% after reporting a decline in consolidated profit in the fiscal fourth quarter to 45.7 billion rupees from 50.7 billion rupees a year earlier. Earnings per share slipped to 5.04 rupees from 5.59 rupees, even as interest income edged higher.Bajaj Electricals (NSE:BAJAJELEC, BOM:500031) also fell over 2% after appointing Ashween Anand as chief financial officer, effective May 14, according to a filing. Anand joins from Tata Starbucks, where he previously served as CFO.

^BSENifty 50BOM:500031BOM:532483NSE:BAJAJELECNSE:CANBK

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