Indian equity markets continued to trade weak in late afternoon session led by selling among heavy weights like Reliance Industries, Mahindra and Mahindra and Kotak Mahindra Bank. Further, exchange of fire between the United States and Iran over the Strait of Hormuz sparked caution among the investors. Besides, traders over looked the Crisil ratings’ report saying the profitability impact of the recent West Asia conflict on India Inc is expected to be far lower than initially projected if the US-Iran ceasefire remains intact and energy supplies continue to normalise.
On the global front, Asian equity markets were trading mostly in green as traders shifted their focus on upcoming US Jobs data and US-Iran talks. European equity markets were trading mostly in red as crude oil prices rose on renewed US-Iran tensions.
The BSE Sensex is currently trading at 76722.61, down by 377.86 points or 0.49% after trading in a range of 76621.75 and 77252.78. There were 14 stocks advancing against 16 stocks declining on the index.
The few gaining sectoral indices on the BSE were Healthcare up by 0.81%, Metal up by 0.46% and Power up by 0.14%, while Auto down by 2.06%, Oil & Gas down by 1.63%, IT down by 1.12%, Energy down by 1.08% and Telecom down by 0.87% were the top losing indices on BSE.
The top gainers on the Sensex were Trent up by 1.70%, Eternal up by 1.43%, Bajaj Finance up by 1.01%, NTPC up by 0.84% and Power Grid Corporation up by 0.79%. On the flip side, Kotak Mahindra Bank down by 2.79%, Mahindra & Mahindra down by 2.74%, Interglobe Aviation down by 2.22%, Maruti Suzuki India down by 1.97% and Reliance Industries down by 1.85% were the top losers.
Meanwhile, ratings agency ICRA in its latest report has sharply increased its estimate of net losses for Indian airlines to Rs 36,000-38,000 crore in the current fiscal (FY27), citing higher operating costs arising from the rupee's depreciation against the US dollar, elevated aviation turbine fuel (ATF) prices, and a likely increase in aircraft lease rentals as fleet expansion continues.
The agency has also lowered its projections for both domestic and international passenger traffic in FY27, pointing to the adverse impact of the West Asian conflict. According to ICRA, the conflict has pushed up airfares by increasing airline costs, while higher inflation is expected to curb discretionary travel demand. Earlier, the agency had projected airline losses to narrow to Rs 11,000-12,000 crore during FY27, supported by stronger passenger growth, but the outlook has since weakened significantly.
Moreover, ICRA noted that Indian aviation industry is estimated to have reported a net loss of Rs 32,000-34,000 crore in FY26 much higher than its earlier estimates of Rs 17,000-18,000 crore. The larger-than-expected losses were mainly driven by foreign exchange losses following the sharp depreciation of the rupee, slower-than-anticipated passenger traffic growth, and higher ATF prices amid the surge in crude oil prices triggered by the West Asian conflict towards the close of the previous fiscal. It said the onset of the West Asian conflict since the end of February 2026 is expected to result in subdued air passenger traffic growth in FY27.
The CNX Nifty is currently trading at 23949.20, down by 106.80 points or 0.44% after trading in a range of 23925.40 and 24120.00. There were 22 stocks advancing against 28 stocks declining on the index.
The top gainers on Nifty were Dr. Reddy's Laboratories up by 2.39%, Max Healthcare Institute up by 2.32%, Trent up by 1.75%, Coal India up by 1.69% and Eternal up by 1.51%. On the flip side, Kotak Mahindra Bank down by 2.78%, Mahindra & Mahindra down by 2.68%, Interglobe Aviation down by 2.33%, Adani Enterprises down by 2.07% and Eicher Motors down by 2.05% were the top losers.
Asian equity markets were trading mostly in green; Nikkei 225 surged 19.12 points or 0.03% to 69,380.00, Taiwan Weighted added 428.14 points or 0.95% to 44,999.90, Hang Seng advanced 317.14 points or 1.38% to 22,989.00, Straits Times rose 12.58 points or 0.24% to 5,204.31 and Shanghai Composite strengthened 46.64 points or 1.14% to 4,073.90, while KOSPI dropped 16.56 points or 0.2% to 8,394.65 and Jakarta Composite plunged 84.65 points or 1.46% to 5,811.48.
European equity markets were trading mostly in red; UK’s FTSE 100 decreased 22.86 points or 0.22% to 10,485.16 and France’s CAC fell 28.07 points or 0.33% to 8,356.80, while Germany’s DAX gained 38.18 points or 0.15% to 24,709.40.
