Author: Staff Writer

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Corporate

Sensex slips 114 points, flat close for Nifty at 24,326

Indian equity markets ended marginally lower on Thursday after a volatile session marked by profit booking and cautious global cues. The BSE Sensex fell 114 points to close at 77,844.52, while the NSE Nifty slipped 4.30 points to settle at 24,326.65. Both indices moved in a narrow range through the day, reflecting indecision among investors.

The session began on a positive note, with the Sensex rising over 200 points in early trade and the Nifty briefly crossing the 24,400 level. Sentiment was supported by favourable global cues and easing crude oil prices, which improved the outlook for import-heavy economies like India. Early optimism was also driven by expectations of easing geopolitical tensions, which lifted risk appetite.

However, the momentum faded as the day progressed. Investors turned cautious and booked profits after recent gains, leading to a gradual erosion of early advances. Concerns over sustained foreign institutional investor outflows and mixed global signals further weighed on sentiment. As a result, volatility remained elevated throughout the session.

Among sectoral trends, auto stocks stood out as key gainers. Shares of Bajaj Auto, Hero MotoCorp and Mahindra & Mahindra advanced on expectations of steady demand and a stable outlook for the automobile sector. Buying interest in these counters helped cushion broader market losses.

On the other hand, IT and banking stocks came under pressure and dragged the benchmarks lower. Heavyweights such as Infosys, TCS and State Bank of India witnessed selling as investors booked profits after recent rallies. Weakness in these sectors offset gains in autos and limited overall market upside.

Also Read: Zee sues Reliance–Disney, Nykaa over music use

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1 Minute-Read

Zee sues Reliance–Disney, Nykaa over music use

Alleges unauthorised use of songs in streaming and Instagram promotions.

Zee Entertainment has filed separate copyright cases against Reliance–Disney joint venture and Nykaa, alleging unauthorised use of its music without valid licences.

In the Reliance–Disney case, Zee claims its songs were used on streaming and broadcast platforms even after agreements expired. It is seeking damages of about $3 million for multiple alleged violations.

In a second case, Zee has accused Nykaa of using its songs in Instagram promotional reels without permission. It has sought around ₹2 crore in damages. Nykaa has removed the content, while both matters are pending in court.

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1 Minute-Read

Rupee dips on rising oil, US–Iran talk uncertainty

The Indian rupee fell 28 paise to 94.77 against the US dollar in early trade on Thursday, pressured by rising crude oil prices and global uncertainty.

Traders said the currency weakened after a brief recovery in the previous session as Brent crude climbed back above the $100 per barrel mark. Market sentiment was also affected by ongoing US–Iran talks, which created volatility in oil prices.

Since India relies heavily on oil imports, higher crude prices increase dollar demand and weigh on the rupee. Foreign fund outflows and cautious global sentiment added further pressure on the currency’s movement.

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Corporate

Meesho Q4 loss narrows 88% to ₹166 cr

E-commerce company Meesho reported a major improvement in its March quarter earnings, with losses dropping sharply and revenue rising strongly on the back of higher customer activity.

The company said its net loss narrowed 88% year-on-year to ₹166 crore in the fourth quarter of FY26. During the same period, revenue from operations increased 47% to ₹3,531 crore.

This Bengaluru-based company also benefited from improved margins and lower logistics costs, which helped reduce overall losses.

Meesho said the strong performance was driven by a rise in orders, growing customer numbers and better engagement on the platform. The company’s annual transacting users increased to 264 million, while total orders during the quarter crossed 717 million.

Meesho said it has continued investing in technology and artificial intelligence to improve operations and customer experience. The company noted that AI tools are being used across several functions, including coding, recommendations and supply chain management.

For the full financial year FY26, Meesho’s revenue rose over 34% to ₹12,626 crore, while annual losses reduced significantly compared to the previous year.

Also Read: Anil Ambani files defamation case against NDTV

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Leaders

Julius Baer names Kunal Sumaya as interim India Head

Swiss wealth management firm Julius Baer has named Kunal Sumaya as its interim country head for India after the resignation of India CEO Umang Papneja.

The company said Papneja, who led the India business for nearly four years, is stepping down to explore new opportunities. However, he will continue with the firm until July next year to help ensure a smooth transition.

Sumaya has been with Julius Baer for 17 years and currently heads the bank’s global non-resident Indian (NRI) business. Along with his existing responsibilities, he will now oversee the company’s India operations during the transition period.

In his new role, Sumaya will manage both the domestic India business and Julius Baer’s global Indian client network spread across markets including the Middle East, Asia, Switzerland and the UK.

Senior executives at Julius Baer said Sumaya’s long experience with the company and strong understanding of Indian clients would help maintain continuity and support future growth plans.

During Papneja’s tenure, the bank widened its product offerings and expanded its leadership team in India. The company credited him with helping accelerate growth in one of its key markets.

The company said India remains an important growth market for the bank. Over the past few years, Julius Baer has expanded its presence across the country by opening new offices and strengthening its wealth management business.

Also Read: India hits record $863 bn export growth in FY26

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Beyond

India hits record $863 bn export growth in FY26

India recorded its highest-ever annual exports in the financial year 2025-26, with total exports touching a record $863 billion. The strong performance came despite global economic uncertainty, geopolitical tensions, and slower growth in international trade.

The biggest support came from the services sector, which continued to perform strongly throughout the year. Exports of services such as IT, software, consulting, business support, and digital solutions grew by nearly 8.7%, helping India offset weakness in some merchandise categories.

Officials said the growth reflects the increasing global demand for Indian talent and technology-based services. Indian companies continued to provide digital and business solutions to clients worldwide, even as many economies faced inflation pressures and slowing consumer demand.

Merchandise exports, including engineering goods, electronics, pharmaceuticals, and chemicals, also remained stable. While some sectors faced pressure due to weak global demand and supply-chain disruptions, India managed to maintain overall export momentum.

The final export figures were revised upward after updated services trade data became available. Earlier estimates had projected slightly lower numbers, but the revised data confirmed a new export record for the country.

The achievement is also seen as a positive sign for India’s broader economic growth. Strong exports help bring foreign exchange into the country, support employment, and improve business activity across sectors.

The government has also been working to strengthen trade relationships with multiple countries and push new trade agreements to increase market access for Indian businesses.

Over the past few years, India’s technology and digital industries have expanded rapidly, making the country a key global provider of IT and business services. Industry experts believe these efforts could further boost exports in the coming years.

Also Read: Pronto raises $20 mn, valuation doubles to $200 mn

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Corporate

Pronto raises $20 mn, valuation doubles to $200 mn

Indian startup Pronto has raised $20 million in fresh funding, doubling its valuation to $200 million within just a month. The company, which offers instant home-help services through its app, is quickly becoming one of the fastest-growing startups in India’s convenience economy.

Pronto connects users with workers for everyday household tasks such as cleaning, dishwashing, laundry, and kitchen assistance. The startup promises quick service, often sending helpers within minutes of booking, making it especially popular among busy urban households.

What caught attention in the startup world was how quickly the investment happened. Silicon Valley investor Lachy Groom reportedly decided to back the company after a short 20-minute pitch meeting with founder Anjali Sardana. The speed of the deal reflects growing confidence among investors in India’s fast-expanding on-demand services market.

The startup has seen rapid growth in recent months. Reports suggest Pronto’s daily bookings jumped sharply from around 3,000 late last year to more than 26,000 bookings a day. Rising demand for convenience-based services in cities has played a major role in this growth.

The fresh funding will help the company expand operations, hire more workers, and introduce additional services. Pronto is also expected to grow its presence in more Indian cities as competition in the instant-services market heats up.

While the company is still expected to spend heavily to scale its business and attract customers, investors appear optimistic about its long-term potential. The latest funding round places Pronto among the notable emerging consumer-tech startups in India this year.

Industry experts believe startups like Pronto are benefiting from changing urban lifestyles, where customers increasingly prefer app-based solutions for routine tasks. The trend is similar to the rise of quick-commerce platforms that deliver groceries and essentials within minutes.

Also Read: Gold at ₹15,200, Silver near ₹2.55 lakh

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Beyond

Gold at ₹15,200, Silver near ₹2.55 lakh

Oil prices edged higher on Thursday as global markets closely tracked developments around a possible peace agreement between the United States and Iran. Investors remained cautious, leading to fresh buying in both crude oil and safe-haven assets like gold and silver.

Brent crude rose above $101 per barrel, while US West Texas Intermediate (WTI) crude traded above $95 per barrel during the session. The rebound came after oil prices had fallen sharply earlier this week on hopes that easing tensions in West Asia could improve global oil supplies.

However, uncertainty over whether a final agreement will actually be reached kept traders on edge. Reports suggested that negotiations between the US and Iran are still facing major differences, making investors cautious about taking aggressive positions in the market.

The developments also influenced bullion prices. In India, 24K gold was priced around ₹15,214 per gram, while silver traded near ₹2.55 lakh per kilogram. Investors continued to move towards precious metals as a hedge against uncertainty in global markets.

Analysts said oil prices remain highly sensitive to geopolitical headlines, especially because the West Asia region plays a crucial role in global energy supply. Any disruption or easing of tensions can quickly impact crude prices worldwide.

The possibility of smoother oil exports through key shipping routes had earlier pushed prices lower, but doubts over the pace and success of diplomatic talks triggered a recovery in crude during Thursday’s trade.

Global equity markets also remained volatile as investors weighed the impact of changing oil prices on inflation and economic growth. Lower crude prices generally support markets by reducing inflation pressure, while higher oil prices can increase costs for businesses and consumers.

Also Read: Sensex rebounds 300 points, Nifty near 24,400

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Corporate

Sensex rebounds 300 points, Nifty near 24,400

Opening the market on Thursday, Indian equities began on a positive note but quickly turned volatile as early gains faded amid profit booking and mixed global cues.

The BSE Sensex recovered nearly 300 points from its day’s low, reflecting buying interest at lower levels. The Nifty 50 also showed resilience, moving closer to the 24,400 mark after witnessing swings through the session.

The day’s range (intraday high and low levels for Sensex and Nifty) was not clearly specified in the available information. However, the broader movement reflected recovery from early weakness and a stable close near higher levels.

Market sentiment was largely driven by geopolitical developments. Reports suggesting progress toward a US–Iran peace arrangement led to easing crude oil prices globally. Since India is a major importer of crude oil, lower prices are viewed as positive for inflation outlook, corporate margins, and overall macroeconomic stability.

Market recovery was supported by select heavyweight stocks. Reliance Industries, Bharti Airtel, and ICICI Bank were among the key gainers that helped lift sentiment and stabilize the indices after early losses.

On the other hand, pressure was seen in several major stocks during the initial trade. TCS, Infosys, Adani Ports, and Britannia Industries were among the notable losers, contributing to early weakness in the indices, particularly from the IT and select industrial and FMCG segments.

 However, market participation indicated stock-specific action rather than a broad-based rally, with investors rotating positions amid global cues and valuation concerns.

Global markets also provided support, with Asian equities firm and US markets closing higher overnight, driven by easing geopolitical risk perception and stable economic expectations.

Also Read: NSE posts 8% rise in Q4 profit to ₹2,871 cr

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Corporate

L&T wins ₹5,000 crore Odisha coal project

Larsen & Toubro (L&T) has secured a major engineering, procurement and construction (EPC) contract worth up to ₹5,000 crore to develop a coal-to-ammonium nitrate facility in Odisha.

The contract has been awarded by Bharat Coal Gasification and Chemicals Ltd (BCGCL), a joint venture between Coal India Ltd and Bharat Heavy Electricals Ltd (BHEL). The project involves setting up an integrated plant with a production capacity of around 2,000 tonnes per day of ammonium nitrate.

The facility will convert coal into ammonium nitrate, a key industrial chemical used in mining and infrastructure sectors. L&T will execute the project on a lump-sum turnkey basis, covering design, engineering, procurement, construction, commissioning, and performance testing.

The scope of work also includes allied facilities such as nitric acid production units, forming a part of the integrated chemical complex.

Officials said the project supports India’s broader coal gasification programme, aimed at reducing dependence on imported chemicals while utilising domestic coal resources more efficiently. The initiative is part of the government’s push to promote coal-to-chemicals conversion for industrial use.

Coal gasification projects are seen as strategic for India’s energy and industrial sectors, as they help produce value-added products like fertilisers and industrial inputs from domestic coal.

L&T said the order strengthens its position in large-scale industrial and energy infrastructure projects and highlights its capabilities in executing complex chemical plant developments.

Also Read: Reliance Jamnagar refinery units shut for upkeep