TVS Holdings, Afcons Infra Rise On Key Developments

TVS Holdings gained 7% after the company reported a 22% rise in consolidated net profit for the March quarter.

Afcons Infrastructure advanced 6% after the company announced that it had secured a ₹7,544 crore railway project in Croatia. The order marks Afcons Infrastructure’s entry into the European railway market.

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Oil India also rallied 6% after the government revised royalty rates applicable to crude oil and natural gas production. National Aluminium Company added 2% during the session.

The gains in select energy and infrastructure stocks came even as broader market sentiment remained cautious due to elevated crude oil prices and global uncertainty linked to the West Asia conflict.

IT Stocks Drag Markets Lower

Information technology stocks witnessed selling pressure during the session. Infosys, Tata Consultancy Services and Tech Mahindra declined nearly 3% each, making them among the top losers on the benchmark indices.

UPL fell 4% after the company reported weaker quarterly earnings. Vodafone Idea declined 3% after the telecom operator denied reports regarding a proposal related to transferring part of its shareholding into treasury stock. The BSE IT Index declined 3%, while the BSE Realty Index slipped 1.4%.

Oil & Gas, Metal Indices Outperform

Sector-wise, oil and metal shares recorded relatively better performance during the trading session. BSE Oil & Gas Index was up by 0.4%, buoyed by advances in Oil India and other oil and gas related stocks. The BSE Metals Index was up by 0.3%.

Broader market breadth remained weak. On the BSE, 898 stocks advanced while 2,228 stocks declined, indicating pressure across a large section of the market despite gains in select counters.

Crude Oil Prices Remain In Focus

The market sentiments were still cautious due to high prices of crude oil, triggered by worries regarding Iran’s situation and the Strait of Hormuz.

The price of Brent Crude was above $105 per barrel during the session after rising almost 1% in global markets.

In addition, Reuters reports that U.S. President Donald Trump was worried about the ceasefire in Iran and the possibility of disturbances affecting the energy supply through the Gulf region.

More than 85% of India’s crude oil needs are imported from other countries, rendering the Indian market vulnerable to changes in the international crude oil prices.

Geopolitical uncertainties and weakness in technology stocks in global markets led to a volatile Asian market performance.