Indian benchmark indices ended marginally higher on Thursday, with the Sensex advancing 109.25 points, or 0.14%, to close at 77,100.47, while the Nifty 50 gained 34.35 points, or 0.14%, to settle at 24,056.00. However, market sentiment remains cautious as Gift Nifty was trading near the 24,087 mark, down over 15 points from the previous close of Nifty futures. According to Ponmudi R, CEO of Enrich Money, "Indian equity markets are expected to trade on a cautious note following a renewed flare-up in geopolitical tensions after fresh military exchanges between the US and Iran." Despite the positive market close, the domestic stock market remained closed on Friday in observance of Muharram, with the market likely to open lower as geopolitical tensions continue to influence investor sentiment. GIFT NIFTY futures suggest that the NIFTY50 index will open 23 points higher on Tuesday, indicating a positive start for the domestic market.
Axis Bank emerged as the only major banking stock trading in green on Tuesday morning, rising 0.8% to ₹1,367.60, even as peers HDFC Bank (-0.56%), Yes Bank (-0.52%), and Bandhan Bank (-0.07%) declined. The outperformance came despite the announcement that Axis Bank CFO Puneet Sharma will move to HDFC Bank as its new CFO from December. Brokerages have largely dismissed concerns around the management change, viewing it as an individual career move rather than a reflection of any weakness at Axis Bank. Kotak Institutional Equities said HDFC Bank has strengthened its leadership with the appointment of former Finance Secretary Rajiv Kumar as Chairman-designate and Puneet Sharma as CFO, while adding that Sharma's resignation from Axis Bank is not a negative for the lender. Jefferies also termed the appointments a positive step in HDFC Bank's succession planning, reiterating HDFC Bank as one of its top banking picks.
Several major companies announced significant corporate developments that will keep investors focused during today's trading session. ITC reported that British American Tobacco (BAT)-linked entities received a ₹3,895.74 crore dividend payout from ITC in FY26, according to the company's latest annual report. Meanwhile, Embassy Developments announced plans to invest ₹1,500 crore to build a 3 million sq ft office complex in Bengaluru to generate rental income. Additionally, KEC International secured new orders worth ₹1,754 crore, while Sterling and Wilson Renewable Energy received a landmark project in Egypt worth $560 million for a 1,000 MWac Solar PV project and 600 MWh Battery Energy Storage project. Yes Bank announced it has received an income tax refund of ₹879 crore for AY2018-19, including interest income and tax benefits above the materiality threshold, following the resolution of tax proceedings dating back to the bank's 2020 assessment.
SIS Ltd announced a significant share buyback program with the board approving, in principle, a proposal to undertake a buyback of up to ₹120 crore at a maximum price of ₹478.50 per equity share, representing a 10% premium to the closing price on June 25, 2026. The company estimates that around 25 lakh shares could be bought back under the proposed programme, with the buyback subject to regulatory and shareholder approvals. Bajaj Auto is undertaking a buyback of up to 46.94 lakh fully paid-up equity shares at a price of ₹12,000 per share for an aggregate amount of up to ₹5,632.8 crore, with the buyback opening on July 1, 2026 and closing on July 7, 2026. Axis Bank announced plans to raise up to ₹7,500 crore through equity securities issuance via various permissible routes, subject to shareholder and regulatory approvals, with the fundraise capped at a maximum equity dilution of 10%.
Persistent Systems announced a major acquisition by launching a takeover bid for German digital engineering company Nagarro SE, creating a global tech powerhouse with nearly $2.9 billion in annual revenue and over 46,000 employees. The deal, valued at approximately $1.3 billion (€81 per share), is expected to close by March 2027 and will propel Persistent to become India's seventh-largest IT services firm. As per CEO Sandeep Kalra, the acquisition brings crucial SAP implementation capabilities and OpenAI partnerships that will significantly enhance Persistent's portfolio. The deal involves Persistent acquiring 21% from Nagarro's largest shareholder and making a public offer to all other shareholders at €81 each, with the company planning to borrow up to €1.4 billion ($1.6 billion) from Barclays to finance the acquisition.
Transrail Lighting secured new international orders worth approximately ₹459 crore, demonstrating strong export performance. BEML secured an additional export order worth USD 5.35 million from West Asia for heavy earthmoving equipment. PTC Industries board approved a fundraise of up to ₹1,800 crore through qualified institutional placement (QIP), preferential issue, and other modes, while also clearing loans, guarantees, securities, and investments worth up to ₹2,000 crore. The board also approved raising the company's borrowing limit to ₹600 crore from the existing ₹350 crore. Indian Railway Finance Corporation saw its Centre's Offer for Sale (OFS) garner robust investor demand, enabling the government to raise an estimated ₹2,084 crore while also triggering the exercise of the greenshoe option.
