Stock markets on May 27: Here are 10 things that changed for markets overnight

The Indian equity benchmarks are set to open on a flat note on Tuesday, May 27, as indicated by NIFTY Futures traded at Gift City in Ahmedabad. Gift NIFTY Futures was down 0.07% or 19 points at 25,030 indicating a subdued start for NIFTY50 index amid lukewarm cues from Asian markets.

Asian markets

Most of the Asian markets were trading on a subdued note on Tuesday with Japan's Nikkei down 0.2%, Hong Kong's Hang Seng rose 0.2%, South Korea's KOSPI declined 0.44% and Taiwan Weighted declined 0.08% amid lack of cues from US markets.

Contracts for the S&P 500 and Nasdaq 100 jumped over 1%, holding their gains from a Monday holiday, after the European Union agreed to accelerate trade negotiations with the US. Markets were closed in the US for a holiday Monday, according to news agency Bloomberg.

Stocks to watch

The Hyderabad-based drug maker posted a profit after tax (PAT) of ₹907 crore in the January-March quarter of FY24.

Its total revenue from operations stood at ₹8,382 crore for the fourth quarter compared to ₹7,580 crore in the year-ago period.

FII, DII activity

Foreign institutional investors (FII) bought shares worth ₹136 crore in cash segment while domestic institutional investors (DII) bought shares worth ₹1,745 crore.

In futures & options segment, FIIs bought index futures worth ₹565 crore and bought index options worth ₹42,716 crore.

Block deals to watch out for

InterGlobe Aviation is likely to witness a large block change hands in trade today as its promoter Rakesh Gangwal and his family trust are likely to offload up to 3.4% stake worth at least ₹6,831 crore in the airline on Tuesday, according to sources.

Gangwal, the co-founder of IndiGo, has been offloading his holding in a phased manner following a bitter fallout with co-founder Rahul Bhatia.

Apart from Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, will be divesting 3.4% stake in IndiGo, the country's largest airline, the sources said.

Q4 earnings reaction to watch

The company posted a net profit of ₹96 crore a year earlier, according to a regulatory filing.

Its total income rose to ₹1,083.5 crore in the fourth quarter of 2024-25 from ₹821.1 crore in the year-ago period.

For the full 2024-25 fiscal, the company's net profit declined to ₹568 crore from ₹740.5 crore in the preceding fiscal.

The company had reported a loss of ₹17.76 crore in the January-March quarter a year ago, according to a regulatory filing from Monte Carlo Fashions.

Its revenue from operation was marginally down at ₹205.93 crore in the March Quarter against ₹206.52 crore in the corresponding quarter a year ago.

The company had reported a net profit of ₹77.78 crore in the year-ago period, according to a regulatory filing from Blue Dart Express.

However, its revenue from operations rose 7.13% to ₹1,417.32 crore in the March Quarter. It was ₹1,322.87 crore in the corresponding quarter a year ago.

The state-owned reinsurance company had earned ₹2,642 crore in the same quarter in the previous financial year.

During the quarter, the company collected a gross premium of ₹10,367 crore against ₹8,724 crore in the year-ago period, GIC Re said in a filing.

Total income of the re-insurer rose to ₹11,364 crore in the March quarter compared to ₹9,222 crore in the same quarter a year ago.

SEBI on F&O expiries

Capital markets regulator Sebi on Monday said expiries of all equity derivatives contracts across exchanges will be uniformly limited to Tuesdays or Thursdays.

This would help optimise the spacing between expiries and avoid designating, either the first or last day of the week as the expiry day.

In its circular, Sebi said exchanges will now seek its approval before launching or modifying any contract expiry or settlement day.

"In the multi-exchange framework, spacing out of expiry days through the week reduces concentration risk and provides an opportunity for stock exchanges to offer product differentiation to market participants.

IPO market update

The initial share sale received bids for 28,75,176 shares against 4,66,10,169 shares on offer, as per NSE data.

The category for retail individual investors (RIIs) received 20% subscriptions while the quota for non-institutional investors subscribed 3%. The portion for qualified institutional buyers (QIBs) received a 3% subscription.

Schloss Bangalore Ltd has garnered ₹1,575 crore from anchor investors.

The initial share sale received bids for 1,77,71,355 shares against 6,90,58,296 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) fetched 39% subscription while the category for Retail Individual Investors (RIIs) got subscribed 19%. Non-institutional investors part received a 3% subscription.

Aegis Vopak Terminals has raised ₹1,260 crore from anchor investors.

Q4 earnings to watch

Several companies are slated to announce their March quarter earnings today. The list includes names such as LIC, Bosch, NMDC, Bharat Dynamics, ITI Ltd, Hindustan Copper, Minda Corporation, Procter and Gamble Hygiene and Health Care, Triveni Engineering and Industries, EID Parry (India), and EPack Durables, among others.

Rupee rises for second session

Rising for the second straight session, the rupee jumped 35 paise to close at 85.10 against the US dollar on Monday, buoyed by a positive trend in domestic equity markets and a weak American currency overseas.

According to forex traders, the inflow of foreign funds and the RBI's announcement of giving a record dividend of Rs 2.69 lakh crore to the government for FY25 added strength to the local currency even as a slight recovery in crude oil prices capped its gain.

At the interbank foreign exchange market, the rupee opened at 85.02 and moved between the intra-day high of 84.78 and the lowest level of 85.18 against the US dollar. The unit ended the session at 85.10 against the greenback, registering a gain of 35 paise over its previous close.

Crude market update

Oil prices held steady on Monday with news that eight OPEC+ countries, who had pledged extra voluntary oil output cuts, will now meet on May 31, a day earlier than previously planned, news agency Reuters reported.

Brent crude futures settled down four cents at $64.74 a barrel, while U.S. West Texas Intermediate crude last traded at $61.53 a barrel, unchanged from the prior day's session, the report added.