ISEC.NSE

ICICI Securities Ltd

India's Nifty index shows resilience against potential oil price surges from the Gulf conflict. Companies within the Nifty that supply energy like coal and electricity stand to gain. Demand for these energy sources is expected to rise as alternatives to oil and gas. Conversely, smaller companies face greater impact from rising fuel costs.

The Reserve Bank of India will hold its key interest rate unchanged at 5.25% on April 8 and at least until mid-2027, a Reuters poll of economists showed, as benign price pressures give it space to assess the impact from the Middle East conflict. Inflation has stayed below the RBI's medium-term target of 4% for a year ‌and economic ⁠growth remains ⁠strong but the U.S.-Israel war with Iran has blocked a key transport corridor and threatens price stability for the world's third-largest oil importer. Still, all but two of 71 economists in the March 23-26 Reuters poll expected the RBI to keep the repo rate unchanged at 5.25% at its next policy meeting. Most see rates on hold at least until mid-2027, a view largely unchanged from a February survey, ⁠before the ‌war began. "Inflation is already quite benign. So there is some space for oil price shocks to get absorbed into higher inflation without really ⁠rocking the boat of the economy...but the risks are clearly to the upside for the policy rate," said Dhiraj Nim, an economist at ANZ. 'PREMATURE TO CONSIDER RATE INCREASE' Sakshi Gupta, principal economist at HDFC Bank, agreed, adding "it is premature to be considering a rate increase." Most economists said the RBI is unlikely to deviate from the neutral stance it has maintained since June given the uncertainty around how long the conflict will persist.

Indian equity benchmarks gained for a second session on Wednesday, as prospects of a Middle East ceasefire pulled oil prices lower and eased concerns around growth in the world’s third-biggest crude importer. The Nifty 50 rose 1.72% to 23,306.45, while the BSE Sensex added 1.63% to 75,273.45. The benchmarks have gained 3.5% in two days. They are down 7.4% so far this month, with foreign investors offloading $11.37 billion worth of shares in their biggest monthly selloff on record. HDFC Bank, the heaviest stock on the Nifty, rose 2.3%, extending gains to the second session, after tapping external law firms to review its ex‑chairman’s abrupt exit. It pushed financial stocks up 2.35%, their biggest daily gain in seven weeks. The lender had slumped 11.7% over the three sessions to Monday following Atanu Chakraborty’s resignation. The broader small-caps and mid-caps added 2.6% and 2.3%, respectively, on Wednesday. Global markets reacted positively to U.S. President Donald Trump’s comments on Tuesday that Washington was making progress toward ending the war, although Iran’s military said no talks had taken place.

Accenture’s results suggest stable demand but subdued growth for software outsourcing firms. Revenue rose 4% year-on-year, beating estimates, while guidance indicates modest growth ahead. Analysts and brokerages such as ICICI Securities and Motilal Oswal said the numbers point to a period of stable demand, with no significant uptick in client spending for Indian IT services in the near term.