Daily Market News Update — 10th-11th May 2026

Midnight News Update: 10-11 May 2026

Hindustan Urvarak and Rasayan Ltd (HURL) will be the first major divestment of FY27. HURL, the fertilizer joint venture of NTPC, IOC, and Coal India; will raise ₹6,000 crore through the divestment process. Details are expected shortly. HURL has been around for 10 years and was set up to revive closed fertilizer plants and boost urea production in India. It operates fertilizer manufacturing units in Gorakhpur (UP), Barauni (Bihar), and Sindri (Jharkhand). Each of these units has capacity of 2,200 metric tonnes per day (MTPD) of ammonia and 3,850 MTPD of Urea.

Hyundai India, which saw India’s biggest IPO last year, reported a 22.2% fall in net profits at ₹1,256 crore for Q4FY26. For the quarter, revenues were up 5.4% at ₹17,940 crore. The profits and sales for the quarter were well below street estimates. The company saw a margin hit due to a spike in commodity prices. This was on account of shift in focus from SUVs to entry level cars. EBITDA margins for the quarter fell sharply from 14.1% to 10.4%. Even full year net profits were 3% lower at ₹5,431 crore for FY26. Export volumes rose 16.4%, but domestic volumes fell 2.3%.

For any broking house, the share of active SIP accounts is a good barometer of retail intensity. For FY26, total SIP accounts touched 10.4 crore, with Groww accounting for 17% of these SIP accounts. On an average, Indian investors account for gross SIP inflows of ₹32,000 crore each month, but the net accretion would be much lower due to the SIP stoppage ratio being as high as 100%. In the case of Groww, SIP investment has been an onboarding strategy for first-time investors, which is how it should be. The strong retail franchise can be leveraged for cross selling products.

Amidst a sharp jump in profits, Saudi Aramco has cautioned that crude may be moving towards a higher new normal. For the March 2026 quarter, Saudi Aramco reported 26% higher net profits at $33.6 billion on the back of higher crude prices and better refining margins. Aramco has warned that the closure of the Straits of Hormuz could result in oil prices remaining elevated even after the war in the Middle East was over. In most cases, capacities had been severely constrained and it would take time for normal capacities to be restored. Brent at $100/bbl looks likely.

FPI selling continued in May 2026, although it was not as violent as in March 2026. However, in less than 5 months, FPIs have already pulled out more than ₹2,00,000 crore from Indian equities. The first week of May saw ₹14,231 crore pulled out of equities. March and April 2026 were months of heavy FPI selling with ₹1,17,000 crore and ₹60,487 crore pulled out respectively. The FPI selling of over ₹2,00,000 in the first four-and-half months of 2026 is more than the FPI selling in the whole of 2025 at ₹1,66,000 crore. For now, the FPI outlook on India remains negative.

The US unemployment rate remained unchanged at 4.3% for April 2026, even as non-farm payroll additions were subdued at 1,15,000 jobs for the month. The US had seen a sharp shrinkage of jobs in February, but it was back to expanding jobs from March onwards. For April, the job additions at 1,15,000 was much higher than the analyst estimates of just 65,000 job additions. With the job situation looking comfortable and unemployment not really spiking, the Fed may not really have reasons to cut interest rates. That would depend on the view that Kevin Warsh takes.

India CPI inflation has been on a steady up-path. After scaling 3.2% in February and 3.4% in March; consumer inflation is expected to touch 3.9% in April as per an FE poll of economists. In fact, the economists are projecting food inflation in the range of 4.1% to 5.1%. It would also be the highest inflation level in 15 months, but will still remain below the average RBI inflation target of 4%. The El Nino effect is likely to impact food inflation, even as weakening of the rupee is likely to add to imported inflation. Fuel inflation continues to be understated due to regulated pricing.

For Q4FY26, Titan reported 35.4% higher net profits at ₹1,179 crore while revenues were up 81% at ₹26,920 crore. While sales were ahead of street estimates, net profits fell below estimates. The company also declared a final dividend of ₹15 per share. For the fourth quarter, EBITDA increased by 26% to ₹1,937 crore even as EBITDA margins tapered by 310 bps to 7.2%. The spike in gold prices resulted in narrowing of jewellery margins. However, despite the high gold prices, footfalls were steady at Titan stores. The stock of Titan has been an outperformer in last 1 year.