POST MARKET EDITION · 3:30 PM IST

Monday, JUNE 29, 2026

Open 24,132.40 High 24,148.60 Low 23,925.00 Prev 24,056.00

Open 77,194.00 High 77,210.00 Low 76,621.00 Prev 77,100.47

gainers

laggards

Fresh Iran Tensions Over Weekend · Crude Rebounds to $75.20 and Rupee Weakens

The long weekend brought unwelcome news: reports emerged of fresh US-Israel-Iran tensions, with Iran's state-affiliated Fars News Agency quoting Iranian officials saying Iran now has 'no choice but to obtain the atomic bomb' to remove 'the military option' from the table. The statement - which Iran's foreign ministry partially walked back - was enough to spike Brent crude from $72.86 (June 25 close) to $75.20 today, a 3.2% overnight rebound. The dollar surged to near a one-year high, pushing the rupee to Rs 94.82 - a sharp reversal from last week's Rs 94.20 close. The US PCE data released Friday (India holiday) came in at 0.2% MoM - in line with expectations - and was not the primary driver. The geopolitical flare-up is the dominant story. However, context matters: Iran's statement was from a state-affiliated outlet (not official government), and it came one day after the Buergenstock talks produced what mediators described as

Iran tensions: state media statement · Brent: $75.20 (+3.2%) · Rupee: Rs 94.82 · DII floor: 23,900

Kotak Bank CEO Ashok Vaswani Quits · Three Things That Define the Succession Risk

Kotak Mahindra Bank's announcement that CEO Ashok Vaswani will not seek reappointment when his term ends December 31, 2026 triggered a 3% single-session crash. The market's concern is threefold: (1) Vaswani was hired in January 2023 specifically to navigate Kotak's digital transformation after the RBI's instruction to halt customer onboarding on its mobile app. His departure before completing that mandate creates uncertainty about the bank's digital strategy continuity. (2) Kotak's founder Uday Kotak is no longer executive chairman - the succession pipeline from Vaswani will be the first non-founder, non-Vaswani CEO in the bank's 40-year history, raising governance questions that market participants are not yet equipped to answer. (3) The timing is awkward: Kotak is mid-cycle in an interest rate easing environment where execution on liability repricing is critical. A CEO transition in December creates a 3-6 month execution gap precisely when the

Kotak Bank CEO: exit Dec 2026 · Stock: -3% to Rs 397 · Successor: not announced · FY27 book: 2.9x

Hexaware Technologies was the session's standout performer, surging 9% after the company announced it has been named an Anthropic Authorized Reseller for Amazon Bedrock - joining a select group of companies worldwide authorized to resell Claude AI to enterprise clients. This is strategically significant: Anthropic's enterprise distribution via Amazon Bedrock is one of the highest-margin AI revenue channels, and Hexaware being named the India partner effectively positions it as the primary conduit for Claude enterprise adoption in Indian corporations. At a time when Indian IT is facing Accenture's AI disruption warning, Hexaware's deal represents the opposite thesis - an Indian IT firm actively winning the AI distribution layer. Max Healthcare rose sharply as pharma and healthcare remained the defensive bid of the session. Dr Reddy's, Eternal (Zomato), BEL, Trent, Coal

Persistent Systems was the day's most painful corporate story, crashing 9% after Q4 FY26 results disclosed revenue growth of 14.2% in constant currency - below the 17-18% that buy-side consensus had expected. While still strong in absolute terms, the deceleration from 18%+ in prior quarters confirmed that even the faster-growing Indian IT mid-caps are not immune to the global discretionary IT spending pullback. Nifty Auto fell 2.02% as Brent's 3.2% rebound to $75.20 reversed Thursday's crude-driven gains in IndiGo, Maruti, M&M and Bajaj Auto in a single session - illustrating how quickly the crude tailwind can turn into a headwind. Kotak Bank (-3%) dominated banking sector weakness; IT fell 1.08% on the twin pressures of Nasdaq weakness and Persistent's miss. BPCL fell 3% after announcing a Rs 85 crore acquisition of stakes in Tiki Tar and Shell India for

Foreign Institutional Investors

-Rs 1,240.58 Cr

Net sellers · Iran tensions trigger risk-off · June MTD: approx -Rs 44,519 Cr

Domestic Institutional Investors

+Rs 2,886.42 Cr

Net buyers for 20th consecutive session · DII June MTD: approx +Rs 75,406 Cr

Net Institutional Flow

+Rs 1,645.84 Cr

DII absorbed FII selling; Nifty held 23,900 · Structural DII floor confirmed again

Hexaware +9% as Anthropic Authorized Reseller · The AI Distribution Layer India Just Won

Hexaware Technologies' 9% surge today is the most important AI sector development in Indian markets since HCL Tech's Rs 1,427 crore AI-native banking mandate on June 16. Being named an Anthropic Authorized Reseller for Amazon Bedrock is not just a partnership - it is a structural position in the AI value chain that Indian IT has been struggling to occupy. The Anthropic-Amazon Bedrock reseller programme is highly selective: globally, fewer than 25 companies have been granted authorized reseller status, meaning Hexaware joins a peer group that includes Accenture, Deloitte and IBM. The commercial model is significant: resellers earn a margin on every Claude API call their enterprise clients make through Bedrock - a recurring, usage-based revenue stream that grows automatically as enterprise AI adoption deepens without requiring new contract wins. For Hexaware, which had FY26 revenue of approximately Rs 12,800 crore, even a 5% AI reseller revenue contribution within 18 months would add Rs 640 crore of high-margin income. HCL Tech's 10.46% stake acquisition in Sarvam AI today - India's leading large language model startup - represents a parallel but different AI strategy: building versus distributing. The Indian IT sector's AI positioning is bifurcating rapidly:

Hexaware: +9% · Anthropic reseller: <25 globally · Recurring AI revenue: Rs 640 Cr potential

Iran's Weekend Statement: How to Read Geopolitical Noise vs Structural Signals

The weekend's Fars News Agency report - quoting Iranian officials on nuclear ambitions - sent Brent from $72.86 to $75.20. But intelligent investors need to distinguish between geopolitical noise and structural signals. Three data points that classify this as noise: (1) The statement came from Fars News, a state-affiliated outlet, NOT from the Iranian Foreign Ministry or President Pezeshkian's office. The Foreign Ministry subsequently issued a partial walkback. (2) Buergenstock Day 5-6 talks - running simultaneously over the weekend - were described by Qatar's foreign minister as producing 'significant progress' on the comprehensive deal timeline. (3) The US-Iran communications mechanism agreed on June 22 remains operative - both sides have the hotline and are using it. The structural signal: Brent at $75.20 is still 20.6% below the June 11 peak of $94.68. Even with today's spike, India's monthly crude import saving versus June 11 remains approximately Rs 26,000-28,000 crore. The conflict premium is partially returning but has not reversed the structural improvement. Watch the tone of official Iranian and US spokesperson statements in the next 48 hours - those will determine whether today's crude spike is a 1-2 day episode or the start of a re-escalation.

Brent: $75.20 (still -20.6% from June 11) · Fars News vs official channel · Watch: next 48 hours

Persistent -9%: What the Miss Says About IT Sector Velocity Risk in Q1 FY27

Persistent Systems' Q4 FY26 revenue growth of 14.2% constant currency - versus the 17-18% buy-side consensus - is the first hard data confirming that the Accenture guidance shock was not merely sentiment. Persistent had been the fastest-growing large Indian IT mid-cap for seven consecutive quarters, which means its deceleration from 18%+ to 14.2% is particularly alarming as a sector signal. Three readings: (1) The specific deceleration was in Persistent's BFSI (banking, financial services and insurance) vertical - the exact vertical Accenture flagged as most exposed to AI agent displacement. (2) Persistent's management commentary on the earnings call cited 'elongated deal closure cycles' and 'AI pilot-to-production conversion delays' - language that tracks directly with Accenture's AI cannibalisation thesis. (3) Despite the miss, Persistent's FY27 guidance was maintained at 15-17% growth - still sector-leading, but the market reads guide-cuts in a sector where momentum has been everything. The read-through for Infosys and TCS Q1 FY27 results on July 10-11: velocity risk is real and the BFSI vertical is the primary exposure. Watch Infosys specifically - it has the highest BFSI concentration of the Tier-1 players.

Persistent: -9% · Q4 growth: 14.2% vs 17-18% consensus · BFSI miss · Watch: Infosys July 10

Kotak Bank CEO Exit: The Three Questions Every Investor Needs Answered Before Buying the Dip

Kotak Mahindra Bank's 3% crash today creates a potential value opportunity - but only once three critical questions are answered: (1) Who is the successor? The bank has a pool of internal candidates including Shanti Ekambaram (Group President, Consumer Banking) and Dipak Gupta (Joint MD). An internal succession that preserves institutional continuity would be read positively. An external hire that signals a strategic reset would extend the uncertainty. RBI has a 4-month notice period requirement for bank CEO appointments, meaning the successor must be announced by September-October 2026 at the latest. (2) What is the digital strategy continuity? Vaswani was brought in specifically to lead Kotak's digital transformation after the 2023 RBI action on mobile app customer onboarding. His strategic mandate is incomplete - the bank's NIM recovery and deposit franchise rebuild are mid-programme. (3) Is Uday Kotak returning to influence? Kotak's founder retains significant shareholding and board presence. A Vaswani exit that is perceived as founder-influenced would raise governance concerns. At Rs 397, Kotak trades at 2.9x FY27 book - a premium to HDFC Bank (2.4x) and ICICI Bank (2.8x). The premium requires succession clarity to be justified.

Kotak: -3% to Rs 397 · Successor: TBA by Sep-Oct 2026 · FY27 book: 2.9x vs HDFC 2.4x

HCL Tech Buys 10.46% of Sarvam AI · India's Most Important AI Infrastructure Bet

HCL Technologies' acquisition of a 10.46% stake in Sarvam AI - India's leading large language model startup that builds AI infrastructure specifically for Indian languages and enterprise contexts - is the most strategically significant Indian IT sector announcement since Infosys's acquisition of EdgeVerve in 2014. Sarvam AI's models are natively multilingual across 22 scheduled Indian languages, making them uniquely positioned for the government's Digital India AI programme, BFSI vernacular banking push, and healthcare diagnostics in Tier-2/3 cities. HCL's stake creates three immediate revenue pathways: (1) Exclusive enterprise distribution of Sarvam's models to HCL's 220+ global clients. (2) Co-development of industry-specific fine-tuned models (banking, healthcare, manufacturing) that HCL can deploy on its managed services contracts. (3) A potential exit at 5-7x on listing if Sarvam follows the Anthropic path to an IPO within 3-5 years. Context: HCL Tech acquired this stake at what multiple sources suggest is a Rs 1,200-1,400 crore post-money valuation - implying HCL paid Rs 125-147 crore for its 10.46% stake. At the growth trajectory Sarvam is on, this is the most asymmetric AI bet made by any Indian listed company to date.

HCL Tech: 10.46% Sarvam AI at Rs 1,200-1,400 Cr valuation · 22 Indian languages · Exit potential: 5-7x

Nifty Held 23,900 Despite Sensex -479 Intraday · The DII Floor That Markets Are Still Underestimating

The most analytically important number from today's session is not the close (-110 pts) but the intraday low: Nifty 23,925, Sensex -479 pts. The fact that a session with fresh Iran tensions, Kotak Bank CEO exit, Persistent -9%, and auto sector -2% could only push the Nifty to 23,925 before recovering - not even breaching the 23,900 level - is a structural signal of the DII bid's power. DII June MTD buying: approximately Rs 75,406 crore across 20 consecutive sessions. The monthly SIP inflow of Rs 26,000 crore means approximately Rs 1,300 crore of mechanical DII buying arrives every trading day regardless of Iran news, CEO exits, or IT results misses. This is the floor. For investors trying to time a re-entry after the day's weakness: the Nifty's intraday recovery from 23,925 to close at 23,946 is the DII absorption at work in real time. The next key level is 23,800 - a breach there would require FII selling to overwhelm the DII bid, which given today's FII flow of -Rs 1,240 crore (modest by recent standards) seems unlikely without a sustained macro deterioration. The structural range for Nifty in the near term: 23,800-24,500.

Nifty intraday low: 23,925 · DII floor: confirmed · SIP: Rs 1,300 Cr/day mechanical · Range: 23,800-24,500

The insight for today

The insight for today is the Hexaware-Anthropic and HCL Tech-Sarvam pair. On a day when the Nifty fell 110 points and Persistent crashed 9% on an AI-disruption read-through, two Indian IT companies announced exactly the opposite trade: one won the right to distribute Claude AI to Indian enterprises (Hexaware, +9%), and the other bought a stake in India's best large language model startup (HCL Tech, Sarvam). The Indian IT sector is not a monolith - it is bifurcating rapidly between those adapting to AI as a distribution and infrastructure opportunity and those watching their legacy outsourcing contracts erode. Hexaware and HCL Tech are on the right side of this bifurcation. Infosys and TCS - whose Q1 FY27 results come on July 10-11 - are the ones that need to prove which side they are on. Today's session gave you the clearest possible signal of what the market will reward.