Mumbai: Earnings of most listed brokers remained under pressure in the June quarter as trading activity in equity derivatives slowed and the rally in gold and silver seen in the January-March quarter reversed, weighing on revenue growth.

Among listed brokers, standalone revenue IIFL Capital Services rose 3% in the June quarter from the January-March period. In the case of Billionbrains Garage Ventures (Groww), Angel One and Anand Rathi Share & Stock Brokers, revenue declined 1-4%. In contrast, Motilal Oswal Financial Services‘ revenue surged 88% in the period.

While standalone net profit at Groww and IIFL Capital Services rose 2.5% and 14%, respectively, quarter-on-quarter, Motilal Oswal reported a profit of ₹665 crore after posting a loss of ₹49 crore in the March quarter. Angel One and Anand Rathi Share & Stock Brokers, meanwhile, reported profit declines of 23% and 44%, respectively.

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Shripal Shah, MD & CEO of Kotak Securities, said most brokers have reported softer earnings sequentially due to two key factors.

“First, Q4 had a high base, driven by the sharp rally in gold and silver, which boosted trading activity and broker earnings, and we have seen that momentum ease in Q1,” he said. “Second, derivatives options premium turnover declined by 4-5%, while retail cash market turnover rose 18-19%, weighing on brokers with higher F&O exposure.”
The June quarter reflected a mixed performance primarily because market activity remained uneven, said Suresh Shukla, Chief Business Officer, Wealth Management, Motilal Oswal Financial Services. “Investor participation continued to be healthy, however trading volumes were volatile largely due to geopolitical issues.”
After the West Asian conflict escalated in March, markets rebounded in April. However, the momentum did not sustain through May and June.
Shukla said firms with diversified revenue streams, including wealth management, distribution and margin trading funding (MTF), were better insulated. Raj Gaikar, research analyst at Samco Securities, said the June quarter earnings reflected a change in the earnings mix rather than a slowdown in demand.

“Year-on-year growth across all players shows retail participation remains healthy,” he said. “The sequential weakness was largely driven by Sebi’s derivatives reforms, expiry rationalisation and tighter position limits, which reduced index options premium turnover.” Stock performance has been mixed so far in 2026. While discount brokers such as Angel One and Groww have gained 29% and 28%, respectively, Motilal Oswal Financial Services was up 3%. IIFL Capital Services and Anand Rathi Share and Stock Brokers have declined 11% and 19%, respectively. The Nifty 50 is down 8.2%, while the Nifty 500 has declined 3.2% in 2026.

THE ROAD AHEAD
Shukla of Motilal Oswal said that the revenue mix is getting healthier in the broking business, especially for full-service brokers. “Businesses such as margin trading funding (MTF), wealth management, mutual fund and insurance distribution have become increasingly important contributors to profitability,” he said.

Gaikar said that among individual brokers, Angel One saw margins come under pressure due to higher spending on marketing and new businesses, while Groww’s flat topline reflects a mix shift where derivatives income declined off an elevated Q4 base, while MTF, float and commodity derivatives absorbed it, and Anand Rathi’s decline was due to weaker transaction and capital markets income.

“Looking ahead, traditional brokers with stronger cash market exposure are better positioned despite softer derivatives volumes,” said Shah of Kotak. “Additionally, the continued growth of MTF books should support earnings through higher interest income, better brokerage yields than regular cash trades, and increased trading volumes.”

Recovery is paramount for any athlete to be great at their craft, but Nike and Hyperice created yet another footwear innovation designed to help those hard-working athletes unwind from the ground up. 

This time, it’s with a slip-on slide. 

The Nike Air Zoom Hyperslide was introduced on Monday as the latest innovation developed in partnership with Hyperice, the health technology company that designs products specifically for recovery. 

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By combining Nike’s footwear expertise with Hyperice’s recovery technology, and building off the foundation of the award-winning Nike x Hyperice Hyperboot, this slide is designed to be wearable no matter the time of day, but with recovery in mind. 

How exactly can a slide help an athlete recover just by wearing it? A magnetic Hyperslide Pod housed inside the slide’s adjustable strap delivers three levels of heat as well as three levels of vibration that run within 15-minute cycles. This gives athletes the ability to seamlessly customize how they want to experience the slide’s recovery features through on-pod controls, or simply using the Hyperice App. 

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And whether it’s before or after competitions, training or regular life moments, the slide is a low-profile, full-length Air Zoom sole for soft, responsive comfort with targeted Hyperice heat and vibration within. 

“Athletes leave everything on the field, and the approach to recovery needs to meet them at the same level,” Tobi Hatfield, senior director of athlete innovation at Nike, said in a statement. “With the Nike Air Zoom Hyperslide, we wanted to create a solution that kickstarts recovery the moment you power it up — helping athletes feel more relaxed, restored and ready to take their performance to the next level.”

Nike and Hyperice got feedback on the product from a range of athletes, pro and everyday performers, including Netherlands and Liverpool star Virgil van Dijk. 

“It’s the combination that stands out,” he said in a press release. “The Hyperice heat and vibration help my feet recover as quickly as possible, while the Nike Air Zoom cushioning makes it feel incredibly comfortable.”

It also helps that Nike and Hyperice understood what athletes need to recover and how to use their respective expertise to make it happen after feedback from the Hyperboot. That product was tested with Nike Olympians at the 2024 Paris Summer Games, and it went on to exceed $10 million in revenue in its first eight months. 

It was the first shoe ever carried by Best Buy, while also winning numerous innovation awards. 

The Air Zoom Hyperslide reflects both companies’ belief that performance doesn’t just end when competition or training stops. Athletes are always looking for an edge over the competition, and recovery has seen an uptick in priority to ensure a fresh mind and body for the next day, no matter what’s on the docket. 

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“Our partnership with Nike has always been driven by a shared commitment to innovation for the athlete,” Hyperice founder Anthony Katz said in a statement. “With the Nike Air Zoom Hyperslide, we’re making premium recovery more accessible than ever, combining Nike’s iconic footwear expertise with Hyperice technology to help people recover smarter with every step.”

The Air Zoom Hyperslide will be made available beginning Sept. 29 in select markets.   

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Asian equities dropped as renewed concerns over artificial-intelligence spending fueled another selloff in chipmakers. Crude oil extended its decline.

The MSCI Asia Pacific Index fell 1.2%, with technology shares the biggest losers. The Kospi Index in South Korea dropped 5.6%, while the Nikkei in Japan slid 1.3%. The moves came after a US gauge of semiconductor giants fell 2.2%. SK Hynix Inc. and Samsung Electronics Co. were among the biggest losers in Asia.

The cost of protecting Nvidia Corp.’s debt against default surged amid a round of AI deals worth more than $750 billion. South Korea’s SK Hynix slipped below its US initial public offering price. ASML Holding NV sank on a report that a Chinese state-backed firm is producing certain chipmaking machines that could threaten its sales.

Elsewhere, US crude dropped below $82 a barrel after global benchmark Brent slumped the most in more than three months on Monday as Washington paused daily strikes against Iran. Bond yields dropped during the US session, with inflation fears easing in the countdown to the Federal Reserve decision.

Alongside geopolitical developments, investors face a packed week of risk events, with policy decisions from the Fed, Bank of Japan and Bank of England as well as earnings from megacap technology companies. Investors are increasingly looking for signs that the biggest spenders on artificial intelligence can justify the billions of dollars they have poured into the technology.

“This is a week with more than its fair share of potential surprises, good and bad,” said Chris Larkin at E*Trade from Morgan Stanley. “Geopolitics and oil prices may be the biggest wild cards, but a bullish response to strong Magnificent Seven earnings isn’t a given, especially if AI spending levels continue to raise eyebrows.”
Chip companies remained in focus during the US session, with the Philadelphia Semiconductor Index dropping for a third consecutive day. Sandisk Corp., Advanced Micro Devices Inc. and Nvidia were among the S&P 500’s biggest decliners.Microsoft Corp., Meta Platforms Inc., Apple Inc. and Amazon.com Inc. are among the companies reporting this week. In Asia, SK Hynix and Samsung will announce earnings.

“Those companies embody the critical theme weighing on sentiment in the markets right now — excess capital expenditure and spending by AI companies that, investors fear, will eat into returns,” Kyle Rodda, a senior analyst at Capital.com, wrote in a note to clients.

Traders’ attention will be on a slew of earnings later this week, with more than 170 companies in the S&P 500 set to report. Artificial-intelligence spending is in sharp focus after last week’s selloff in shares of Alphabet Inc.

Elsewhere, Treasuries rose Monday as tensions in the Middle East eased and oil fell, with an auction of the shortest-dated notes attracting buyers ahead of this week’s Fed decision. Traders continued to see a roughly one-in-three chance of a rate hike.

Citadel Securities expects the Fed to raise rates this week — a surprise move strengthening Chairman Kevin Warsh’s credibility in the battle with inflation. A quarter-point increase on Wednesday would reinforce Warsh’s repeated pledge to restore price stability while showing policymakers no longer rely on signaling every policy move well in advance, Frank Flight, the firm’s head of macro strategy, wrote in a note.

On the geopolitical front, President Donald Trump said the US and Iran were engaged in diplomatic talks to end their conflict, but warned the two sides would return to fighting if negotiations didn’t yield a deal.

Separately, Iran and Oman are trying to reach an agreement to restart shipping through the Strait of Hormuz, according to people familiar with the matter.

“The only reason they want to meet is because we’ve been hitting them very hard,” Trump told reporters. “There’s a good chance that something could happen. If it doesn’t, we go back to doing what we were doing.”

Oil prices fell 1% on Tuesday as market participants continued to weigh a pause in U.S. strikes on Iran, which ‌has raised ⁠hope of ⁠a diplomatic solution to their conflict and the normalisation of Middle East energy flows.

Brent crude futures were down $0.54, or 0.6%, at $87.82 by 0046 GMT. U.S. West Texas Intermediate crude was at $81.95 a barrel, down $0.66, or 0.8%.

Both contracts fell 1% earlier in the session to their lowest level in more than a week.

U.S. President Donald Trump said on Monday the United States was having “good talks” with Iran and that there was a chance ⁠of a resolution. ‌However, he said U.S. strikes would resume if negotiations failed while Iran issued similar comments about retaliation.

“For now, the relief that an off-ramp has been ⁠found has taken the heat out of prices and eased concerns around Houthi attacks on Saudi infrastructure. However, the situation remains highly fluid,” IG analyst Tony Sycamore said in a client note.

Afrah al-Zouba, the foreign minister-designate of Yemen’s internationally recognised Saudi-backed government, said Yemen-based Houthi fighters aimed to replicate Iran’s control of shipping through the Strait of Hormuz at Bab el-Mandeb.
“Whether the Houthis have the military capacity to enforce a comprehensive blockade is questionable, especially given that the Saudis will attack ‌them relentlessly. Still, there is no doubt that traffic has dropped off significantly in the Red Sea and the Strait of Hormuz,” said Marex analyst Edward Meir. “A key reason prices ⁠are not even higher than they are right now is the demand destruction that is taking place, especially in Asia,” Meir said.

Barclays analysts said in a note on Monday “flows through the strait remain subdued”. They said, in the week ended July 24, crude oil and refined product net exports through the strait averaged 2.9 million barrels a day compared with 5.9 million in the previous week.

Elsewhere, U.S. crude oil stockpiles likely fell last week alongside gasoline, while distillate stocks likely rose, a preliminary Reuters poll showed on Monday.

Palantir CEO Alex Karp warned the United States against adopting Europe’s intense regulatory framework for artificial intelligence amid a domestic battle over open models on “The Claman Countdown.”

Karp said Europe offers a cautionary tale for U.S. policymakers as the Trump administration weighs how to regulate rapidly advancing AI technology.

“We have a template for what doesn’t work. It’s called Europe,” Karp said Monday. “Our business is booming in America… Europe is like trying to find ways to keep companies like Palantir out.”

“I’ve watched Europe regulate itself out of business. You end up with businesses that no one believes are businesses because they only exist behind the firewall of regulation.”

OPENAI DIDN’T REALIZE ITS AGENT WAS RESPONSIBLE FOR HACK FOR A WEEK: REPORT

His comments come after Palantir urged the Trump administration not to ban open-weight AI models and as Treasury Secretary Scott Bessent raises concerns that Chinese-made open AI models could be built using technology from U.S. laboratories.

“This revolution has taken off, and you can’t put it back in the bag,” Karp said.

The Palantir CEO argued that open-weight AI models are optimal for the tech giant’s customers, saying they sometimes perform even better than frontier models.

Karp said he is not opposed to closed AI models but is focused on meeting customer demand.

He said many Palantir clients are “enraged” because they feel they have become “token maxed” – a term he used to describe customers frustrated by paying for AI tokens without receiving enough business value in return.

Karp said the biggest obstacle to AI adoption is not fear of foreign competition, but rather businesses questioning whether AI investments deliver enough value.

“What slows down AI adoption in this country is people are saying, ‘But I can’t use these products because I’m not getting value… or I’m transferring the value of my business to someone else,’” he said.

OPENAI CO-FOUNDER WARNS AI MODELS ARE BECOMING HARDER TO CONTROL AFTER ITS MODEL HACKED ANOTHER FIRM

“They want to make sure that they can use that model in a way that it’s valuable, and that they make sure the value of their business is not being monetized.”

Palantir, co-founded by Karp, moved its headquarters from Denver to Miami in February as many corporations and billionaires seek the friendlier tax environment of Florida.

As Bessent pushes for regulation of artificial intelligence, Karp said it is important to keep winning in mind as the international AI arms race intensifies, with China scaling as a major competitor.

“We are going to end up having to regulate AI, there’s no doubt, but the question is: Who regulates it, do they understand what they’re doing, and is it regulated in a way where we win?” Karp told FOX Business.

Karp rejected both over regulation and under regulation of AI, and said the U.S. must strike a balance that encourages innovation while also addressing dangers.

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“There’s like you have hard regulation, which is Europe, that clearly doesn’t work. Then you have no regulation. Obviously, I’m not in favor of that,” he said.

“These are very complicated issues, and there’s only one country in the world that could get it right or really get it wrong, and that’s us. But because it could go either way, [it] doesn’t mean we shouldn’t plow forward and try to get this to work.”

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The Treasury Department slashed another 84 people and companies from its sanctions lists on Monday as part of an effort to streamline sanctions programs and make it easier for banks to pursue what it deems the most serious terrorist financing schemes.

Secretary Scott Bessent launched a review in May of its sanctions programs and lists to remove outdated entries and ease compliance burdens on financial institutions.

He later announced that 76 people and firms had been removed from the 17,000-plus sanctions lists.

A Treasury official said the goal is “to ensure Treasury sanctions remain efficient, sharp, and focused, and to remove bloat left over from previous administrations,” adding that more than 3,000 names were designated in 2024, compared to only 880 in 2017.

BESSENT SAYS TREASURY TRACKED DOWN AYATOLLAH’S ‘MONEY MAN,’PLANS TO EXPOSE LINKED PROPERTIES

“Sanctions are not intended to be a forever tool,” the official said.

Bessent has repeatedly emphasized the Trump administration’s willingness to impose sanctions on Russia’s two biggest oil companies — Rosneft and Lukoil. The Biden administration had been hesitant to take such action over concerns of a further uptick in oil prices after Moscow’s invasion of Ukraine in February 2022.

The second round of removals from the Treasury’s Specially Designated Nationals and Blocked Persons (SDN) List on Monday includes 36 people who have died and associated listings, 33 Iraq-related entities first designated in 1991 or 1992, seven defunct or outdated narcotics listings related to Colombia and eight disrupted narcotics kingpins.

The Treasury’s Office of Foreign Assets Control (OFAC) also updated listings for 22 people and entities to add or clarify missing key identifiers.

Each removal was made after a review by other federal agencies to ensure that it would not hurt the administration’s foreign policy or national security interests, and names could be reinstated as needed, the Treasury said.

The review so far has centered on older sanctions entries, which can sometimes leave out identifying information that is now routine for new sanctions, including place and date of birth, unique identification numbers, nationality or gender.

Adding new data should make compliance screening easier for financial institutions, the Treasury said.

OFAC has also identified a small number of duplicate entries on its sanctions lists, the department said, adding that 18 of these sets were resolved with Monday’s removals.

TREASURY INTERCEPTS NEARLY $99M IN FEDERAL PAYMENTS TO DECEASED INDIVIDUALS UNDER TRUMP FRAUD ORDER

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“To decrease the compliance burden on financial institutions and improve national security outcomes, Treasury is reviewing outdated or hard-to-screen targets,” the Treasury said in an internal document, according to Reuters.

It added that the impact of sanctions should be “measured in terms of effect, impact, and national security benefit, not based on the number of names we put on a list.”

Last month, the Treasury launched a new online portal allowing sanctioned people or companies to request their removal from the list.

Reuters contributed to this report.