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Informist, Friday, Sept. 12, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Most European indices down; France awaits Fitch ratings review

MUMBAI--1459 IST--Most indices in Europe were down Friday after opening higher. The fall of the indices was largely limited to 0.2-0.5%. UK's FTSE index was up 0.3%. The country's GDP for July did not show any growth, compared to a growth of 0.4% in June. The manufacturing output fell 1.3% on month in July.

France's CAC 40 was down 0.5% as traders are waiting for a review of the country's rating by Fitch, which may be downgraded. The country's harmonised annual inflation rate fell 0.8% in August, from 0.9% in July, according to the French Statistics Office as quoted in Reuters. The inflation was in line with the forecast by Reuters. The DAX Performance index was down 0.2%. Most European indices had risen Thursday after the European Central Bank decided to leave interest rates unchanged at 2%.

Shares of Danish company Vestas Wind fell 4% after the US interior secretary said that energy produced from offshore windfarms have no future in the US as a source of electricity generation.

Shares of oil stocks Total Energies, BP, Respol SA were down 1% each. "A surprise inventory build of 3.9 million barrels in the US last week combined with growing concerns around oversupply as OPEC+ members plan to boost production is contributing to traders' worries," Dow Jones quoted Derren Nathan, head of equity research at Hargreaves Lansdown, as saying.

Following were the levels of major European indices at 1425 IST:

(Eshitva Prakash)

Equity Alert: Most Asian indices higher; Kospi, Nikkei close at record highs

MUMBAI--1400 IST--Most Asian indices traded higher Friday, tracking overnight gains in the US markets driven by hopes over a potential interest rate cut. Rate cut expectations increased due to higher-than-expected weekly jobless claims in the US.

South Korea's Kospi rose 1.5%, closing at its highest level yet. The index was up for the ninth-straight session, gaining 8%. Shares of technology major SK Hynix ended 7% higher after the company announced it had finished developing HBM4, the latest generation of high-bandwidth memory chips.

Hong Kong's Hang Seng index was up 1%. Shares of Alibaba and Baidu were up 8% each after both companies announced they will use in-house produced chips to train artificial intelligence models, according to CNBC. Japan's Nikkei 225 Day index rose for the third consecutive session and closed at its highest level.

The Chinese bluechip CSI 300 index was among the few indices that fell in Friday's trade. China's Minister of Commerce warned Mexico of counter-measures after the latter said it plans to hike tariffs on Asia-made cars to 50%.

Following were the levels of key Asian indices at 1330 IST:

(Eshitva Prakash)

Equity Alert: Defence cos surge taking Nifty India Defence to over 1-mo high

MUMBAI--1303 IST--Shares of all defence stocks soared Friday, taking the Nifty India Defence index to over 8000 points for the first time in over a month. Most defence stocks led gains in the Nifty 50 as well as Nifty 200. At 1302 IST, the defence index was up 4.3% at 8036.55 points.

Bharat Electronics was the top gainer in the Nifty 50, rising over 3%. Bharat Dynamics, Cochin Shipyard, Mazagon Dock Shipbuilders, and Solar Industries India led gains in the Nifty 200, followed by Hindustan Aeronautics, all gaining over 3-6%. Garden Reach Shipbuilders & Engineers and BEML were among the top Nifty 500 gainers, up around 8% each.

The defence index has risen more than 8% so far in September and has surged 43% over six months. The recent rise in these stocks, most of which rose to their all-time highs, was amid India-Pakistan tensions, global geopolitical uncertainties, and on the hopes of higher orders.

Some of the defence companies recently bagged orders, which has likely kept the mood positive. Paras Defence and Space Technologies received incremental orders from the Ministry of Defence valued at around INR 266 million. On Wednesday, MTAR Technologies got INR 3.86-billion orders from existing international customer in continuation of regular business in clean energy sector. Moreover, Mazagon Dock Shipbuilders has commenced negotiations with the Indian Navy regarding the Submarine Project-P75(I), the company announced on Wednesday.

Sentiment for the sector had also improved on the hope of further push from the government and higher exports amid rising demand for defence goods in foreign countries. Additionally, the Defence Acquisition Council had approved various proposals to the tune of INR 670 billion in August to enhance the operational capability of the armed forces.  (Simran Rede)

Equity Alert: JM Fincl expects Jul-Sept earnings of steel cos to be subdued

MUMBAI--1230 IST--Indian steel companies are likely to report subdued performance for the September quarter, before seeing an improvement in earnings in the second half of the current financial year, according to a report by JM Financial Securities. The decline in steel prices, increased supply from China, and seasonal headwinds are expected to weigh on realisations and overall performance.

Domestic prices of hot-rolled coil steel have fallen INR 2,000 per tonne during the September quarter. Low prices of long steel products, which were down INR 7,000, are also expected to hit companies' earnings. The brokerage estimated a decline of around INR 3,500 per tonne in earnings before interest, taxes, depreciation, and amortization per tonne of ferrous companies in the September quarter. While product prices have likely declined, volumes are also expected to subdued as the quarter is seasonally weak for steel companies, the report said.

However, companies may see some benefit due to lower coking coal prices. The brokerage said companies have guided for coking coal costs to decline $5-$10 per tonne during the September quarter. Coking coal is an essential input material for steel industries.

JM Financial Securities expects steel product prices to improve in the second half of the financial year as demand improves. Further, hot-rolled coil prices in China have recently gained, which may impact prices in India later. "China recently announced a domestic steel production cut; any meaningful implementation of this measure could support prices," the brokerage said.

For Oct-Mar, India's steel demand is expected to improve on the back of seasonal tailwinds, as per JM Financial. The brokerage expects the government to plug loopholes in safeguard duty on steel imports which currently stands at 12%. Furthermore, companies could benefit if the government approves the Directorate General of Trade Remedies' recommendation to extend the safeguard duty for an additional three years.  (Eshitva Prakash)

Equity Alert: Nifty 50 crosses 25100 points on gains in financial cos, banks

MUMBAI--1150 IST--Benchmark indices rose further on gains in financial services companies and other large banks. Gains in automobile companies also helped the Nifty 50 index rise above its resistance of 25100 points. However, a slight fall in fast-moving consumer goods companies limited gains in the index.

The 50-stock index was up for the eighth straight session, gaining over 2% during this period. At 1127 IST, the Nifty 50 and BSE Sensex were up 0.5% each, at 25127.40 and 81938.06 points, respectively. India VIX, the market's fear indicator, was down 1% at 10.26, suggesting easing nervousness in the market in the near term. The VIX index was down over 6% in four sessions.

Among automobile companies, shares of Eicher Motors and Maruti Suzuki rose nearly 2% each, aiding gains in the index. Maruti was the top gainer among the Nifty 50 companies.

Shares of financial services companies such as Shriram Finance and Bajaj Finance rose around 2% each. Most of the pharmaceutical companies also gained with shares of Cipla and Dr. Reddy's Laboratories up nearly 1%. The Nifty Pharma index was up for the fourth straight session.

Among major stocks, Infosys was off highs after gaining nearly 2% in early trade. The company Thursday announced it will buy back shares worth up to INR 180 billion.  (Arundathi A R)

Equity Alert: JBM Auto rises 11%; co gets $100-mln funding from IFC

MUMBAI--1141 IST--Shares of JBM Auto rose over 11% Friday to INR 696.70, its highest level since Jun. 19. The company's subsidiary JBM ECOLIFE Mobility got $100 million long-term capital investment from International Finance Corp. to deploy electric buses. The funds secured by JBM ECOLIFE will help it to buy and deploy 1,455 electric buses across Maharashtra, Assam, and Gujarat.

Under this e-bus project, the company aims to reduce carbon dioxide emissions by over 1.6 billion kilograms and save diesel to the tune of over 600 million litres. This is said to generate employment for over 5,500 people. JBM Auto has already deployed 2,500 e-buses across 10 states and 15 airports, and has an order book of more 11,000 under execution.

At 1137 IST, shares of the company traded at INR 694.70, up 11%. The stock was the top gainer in the Nifty 500 index. So far Friday, 16.86 million shares of the company have changed hands on the NSE, sharply higher than 152,890 shares traded during the same period on Thursday. Anand Rathi Share and Stock Brokers has a 'buy' on the stock with a target price of INR 650, according to its report dated Mar. 5.  (Simran Rede)

Equity Alert: Infosys off highs; co to buy back shrs worth up to INR 180 bln

MUMBAI--1105 IST--Shares of Infosys rose over 2% Friday to an over-one-month high of INR 1,542.90. The stock came off highs later.

At 1116 IST, it traded at INR 1,527.40, up 1.2%, and was among the top gainers in the Nifty 50. The company approved the proposal of buyback of up to 100 million shares at INR 1,800 per share.

This buyback represents 2.41% stake in the company for which it will spend up to INR 180 billion. The proposed buyback will be conducted through the tender offer route, the company said. Additionally, it has received exemptive relief from the US Securities and Exchange Commission on certain aspects of the tender offer procedures for the buyback. Infosys had sought this relief due to conflicting regulatory requirements between Indian and US laws for tender offer buybacks. 

Thursday, the stock fell 1.5% and was the worst hit in the Nifty 50. The fall came ahead of the decision on the buyback proposal.

Of the 22 brokerage reports on the stock available with Informist, 16 have a 'buy' or equivalent rating on the stock and six have a 'hold' or equivalent rating. The 'buy' recommendations have an average target price of INR 1,865. So far Friday, 6.83 million shares of the company have changed hands on the NSE, higher than 2.90 million shares traded during the same period Thursday.  

(Simran Rede)

Equity Alert: Mkt rises tracking gains in global mkts; Nifty 50 up for 8th day

MUMBAI—0939 IST--Benchmark equity indices started the day on a positive note, mirroring tracking gains in global markets. US equity indices hit all-time highs Thursday as higher than expected jobless claims boosted chances of the US Federal Reserve cutting interest rate cuts. Markets in South Korea and Japan also hit fresh intraday highs Friday. 

At 0937 IST, the Nifty 50 was at 25056.80, up 51.30 points or 0.2%, and the BSE Sensex was at 81703.33, up 154.60 points or 0.2%. The Nifty 50 managaed to open above 25000 points and maintained that level, which is seen as a psychologically crucial mark.

The 50-stock index is up for the eighth session, post the announced changes in the goods and services tax rates on Sept. 3, the longest run of gains in over a year. India VIX, the market's fear indicator, was down 1.8% at 10.1700, suggesting easing nervousness in the market in the near term. The index is down over 13% so far in September.

Most sectoral indices moved higher, with the Nifty Auto and Nifty Metal leading the gains. The Nifty Auto was up after falling for three previous sessions due to profit booking. It had rallied earlier on the back of optimism over GST refoms. The Nifty Metal is up for the sixth session as sentiment around metal stocks remains positive due to China's aim to cut its steel capacity and production. 

The Nifty FMCG was the worst hit sectoral index, down 0.5%. All broader market indices were in the green, with the Nifty Midcap 50 leading the pack, up 0.4%.  

Infosys was up 1.5%, among the top Nifty 50 gainers, after the company said it would buy back shares worth INR 180 billion. Shares of JBM Auto topped the pack of Nifty 500 gainers, and were up over 8% after the company's subsidiary JBM ECOLIFE Mobility secured $100 million long-term capital investment from International Finance Corp. to deploy electric buses across cities in Maharashtra, Assam, and Gujarat.  (Simran Rede)

Equity Alert: Asian indices rise Friday on hopes of rate cut in US

MUMBAI--0813 IST--Asian equity indices were up in early trade Friday, tracking sharp gains in the US market due to hope of an interest rate cut after a dismal weekly jobs report in the US. Rate cuts in the US would imply lower borrowing costs globally, easing pressure on the bond market. The CME Fedwatch tool shows a 100% probability of a rate cut by the US Federal Reserve at its meeting on Sept. 16-17.

Indices in South Korea and Japan hit fresh intraday highs. The Kospi rose 1.2%, up for the ninth consecutive session, gaining nearly 8% during this period. Japan's Nikkei rose 0.6%, up for the third consecutive session.

The CSI 300 index rose 0.2% after closing over 2% higher on Thursday amid reports that local governments in China are planning to pay backlog bills owed to the private sector. Hong Kong's Hang Seng index rose 1%. Shares of Alibaba Group Holding were up 9% in early trade after the company's US-listed depositary receipts gained 8% Thursday.

US CPI rose 0.4% on month in August, the most since January, and higher than expectations of a 0.2% rise. However, market participants bet on rate cuts since weekly jobless claims for the week ended Saturday surged to 263,000, up 27,000. The increase in claims was the highest in nearly four years.

Following were the levels of key Asian indices at 0758 IST:

(Eshitva Prakash)

Equity Alert: Indices likely to open higher on positive global cues

MUMBAI--0750 IST--Benchmark equity indices are likely to open higher Friday due to positive cues from global markets, where indices rose on expectation of interest rate cuts in the US. However, gains are likely to be limited as the Nifty 50 has already risen for seven straight sessions, gaining 1.7% during this period.

Market participants in the US largely focused on a weak jobs report and ignored a higher-than-expected consumer inflation print. Indices in the US rose 0.7-1.4% on Thursday despite the consumer price index for all urban consumers in August increasing 0.4% on month, while the rise was expected to be 0.2%. 

Market participants largely ignored the inflation report as jobless claims in the US for the week ended September came in at 263,000, higher than the 235,000 claims expected. This further cemented expectations of a rate cut by the US Federal Reserve at its meeting next week.

While market participants are almost sure the Fed will cut rates by at least 25 basis points, the weak jobs report fuelled hope of rate cuts at the Fed's meetings in October and December as well. Lower interest rates in the US are expected to further bring down US bond yields and push investors towards emerging markets such as India for higher interest rates.

Asian markets were up, tracking overnight gains in US market. Most indices in Asia gained in early trade with those in Japan, Hong Kong, South Korea, Taiwan, Indonesia, and Australia rising 0.6-1.3%. 

Amid postive global cues, GIFT Nifty futures suggest the Nifty 50 may surpass its immediate resistance of 25100 points and may even reach close to 25200 points. At 0723 IST, the GIFT Nifty's September contract was at 25180 points, down marginally compared with its previous close but up 0.7% from the Nifty 50's close on Thursday. The 50-stock index had ended the Thursday's session at 25005.50 points, up 0.1%. (Anshul Choudhary)

Equity Alert: US mkt rises Thu as jobless claims report fuels rate cut hope

MUMBAI--0746 IST--US stock indices hit record highs Thursday as jobless data boosted bets of interest rate cuts by the US Federal Reserve, while market partcipants largely ignored higher-than-expected consumer price index data.

The Consumer Price Index rose 0.4% on month in August, against a 0.2% rise in July, according to the US Bureau of Labour Statistics. Inflation in August was higher than the expected rise of 0.2%. The weekly jobless claims rose to 263,000 for the week ended Saturday, higher than anticipated claims of 235,000.

"While the CPI report is a tad hotter than expected, it will not give the Fed a moment of hesitation when they announce a rate cut next week. If anything, the jump in jobless claims will inject a bit more urgency in the Fed's decision making, with Powell likely signaling a sequence of rate cuts is on the way," CNBC quoted Seema Shah, chief global strategist at Principal Asset Management, as saying.

The CME Fedwatch tool shows a 93% probability of a 25-bps rate cut by the US Fed and a 7% probability of a 50-bps rate cut next week. The probability of an October rate cut also increased and market participants expect a 25-bps reduction.

The Dow Jones led the US indices, up 1.4% with gains in JP Morgan and Goldman Sachs Group, which were up nearly 2% each. The tech-heavy Nasdaq Composite gained 0.9%, rising for the fourth consecutive session. Shares of Tesla were up 6%. Shares of Warner Brothers were up 29% after The Wall Street Journal reported that Paramount Skydance was preparing a majority cash bid for Warner Bros. Discovery.

Following are the closing levels of US indices Thursday:

(Eshitva Prakash)

US$1 = 88.28

End 

Edited by Ashish Shirke

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

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