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Informist, Monday, Sept. 15, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 Sept ends at 99.80-point premium to spot index

MUMBAI--1542 IST--The September futures contract of the Nifty 50 closed at a premium of 99.80 points to the spot index Monday. Open interest in the contract rose 1% to 16.81 million, according to provisional data. 

--Nifty 50 closed at 25069.20 points, down 44.80 points or 0.2% vs Fri
--Nifty 50 Sept closed at 25169.00 points, down 36.00 points or 0.1% vs Fri

Nifty 50 options, expiring Tuesday, with maximum change in open interest:

Call: 25100, Put: 25100

Nifty 50 options, expiring Tuesday, with maximum open interest:

Call: 25100, Put: 25000

(Akash Mandal)

Equity Alert: European markets up; bank stocks lift CAC 40 ahead of Fed meeting

MUMBAI--1444 IST--Indices in Europe were up in early trade Monday as several banking stocks rose ahead of the US Federal Reserve's monetary policy meeting outcome due Wednesday. Traders also await the UK's inflation print for August due Wednesday.

The French CAC 40 rose over 1% and was up for the sixth consecutive session. French banks Societe Generale SA, Credit Agricole, and BNP Paribas were up nearly 2% each. Fitch Ratings had Friday downgraded France's sovereign credit rating to its lowest level at "A+" from the previous "AA-". The downgrade was already priced in, Reuters quoted analysts as saying.

Shares of French fuel retail company Rubis SCA rose nearly 7% after media reports of the company receiving bids from CVC Capital Partners and Trafigura, according to Reuters.

Shares of European pharmaceutical companies fell after British drug maker AstraZeneca Friday said it was pausing a planned expansion at its Cambridge site estimated to cost 200 million pounds sterling, or about $271.69 million. Shares of the company were down more than 3%. Among other pharmaceutical companies in the region, GSK, Novartis, and Hikma Pharmaceuticals dropped 1% each.

The German DAX Performance-Index was up 0.6%, with shares of defence company Rheinmetall up more than 2% after the company Sunday said it would acquire warship-maker NVL.

Shares of the Swiss financial company UBS Group AG were up more than 1.5% after reports that the company is mulling a shift to the US as the Swiss government proposes to change capital requirement.

Following were the levels of major European indices at 1431 IST:

(Eshitva Prakash)

Equity Alert: Fall in IT, auto cos offsets gains in index heavy-weights  

MUMBAI--1430 IST--The Nifty 50 index remained lower after gaining for eight straight sessions. Major information technology, pharmaceutical, and automobile companies largely led to the minor decline in the index. Fall in index was limited on slight gains in index heavy-weights such as ICICI Bank, HDFC Bank, and Reliance Industries.

At 1410 IST, the Nifty 50 was at 25078 and the BSE Sensex was at 81833.27, down 0.1% each. The India VIX, the fear indicator, was up over 2% at 10.3525. The VIX index rose after it fell in the previous four consecutive sessions, when it had fallen nearly 7%.

Shares of index-heavyweight ICICI Bank were up 0.2%, coming off the 1% rise earlier in the day. The bank got approval from the Reserve Bank of India to acquire an additional 2% stake in ICICI Prudential Asset Management Co. Shares of Jio Financial Services and Bajaj Finance were up nearly 1% each. Bajaj Finance gained for the 13th straight session, rising over 15% during this period.

Shares of Vodafone surged after the Supreme Court's website showed the top court may hear Vodafone Idea's plea on Friday seeking quashing of the Department of Telecommunications' additional adjusted gross revenue demand. Shares of Vodafone Idea were up over 7%, crossing INR 8 per share after over four months.

Among losers, shares of Nifty 50 companies such as Asian Paints, Dr. Reddy's Laboratories, Mahindra & Mahindra, and Eicher Motors dragged the index down. All these companies were down 1-2%.  (Arundathi A R)

Equity Alert: Anant Raj up 12% on reports of possible data centre incentives

MUMBAI--1415 IST--Shares of Anant Raj surged over 12% intraday to INR 599.40, its highest level in over a month, after reports suggested the government is considering a tax exemption of up to 20 years for developers of data centres. The real estate and infrastructure company has been diversifying its portfolio towards data centres and has projected the revenue from its data centre and cloud services business to grow to around INR 12.00 billion by the financial year 2026-27 (Apr-Mar), rising to nearly INR 90.00 billion by FY32.

The government is considering a tax exemption of up to 20 years for developers of data centres, provided they meet targets on capacity addition, energy efficiency, and job creation, Business Standard reported Monday, citing a draft of the National Data Centre Policy reviewed by the newspaper. The draft policy will also encourage states to provide land near industrial corridors, information technology hubs, or manufacturing clusters for data centre infrastructure, according to the report.

In August, the company based in the Delhi-National Capital Region operationalised an additional 22 megawatts of information technology load capacity at its data centre campuses in Haryana's Manesar and Panchkula, taking its total data centre capacity to 28 MW.

The three research reports on the company available with Informist have a "buy" or equivalent rating on the stock, with target prices in the range of INR 700–INR 800. At 1414 IST, shares of the company were around 12% higher at INR 596.30 on the National Stock Exchange and the stock was the top gainer in the Nifty 500 index. Around 24 million shares of the company had changed hands on the NSE till this time Monday, around 35 times the 677,963 shares traded till the same time Friday.  (Arya S. Biju)

Equity Alert: Asian mkts end mixed; Kospi up as govt keeps tax rules unch

MUMBAI--1408 IST--Asian indices ended mixed Monday. South Korea's Kospi rose after the country's government scrapped plans of raising taxes on stock investments. Stocks of several technology companies traded higher ahead of the outcome of the US Federal Reserve policy meeting late Wednesday, with the CME Fedwatch showing a 100% probability of a rate cut. The Japanese market was shut owing to a state holiday.

The Kospi rose almost 0.4% and closed at a record high after the country's finance ministry decided to keep the capital gains tax rules on stock investments unchanged, in line with the South Korean president's comments last week. The index closed higher for the tenth consecutive session, gaining over 8%. Among technology stocks, Samsung Electronics rose 1.5% and SK Hynix ended 1% higher.

China's CSI 300 was up 0.2% despite weak economic data released earlier in the day. Growth in the country's factory output was at a 12-month low in August and retail sales were at a nine-month low, according to Reuters. Unemployment in the country edged up to a six-month high of 5.3% in August, from 5.2% in July. This led expectations of a stimulus from the Chinese government. Moreover, hopes of a Fed rate cut drove the market higher amid a rally in technology stocks, Dow Jones Newswires quoted Ipek Ozkardeskaya from Swissquote Bank, as saying.

Hong Kong's Hang Seng index was 0.3% higher with shares of technology major Alibaba Group up 2%. Among other indices in the region, the Australian S&P ASX 200 fell 0.1%. The Taiwanese TAIEX index fell 0.4%, snapping an eight-session winning streak. The index had gained more than 6% until Friday.

Following were the levels of key Asian indices at 1348 IST:

(Eshitva Prakash)

Equity Alert: Tata Tech up 3%; co inks pact to acquire ES-Tec group via arm

MUMBAI--1400 IST--Shares of Tata Technologies rose nearly 3% intraday to their highest level in over a month at INR 720.75 after the company announced that through its wholly-owned subsidiary Tata Technologies Pte. it will acquire complete stake in Germany-based ES-Tec group from MW Beteiligungs GmbH for 75 million euros or INR 7.76 billion.

The deal, announced over the weekend, is expected to be completed by Dec. 31, 2026. At 1358 IST, shares of the company pared some of its early gains and traded around 1% higher at INR 708.55 on the National Stock Exchange. 

The deal consideration will be paid over the next two years and includes performance-based earnouts, Tata Technologies said in an exchange filing Saturday. The acquisition is expected to enhance Tata Technologies' engineering, research and development capabilities and broaden its end-to-end value proposition for global automotive customers, the company said.

The deal is likely to strengthen Tata Technologies' presence in Europe's advanced automotive market, a strong local talent pool and deep expertise in systems engineering. The transaction is also expected to be earnings per share accretive from the first full year of operations, the company said. 

ES-Tec will contribute around 8% to Tata Technologies' top line going forward, ICICI Securities said in a report Monday. The deal aligns with the original equipment manufacturer's research and development priorities and enhances cross-sell opportunities across marquee global automotive clients, the brokerage said, citing the company's management. 

Of the five research reports on the company available with Informist, three have a "sell" or equivalent rating on the stock with target price in the range of INR 510–INR 671. Of the remaining two, Nirmal Bang Equities has a hold rating on the stock with a target price of INR 797 and JM Financial Institutional Securities has a 'buy' rating with a target price of INR 780. Till 1358 IST, 1.7 million shares of the company changed hands on the NSE, over three times the 543,436 shares traded till the same time Friday.  (Arya S. Biju)

Equity Alert: Margin rise capped for FMCG cos despite higher volumes - Emkay

MUMBAI--1327 IST--Fast-moving consumer goods companies sales volume may rise going forward as companies pass on the benefits of lower goods and services tax to consumers, Emkay Global Financial Services said in a report Sunday. However, the brokerage expects companies to pass on a large part of lower GST through increasing packet sizes, which may limit a rise in margins as larger packet sizes would mean higher raw material costs.

Brokerages sees two methods through which companies can pass on GST reduction benefits to consumers: increase product packet size or cut retail prices. The brokerage expect companies to use the first strategy for low unit packs, while they were unsure about companies' strategy for large pack size products.

Low unit packs contribute significantly to the top line of major FMCG companies. While regulation may dictate a full reflection of lower GST on product prices, the company may look to pass on the benefits partially and increase spending on promotions. Higher spending on promotions now may help manage their margins later when they may chose to increase prices.

For large pack size products, companies may not see major impact on earnings if they opt to reduce prices instead of raising grammage, the brokerage said. "When the GST benefit passthrough is via volume increase, sales growth accelerates, per our earlier finding," the brokerage said.

"Volume increases enable companies to maintain MRP (maximum retail price), thereby avoiding the requirement of disclosing the MRP change," the brokerage said. Emkay is largely convinced that increasing pack sizes was the logical approach to drive growth.

Emkay said FMCG sector valuations were at 55 times one-year forward price-to-earnings. The brokerage's top picks include Godrej Consumer Products, Marico, Bikaji Foods International, Gopal Snacks, and Emami.  (Eshitva Prakash)

Equity Alert: Vodafone Idea up 7% as SC fixes date to hear plea on AGR dues

MUMBAI--1238 IST--Shares of Vodafone Idea rose 7% to a near five-month high of INR 8.20 on news that the Supreme Court will Friday hear the company's plea for relief on adjusted gross revenue dues, as reported by CNBC-TV18. At 1232 IST, the stock traded 6.3% higher at INR 8.14 and was the top gainer in the Nifty 200 index. The stock is up for the fourth straight session and has ended higher in seven of the last eight sessions, gaining 18% in that period.

The company last week reportedly filed a petition against the telecom department's additional demand for adjusted gross revenue dues for the period till 2016-17 (Apr-Mar), stating that the dues claimed were above and beyond the adjusted gross revenue dues as finalised by the Supreme Court in 2020.

"The claims now being made by the DoT (Department of Telecommunications), which are in excess of Rs. 5,960 crores (INR 59.60 billion), are clearly indicative of the fact that even as per the DoT, certain demands were missed out or are being revised on account of departmental assessments," the company said in the petition.

At 1232 IST, 1.06 billion shares of the company were traded on the NSE, sharply higher than the 543 million shares traded till the same time Friday.  (Akash Mandal)

Equity Alert: Dr Reddy's falls to 2-week low on 5 observations from US FDA

MUMBAI--1215 IST--Dr. Reddy's Laboratories fell 1.8% to INR 1,292.50, a level last seen two weeks ago. The stock fell after the US Food and Drug Administration issued five observations to the company's biologics manufacturing unit at Hyderabad. At 1215 IST, the stock was down 1.3% at INR 1,300.

The US drug regulator had inspected the biologics facility between Sept. 4 and Friday, as part of pre-approval inspection, the company said Saturday. In its annual report for 2024-25 (Apr-Mar), the company had said that the US drug regulator had inspected the same biologics unit and had then made nine observations.

The stock had risen 3% in the last seven days and over 17% in the last six months. The current stock price is 9% lower from the record-high hit on August 2024.

Of the 23 research reports of brokerages on the company available with Informist, 12 brokerages have a "buy" or equivalent rating on the stock, seven have a "hold" rating, and four have a "sell" rating. The average target price of brokerages with 'buy' rating is INR 1,445, which indicates an upside of 12% from the current spot price. Around 616,000 shares of the company were traded on the NSE, higher than 531,490 shares traded till the same time Monday.  (Gopika Balasubramanium)

Equity Alert: L&T rises after co gets 'large' order for bullet train project

MUMBAI--1116 IST--Shares of Larsen & Toubro moved 0.4% higher after the company bagged a 'large' order for a bullet train project from National High Speed Rail Corp. Before the order, the stock traded 0.1% higher and after the company disclosed an exchange filing, it rose nearly 0.4% from its previous close. 

The company classifies large orders as those worth between INR 25 billion and INR 50 billion. It will build 156-route kilometres of high-speed ballastless track for the Mumbai-Ahmedabad high speed rail corridor and over 21 km of track-related works in underground sections and 135 km on elevated viaduct sections, it said in an exchange filing. The company will use Japanese Shinkansen J-Slab Track Technology, which will enable speed of up to 320 kmph.

The stock is up for the second day and has risen nearly 2% over this period. At 1114 IST, shares of the company traded at INR 3,599.30, up 0.5%. The stock was among the top gainers in the Nifty 50, with only 19 stocks trading in the green. So far Monday, 434,918 shares of the company have changed hands on the NSE, slightly lower than 515,175 shares traded during the same period on Friday.

Of the 16 brokerage reports on the stock available with Informist, 15 have a 'buy' or equivalent rating and only YES Securities (India) has a 'neutral' rating with a target price of INR 3,444. The 'buy' recommendations have an average target price of INR 4,194 on the stock.  (Simran Rede)

Equity Alert: KRBL falls; independent director quits on governance issues

MUMBAI--1049 IST--Shares of KRBL fell as much as 13% to an over one-month low of INR 387.10. The fall in the stock followed the resignation of the company's independent director. Anil Kumar Chaudhary resigned from his position effective immediately citing governance issues.

The stock is down for the second session and had fallen just 0.7% on Friday after rising 1.6% Thursday. At 1046 IST, shares of the company traded at INR 400.80, down 9.8%. So far Monday, 5.47 million shares of the company have changed hands on the NSE, sharply higher than 104,399 shares traded during the same period on Friday. 

In his resignation letter, Chaudhary said there are inconsistencies in the recording of minutes of the board and committee meetings, instances of information being withheld that impacts informed decision-making, and concern regarding corporate social responsibility funds. 

He also said there were unjust write-offs of certain export receivables without adequate deliberation, arbitrary distribution of variable pay and annual increments to persons holding office or place of profit, significant changes to the object clause undertaken without comprehensive discussion, and undue interference by the invitees in the proceedings of the board and committee meetings, he said.  (Simran Rede)

Equity Alert: Indices fall slightly after opening flat; Pharma, IT drag

MUMBAI--1020 IST--Benchmark equity indices fell slightly after opening flat Monday, dragged down by decline in pharmaceutical and information technology stocks. All eyes will be on the US Federal Reserve's two-day policy meeting starting Tuesday and its outcome. Investors were likely nervous ahead of the US' policy meeting. This nervousness was reflected in the India VIX, which rose 3.6% to 10.4825 as of 0936 IST.

The Nifty 50 was at 25087.60 points, down 26.40 points or 0.4%. Gains in index heavyweight ICICI Bank were offset by a decline in HDFC Bank. The Nifty 50 had rallied for eight sessions in a row and analysts said it will largely have a slow start to the week. The BSE Sensex was at 81849.12 points, down 55.58 points or 0.1%. However, broader market indices bucked the trend and were up in early trade, with smallcap indices faring better than its midcap peers. The Nifty Smallcap 100 rose 0.6%.

Among sectoral indices, Nifty IT, Nifty Pharma, and Nifty Healthcare were in the red. The Nifty IT fell 0.7%. Barring Mphasis, all the other constituents traded in the negative zone, with Infosys falling over 1%. Others, such as Wipro, Tech Mahindra, and Tata Consultancy Services fell 0.4-0.6%. 

Likewise, Nifty Pharma index was down 0.8%. Dr. Reddy's Laboratories, Sun Pharmaceutical Industries, and Cipla were down 0.8-1.6%. Glenmark Pharmaceutical fell over 1% and was the worst-hit Nifty 200 index. Healthcare stocks such as Apollo Hospitals Enterprise and Max Healthcare Institute declined 0.7% each. 

Among individual stocks, RailTel Corp. rose over 8% after it got orders worth INR 2.10 billion from the Bihar government. The company is expected to execute the order by Sept. 11, 2026. KRBL fell over 11% after its independent director quit citing governance issues.  (Gopika Balasubramanium)

Equity Alert: Railtel up 9% on INR-2.1-bln order from Bihar education body

MUMBAI--1018 IST--Shares of Railtel Corp. of India rose nearly 9% to an intraday high of INR 407.70 after the company won an order from Bihar Education Project Council. At 1014 IST, the stock traded 7.6% higher at INR 403.05 and was among the top gainers in the Nifty 500.

The company bagged an order worth INR 2.10 billion from the Bihar government body under the Pradhan Mantri Schools for Rising India scheme. It will execute the order by Sept. 11, 2026. As per the terms of the order, the company will implement enhanced education quality in Bihar. Notably, the order size is over a quarter of the company's June quarter top line of INR 7.44 billion.

At 1013 IST, 11.07 million shares of the company were traded on the NSE, sharply higher than the 2.81 million shares traded till the same time Friday.  (Akash Mandal)

Equity Alert: Jefferies bullish on alcoholic beverage cos, starts with "buy"

MUMBAI--0905 IST--Global brokerage Jefferies has initiated coverage on alcoholic beverage makers such as United Spirits, Radico Khaitan, and Allied Blenders and Distillers with a 'buy' rating and sees a double-digit compounded annual growth rate in top line across companies, NDTV Profit reported on microblogging plactform X. The brokerage also sees a meaningful room to expand margins, it said. Spirits companies offer a premiumisation-led strong growth potential.

The domestic spirits market is very large and has high entry barriers due to complex state-level regulations, which act as a strong competitive moat for existing players, CNBC-TV18 reported quoting Jefferies as saying. While the overall growth of the sector is seen as modest, typically somewhere between the mid-to-high single-digit range, the prestige and above segment, which is the target of most listed companies, is expanding in double digits, the report said. Scotch whisky and white spirits in particular are growing faster, with a compounded annual growth rate of 15–20%, Jefferies was quoted as saying by CNBC-TV18.

Jefferies pointed out that the regulatory environment has improved across several states, with instances of lower taxation on premium products and even privatisation of retail trade, the report said. The brokerages listed adverse regulatory changes in key states, a potential weakening of consumer demand, and inflation in major input costs such as extra neutral alcohol and glass, as key risks to this industry, as per the report. 

Jefferies started coverage on United Spirits with a price target of INR 1,570, which implies an upside potential of around 20% from Friday's close. The company has a favourable risk-reward balance after a correction of more than 20% in its stock price, CNBC-TV18 reported quoting Jefferies as saying. While the company faces near-term challenges due to the recent liquor tax hike in Maharashtra, the brokerage estimates earnings per share growth of around 13% at a compounded annual rate during 2024-25 (Apr-Mar) and FY28, the report said. For Radico Khaitan and Allied Blenders and Distillers, the brokerage has a price target of INR 3,590 and INR 620, respectively. These target prices suggest potential upsides of 25% for Radico and nearly 14% for Allied Blenders from their respective closing prices on Friday.  (Gopika Balasubramanium)

Equity Alert: Asian mkts mostly up; traders await Fed decision on rate cut

MUMBAI--0830 IST--Asian benchmark indices were mostly up Monday, on hopes of a rate cut by the US Federal Reserve. Fed funds futures traders see 100% probability of an interest rate cut Wednesday, as shown by the CME Fedwatch tool.

The CSI 300 index was up 0.6%. US and Chinese officials began talks in Madrid on Sunday about trade and security related affairs. According to media reports, the two countries will discuss US tariff measures, upcoming deadline to divest in Chinese application Tik Tok, and other issues.

China's industrial output grew 5.2% on year in August, lower than a forecast of 5.7% by Reuters. Industrial output had risen 5.7% in July. Retail sales growth was also lower than expected. The key consumption indicator grew 3.4% in August, lower than the growth of 3.7% a month ago, and lower than a Reuters forecast of 3.9%. According to the National Bureau of Statistics, China's new home prices fell 0.3% on August, in line with market expectations and implying weak demand. Annually, new home prices declined 2.5% in August, Reuters reported.

The export-focused country also witnessed a 4.4% on year growth in exports as it slowed to a six-month low in August. Reuters had expected a 5% growth in outbound shipments for August. Hong Kong's Hang Seng index was up 0.2%.

Elsewhere in Asian markets, the Kospi rose 0.3% while the Japanese markets were closed due to a state holiday. The Australian S&P ASX 200 index was down 0.3% and the Taiwanese Taiex index fell 0.6%.

Following were the levels of key Asian indices at 0802 IST:

(Eshitva Prakash)

Equity Alert: Indices may start week slow; rise more later

MUMBAI--0827 IST--Domestic benchmark indices are likely to open on a muted note but the positive momentum may continue this week. There may be some volatility ahead of the US Federal Reserve's policy decision Wednesday. Likely progress in the country's trade talks with the US and a potential trade deal with the European Union will aid sentiment, analysts said. 

"Strong buying interest (in the Nifty 50) is evident at support around 25000-25100 and improving volumes reinforce a bullish bias as long as the index holds above these key levels," Reliance Research said in a note. "The RSI (relative strength index) is trending around 61, indicating positive momentum without approaching overbought territory, supporting further upside," the broking firm said.

The September contract of the GIFT Nifty also suggests a flat to slightly positive start for the market. At 0814 IST, the contract was at 25172 points, 13.50 points higher than the Nifty 50's close Friday. The 50-stock index had closed at 25114 points, up 108.50 points or 0.4%. Both the benchmark indices extended gains for the eighth session in a row, which is the longest rally since August last year.

On Friday, US indices ended mixed as investors are cautious ahead of the US Federal Reserve's policy meeting later this week. The Nasdaq Composite index had closed at a record high powered by the likes of Tesla and Microsoft. Most Asian indices were higher Monday, with South Korea's Kospi extending gains for the tenth straight session. The Japanese market was also in the green for the third straight session. Taiwan's TAIEX was in the red after gaining for eight straight sessions.  (Akash Mandal)

Equity Alert: Emkay bullish on metal cos as prices recover from tariff-shock

MUMBAI--0816 IST--Emkay Global Financial Services retained its positive view on the metal sector companies, with aluminium prices climbing back to $2,700 a tonne in recent weeks, from the low of $2,275 per tonne it hit in April due to tariff-related shocks. Current aluminium prices are also in tandem with the brokerage's six-month target.

The recent rise in aluminium prices is on the back of global cyclical recovery with the expected rate cut by the US Federal Reserve this month, Emkay said. Globally, primary aluminium's supply and demand balance remains tight with capacity utilisation at 98%, the brokerage said. Meanwhile, zinc prices have steadied at higher levels of $2,800-$2,900 per tonne even as demand and supply are in surplus, and silver is also gaining momentum, it said.

The brokerage also said it sees Vedanta benefitting the most from the current scenario of rising aluminium, zinc, and silver prices, alongside falling alumina prices. The company derives about 80% of earnings before interest, tax, depreciation, and amortisation from aluminium, zinc, and silver. In addition, spread expansion from rising aluminium and falling alumina prices plays in favour due to Vedanta's net-short alumina exposure. The brokerage has a 'buy' rating on the stock with a target price of INR 525, which has an upside of 16%. 

Hindalco Industries, on which Emkay has a 'reduce' rating, also derives about half of its EBITDA from the aluminium business, benefitting from the ongoing trend. National Aluminium Co. sees 60% EBITDA from aluminium and 40% from alumina, Emkay said. The brokerage has a 'buy' rating on the stock with a target price of INR 210. Hindustan Zinc, which is not rated by Emkay, is also a key beneficiary of rising zinc and silver prices.  (Gopika Balasubramanium)

Equity Alert: US indices mixed Fri; traders await Fed meet outcome

MUMBAI--0742 IST--Indices in the US were mixed Friday. The S&P 500 and the Dow Jones Industrial Average ended lower while the technology-heavy Nasdaq Composite closed at a record high. All three indices had hit record closing highs in the previous week as market participants expect the US Federal Reserve to cut interest rates in its meeting on Wednesday.

The Nasdaq Composite rose for the fifth consecutive session, up 0.4%. The index had gained more than 2% in the previous week. Shares of Tesla and other technology companies pushed the index higher. Tesla was up 7% after its board Chair Robyn Denholm dismissed concerns that Chief Executive Officer Elon Musk's political activity had hurt sales, Reuters reported.

Shares of Warner Bros Discovery rose 17%, extending gains from Wednesday when media reports suggested Paramount Skydance was preparing to bid for the company. Shares of technology-giant Microsoft rose 2% after the company avoided paying a potentially large anti-trust fine in European Union.

The Dow Jones fell 0.6% after hitting a closing high Thursday. Shares of paint-maker Sherwin-Williams Co. were down 2% and Goldman Sachs fell nearly 1%.

The S&P 500 fell marginally, snapping a four-day winning streak. The index had hit a record intraday high Friday before retreating to close at lower levels.

Shares of vaccine makers were down after a media report said that US health officials were planning to link coronavirus vaccines to the deaths of 25 children, according to Reuters. Shares of Modern, Pfizer, Novax fell 3-7%.

Traders await the US Federal Reserve's policy on interest rate cuts as several analysts believe a September rate cut will mark the start of a new easing cycle, according to media reports. The CME Fedwatch tool shows a 96% probability of a 25-basis points rate cut, up from an 89% possibility a week ago.

Following were the closing level of US indices Friday:

(Eshitva Prakash)

US$1 = 88.21

End 

Edited by Akul Nishant Akhoury

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.

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