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Informist, Tuesday, Sept. 16, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Over 1% gains in 13 constituents keeps Nifty 50 higher

MUMBAI--1430 IST--Over 1% rise in 13 of the Nifty 50 constituents helped the index stay higher. The gainers included shares of private banks, automobile, and metal companies. Kotak Mahindra Bank, up nearly 3%, was the top gainer. Among other bank stocks in the Nifty 50, Axis Bank rose nearly 2%.

At 1422 IST, the Nifty 50 was up 131.15 points, or 0.5%, at 25200 points. The index had opened the day largely flat. The BSE Sensex was up 452.35 points, or 0.5%, at 82238.09 points.

Shares of Larsen & Toubro rose nearly 2% after the company won a significant order from Nuclear Power Corp. of India for the Kudankulam nuclear power project in Tamil Nadu. The company classifies significant orders as those between INR 10 billion and INR 25 billion. The company's shares have gained for the last three straight sessions.

Among automobile stocks, Eicher Motors and Mahindra & Mahindra were up nearly 2% each. The gains could be attributed to reports that dealers have ramped up their inventory. A report in the Hindu BusinessLine newspaper said dealers have placed additional 20% purchase orders with automobile makers.

Shares of SpiceJet rose nearly 1% on the BSE after the company signed a lease agreement to induct eight Boeing 737 aircraft to expand its fleet ahead of the upcoming winter schedule. (Arundathi A R)

Equity Alert: Markets in Europe down; traders await US FOMC's decision on rates

MUMBAI--1416 IST--Indices in Europe were lower in early trade as stocks of banking and financial services companies across the continent fell. Market participants are awaiting the monetary policy decision of the US Federal Open Market Committee. The rate-setting committee is widely expected to cut the Fed funds rate by at least 25 basis points.

Among banks, share prices of Barclay's, Deutsche Bank, and Intesa Sanpaolo fell around 1% each. Insurance stocks also fell with shares of AXA, Allianz, and Assicurazioni Generali trading 1% lower in their respective countries.

The UK's FTSE 100 index was 0.2% lower. The country's July unemployment was unchanged from June, when it had hit a four-year high, CNBC reported, citing official data from the government. Annual growth in average earnings slowed to 4.8% in the three months to July, down from 5% in the previous three-month period, according to CNBC.

Shares of mining companies in Europe were higher amid rising gold prices. Shares of Glencore and Rio Tinto each rose 2%.

Shares of L'Oreal were down 2% after Jefferies downgraded the French cosmetics giant's stock to "underperform" from "hold". Shares of Ferrari NV were up over 2% after Berenberg started coverage of the luxury sports-car maker with a "buy" rating, according to Reuters. Among individual stocks, Swiss lift-manufacturer Schindler was down more than 3% after an investor sold shares of the company through an accelerated bookbuilding process at an 8.4% discount to the stock's closing value in the previous session, Reuters said in a report.

Following were the levels of major European indices at 1444 IST:

(Eshitva Prakash)

Equity Alert: Banks' earnings view slashed due to margin hit - Motilal Oswal

MUMBAI--1334 IST--Banks' earnings growth in the September quarter is expected to remain muted, which is reflected in sharp cuts in consensus earnings estimates for 2025-26 (Apr-Mar), Motilal Oswal Financial Services said in a report. A 100-basis-point cut in interest rates by the Reserve Bank of India in 2025 has hit margins of banks, which has led to a cut in earnings estimates across private and public sector banks. However, the brokerage expects margin pressure to ease from the December quarter onwards as deposit costs come down and liquidity with banks improves due to the CRR cut by the RBI earlier this year.  

Consensus earnings estimates of private banks for FY26 have been cut by 14% over a year and 4% in the past three months, the brokerage said. Also, earnings estimates of public sector banks for FY26 have come down by 8% over a year and 1% in the past three months. These cuts also point to muted earnings growth for banks in FY26 with consensus estimating a rise of only 2%.  

Mid-sized private sector banks with a high exposure to the microfinance sector saw the biggest cuts in earnings estimates. Higher delinquencies in microfinance institutions and elevated stress in unsecured retail loans increased credit costs for several banks, the brokerage said. Banks such as Bandhan Bank, Equitas Small Finance Bank, IDFC Bank, and RBL Bank saw their FY26 earnings estimate cut 41-95% over a year. Meanwhile, large banks with a secured-loan heavy portfolio saw a relatively smaller cut in earnings estimates.

The brokerage expects margin pressure to ease starting the December quarter, which the brokerage said is reflected in the minor earnings estimate cut for FY27. Consensus estimate suggest banks' earnings are expected to rise 16% in FY27. "A turnaround appears within reach, as 3QFY26 is likely to mark the end of the current earnings deceleration cycle," the brokerage said.  (Eshitva Prakash)

Equity Alert: L&T rises 2% to intraday high of INR 3,674 on order wins

MUMBAI--1332 IST--Shares of Larsen & Toubro rose over 2% to an intraday high of INR 3,674 after the company announced two order wins. The company has won a 'significant' order from the Nuclear Power Corp. of India to construct electric reactors for a nuclear power project. The other order, which the company labels as 'large', is for a bullet train project from the National High Speed Rail Corp.

The company classifies orders valued INR 10 billion to INR 25 billion as significant and those valued above INR 25 billion to INR 50 billion as large. The Nuclear Power Corp. order will see the company construct two 1,000 megawatt electric reactors for the Kudankulam Nuclear Power Project in Tamil Nadu. The National High Speed Rail Corp. order is for constructing a 156-km 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.

Shares of the engineering, procurement and construction company are up for the third day. They have risen 3.8% over this period. So far this month, the stock has risen around 2%. At 1332 IST, the stock was up 2.1% at INR 3,662.10 and was among the top gainers in the Nifty 50 index. So far in the day, over 1.75 million shares of the company changed hands on the NSE. Of the 16 brokerage reports on the stock available with Informist, 15 have a 'buy' or equivalent rating with an average target price of INR 4,194 while YES Securities (India) has a 'neutral' rating with a target price of INR 3,444.  (Arya S. Biju)

Equity Alert: Auto cos up on rising customer enquiries, footfall

MUMBAI--1252 IST--Investors bought shares of automobile companies on Tuesday in anticipation of better sales growth during this festival season starting Sept. 22, the first day of Navratri. Analysts said the impact of the goods and services tax cut on different vehicle categories is felt on ground, with more enquiries from customers and increased showroom visits. Plus, India's trade deal with the European Union is also seen as a positive, especially for auto ancillary companies, they said. 

Overall market is doing well in Tuesday's session and the sentiment around the sector is positive, a research analyst at a domestic brokerage said. The trade talks between India and the US also add to the optimism in the Indian market, the analyst said. Currently, India and the US are holding the next round of talks on the proposed bilateral trade agreement in New Delhi. 

"On ground momentum is healthy ahead of the festivals," a vice president at a mid-sized domestic brokerage said. Investors are currently buying automobile stocks ahead of the "bumper sales" expected during the festival season, he added. At the moment, there is an increase in enquiries and footfall to the showroom, he said.  

"The GST rate rationalisation, we note, has translated into immediate benefits for buyers, and companies are already reporting stronger enquiries, a surge in bookings, and an improved outlook for festive demand," Nomura Global Market Research said, echoing similar views. "Maruti Suzuki India states it has seen a clear surge in customer activity post the GST cuts, with 150,000 bookings already in hand," the broking firm said. Maruti Suzuki hit a fresh record high at INR 15,415 earlier in the day. 

At 1250 IST, Mahindra & Mahindra, Eicher Motors, and Maruti Suzuki were nearly 1% higher each. Shares of ancillary companies such as MRF, Balkrishna Industries, and Bharat Forge also gained 2–3%.  (Gopika Balasubramanium)

Equity Alert: Nifty 50 hits over-1-month high as banks push indices higher

MUMBAI--1240 IST--Benchmark indices rose further with shares of private banks leading the gains. The Nifty 50 index hit its highest level in over one month at 25203 points with most of its constituents trading in the green.

At 1239 IST, the Nifty 50 was up 126 points, or 0.5%, at 25197.35 points as compared to largely flat at open. The BSE Sensex was up 432 points, or 0.5%, at 82217.52 points.

Shares of Kotak Mahindra Bank, Axis Bank, and IndusInd Bank were up 1-3%. Nifty Bank and Nifty Financial Services indices were up for the 10th consecutive session. Analysts said that GST cuts announced earlier in September will be favourable for lending starting December quarter. Private bank and public sector bank sectoral indices were up 0.3-1%.

Shares of Larsen and Toubro gained more after the company won a "significant" order from Nuclear Power Corp. of India. The company classifies significant orders as those between INR 10 billion and INR 25 billion. Shares of Larsen and Toubro were trading up 1.7%. Among other order wins, shares of Suzlon Energy were up nearly 2% after the company said it had secured a project of 838 megawatts from Tata Power Renewable Energy.

Among index heavyweights, shares of Bharti Airtel were up more than 1% and those of Reliance Industries and ICICI Bank were trading marginally higher. Infosys and HDFC Bank traded lower. All broader market indices rose, and the Nifty Smallcap 250 index and the Nifty Midcap 150 index were up 0.3-0.7%.  (Eshitva Prakash)

Equity Alert: Nifty Bank up for 10th day; GST rejig seen aiding sector

MUMBAI--1230 IST--Most banking sector stocks gained with the Nifty Bank rising for the 10th straight session Tuesday, a rally seen since the government revamped the goods and services tax for multiple products and sectors on Sept. 3. The rationalisation of GST is expected to boost automobile and consumption loans from the December quarter, analysts said.

The asset quality in personal loans is seen stabilising, backed by an uptick in unsecured retail segment, Nomura Global Markets Research said in a report. It expects system credit to improve to 12% on year by 2025-26 (Apr-Mar) from 10% on year as of Aug. 22.

The stress in the unsecured retail segment is seen moderating. The reduction in the Reserve Bank of India's repo rate and cash reserve ratio, improving liquidity dynamics, and direct and indirect tax relief measures are expected to push medium-term credit expansion, the report said. 

Growth of personal loans moderated to 9% on year and growth in credit cards moderated to 12% on year as of June. "However, now with asset quality showing signs of an improvement, we expect growth to pick up," the brokerage said. Nomura Global's top picks in the sector are ICICI Bank, State Bank of India, and Axis Bank. It has maintained 'buy' rating on these stocks with a target price of INR 1,740, INR 980, and INR 1,400, respectively.

According to Motilal Oswal Financial Services, consensus estimates point to muted earnings growth of 2% in FY26 and a rebound of 16% in FY27. This bounce-back is likely led by repricing of deposits, CRR cuts, and improving credit costs, it said. The brokerage forecasts 17% compound annual growth rate in earnings per share over FY26-FY28.

The Nifty Bank index has risen for 10 consecutive sessions till Tuesday and has gained 2.5% over this period. Similarly, the Nifty Financial Services index has also rallied for 10 sessions, rising nearly 4% over this period. Kotak Mahindra Bank and Axis Bank were up around 2-3% Tuesday, top gainers in the Nifty 50.

Data released Monday showed India's wholesale price index inflation rebounded to 0.52% in August from (-)0.58% in July, driven by an increase in wholesale food prices. Rising food prices indicate opportunities for banks to expand credit to farmers and agri-businesses for inputs and storage solutions, Prakash Prasad, economist at Punjab & Sind Bank, said in a report. Additionally, the US Federal Open Market Committee's two-day meeting starting Tuesday will also be in focus with the Fed widely expected to cut the Federal funds rate by 25 basis points.  (Simran Rede)

Equity Alert: Indices open slightly higher tracking global cues

MUMBAI--0942 IS--Domestic equity indices opened slightly higher on Tuesday, tracking gains in global markets, which rose on optimism about an improvement in US-China relations. Indices in South Korea and Japan hit record highs earlier in the day. Back home, there is renewed hope of a trade deal between India and the US, as representatives from both the countries are scheduled to hold trade negotiations during the day. Market participans now await the outcome of the US Federal Open Market Committee's meeting, due on Wednesday. 

At 0940 IST, the Nifty 50 was at 25136 points, up 66.80 points or 0.3%. The 50-stock index hit an intraday high of 25140.40 points, breaching 25100 points, after choppy trade on Monday. A rise in heavyweights such as Reliance Industries and ICICI Bank offset the fall in HDFC Bank. The BSE Sensex was at 82023.04 points, 237.30 points or 0.3%. 

Broader market indices performed better than the benchmark indices. Small-cap indices such as Nifty Smallcap 100, Nifty Smallcap 50, and Smallcap 250 were 0.7 higher each. Meanwhile, Nifty Midcap 150, the Nifty Midcap 100, and the Nifty Midcap 50 indices were a tad higher.    

Among sectoral indices, the Nifty Media was the top gainer, having gained over 1% so far. Energy stocks also made sharp gains, with the Nifty Energy 0.7% higher, driven by gains in Tata Power Co. and RIL. Only four constituents traded in the red. Large-cap automobile companies also saw buying interest. Mahindra & Mahindra rose over 1% and was the top gainer. Eicher Motors was up 0.6%.  (Gopika Balasubramanium)

Equity Alert: Most Asian indices up; Japan, South Korean mkts at record highs

MUMBAI--0825 IST--Most indices in Asia were up in early trade Tuesday amid positive cues from US markets overnight. South Korea's Kospi index rose for 11th straight session and hit record intraday high. Japan's benchmark Nikkei 225 Day index also hit record intraday highs and briefly crossed the 45000 mark for the first time. US President Donald Trump's positive remarks on the ongoing China-US trade talks in Spain boosted market sentiment in Asia.

US Treasury Secretary Scott Bessant Monday said that the commercial terms for divestment of the TikTok mobile application had already been settled. Donald Trump and the China's President Xi Jinping are expected to discuss the terms Friday. China's blue-chip CSI 300 index was marginally lower after a positive open. The index had gained Monday as weak economic data including industrial output, home prices, and retail sales from the country boosted bets for an economic stimulus by the Chinese government.

Kospi advanced over 1.5% and shares of some major technology companies traded higher. Shares of SK Hynix rose over 5% and Samsung Electronics also gained nearly 2%. The index was up for the 11th consecutive session, gaining 9% during this period. The index has risen this week after the South Korean government Monday said it will not hike capital gains tax on stock investments.

Market participants await US Federal Reserve's decision on interest rate cuts, due Wednesday. A lower US interest rate is beneficial for markets in Asia.

Following were the levels of key Asian indices at 0826 IST:

(Eshitva Prakash)

Equity Alert: Indices may open slightly higher on positive global cues

MUMBAI--0812 IST--Benchmark indices are likely to open higher amid positive cues from global indices, which continued to rise in anticipation of interest rate cuts in the US. However, an eight-session rally in the Nifty 50, which only ended on Monday, would likely make sure further gains are limited until the US Federal Reserve announces its decision on Wednesday or demand in Indian economy shows improvement. 

The S&P 500 and the Nasdaq Composite Monday hit record highs yet again, gaining 0.5-0.9%. The S&P 500 has risen over 2% so far this month and the Nasdaq has risen over 4% in anticipation of rate cuts by the US Federal Reserve. The CME Fedwatch tool shows a 96% probability of 25-basis point rate cut on Wednesday and a small possiblity of a sharper 50-bps rate cut.

Most Asian markets were up tracking gains in US indices. Equity markets in Hong Kong, South Korea, and Japan were up 0.1-0.9%, while indices in China were down slightly. Market participants are waiting for the US Federal Reserve's decision on interest rates Wednesday and also Bank of Japan's meeting Friday.

Delegations from the US and China held talks related to trade deal in Madrid on Monday. Trump said on Truth Social that the meeting went "very well" and they have reached a deal related to a company--likely hinting at ByteDance, which owns TikTok. Trump said he will speak with China's President Xi Jinping on Friday.

Indian markets may see some gains amid postive sentiment around trade discussions with the US. India and the US will hold the next round of talks on the proposed bilateral trade agreement on Tuesday in the national capital, India's chief negotiator Rajesh Agrawal said Monday. 

GIFT Nifty futures shows the Nifty 50 may gain at open. Its September contracts traded at 25158.50 points, marginally down compared with its previous close but up 0.4% from Nifty 50's close on Monday. The Nifty 50 ended Monday's session at 25069.20 points, down 0.2%.

Technical analysts largely expect the Nifty 50 to remain above 25000 points and face resistance at 25150-25200 points. Some analysts expect there is a possiblity of profit booking in the market.  (Anshul Choudhary)

Equity Alert: S&P 500, Nasdaq at record highs; China-US talks lift sentiment

MUMBAI--0725 IST--Indices in the US rose Monday after President Donald Trump made positive comments about the US-China trade negotiations. Market participants await the US Federal Reserve's monetary policy decision due Wednesday when the central bank is widely expected to cut interest rates. The S&P 500 closed above 6600 points for the first time and the Nasdaq Composite also notched a record high.

US and Chinese officials Monday said they had reached a framework agreement to pass on ownership of the Chinese short-video app TikTok to the US. US Treasury Secretary Scott Bessent said that the deadline to finalise the deal could be extended by 90 days, according to a Reuters report. The deadline for Chinese negotiators for the deal was Sept. 17. Donald Trump said on Truth Social that the trade meeting in Europe between US and China had gone "very well", the Times of India reported.

The technology-heavy Nasdaq Composite closed nearly 1% higher and the index rose for the sixth consecutive session. Shares of Tesla were up nearly 4% after the company's owner Elon Musk disclosed stock purchase worth $1 billion, according to media reports. Shares of Alphabet were up 4.4% and the company reached a market capitalisation of more than $3 trillion for the first time.

Among other major technology stocks, Microsoft and Apple were up over 1% each. However, shares of chip-maker Nvidia traded in the red but recovered the sessions's losses. China on Monday had accused Nvidia of violating the country's anti-monopoly law, Reuters report said.

Market participants braced for upcoming Fed decision on key rates. The CME Fedwatch tool shows a 96% probability of a 25-basis-point rate cut after the ongoing Fed meeting and a 4% probability of a sharper 50-bps rate cut that was driven by a slew of data that showed weakness in labour market in the US. 

Following are the closing levels of US indices Monday:

(Eshitva Prakash)

US$1 = 88.06

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.

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