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Informist, Thursday, Sept. 25, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Indices choppy in early trade; auto, realty stocks take a hit

MUMBAI--0945 IST--Benchmark equity indices were choppy in early trade, as they recovered from early losses and were higher, only to turn flat in some time. The initial losses in the indices were due to a fall in shares of some banks, automobile, and information technology companies. 

At 0942 IST, the Nifty 50 was at 25058.05 points, up 1.15 points. The recovery in the 50-stock index was despite all the three main index heavyweights--ICICI Bank, HDFC Bank, and Reliance Industries--trading in the red. The index had opened at 25034.50 points, close to the crucial support level. The BSE Sensex was at 81719.61 points, up 3.98 points.

All the broader market indices were slightly higher. The Nifty Smallcap 50 was up over 0.2% and the Nifty Midcap 50 was up 0.3%. Among sectoral indices, Nifty Auto fell the most, down 0.5%. 

Automobile stocks saw selling pressure, with Tata Motors falling the most. The stock fell nearly 2% and was the worst-hit among the Nifty 50 constituents. Late Wednesday, Financial Times reported that the company's UK-based subsidiary, Jaguar Land Rover, will have to shoulder the full bill of damages from the cyberattack that had happened earlier this month, due to lack of insurance. Others such as Maruti Suzuki India and Bajaj Auto also fell nearly 1% each. 

Real estate companies also fell in early trade. Raymond, Anant Raj Ltd., and Lodha Developers fell 0.7% each. On the other hand, metal stocks gained, with Hindalco Industries, Vedanta, and Lloyds Metals and Energy rising 1–3% in early trade. Adani Power and Adani Total Gas gained 5% each. Consequently, the Nifty Energy index was up 0.6% and was the top gainer among the sectoral indices.  

Among individual stocks, Newgen Software Technologies was up nearly 5% after its wholly-owned subsidiary in the UK bagged an order worth 4.22 million euros, or around INR 440.5 million, from Tata Consultancy Services N.V, Belgium. (Gopika Balasubramanium)

Equity Alert: Citi restarts SBI coverage with 'buy'; target price INR 1,050

MUMBAI--0835 IST--State Bank of India will be in focus Thursday as Citi has re-initiated coverage on the stock. The brokerage has a "buy" rating and a target price of INR 1,050, ET Now said in a post on micro-blogging platform X. The target price indicates an upside of over 21% from Wednesday's closing price of INR 866.20. Within its public sector banks coverage, Citi prefers SBI. 

Improvement in advances growth is visible from traction in Xpress Credit, robust corporate pipeline, and accelerated home loan rollout, the brokerage said. Xpress Credit refers to instant loan facilities offered by the bank. Liability–cost optimisation and yield levers are expected to limit downside in the state-owned bank's net interest margin.

For 2025-26 (Apr-Mar) and FY27, Citi builds on a loan growth of 13-14% on a year-on-year basis, net interest margin on interest-earning assets at 2.8-2.9% with a stable credit cost of 40-50 basis points, the report said citing Citi. SBI is expected to deliver return on assets of 1% and return on equity of 14-15% over FY26 and FY27 justifying the target price, Citi said. 

Having said that, the brokerage also sees certain downside risk to the state-owned bank on lower-than-expected net interest margins or deterioration in asset quality, consequently leading to higher credit costs and weaker return on assets.  (Gopika Balasubramanium)

Equity Alert: Asian indices mixed amid concerns about tech stock valuations 

MUMBAI--0831 IST--Equity indices in Asia were mixed in early trade Thursday as market participants were cautious about the valuation of artificial intelligence stocks, following overnight losses in US technology stocks. Traders' bets were measured after US Federal Reserve Chair Jerome Powell, in his Rhode Island speech Tuesday, raised concerns about high stock valuations in the US market. 

Hong Kong's Hang Seng index was flat in early trade. Shares of Chinese carmaker Chery Autombile rose 11% at its trading debut in Hong Kong Thursday, according to media reports. The company was forced to cancel the listing ceremony as super typhoon Ragasa continued to affect weather conditions in the region. Shares of Xiaomi advanced almost 2% after the company released several new devices and appliances Wednesday.

South Korea's Kospi was also flat, but several defence stocks continued to gain, following US President Donald Trump's agressive shift of stance on the Russia-Ukraine war as he called for greater contributions from US allies against Russia. Shares of Korea Aerospace and Poongsan traded 1-3% higher.

The Taiwan Semiconductor Manufacturing Co. was down 1% after Bloomberg reported that the chip giant was seeking investment from Apple.

Following were the levels of key Asian indices at 0823 IST:

(Eshitva Prakash)

Equity Alert: UBS ups Dixon Tech to buy; sales seen rising 2.5 times by FY28

MUMBAI--0815 IST--Global brokerage UBS has upgraded its rating on Dixon Technologies (India) to 'buy' from 'neutral' and raised its target price on the stock to INR 23,000 from INR 13,000, implying a potential upside of 27% from the stock's latest closing price. On Wednesday, the stock had closed 0.2% higher at INR 18,161. 

The upgrade comes after UBS analyst Akshay Gattani assumed coverage on the stock due to strong growth potential through backward integration into non-semiconductor smartphone components, including displays, camera modules, enclosures and batteries, Investing.com reported. 

This new growth phase could boost the company's earnings before interest, tax, depreciation, and amortisation marging by 110 basis points by 2027-28 (Apr-Mar), compared to the expected margin expansion of 40 bps, CNBC-TV18 cited the brokerage as saying. The company's top line is expected to reach $11 billion by FY28, representing 2.5 times growth from current levels, it said. Growth drivers for the company include expansion of its components operations beyond captive use, exports, new verticals, and potential acquisitions.  (Akash Mandal)

Equity Alert: Indices seen in range; sentiment cautious after recent gains

MUMBAI--0758 IST--Benchmark indices are likely to move in a narrow range Thursday amid a lack of fresh triggers for the market. The sentiment is likely to remain cautious after the recent strong gains, with investors now focussing on the September quarter earnings and trade talks between India and the US. The Nifty 50 is likely to move in a range of 24800-25200 points during the session.

The Nifty 50 is unlikely to fall significantly, with the 25000 level expected to act as a crucial support. "Call writing alongside with put addition indicate some sort of consolidation around current levels," Vipin Kumar, assistant vice-president of equity research and senior derivatives analyst at Globe Capital Market, had said Wednesday.

Shrikant Chouhan, head of equity research at Kotak Securities, also said that intraday movement in the Nifty 50 is likely to remain in range. "We are of the view  that the intraday market texture is weak, but a fresh sell-off is possible only after the dismissal of the 25000 level...below this, the market could slip to 24900–24810," he said in a note.

The September contract of the GIFT Nifty indicates a flat start for the market. At 0755 IST, the contract was at 25077 points, up 13.50 points from its previous close. On Wednesday, the Nifty 50 ended at 25056.90 points, down 112.60 points or 0.5%. The BSE Sensex closed at 81715.63 points, down 386.47 points or 0.5%.

On Wednesday, indices in the US ended lower as investors booked profits post multiple closing records hit this month. There were also concerns regarding valuations after Federal Reserve Chair Jerome Powell flagged potentially stretched stock prices, Reuters reported. Indices in Asia were mixed in early trade Thursday, with the Japanese market leading the rise for the third straight session.  (Akash Mandal)

Equity Alert: US indices down on profit booking; US jobless claims data eyed

MUMBAI--0737 IST--Equity indices in the US closed lower for the second straight session Wednesday as market participants likely booked profits after US Federal Reserve Chair Jerome Powell's comments on stocks being "highly valued". Market participants will wait for US weekly jobless claims data later on Thursday to gauge the trajectory of further interest rate cuts by the US Fed.

Artificial intelligence stocks in the US came under selling pressure with Nvidia and Oracle leading the tech-heavy Nasdaq Composite Index to end 0.3% lower. "Tech is probably a little bit extended...there's no real reason to be bullish. I would not say, 'Oh, nobody's going to use AI and the world is coming to an end,' but it's clearly valuation," Jay Hatfield, CEO of Infrastructure Capital Advisors, was quoted by CNBC as saying. Wednesday, shares of Nvidia fell nearly 1% and those of Oracle closed nearly 2% lower. Oracle is looking to raise $18 billion in debt to finance its cloud infrastructure, according to a report by Reuters. 

Shares of Intel were up more than 6% after media reports said the chipmaker was looking for investment from Apple. Previously, Nvidia had said it would invest $5 billion in Intel.

Among other stocks, shares of Micron Technology fell nearly 3% despite the company's quarterly revenue beating market estimates. The company's management said the growth in sales was aided by strong demand for the company's high-bandwidth memory chips. Shares of mining company Freeport-McMoRan tumbled 17% after it declared it was halting operations at the Grasberg mine in Indonesia. According to a Reuters report, the miner expects consolidated sales of gold and copper to be lower in the coming quarter. Shares of Lithium Americas closed sharply higher after a Reuters report claimed that the US government might acquire 10% stake in the company.

The S&P 500 ended 0.3% lower and the Dow Jones Industrial Average slipped 0.4%. Traders will wait for inflation data according to the personal consumption expenditures index on Friday.

Following are the closing levels of US indices Wednesday:

(Eshitva Prakash)

End

US$1 = INR 88.63

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Tanima Banerjee

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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