Equity Alert
Indices seen down Fri; crucial for Nifty 50 to stay above 24800
This story was originally published at 17:18 IST on 25 September 2025
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Equity Alert: Indices seen down Fri; crucial for Nifty 50 to stay above 24800
MUMBAI--1645 IST--The benchmark equity indices are likely to move lower Friday with investors expected to continue taking profits from the earlier sharp rise following the goods and services tax reforms. Consistent selling of Indian equities by foreign investors has also dented sentiment with the rupee touching a new low earlier this week. Investors are now waiting to see the government's borrowing calendar for the second half of the financial year 2025-26 (Apr-Mar). The calendar is expected to be released at 1700 IST Friday.
"Sentiment continued to remain weak as selling by foreign investors intensified this week...," said Prashanth Tapse, senior vice-president, research, at Mehta Equities Ltd., said in a note. He also said investors continue to be worried about the pending India-US trade deal and the fall of the rupee against the dollar.
Technical analysts now see 25000 points as a crucial resistance level for the Nifty 50. They say it is important for the index to cross this level if it is to attract fresh buying. On the lower side, support for the 50-stock index is seen at 24800-24600 points. Analysts believe it is important for the Nifty 50 to stay above 24800 points. "If 25000 isn't reclaimed in the next two days then (the index can test) 24600 (points)," Anshul Jain, head of technical research at Lakshmishree Investment and Securities Pvt. Ltd., said.
Wednesday, the Nifty 50 closed at 24890.85 points, down 166.05 points or 0.7%. The benchmark index closed below 25000 points for the first time after 10 sessions. As of Thursday, it had fallen for five straight sessions. In this period, the index has fallen 2%.
The Nifty 50 is almost certain to close lower week-on-week, after having closed higher the past three weeks. The index will need to close above 25327.05 points to continue the winning run on a weekly basis, but the mark is 1.8% away from Thursday's close. On a monthly basis, the index is likely to close higher, as it is still 400 points above August's final close of 24426.85 points.
"Going forward, it is important to take a cautious approach given the current lack of bullish sentiment in the market," Osho Krishan, senior analyst for technical & derivatives at Angel One, said in a note. "For now, consider keeping lighter positions until we see a return of upward momentum." (Gopika Balasubramanium)
Equity Alert: Indices end down; IT, financial svcs biggest drag on Nifty 50
MUMBAI--1551 IST--Benchmark equity indices closed lower for the fifth straight session on Thursday as investors continued to book profits, analysts said. The indices were pulled down by losses in financial services and information technology stocks. The sentiment has been weak ever since the US government imposed a $100,000 fee for new H-1B visas. The rupee, hovering near a historic low, is also a concern amid consistent foreign investment outflows from the Indian stock market.
The Nifty 50 closed at a two-week low of 24890.85 points, down 166.05 points or 0.7%. The 50-stock index breached 25000 points for the first time in 10 sessions. The index has declined by 2% over the last five sessions. This kind of fall was last seen in February, when the index had extended its losses for 11 consecutive sessions after US President Donald Trump imposed tariffs on its three largest trading partners and indicated that he would take similar actions against other countries that were hurting the US with high import duties. The BSE Sensex closed at 81159.68 points, down 0.7% or 555.95 or 0.7%.
The Nifty Realty fell the most and closed 1.7% lower at 875.90 points. Anant Raj and Brigade Enterprises were the only realty index constituents that closed higher. Godrej Properties, Lodha Developers, and Prestige Estates Projects closed about 2.5% lower. Analysts had said that these stocks would remain in a range with a negative bias, as volume growth is expected to be weak.
Investors sold information technology stocks for the fifth straight session. The Nifty IT index has declined by 6% during this period. On Thursday, the sectoral index closed 1.3% down, weighed down by Tata Consultancy Services, Coforge, and Persistent Systems. "The US decision to impose a $100,000 fee on new H1-B visas for foreign workers will snip just 10-20 basis points from the operating margins of Indian information technology services companies next fiscal (2026-27)," Crisil Ratings said.
Meanwhile, metal stocks gained. The Nifty Metal was the only sectoral index to close in the green. However, gains were limited throughout the session. Hindustan Copper, Hindustan Zinc, and Vedanta gained 3-6%. (Gopika Balasubramanium)
Equity Alert: Nifty 50 Sept ends at 71.15-point premium to spot index
MUMBAI--1545 IST--The September futures contract of the Nifty 50 closed at a premium of 71.15 points to the spot index Thursday. Open interest in the contract rose 5.6% to 15.01 million, according to provisional data.
--Nifty 50 closed at 24890.85 points, down 166.05 points or 0.7% vs Wed
--Nifty 50 September closed at 24962.00 points, down 149.90 points or 0.6% vs Wed
Nifty 50 options, expiring Sept. 30, with maximum change in open interest:
Call: 25000, Put: 24900
Nifty 50 options, expiring Sept. 30, with maximum open interest:
Call: 26000, Put: 25000
(Akash Mandal)
Equity Alert: Europe mkts down; healthcare, industrial cos fall on US probe
MUMBAI--1422 IST--All major European indices were down in early trade Thursday, with shares of healthcare and industrial companies falling. This was after the US Commerce Department said it has launched a national security probe into imports of medical devices, robotics and industrial machinery equipment. Traders believe that these sectors may be on the next list of US import tariffs.
Shares of German medical technology company Siemens Healthineers fell 5%. Dutch company Koninklijke Philips fell 3% and UK-based Convatec was down more than 6%. Shares of UK-based Smith & Nephew fell 1%.
Germany's consumer confidence data for October, compiled by global market research company GfK, came in at -22.3, against the forecast of -23.0 and -23.5 in September. The report said that downward trend in consumer climate has halted due to improved income expectations. "Whether this marks the beginning of a sustained turnaround is more than uncertain...the consumer climate remains at an extremely low level," Rolf Burkl, head of consumer climate at Nuremberg Institute for Market Decisions was quoted as saying by CNBC. "The geopolitical situation, concerns about jobs, and renewed fears of inflation are likely hinder a thorough recovery at the moment," Burkl added.
Among others, shares of British investment firm Petershill Partners jumped over 33?ter the company said it plans on delisting from the London Stock Exchange, according to a CNBC report. Shares H&M were up 9?ter the Swedish retail company reported a higher-than-expected growth in its quarterly earnings.
Germany's Dax Performance index fell 0.3%, UK's FTSE 100 was 0.1% lower, and France's CAC 40, down 0.4%, led the losers among major European indices.
Traders are waiting for October consumer confidence report from France and US weekly jobless claims data, both due later in the day.
Following were the levels of major European indices at 1412 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
9246.51 |
(-)0.04 |
|
CAC 40 |
7799.6 |
(-)0.36 |
|
MIB INDEX |
42375.67 |
(-)0.11 |
| DAX PERFORMANCE-INDEX | 23,596.32 | (-)0.30 |
|
SLI |
1959.1 |
(-)0.54 |
(Eshitva Prakash)
Equity Alert: Indices in Asia end mixed; Japanese mkt at record high
MUMBAI--1356 IST--Asian markets ended mixed Thursday after a choppy trade. Japanese indices rose to record highs. Market participants are waiting for data on US weekly jobless claims, due later in the day, for cues on future trajectory of interest rates in the US.
The Nikkei 225 Day index rose 0.3%, extending its winning run for the third consecutive session. The Topix rose 0.5%. Shares of Sumitomo Metal Mining rose over 11% and those of Mitsui Mining and Smelting closed 7.3% higher. Shares of Mitsubishi Materials gained over 8%. Minutes of Bank of Japan's July meeting showed that members who dissented against the status quo maintained by the central bank had argued for an interest rate hike in the future, a Reuters report said.
China's blue-chip CSI 300 index recovered from a slow start to close 0.6% higher and was the biggest gainer amongst its Asian peers. Chinese technology shares are up for the eighth straight week, the longest winning streak on record, on optimism about artificial intelligence-related companies, Reuters said. Shares of Baidu and JD.com rose 2-3%. Hong Kong-listed shares of Alibaba rose nearly 7%. Shares of China's biggest car exporter, Chery Automobile, soared over 11?rlier in the session on their trading debut in Hong Kong. Shares of Xiaomi rose 4?ter the company launched several new devices and appliances. However, the Hang Seng index closed 0.3% lower.
A rally in China's domestic stock market had shifted some funds away from the Hong Kong market in recent times. However, as the mainland approaches a week-long national holiday, some funds may flow back to Hong Kong, which could support steady growth for stocks in the country, Kenny Ng Lai-yin, strategist at Everbright Securities International, was quoted as saying by the South China Morning Post.
South Korea's Kospi was flat after a choppy session. Shares of Naver, an internet firm, jumped up over 11?ter the company Thursday announced an investment in health-startup Gravity Labs, a report by CNBC said. Taiwan's Taiex closed 0.5% lower due to media reports of index heavyweight Taiwan Semiconductor Manufacturing Co. seeking an investment from Apple. Shares of Taiwan Semiconductor closed 1.5% lower.
Traders are also waiting for the final estimate of US second-quarter GDP data that will be released later in the day and US personal consumption expenditures report, due Friday.
Following were the levels of key Asian indices at 1338 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4593.49 |
0.60 |
|
Hang Seng Index |
26472.54 |
(-)0.17 |
|
Nikkei 225 Day |
45754.93 |
0.27 |
|
TOPIX FIRST SECTION |
3185.35 |
0.47 |
|
KOSPI |
3471.11 |
(-)0.03 |
|
FTSE Singapore Strait Times |
4275.44 |
(-)0.35 |
|
S&P/ASX 200 Index |
8773.00 |
0.10 |
(Eshitva Prakash)
Equity Alert: Tata Motors drags dn Nifty 50 but gains in HDFC Bk limit losses
MUMBAI--1320 IST--The Nifty 50 was down, with only 14 of its constituents trading with gains. The index fell after a choppy intial hour of trade. Tata Motors was the top laggard, down nearly 3%. Losses in its shares offset gains in Bharat Electronics, which is the top gainer in the Nifty 50, up over 2%. It rose after falling in the previous five sessions.
At 1316 IST, the Nifty 50 was at 24986.85, down 70.05 points or 0.3%. The BSE Sensex was at 81533.84, down 181.79 points or 0.2%. The fall in the Nifty 50 was limited due to gains in shares of HDFC Bank, which has the highest weightage in the index. Fear gauge India VIX was up 1.5% at 10.6775. Barring the Nifty Smallcap 50, all broader market indices were in negative territory, down 0.1-0.3%.
Shares of Asian Paints were down over 2% and those of Trent were down nearly 2%. Information technology stocks Wipro and Infosys were down for the fifth straight session. Their shares were down around 1?ch. Index heavyweights ICICI Bank and Reliance Industries were down for the fifth session. Shares of Natco Pharma went off lows after its board gave in-principle approval to evaluate the demerger of the company's agro business into a separate entity. The stock is down for the fifth consecutive session.
Shares of Axis Bank gained momentum after opening lower and saw choppy trading. The stock was up over 1%. Among Nifty 200 stocks, Cochin Shipyard was the top gainer, up over 3%. The Defence Research and Development Organisation collaborated with the Strategic Forces Command to successfully launch Intermediate Range Agni-Prime missile from a rail-based mobile launcher system on Wednesday. Shares of Adani Power were up over 3% after closing in the red for the previous two sessions.
Among sectoral indices, the Nifty Metal gained the most, with Hindustan Copper up nearly 6%, continuing its five-session winning streak. The stock rose after the company executed the Rakha mining lease deed with the Jamshedpur district commissioner for an extended period of 20 years. (Arundathi AR)
Equity Alert: Tata Motors dn; JLR ops halt not seen hitting co as demand soft
MUMBAI--1300 IST--Investors continued to offload shares of Tata Motors following a Reuters' report late Tuesday which said the company's UK-based subsidiary Jaguar Land Rover's production in factories will be halted till Oct. 1. However, two analysts said since the demand for the Jaguar Land Rover-made vehicles is subdued, there would not be a major impact on the arm's sales. However, this halt would definitely create supply chain disruptions, the company said. At 1244 IST, the company's shares were at INR 663.80, down 2.8%, and were the worst-hit Nifty 50 constituent. The stock fell 4% to an over one-month low of INR 655.30 earlier in the day.
Late Wednesday, the Financial Times reported Jaguar Land Rover will shoulder the full bill of damages from a cyberattack this month on lack of cyber insurance. JLR suppliers and dealers fear production in the UK units may not resume for several months, the report said. Other media reports said the Jaguar-maker would incur a bill of 2 billion sterling pound, citing the same report.
Analysts said JLR has been struggling with demand problems for a few quarters now, therefore, this would not impact the company's financials hugely. The UK subsidiary's wholesales volume was down nearly 11% from the year-ago period to 87,286 units in the June quarter. For the quarter ended June, JLR's revenue fell over 9% on year to 6.60 billion pounds sterling amid higher uncertainties over US tariffs.
Meanwhile, on Sept. 18, The Wall Street Journal had reported the company would not necessarily lose sales as a result of the shutdowns. In the US, dealers had 113 days of supply of Land Rovers and Range Rovers in August, the report said, quoting Cox Automotive.
Of the 17 research reports on Tata Motors available with Informist, nine have a "buy" or equivalent rating on the stock, with an average target price of INR 828. This price indicates a 25% upside from the spot price. Of the remaining brokerages, four have a "sell" rating and the other four have a "hold" rating on the stock. (Gopika Balasubramanium)
Equity Alert: iValue Info lists at INR 284.95, 5% discount to issue price
MUMBAI--1155 IST--Shares of iValue Infosolutions listed at INR 284.95 on the NSE, a discount of nearly 5% from the issue price of INR 299. At 1153 IST, the stock traded at INR 284.90, down slightly from the listing price.
The initial public offering of the company was subscribed 1.82 times, and it received bids for 23.83 million shares against the 13.12 million shares offered by the company.
iValue Infosolutions specialises in enterprise technology solutions and offers solutions for securing and managing digital applications and data. The company reported a consolidated net profit of INR 855.79 million for 2024-25 (Apr-Mar) on a revenue of INR 9.23 billion. (Akash Mandal)
Equity Alert: Most defence cos rise; Nifty India Defence up 1.7% in weak mkt
MUMBAI--1055 IST--Most defence stocks rose Thursday, with the Nifty India Defence gaining 2% in early trade. The index outperformed benchmark as well as all sectoral indices. Cochin Shipyard and Garden Reach Shipbuilders rose over 3?ch and were the top gainers in the Nifty India Defence index. The index also snapped a three-day losing streak, during which it fell nearly 3%.
The Defence Research and Development Organisation in collaboration with the Strategic Forces Command carried out the successful launch of Intermediate Range Agni-Prime missile from a rail-based mobile launcher system Wednesday, according to a press release by the Press Information Bureau Thursday. This next-generation missile is designed to cover a range of up to 2,000 kilometres and is equipped with various advanced features. This launch is a first-of-its-kind, carried out from a specially designed rail-based mobile launcher having the capability to move on rail network without any pre-conditions, the release said.
Bharat Electronics rose nearly 3% and was the top gainer in the Nifty 50. Larsen & Toubro Wednesday partnered with Bharat Electronics to support the Advanced Medium Combat Aircraft programme, India's fifth-generation fighter aircraft initiative. The consortium's participation in this programme represents an INR 150-billion development opportunity and aligns with India's strategic push to deepen private sector involvement in defence manufacturing, ICICI Direct Research said in a report.
After US President Donald Trump voiced support for Ukraine's efforts to reclaim all of its lost territory on social media platform Truth Social, defence stocks in Europe also surged in a weak market. Speaking on the sidelines of the United Nations General Assembly in New York, where he met Ukrainian President Volodymyr Zelenskyy, Trump said Kyiv could recapture its original borders with backing from Europe and the North Atlantic Treaty Organization. "I think Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form," he wrote on Truth Social, shortly after meeting Zelenskyy. (Simran Rede)
Equity Alert: Newgen Software Tech up 7?ter arm gets 4.22-mln-euro order
MUMBAI--1000 IST--Shares of Newgen Software Technologies rose over 7% to a high of INR 937.50, the top gainer in the Nifty 500, after its subsidiary secured a big order from Tata Consultancy Services' Belgian arm. At 0955 IST, Newgen Software Tech was up 4.6% at INR 915.95.
The company's wholly-owned subsidiary Newgen Software Technologies (UK) bagged an order worth 4.22 million euros (around INR 440.5 million) from Tata Consultancy Services N.V, Belgium. The order is for cloud hosting, software licence, and implementation services to end customers and is expected to be executed within five years.
"This will improve the revenue visibility for the company which will further aid the company in reporting better performance in the quarters to come," ICICI Direct Reseach said in a report. Till 0955 IST, 3.44 million shares of the company were traded on the National Stock Exchange, sharply higher than the 76,307 shares traded till the same time Wednesday. (Akash Mandal)
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?ch.
Real estate companies also fell in early trade. Raymond, Anant Raj Ltd., and Lodha Developers fell 0.7?ch. 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?ch. 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?ter 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?ter 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?ter Bloomberg reported that the chip giant was seeking investment from Apple.
Following were the levels of key Asian indices at 0823 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4597.50 |
0.69 |
|
Hang Seng Index |
26531.74 |
0.05 |
|
Nikkei 225 Day |
45719.71 |
0.20 |
|
TOPIX FIRST SECTION |
3183.97 |
0.43 |
|
KOSPI |
3468.11 |
(-)0.12 |
|
FTSE Singapore Strait Times |
4282.06 |
(-)0.19 |
|
S&P/ASX 200 Index |
8786.40 |
0.25 |
(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?spite 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?ter 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:
|
Index |
Level |
Change in % |
|
S&P 500 |
6637.97 |
(-)0.28 |
|
NASDAQ Composite |
22497.86 |
(-)0.33 |
|
Dow Jones Industrial Average |
46121.28 |
(-)0.37 |
(Eshitva Prakash)
End
US$1 = INR 88.66
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
All prices from National Stock Exchange, unless otherwise specified.
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