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Informist, Friday, Sept. 26, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Mkt ends down; pharma, IT drag Nifty 50 to close near 1-mo low

MUMBAI--1555--A sharp decline in shares of pharmaceutical and information technology companies dragged the Nifty 50 to a near one-month low at close. While pharmaceutical stocks fell after US President Donald Trump imposed 100% tariff on branded and patented drugs effective Oct. 1, IT stocks fell on the back of Accenture's muted growth guidance for the year coupled with the overhang of H-B1 visa application fees hike. A fall in financial services stocks also weighed on the indices. 

On Friday, the Nifty 50 closed at 24654.70 points, down 236.15 points or 0.9%. This week, the index has fallen nearly 3%, closing lower for all the five sessions and the weekly decline is the steepest since the first weel of April. Meanwhile, the six-day losing run is also the longest since early February, when the index had fallen on the back of Trump's announcement of steep tariffs on its three trading partners. The 50-stock index also fell below the immediate support level of 24800-24700 points, though still closing above 24600 points. Only six Nifty 50 constituents closed with gains. The BSE Sensex closed at 80426.46 points, down 733.22 points, or 0.9%.     

Investors dumped shares of pharmaceutical companies after Trump said patented and branded drugs that enter the US will attract hefty tariffs. However, the fresh levies would not apply to companies that have already started constructing their manufacturing plants in the US. Shares of Sun Pharmaceutical Industries, Dr. Reddy's Laboratories, and Cipla closed 0.7-2.5% lower. Others such as Laurus Labs, Biocon, and Zydus Lifesciences fell 4-7%.

Meanwhile, analysts say the tariffs annouced will have a limited impact as the share of these products in overall US exports is still small. However, the impact may be felt for a couple of companies such as Sun Pharma and Zydus Life, they said. Having said that, Sun Pharma and Zydus Life's branded mix have a 15% and a 5% exposure to the US market, respectively. 

Information technology stocks fell, with Wipro, Tech Mahindra, and Infosys down 2-3%. These stocks fell after US IT major Accenture gave a guidance of 2-5% growth in local currency for 2025-26 (Aug-Sept). Most global brokerages expect Accenture's muted growth guidance to weigh on the Indian IT sector. (Gopika Balasubramanium)

Equity Alert: Nifty 50 Sept ends at 45.30-point premium to spot index

MUMBAI--1553 IST--The September futures contract of the Nifty 50 closed at a premium of 45.30 points to the spot index Friday. Open interest in the contract rose 0.1% to 12.51 million, according to provisional data.

--Nifty 50 closed at 24654.70 points, down 236.15 points or 1.0% vs Thu
--Nifty 50 September closed at 24700.00 points, down 267.70 points or 1.1% vs Thu

Nifty 50 options, expiring Sept. 30, with maximum change in open interest:

Call: 24800, Put: 24600

Nifty 50 options, expiring Sept. 30, with maximum open interest:

Call: 25000, Put: 24500

(Akash Mandal)

Equity Alert: European markets rise; some pharma cos down on US tariffs

MUMBAI--1430 IST--Indices in Europe were up in early trade Friday, buoyed by financial and industrial stocks. Shares of steel manufacturers were up after European Commission said it plans on slapping 25-50% tariffs on imports of steel and steel-related product from China, according to media reports. On the other hand, shares of pharmaceutical companies fell across the region after US President Donald Trump announced tariffs on imports.

In a post on social media platform Truth Social, Trump Thursday announced a 100% tariff on import of pharmaceuticals into the US from Oct. 1. His announcement exempted companies that were or had already constructed manufacturing plans on US soil.

"The potential 100% tariff should largely be avoidable with US-based manufacturing build-out," analysts at JPMorgan were quoted as saying by CNBC. "And while there remain a number of unknowns on tonight's announcement...we continue to see a very manageable overall impact from tariffs to our large cap coverage." Previously, the US president had threatened 200% tariffs on pharmaceutical products. On Thursday, shares of European healthcare companies were under pressure after the US government launched a national security probe into medical device imports.

Shares of Danish biotechnology research company Zealand Pharma fell more than 2% and Novo Nordisk fell 2%. Shares of Sanofi, Novartis, and AstraZeneca were largely unchanged. Shares of truck-makers Daimler Truck and Traton fell over 2% each after Trump also announced a 25% tariff on imports of heavy trucks.

European Union Commission President Ursula von der Leyen said the EU would propose new methods to curb steel imports to protect domestic producers as global overcapacity was straining margins and making it harder for the region's steel industry to invest in decarbonisation, Reuters said in a report. Shares of Thyssenkrupp and Salzgitter gained 3-5% in the German market. The DAX Performance index was higher by 0.5%.

Following were the levels of major European indices at 1405 IST:

(Eshitva Prakash)

Equity Alert: Mkt falls further, India VIX surges; only 7 Nifty 50 cos up

MUMBAI--1439 IST--Benchmark indices fell further with heavyweights such as HDFC Bank, ICICI Bank, and information technology stocks extending their decline. Both the headline indices fell for the sixth straight session. Barring seven companies, all other Nifty 50 constituents traded in the red. Gains in some automobile stocks such as Maruti Suzuki, Eicher Motors, and Tata Motors limited further loss in the Nifty 50.

At 1421 IST, the Nifty 50 was at 24648.25, down 242.60 points or 1%. The BSE Sensex was at 80389.94, down 769.74 points or 1%. The fear gauge India VIX surged nearly 7% to 11.4900 as the market fell further. Shares of Mahindra & Mahindra, IndusInd Bank, and Eternal were the top losers in the 50-stock index, down over 3%. M&M was down for the third straight session and Eternal was down for the fourth consecutive session. Information technology stocks Wipro and Infosys were also down nearly 3%.

Larsen & Toubro remained the top gainer among the Nifty 50 constituents, up nearly 3%. Shares of ITC rose over 1% after falling for five sessions. Shares of Maruti Suzuki gained for the fourth session. Index heavyweight Reliance Industries rose marginally after falling for five straight sessions. (Arundathi A R)

Equity Alert: Most Asian indices end down; new tariff fear rattles pharma shares

MUMBAI--1437 IST--Most equity indices in Asia closed lower Friday after a slew of fresh tariff announcements from US President Donald Trump, causing more worries for global investors. Headline indices in South Korea closed sharply lower after shares of heavyweight pharmaceutical stocks nosedived after Trump announced 100% tariff on "any branded or patented pharmaceutical products" from Oct. 1. The US president also announced 25% tariff on heavy-duty trucks and 50% tariff on kitchen cabinets.

"Looking at Asia specifically, it is still unclear how branded or patented pharmaceutical products will be defined," Dow Jones Newswires reported, citing Michael Wan, an MUFG senior currency analyst. Better-than-expected US GDP and jobless data released Wednesday had dented hopes of a further reduction in US interest rates.

South Korea's headline index KOSPI closed almost 3% lower Friday. Shares of pharmaceutical companies Samsung Biologics, SK Bio Pharmaceuticals, Daewoong Pharma, and Celltrion Pharm ended 2-4% lower.

Japan's Nikkei 225 Day index ended almost 1% down. Japanese pharmaceutical stocks Daiichi Sankyo, Chugai Pharmaceutical, and Sumitomo Pharma closed 2-5% lower. Several technology stocks in Japan also ended lower. Lasertec Corp. and Disco Corp. each ended 8% in the red. However, TOPIX closed marginally higher, among the few indices to end higher.

Earlier in the day, Japan's September inflation data came softer than expected. The core inflation rose 2.5% on year, lower than the 2.8% estimated in a Reuters poll of economists. Tokyo's inflation figures are considered to be a leading indicator of broader trends in Japan. 

Hong Kong's Hang Seng Index also closed lower, weighed down by losses in shares of Alibaba Health Information Technology and JD Health, each falling more than 4%. China's CSI 300 closed almost 1% lower. The Australian S&P/ASX 200 index was among the few indices in the region to close in positive territory. 

Following were the levels of key Asian indices at 1437 IST: 

(Eshitva Prakash)

Equity Alert: Analysts say impact of proposed US pharma tariff to be limited

MUMBAI--1248 IST—-The tariff on branded and patented pharmaceutical products announced by the US will have a limited impact as the share of these products in overall US exports is still small. Further, the impact may be contained to a handful of companies including Sun Pharmaceutical Industries and Zydus Lifesciences, two analysts covering the pharmaceutical sector said.

Having said that, there is some confusion around whether the proposed tariffs will include branded generics, a sizeable business for several companies in India. "We will wait for (the) executive order to come out as the language that the US administration will use is important to read the impact on drug companies," said Mehul Sheth, research analyst at HDFC Securities.

Sun Pharma and Zydus Life's branded portfolios have 15% and 5% exposure to the US market, respectively. These companies will be the worst affected if the 100% tariff, announced by US President Donald Trump, is levied only on branded and innovative products, Sheth said. He also added that investigations were underway in the US over whether to put tariffs on generic medicines. The findings are expected to be released around Dec. 25.

"(The) Trump administration wants global (pharma) companies to set up (their) manufacturing units in the US but it will take no less than two to three years to do the technology transfer...I assume the deadline of Oct. 1 may be extended," an analyst at a domestic brokerage firm said. Talent shortage in the US and presence of other global players in the branded products business makes it difficult for Indian drug makers to build manufacturing plants in the US, according to the analyst. Contract-based deals with US contract development and manufacturing organisations is an alternative for global and Indian drug makers.

As at 1248 IST, Sun Pharma was among the worst hit stocks in the Nifty 50, falling nearly 3%. Shares of Cipla came off lows to touch INR 1,501 from 1,477 earlier, and it was down nearly 1%. Dr. Reddy's Laboratories and Apollo Hospital Enterprises were around 1% lower. The Nifty Pharma index slightly revovered from the losses incurred in early trade and was down over 2%.  (P. Madhu Kumar)

Equity Alert: Analysts say Accenture's muted guidance poses risk for IT cos

MUMBAI--1213 IST--US-based global information technology company Accenture has pegged its revenue growth for 2025-26 (Sept-Aug) at 2-5% in local currency, slower than the 7% growth in revenue at $69.67 billion the previous year. This marks a third consecutive low growth year, according to brokerage firm Citi. 

The FY26 growth guidance includes a negative 1–1.5% impact from US federal business, most brokerages said. This guidance shows no improvement in discretionary spending at the upper end but assumes further deterioration at the lower end, reflecting a conservative approach, Emkay Global Financial Services. The revenue growth estimate of 6.1% on year for FY27 may have a risk if there is no discretionary demand environment. For Indian IT companies, the revenue growth expectation for the 12-month period ending September 2026 at 3.6% is seen as not meaningfully different compared to Accenture's FY26 guidance. 

"We believe the uptick in tech spending in CY26 (2026) hinges on confidence in the macro stability and resilience of the US economy after the tariff-led cost increase being passed on to consumers and expected further cuts in interest rates in the US," Emkay Global said. A fall in Indian IT stocks suggests investors are unwilling to turn constructive on status quo demand, given multiple concerns. However, JM Financial believes most negatives are now priced in, making risk-reward favourable.

The muted growth guidance for Accenture despite a pickup in generative artificial intelligence projects suggest that these projects are not driving an increase in budgets of IT services, NDTV Profit cited Jefferies on X. This poses downside risks to concensus expectations of a pick-up in growth in 2026-27 (Apr-Mar) for Indian IT companies and may limit the expansion of price-to-earnings ratio, the brokerage said. This generative artificial intelligence pricing is expected to be accretive to Accenture's average pricing, the media house cited Citi on X.

The US-based firm's financial services vertical reported the highest growth of 12% on year in constant currency terms in the reporting quarter. Indian IT services companies have a higher exposure to financial services, with Tata Consultancy Services having the highest among large caps, NDTV Profit cited Macquarie on X. The bookings of Accenture showed managed services are performing better than consulting, which indicates that clients are still focused on cost takeout projects, the brokerage said. A softer outlook for managed services might indicate growth deceleration for Indian peers, though it could be attributed to lower bookings, JM Financial Institutional Securities said.  (Simran Rede)

Equity Alert: Tata Motors up 2% post 2-day fall; arm JLR partly resumes ops

MUMBAI--1208 IST--Shares of Tata Motors rose over 2% to an intraday high of INR 680.35 after the company posted an update that its subsidiary Jaguar Land Rover has partly resumed operations at its UK plants post a major cyber attack earlier in the month. At 1204 IST, the stock traded 2.2% higher at INR 678.80 and was among the top gainers in the Nifty 50. 

JLR said sections of its digital estates have resumed operations, and the foundational work of its recovery programme is underway. The financial system is now running and able to sell and register vehicles, the company said. The company also said it is working to clear payment backlog to suppliers in a quick manner. This will provide comfort to investors, who had feared huge losses for Tata Motors due to the cyber attack. The stock had fallen over 5% in the two days since the attack. 

Reports had said the company will shoulder the full bill of damages from the attack due to lack of cyber insurance. The company could take a revenue hit of 3.5 billion euros or INR 364.63 billion and a gross profit hit of 1.3 billion euros or INR 135.43 billion if the UK subsidiary cannot make vehicles until November, a Financial Times report cited estimates from David Bailey, a professor at the University of Birmingham.

By 1204 IST, 9.32 million shares of the company were traded on the NSE, lower than the 16.19 million shares traded till the same time Thursday.  (Akash Mandal)

Equity Alert: Vodafone Idea plunges 9%; SC defers AGR plea hearing again

MUMBAI--1145 IST--Shares of Vodafone Idea fell 9% to an intraday low of INR 7.90 after the Supreme Court again defered the hearing for the company's plea on additional gross revenue, with the next hearing on Oct. 6. At 1143 IST, the stock was trading 6% lower at INR 8.17 on NSE. It was down 3% before the hearing began.

The apex court defered the case after Solicitor General Tushar Mehta sought more time on behalf of the Department of Telecommunications. The hearing began at 1100 IST. The stock had surged over 12% last Friday after the government told the apex court that some solution might be required on the company's petition to quash the additional AGR demand of INR 94.50 billion for the period till 2018-19 (Apr-Mar). 

The debt-ridden company had earlier said its existance would be put at risk if no support were extended by the government. Till 1143 IST, 891.72 million shares of the company were traded on the NSE, sharply higher than the 285.15 million shares traded till the same time Thursday.  (Akash Mandal)

Equity Alert: L&T at 9-mo high on exiting phase 1 of Hyderabad metro project

MUMBAI--1105 IST--Shares of Larsen & Toubro rose nearly 3% to an over nine-month high of INR 3,743.80 after the company said the Telangana government had agreed to take over the first phase of the Hyderabad metro rail project for a large sum. At 1058 IST, the stock traded 2.6% higher at INR 3,740.30 and was the top gainer in the Nifty 50.

The Telangana government will take over the project by paying nearly INR 20 billion to L&T and will also take over the entire debt of the first phase, which currently stands at INR 130 billion. The government is taking over the project to expedite the second phase.

The company faced losses of over INR 6 billion from the project in 2024-25 (Apr-Mar), and the company's exit will boost its earnings per share by 4%, JM Financial said in a report. The exit from the project could also enable the company to meet its return on equity target of 18% in 2025-26 (Apr-Mar), compared to the 17.3% estimated by the brokerage earlier. 

Till 1058 IST, 1.58 million shares of the company were traded on the NSE, sharply higher than the 403,059 shares traded till the same time Thursday.  (Akash Mandal)

Equity Alert: IT cos fall on US-based Accenture's muted growth guidance

MUMBAI--1054 IST--Shares of all information technology companies fell Friday following US-based technology firm Accenture's August quarter results. Most global brokerages expect Accenture's muted growth guidance to weigh on the Indian IT sector. The company has pegged its revenue growth for 2025-26 (Sept-Aug) at 2-5% in local currency, slower than the 7% growth in revenue at $69.67 billion the previous year.

All 10 constituents of the Nifty IT index were in the red. Oracle Financial Services Software was down over 2% and was the worst hit in the index. HCL Technologies, Infosys, and Wipro were down over 1% each, among the worst performers in the Nifty 50. The Nifty IT index is down nearly 7% over this week, with most of the losses for the month recorded this week. The index was the third-worst hit sectoral index after Nifty Pharma and Nifty Healthcare indices. 

The Nifty IT fell to an over five-month low level of 34013.95 points. It is down for the sixth consecutive session. Shares of Wipro hit a near-five-month low of INR 237.11. Wipro, Tata Consultancy Services, and Infosys also traded down for the sixth session.

Excluding an estimated 1.0-1.5% impact from its US federal business, the company expects top line growth of 3–6% for the full year. For Sept-Nov, the company expects its revenue to grow 1–5% in local currency terms to $18.1 billion-$18.75 billion. Accenture's earnings are seen as a crucial indicator for Indian IT companies, which are scheduled to detail September quarter earnings from next month.  (Simran Rede)

Equity Alert: Waaree Energies at 1-month low as US custom dept probes into co

MUMBAI--1039 IST--Investors sold shares of Waaree Energies following media reports saying the US customs officials were investigating whether the company evaded the US trade policies on Chinese-made solar cells and panels by marking them as made in India. The stock fell nearly 6% to a near one-month low of INR 3,245 in early trade and at 1040 IST, it was at INR 3,280, down 4.8%. About 1.5 million shares of the company were traded so far, three times the 510,100 shares traded till the same time Thursday. 

The US Customs and Border Protection is investigating whether the company and Waaree Solar Americas Inc. sidestepped anti-dumping and countervailing duties on solar cells from China and other Southeast Asian nations, Bloomberg News reported citing a public notice. The agency had imposed interim measures on the company because there is reasonable suspicion that it evaded duties when bringing products into the US, as per the Bloomberg report.

A Reuters report said that US customs department revealed the probe in a memo to attorneys for Waaree and the American Alliance for Solar Manufacturing Trade Committee, a coalition of domestic solar manufacturers. The solar committee had requested the investigation on Waaree in letters to the agency earlier this year, the report said.

Of the three research reports on Tata Motors available with Informist, YES Securities (India) and Nuvama Institutional Equities have a "buy" rating on the stock with a target price of INR 4,610 and INR 3,646, respectively. Kotak Securities has a "sell" rating with a target price of INR 2,620. This suggests a downside of 20% from the spot price.  (Gopika Balasubramanium)

Equity Alert: Saatvik Green Energy lists at INR 465, same as issue price

MUMBAI--1038 IST--Shares of Saatvik Green Energy listed at the same price as its issue price of INR 465 on the NSE. At 1025 IST, the stock traded at INR 450, down 3.3% from its listing price. Nearly 4 million shares of the company have been traded so far. 

The initial public offering of Saatvik Green Energy was subscribed 6.6 times as of final day. Investors bid for a total of 93.81 million shares, against the 14.27 million shares on offer. Non-institutional investors subscribed the issue more than 10 times, placing bids for 30.60 million shares against the 3.05 million shares offered for the category. Retail individual investors bid for 18.91 million shares, 2.7 times the 7.11 million shares allocated for them.

Saatvik Green manufactures solar photovoltaic modules and has supplied more than 1.5 gigawatts of high efficiency photovoltaic modules in the domestic and international market. The company had reported a consolidated net profit of INR 2.14 billion for 2024-25 (Apr-Mar) on revenue of INR 21.58 billion.  (Akash Mandal)

Equity Alert: GK Energy lists at INR 171, 12% premium to issue price

MUMBAI--1034 IST--Shares of GK Energy listed at INR 171 on the NSE, a premium of 12% to the issue price of INR 153. At 1031 IST, the stock traded at INR 173.26, up over 1% from its listing price. Over 19 million shares of the company have been traded so far. 

The company's initial public offering was subscribed nearly 90 times by the end of the final day. Investors bid for 1.99 billion shares, against the 22.18 million shares on offer. Qualified institutional buyers subscribed 186.3 times, bidding for 1.17 billion shares against the 6.29 million shares offered for the category. 

GK Energy is an engineering, procurement and commissioning company that provides services for solar-powered agricultural water pump systems under the Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan scheme. The company reported a consolidated net profit of INR 1.33 billion during 2024-25 (Apr-Mar) on revenue of INR 10.95 billion.  (Akash Mandal)

Equity Alert: RITES surges 7% on INR 1.6-bln order from South African co

MUMBAI--1012 IST--Shares of RITES rose 7% to an intraday high of INR 270 after the company said it bagged a big international order. At 1010 IST, the stock was trading 4.6% higher on NSE at INR 263.89 and was the top gainer in the Nifty 500. 

The company said it has received an order worth $18 million, or about INR 1.60 billion, from South Africa-based Talis Logistics to supply and commission overhauled Cape gauge ALCO diesel-electric locomotives. The delivery of the locomotives is to be completed within 6–8 months of receiving the advance. 

Till 1010 IST, 16.95 million shares of the company traded on the NSE, sharply higher than the 122,720 shares traded till the same time Thursday.  (Akash Mandal)

Equity Alert: Pharma stocks fall after Trump's 100% tariffs on branded drugs

MUMBAI--0950 IST--Shares of Indian pharmaceutical companies fell Friday after US President Donald Trump announced 100% tariffs on branded and patented pharmaceutical products, which will be effective Oct. 1. Trump took to social media platform Truth Social and said that the pharmaceutical companies that are constructing their manufacturing units in the US will be exempted from the fresh levies. 

As of 0934 IST, Sun Pharmaceutical Indsutries was the worst-hit stock in the Nifty 50, falling nearly 3%. The US formulation accounted for 29% of the total sales in the June quarter, according to Sun Pharma's latest investor presentation. Shares of Cipla fell nearly 2%, down for the second straight session. Dr. Reddy's Laboratories and Apollo Hospital Enterprises were down around 1% each. 

"Indian pharma exports to the US stood at ~US$ 10 billion which is ~31% of the overall pharma exports," according to analysts at ICICI Direct Research. "We believe, direct near-term impact of the newly imposed tariffs on Indian pharma companies is limited since majority of the exported drugs are generic in nature," they said in a note.   

The Nifty Pharma index fell nearly 2% and touched an over a six-week low of 21390.25 points. Natco Pharma was down 4% and was the biggest loser in the index, followed by Laurus Labs and Abbott India, which fell around 3% each.  (P. Madhu Kumar)

Equity Alert: Mkt opens lower, dragged dn by pharma cos post fresh US tariffs

MUMBAI--0939 IST--Benchmark equity indices opened lower Friday amid weakness in pharmaceutical and information technology stocks. Earlier in the day, US President Donald Trump announced 100% tariffs on branded and patented pharmaceutical products starting Oct. 1. For companies who have local manufacturing units and those whose factories are under construction in the US will be exempted, the US President said in a post on social media platform Truth Social.     

At 0938 IST, the Nifty 50 was at 24764.65 points, down 126.20 points, or 0.5%. The 50-stock index broke the crucial support of 24800 points, and fell to a low of 24759 points, a level last touched on Sept. 8. Among the index constituents, shares of some automobile companies and insurance companies were higher. The BSE Sensex was at 80734.45 points, down 425.23 points or 0.5%.

Investors sold shares of most pharmaceutical companies as Trump announced the much feared tariffs. Large-caps such as Dr. Reddy's Laboratories, Sun Pharmaceutical Industries, and Cipla fell over 2-3%. Shares of other pharma players such as Natco Pharma, Laurus Labs, and Biocon were down 3-5%. 

IT stocks extended their losses for the sixth straight session, as sentiment remained negative after the US imposed a whopping $100,000 application fee for H-1B visa petitions last week. Large-caps such as Tech Mahindra, Infosys, and Wipro fell over 1% each. 

Broader market indices fell sharper than the benchmark indices. The Nifty Smallcap 250 was down 1.7%. The mid-cap indices were also down, with the Nifty Midcap falling 1% in early trade.

All the sectoral indices were in the red. The Nifty Pharma fell the most and was down 2.4%, followed by Nifty Healthcare, which was down over 2%. Nifty Auto saw the least selling pressure in a weak market and was down only 0.1%.  (Gopika Balasubramanium)

Equity Alert: Most Asian indices dn as pharma cos fall on US tariffs on drugs

MUMBAI--0824 IST--Most indices in Asia were lower in early trade Friday as US President Donald Trump announced 100% tariffs on branded and patented pharmaceutical products, which affected Asian pharmaceutical stocks. An upward revision in US GDP growth for the June quarter and lower-than-expected US jobless claims data turned traders cautious ahead of the US Federal Reserve's monetary policy meeting in October.

The US President took to his social media platform Truth Social to announce the much anticipated pharmaceutical tariffs and said that pharmaceutical companies that are building manufacturing units in the US will be exempt from the levies. 

The CSI 300 index was 0.3% lower in early trade. President Trump signed an executive order overnight approving a proposal which would see the ownership of short-video application Tik Tok pass to US hands. 
 

South Korea's benchmark index Kospi fell more than 2% due to a severe decline in pharmaceutical companies. Shares of Samsung Biologics and SK Bio Pharmaceuticals were down 2-3%. Pharmaceutical companies listed in Hong Kong were also having a rough start to the session. Among other losers in the same sector, shares of Wuxi Biologics, Alibaba Health Information Technology, and Sino Biopharmaceutical fell 2–3%. The Hang Seng Index lost 0.6% in early trade.

Japan's Topix was up 0.6%, hitting another intraday record. However, shares of Daiichi Sankyo, Chugai Pharmaceutical, and Sumitomo Pharma tumbled 2-5%. The Nikkei 225 Day index also fell. 

In a separate social media post, Trump said that the imports of heavy trucks will also invite a levy of 25%. Kitchen, cabinets, bathroom and other such products will be charged a 50% tariff and a 30% tariff will be charged for upholstered furniture. Traders will monitor US personal consumption expenditure data, due later in the day, which could provide clarity on interest rate cuts.

Following were the levels of key Asian indices at 0821 IST: 

(Eshitva Prakash)

Equity Alert: Nomura starts coverage on Titan with 'buy', INR 4,275 price aim

MUMBAI--0814 IST--Shares of Titan Co. will be in focus after Nomura Global Markets Research initiated coverage on the stock with a 'buy' rating and a target price of INR 4,275, implying an upside of nearly 27% from the stock's latest close. On Thursday, the stock ended at INR 3,378.50 on the NSE, down 1.2%. 

Headwinds for the company are largely behind and sales margin is resetting to a new normal, CNBC-TV18 cited the brokerage as saying. The September quarter may be weak for the company, but it could be a good entry point for investors, with a recovery seen in the second half of the current financial year, the brokerage said. 

It expects the company's earnings per share to grow at a compounded annual rate of 24% over 2025-26 (Apr-Mar) and FY28. The stock, valued in line with 10-year average at 60 times the EPS estimates for the September quarter of 2027, is better placed compared to peers on a risk-adjusted basis, the brokerage said. 

Titan has notched a gain of nearly 4% so far in 2025 despite gold prices hitting multiple record highs on US tariff-related uncertainties. In comparison, other jewellery retailers such as Kalyan Jewellers India, PC Jeweller, and Senco Gold have fallen 15-40% during this period.  (Akash Mandal)

Equity Alert: Sentiment likely to remain weak; pharma, IT sectors in focus

MUMBAI--0754 IST--Benchmark stock indices are likely to move in a range Friday and the Nifty 50 will face a tough time to reclaim the psychologically crucial 25000 level. Sentiment is likely to stay bearish with pharmaceutical stocks in focus after US President Donald Trump imposed tariffs on imports of branded and patented pharma products from Wednesday. 

In a social media post, Trump said companies building pharma manufacturing plants in the US would be exempted from this tariff. Indian pharma majors are likely to face pain from the move, as India is the biggest exporter of generic drugs to the US.

Information technology stocks will also be in focus with global IT bellwether Accenture's muted guidance seen weighing on the sector. The September contract of the GIFT Nifty indicates a muted start for the market. At 0742 IST, the contract was at 24938.50 points, up just 11 points from its previous close. On Thursday, the Nifty 50 closed at 24890.85 points, down 166.05 points or 0.7%, ending below the crucial support of 25000 points for the first time in 10 sessions. The BSE Sensex ended at 81159.68 points on Thursday, down 555.95 points or 0.7%. 

The 50-stock index slipped below the 20-day simple moving average, which indicates further short-term weakness, Reliance Research said in a note. The index needs to recover above the 25000 level to regain bullish momentum, the brokerage added. 

Indices in the US retreated for the third straight session as better than expected jobless claims data and strong GDP data dented hopes of a rate cut by the US Federal Reserve. Most Asian indices were lower in early trade Friday tracking the recent decline in the US market.  (Akash Mandal)

Equity Alert: US indices dn; rate cut uncertainty grows on labour, GDP data

MUMBAI--0740 IST--Stock indices in US closed lower Thursday after better than expected jobless claims data and an upward revision to US GDP growth for the June quarter complicated the US Federal Reserve's interest rate decision. Traders' expectations of another 25-basis-point cut at the central bank's October meeting are now at 86%, down from about 92% Wednesday, according to the CME FedWatch tool. 

First-time filings for jobless benefits were at a seasonally adjusted 218,000 for the week ended Sept. 20, according to the US Labor Department. The jobless claims are below the 235,000 that economists polled by Dow Jones had estimated and 14,000 less than the previous week's revised initial unemployment claims.

US GDP expanded at a revised 3.8% rate in the June quarter, the fastest since the third quarter of 2023, the US Commerce Department said in its final GDP estimate. Previous data had shown 3.3% GDP growth for the same quarter. Analysts polled by Reuters had maintained that the GDP growth would be unrevised. 

The S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average closed lower for the third consecutive session. Shares of Oracle fell 5.6% as traders continued to be cautious about artificial intelligence-related companies. Among other laggards, shares of Tesla fell more than 4%.

Shares of Intel jumped nearly 9% after The Wall Street Journal reported that Intel had approached Taiwan Semiconductor Manufacturing Company about investments in manufacturing or partnerships. Shares of consulting firm Accenture fell nearly 3% despite the company's quarterly top line growth exceeding expectations. Shares of CarMax fell 20.1% after the used-car retailer reported a lower June quarter profit. 

US President Donald Trump Friday announced 100% tariffs on branded and patented pharmaceutical products, effective Oct. 1. The fresh levies will not be applicable for companies that have started constructing their manufacturing plants in the US, Trump said on social media platform Truth social.

Following are the closing levels of US indices Thursday:

(Eshitva Prakash)

End

US$1 = INR 88.72

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

Edited by Avishek Dutta

All prices from National Stock Exchange, unless otherwise specified.

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