Equity Alert
Mkt snaps 2-day losing streak; fincl svcs stocks top gainers
This story was originally published at 16:10 IST on 15 October 2025
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Equity Alert: Market snaps 2-day losing streak; financial svcs stocks top gainers
MUMBAI--1532 IST--The benchmark indices snapped a two-day losing streak with the Nifty 50 ending above the crucial resistance zone of 25300 points. The 50-stock index reached an over-three-week high of 25365 points, supported by financial services stocks. Bajaj Finance, Nestle India, and Bajaj Finserv all ended 3-4% higher, making them top performers in the Nifty 50. Tata Motors, Bajaj Auto, and Infosys fell over 1?ch. The Nifty 50 index closed 0.7% higher at 25323.55 points. The BSE Sensex closed 0.7% higher at 82605.43 points.
The Nifty Realty rose 3% and was the top performer among sectoral indices. The Nifty IT index also ended higher despite many heavyweight constituents of the index such as HCL Technologies, Infosys, and Tech Mahindra ending in the red, down 0.1-1.0%. However, Persistent Systems, Coforge, and LTIMindtree rose between 2% and 7% to help the Nifty IT index close in positive territory. The Nifty Media was the only sectoral index to end in the red, but only marginally.
In the Nifty 200 universe, ICICI Lombard General Insurance Co. rose nearly 9% to touch a three-month high of INR 2,029 after the company posted a higher-than-expected net profit for the September quarter. Persistent Systems was among the top gainers, rising over 7?ter its consolidated profit after tax and revenue for Jul-Sept beat analysts' estimates. None of the worst performers in the Nifty 200 fell more than 2%.
Nuvoco Vistas Corp. fell more than 5% to an over-two-month low of INR 403 after the company's net profit for the September quarter failed to meet analysts' expectations. Tata Investment Corp. was the biggest loser among Nifty 500 stocks, ending over 9% lower. (P. Madhu Kumar)
Equity Alert: ICICI Lombard hits near 3-mo high as PAT beats expectation
MUMBAI--1527 IST--Shares of ICICI Lombard General Insurance rose nearly 9% to INR 2,016.40 per share, the highest in nearly three months. The stock surged after the company's net profit for the September quarter rose 18% on year, led by investment income, beating the Street's expectation. The company reported its earnings after market hours on Tuesday.
Motilal Oswal has raised net earned premium estimates by 6% for FY26 and by 7% for both FY27 and FY28 on expectations of growth in the motor segment, driven by a cut in goods and service tax. The net premium earned in the September quarter grew 12% on year to INR 56.5 billion. The brokerage also raised earnings per share estimates by 1-3% for FY26-28 on higher combined ratio in the motor segment.
"A recovery is anticipated in FY26, driven by favorable regulatory changes," Motilal Oswal said. "The recent GST exemption is set to make health insurance more affordable. Rate cuts in auto insurance are expected to boost performance, positioning the company well to capitalize on market share gains." At least six brokerages had a 'buy' or an equivalent rating on the stock with target prices between INR 2,210 and INR 2,340 per share.
At 1526 IST, shares of the company traded at INR 2,018, up nearly 9%. Over 7 million shares have changed hands on the NSE so far on Wednesday. (Durva A. Shivalkar)
Equity Alert: Most European indices up; luxury goods cos gain post LVMH result
MUMBAI--1514 IST--Most stock indices in Europe rose in early trade Wednesday after better-than-expected earnings of French luxury goods company LVMH lifted other stocks in the sector and eased concerns about a slowdown in global growth. Stocks in the region had fallen Tuesday amid the threat of a new trade dispute between the US and China.
Europe's luxury brands surged Wednesday, led by LVMH, which jumped nearly 14%. The world's largest luxury goods group, which owns fashion houses Louis Vuitton and Dior, reported a 1% on-year rise in revenue adjusted for currency effects. This is the first time this year that the group hasn't reported falling sales as fading demand in the key China market and uncertainty around US tariffs has weighed on the sector in the six months since January, Dow Jones Newswires reported.
Shares of Christian Dior, which owns a large stake in LVMH, advanced almost 13%. Kering traded 7% higher, and Moncler and Burberry rose 9% and 7%, respectively. France's CAC 40 was up 2.3% and notched its biggest daily gain since April as traders closely monitored Prime Minister Sebastien Lecornu's new government after he Tuesday promised to suspend a controversial pension reform till the 2027 election.
Shares of ASML, the world's biggest supplier of computer chip-making equipment, rose nearly 4?ter the company beat market expectations for its September quarter orders and December quarter forecasts. Meanwhile, German copper producer Aurubis fell over 7?ter majority shareholder Salzgitter launched a $581.51-million bond offer exchangeable for shares of Aurubis, Reuters reported.
Traders await developments from the annual meetings of International Monetary Fund and World Bank in Washington, which will bring together central bankers, ministers of finance, major players from the private sector, and other leaders of the global economy.
Following were the levels of major European indices at 1500 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
9433.53 |
(-)0.20 |
|
CAC 40 |
8119.57 |
2.52 |
|
MIB INDEX |
42267.56 |
0.46 |
|
DAX PERFORMANCE-INDEX |
24287.17 |
0.21 |
|
SLI |
2028.06 |
0.50 |
(Eshitva Prakash)
Equity Alert: Persistent Systems hits over 2-mo high; analysts up EPS view
MUMBAI--1517 IST--Shares of Persistent Systems surged 7.4% to an intraday high of INR 5,735, which is a two-month high, after the company's net profit for the September quarter rose quarter-on-quarter and surpassed the Street's expectation. The company reported its earnings after market hours on Tuesday.
At 1517 IST, the stock was up 2.2% at INR 5,719.90. Over 3.3 million shares have changed hands so far Tuesday on NSE, much higher than the average daily volume of 519,461 shares in the past three months.
The technology services company's net profit for the September quarter rose over 11% sequentially to INR 4.71 billion. Its top line grew for the 26th consecutive quarter rising over 7% sequentially in the quarter. Following the earnings announcement, several brokerages have raised their target prices as the company beat estimates on the earnings before interest and tax margin. The company's EBIT margin improved 80 basis points on quarter to 16.3%.
ICICI Securities has upgraded its view on the stock to 'hold' from 'reduce' earlier. Motilal Oswal Financial Services has raised its target price to INR 6,550 from INR 6,400 and Nuvama has raised the target price to INR 7,000 from INR 6,600.
Several brokerages have raised their earnings per share estimates for Persistent Systems. JM Financial has raised the FY26 EPS estimate by 1.6% and FY27 estimate by 2.4%. Motilal Oswal has raised the FY26 EPS estimate by 2.9% that for FY27 by 4.3%, and Nuvama has increased the FY26 estimate by 2.4% and that for FY27 by 3.4%.
Brokerages expect the announcement of a wage hike from Oct. 1 to be a drag on the company's margins in the December quarter. Nuvama expects a 180-basis points headwind in the company's margin for the next quarter, of which, the management plans to offset 80–100 bps through offshoring, utilisation, subcontractor rationalisation, and reduction in cost of employee stock option plan.
"We remain optimistic about Persistent Systems' growth trajectory, given its consistently robust financial performance, strong deal wins, pricing premium over peers, and strategic focus on AI and platform-driven services," Nirmal Bang Institutional Equities said in a report. Brokerages said the high stock valuation is justified due to continued growth in the company's BFSI vertical, which is expected to lead growth due to deal ramp ups and a healthy pipeline. (Eshitva Prakash)
Equity Alert: Markets in Asia end higher; US Fed remarks boost rate-cut hopes
MUMBAI--1448 IST--Indices in Asia ended higher Wednesday, recovering partly from the fall in the previous session as hopes of an interest rate cut by the US Federal Reserve helped offset concern around a resurgence in the US-China trade spat. Gains in technology stocks pushed Hong Kong's Hang Seng Index higher and helped it snap a seven-day losing streak during which period it fell almost 7%. Market analysts were concerned about weak demand and overcapacity in China's economy after data released earlier in the day showed deflationary pressure persisting in the country.
The Hang Seng Index closed nearly 2% higher. Technology companies gained in the Hong Kong market. Shares of Baidu rose nearly 3% and those of Alibaba Group Holdings advanced over 4%. Shares of Tencent Holdings gained almost 1% and Meituan rose 1.6%.
China's CSI 300 Index closed 1.5% higher. The country's Producer Price Index fell 2.3% on year in September, less than the 2.9?ll recorded in August, Reuters said, citing data from the National Bureau of Statistics. The decline was the smallest in seven months, helped by government efforts to curb price competition, and was in line with the forecast in a Reuters poll. China's CPI fell 0.3% on year in September, slightly more than the 0.2?ll expected by a Reuters poll. While China's export growth bounced back in September, traders are concerned about further deflationary pressure due to renewed trade hostilities with the US.
Markets in Japan closed higher as traders seemed to shrug off political uncertainties. Despite the departure of the Komeito party from the ruling coalition, markets have largely shrugged off the turmoil, Thomas Mathews, Capital Economics' Asia-Pacific head of markets, was quoted by Dow Jones Newswires as saying. Mathews said investors expect the country's instability to be brief and elected Liberal Democratic Party leader Sanae Takaichi to eventually become prime minister.
Following were the levels of key Asian indices at 1447 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4606.29 |
1.48 |
|
Hang Seng Index |
25910.6 | 1.84 |
|
Nikkei 225 Day |
47672.67 |
1.76 |
|
TOPIX FIRST SECTION |
3183.64 |
1.58 |
|
KOSPI |
3657.28 |
2.68 |
|
FTSE Singapore Strait Times |
4373.80 |
0.44 |
|
S&P/ASX 200 Index |
8990.90 |
1.03 |
(Eshitva Prakash)
Equity Alert: HDFC Life Insurance up 2.0% ahead of Jul-Sept results
NEW DELHI--1345 IST--Shares of HDFC Life Insurance Co. Ltd. were up 2.0% on the National Stock Exchange ahead of its September quarter earnings scheduled Wednesday. The firm's net profit is expected to rise 9.7% on year to INR 4.75 billion in the reporting quarter, according to Motilal Oswal Financial Services Ltd., the sole brokerage tracking the company's earnings. The bottom line is seen shrinking 13% from the previous quarter.
HDFC Life is the country's second-largest private life insurer in terms of market share, according to data on new premium income of life insurance companies in September. Its annualised premium income growth on new business is seen at 10.6% on year to INR 42.7 billion. Gross premium income is rising 13.1% on year to INR 191.5 billion, jumping nearly 30% on quarter.
Despite this, profits will likely be lacklustre due to a loss in the goods and services tax input credit on policies, amid the reforms to indirect taxation announced in September, Motilal Oswal said. The value of new business margin is likely to shrink 110 basis points sequentially and 30 bps on year to 24.0%.
"Product mix likely to tilt towards traditional products over ULIPs (Unit-linked insurance plans)," the brokerage wrote in its pre-earnings note. "The share of HDFC Bank in the distribution mix and the outlook ahead will be critical monitorables." Still, the brokerage sees a healthy growth in assets under management to INR 3.77 trillion as on Sept. 30, up 16.1% on year and 6.0% on quarter.
The life insurer had reported a net profit of INR 5.46 billion for the June quarter, up 14.4% on year. Shares of the company were trading 2.0% higher at INR 758.65 before its earnings were released. The stock is little changed since its June quarter results. Of the 17 brokerage reports on the company available with Informist, 16 have a 'buy' rating with an average target price of INR 843. One brokerage has a 'hold' rating on the life insurer with a target price of INR 660. (Aaryan Khanna)
Equity Alert: Indices rise further on gains in banks, Nifty 50 up 200 points
MUMBAI--1321 IST--Benchmark indices rose further after opening in the green with bank stocks leading the charge. Heavyweights such as HDFC Bank, ICICI Bank, and State Bank of India were up 1-2% in the Nifty 50 index after trading largely flat earlier in the session. At 1321 IST, the Nifty 50 index was at 25348.30 points, up 202.80 points or 0.8%, and the BSE Sensex was at 82672.92 points, up 642.94 points or 0.8%.
Shares of Nestle India were the top gainers on the Nifty 50, rising nearly 4?ter having fallen for two consecutive sessions. Bajaj Finance, Bajaj Finserv, Asian Paints, and Larsen & Tourbo were up 2-3%. Infosys, Tata Motors, and Axis Bank were the underperformers in the index with shares falling 1?ch. Tata Motors fell after the company's passenger vechicle entity was valued at INR 1.45 trillion, which is 40% lower than its pre-demerger valuation. The stock was down for the ninth consecutive day and has fallen 10% in that period.
Shares of HDFC Life Insurance rose nearly 2% ahead of its September quarter earnings, due later in the day. Shares of Grasim Industries rose nearly 2?ter the company said commercial operations at Kharagpur plant commenced with its total capacity reaching 1.33 billion litres per annum.
All the sectoral indices traded in the green with Nifty Realty rising over 3%, followed by Nifty PSU Bank, Nifty Metal, and Nifty Infrastructure rising 1%. All broader market indices continued to gain with Nifty Midcap 50, Nifty Midcap 100, and Nifty Midcap 150 all up around 1% post a relatively slow start to the session.
In the Nifty 500, Bank of Maharashtra rose nearly 8?ter reporting robust growth in both profit and revenue for the September quarter. (Adhithya Aji)
Equity Alert: Tech Mahindra dn; analysts wary of co's margin expansion plans
MUMBAI--1051 IST--Tech Mahindra fell as much as 2% Wednesday to an intraday low of INR 1,440.40 after several brokerages gave a cautious outlook on the company's margin recovery plans. Given the sluggish macro environment, which has tempered the company's growth expectations for 2026–27 (Apr-Mar), brokerages believe the company's efforts for a turnaround are healthy but may come at a slower pace. At 1051 IST, shares of the company traded 1.2% lower at INR 1,450.80.
Tech Mahindra's efforts to optimise costs are likely to continue at a similar pace as FY25 and FY26 with continued efforts to restructure its workforce and use the Fortius project, a multi-year strategy focused on improving operating margins, Prabhudas Lilladher Institutional Equities said in a report. This is despite the company reporting better-than-expected margins in the September quarter.
So far, the company's margin expansion was neither linked to the growth nor the macro environment, and was led mainly by general and administrative expense optimisation. "Now with incremental expansion dependent more on gross margin expansion, growth will likely play a role," JM Financial said. The brokerage has largely retained its earnings before interest, tax, depreciation, and amortisation margin estimate for FY27 despite the metric beating analysts' view in the September quarter.
The company's management reaffirmed its ambition to post revenue growth that is higher than that of peers in FY27. This is likely on the back of continued good yield from the ongoing Fortius project and increased scope for margin improvement from delivery excellence, portfolio consolidation, and further increasing offshore mix in the medium term, Nomura said. It expects earnings before interest and tax margin of 12.4-13.5% in FY26-FY27, higher than 9.7% in FY25. Nomura has a 'buy' rating on the stock and has raised its target price 0.6% to INR 1,670.
The company's progress towards its stated goals is impressive, though it is well discounted in the price, JM Financial said. Any incremental re-rating or upgrades in earnings per share are likely to track improvement in growth visibility, it said. "Our FY26-27E EPS is revised lower by (3%)-1% due to higher tax rate/finance cost assumptions," JM Financial said. The brokerage has retained its 'add' rating on the stock and has raised its target price by nearly 5% to INR 1,560.
ICICI Securities has upgraded the stock to 'hold' from 'reduce' on the 7% correction in the last three months. It has trimmed the estimate for earnings per share by 1.3% for FY26 due to lower other income in the September quarter, even though margins improved. (Simran Rede)
Equity Alert: Indices open higher on positive cues from other Asian markets
MUMBAI--0954 IST--Benchmark stock indices rose slightly due to positive cues from other Asian markets Wednesday. Financial Services stocks lifted the Nifty 50 index, with Jio Financial Services and HDFC Life Insurance Co being the biggest gainers in the index, rising over 1?ch. Axis Bank, Tech Mahindra, Titan Co., and Infosys were the worst performers in the Nifty 50, down 0.5-1%.
At 0935 IST, the Nifty 50 index was up 0.3% at 25229.80 points and the BSE Sensex index was 0.3% higher at 82265.15 points. All sectoral indices were trading with gains except the Nifty Media index, which was down 0.4%. The Nifty Realty rose over 1%, the best performer in the pack. The Nifty IT rose 1%, followed by Nifty FMCG, Nifty PSU Bank and Nifty Infrastructure, which were up 0.6?ch. All broader market indices also gained, with the Nifty Midcap 50 and Nifty 100 up nearly 1%.
Persistent Systems was the biggest gainer in the Nifty 200 index, rising over 6%. The stock rose after the company posted better than expected earnings for the September quarter. ICICI Lombard General Insurance gained over 5?ter the company's net profit for Jul-Sept beat analysts' expectations.
Newgen Software Technologies rose nearly 7?ter the stock traded in the red for five consecutive sessions. Godfrey Phillips India rose over 4%. Tata Investment Corp., CE Info Systems, and Jubilant Ingreva fell 2-4%.
Axis Bank was down ahead of its September quarter earnings. Tech Mahindra fell over 1?ter brokerages raised concerns about the company's margin recovery plans and high valuation. (P. Madhu Kumar)
Equity Alert: Analysts cautious on Tech Mahindra's margin recovery plans
MUMBAI--0840 IST--Several brokerages have adopted a cautious stance on Tech Mahindra's earnings growth and margin recovery going forward owing to weak demand. While brokerages were positive about the company's plans to improve margins by 2026-27 (Apr-Mar), they expect it to be a difficult task in the current demand environment. This is despite the company reporting better-than-expected margins in the September quarter.
Tech Mahindra reported a consolidated earning before interest and tax margin of 12.1% in the September quarter, up 108 basis points from the June quarter. The company plans to increase its EBIT margin to 15% by FY27.
"While we like the progress it is making under Mohit's (Tech Mahindra chief executive officer and managing director Mohit Joshi's) leadership, in making its business fundamentally strong and sustainable, we believe it would be a much longer road to that destination than the Street expects," Nuvama Institutional Equities said in a report. "...margin expansion would be more difficult hereafter, given the low-growth environment, weak macro and limited levers left for expansion."
The brokerage also pointed to the company's high valuation, which were now similar to Tata Consultancy Services and Infosys, leading to unfavourable risk-reward. Nuvama raised its target price by 4% to INR 1,350 and retained its 'reduce' rating on the company.
Nirmal Bang Institutional Equities also spoke on similar lines about the company. It said Tech Mahindra is likely to find it challenging to grow its revenue further. The brokerage even cut its earnings per share estimate for FY27 and FY28 by 2.7?ch owing to lower other income in the September quarter. It had a 'hold' rating on the company with a target price of INR 1,674 per share. (Anshul Choudhary)
Equity Alert: Asian indices recover on Fed Powell's remarks, earnings boost
MUMBAI--0809 IST--Indices in Asia rebounded Wednesday after losses in the previous few sessions, as dovish comments from US Federal Reserve Chair Jerome Powell and better-than-expected earnings report from several US banks lifted trader sentiments. The ongoing hostilities between the US and China over trade policies, however, hit the risk appetite among market participants. Markets in Hong Kong were higher and the Hang Seng index snapped a seven-day losing streak during which it had lost almost 7%.
Powell said Tuesday that the US labour market remained weak through September due to low hiring, but the US economy "may be on a somewhat firmer trajectory than expected." The central bank was nearing a point where it will stop reducing the size of its bond holdings, according to media reports citing Powell. "Our long-stated plan is to stop balance sheet runoff when reserves are somewhat above the level we judge consistent with ample reserve conditions," Powell said at the National Association for Business Economics conference in Philadelphia. While he made no specific comments on the interest rate trajectory going forward, his remarks on weakness in US labour markets indicated that rate cuts are still in the cards. Traders are factoring in a 95% probability of an interest rate cut in the US central bank's policy meeting later in the month, according to the latest CME FedWatch tool.
US President Donald Trump Tuesday criticised China for not buying soybeans, calling it "an economically hostile act." The US President also threated China with retaliatory measures such as a cooking oil embargo. "Volatility remains elevated, and the best explanation is the strained relationship between the US and China," Louis Navellier, a veteran investor, was quoted by CNBC.
South Korea's Kospi, Japan's benchmark Nikkei 225 and the broader Topix snapped two consecutive sessions of losses and were 1-1.6% higher.
China's blue-chip CSI 300 index was 0.5% higher and Hong Kong's Hang Seng rose 1.5%. CPI in China fell 0.3% on year in September, according to data from the National Bureau of Statistics. A Reuters poll of economists had forecasted a 0.2?ll. The metric had dropped 0.4% in August. The producer price index fell 2.3% on year in September as compared to a 2.9?ll in August, in line with market forecasts.
Following were the levels of key Asian indices at 0807 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4556.95 |
0.39 |
|
Hang Seng Index |
25842.67 |
1.58 |
|
Nikkei 225 Day |
47365.86 |
1.11 |
|
TOPIX FIRST SECTION |
3175.10 |
1.31 |
|
KOSPI |
3624.69 |
1.77 |
|
FTSE Singapore Strait Times |
4369.15 |
0.34 |
|
S&P/ASX 200 Index |
8970.50 |
0.80 |
(Eshitva Prakash)
Equity Alert: Indices seen up, mirroring Asian mkts; US-China woes may weigh
MUMBAI--0803 IST--Benchmark indices may move slightly higher at open Wednesday mirroring gains in Asian indices. However, later in the day, analysts expect some volatility and profit booking at higher levels. Moreover, US President Donald Trump's recent criticism of China for "purposefully" not buying American soybeans is likely to weigh on the equity market.
Until the index holds the 25000 level, it is likely to continue its uptrend and will not face a sell-off, analysts said. The Nifty 50 Tuesday closed at 25145.50 points, down 81.85 points or 0.3%. The BSE Sensex closed at 82029.98 points, down 297.07 points or 0.4%. At 0800 IST, the GIFT Nifty was at 25287.50 points, 142 points higher than the Nifty 50's Tuesday close.
Trump on Tuesday criticised China, saying the latter is "purposefully" not buying American soybeans. He called it "an economically hostile act" and also threatened "retribution" such as a cooking oil embargo. "We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution," Trump wrote on his social media platform Truth Social. "As an example, we can easily produce Cooking Oil ourselves, we don't need to purchase it from China."
However, Trump remains on track to meet his Chinese counterpart Xi Jinping in South Korea later this month, as per media reports.
Meanwhile, optimism over India–US trade discussions resurfaced as New Delhi is set to hold talks with Washington this week and has reportedly agreed to boost imports of US energy and gas to address concerns over Russian oil purchases. The December contract of Brent Crude oil futures traded on the Intercontinental Exchange was flat at $62.38 per barrel, at 0802 IST.
Data centre-related stocks will be in focus after Google announced to invest $15 billion over five years to establish an artificial intelligence data centre in Andhra Pradesh, its largest-ever commitment in India. Market participants will assess the results of some key banking and financial companies due Wednesday, which include Axis Bank, HDFC Life Insurance Co., HDFC Asset Management Co., L&T Finance, and HDB Financial.
On the global front, indices in the US closed mixed as investors reacted to mostly positive quarterly results from big US banks, comments from Federal Reserve Chair Jerome Powell, and ongoing trade tensions between the US and China. Powell on Tuesday suggested the central bank is nearing a point where it will stop reducing the size of its bond holdings, and provided a few hints that more interest rate cuts are in the cards. Bucking the trend, Asian markets rose in early trade Wednesday. (Simran Rede)
Equity Alert: US indices end mixed as US-China trade hostilities continue
MUMBAI--0740 IST--Stock indices in the US ended mixed after a volatile session of trade on Tuesday. Fresh trade-related hostilities between the US and China turned sentiment negative after US President Donald Trump criticised China for its refusal to buy US soybean. The market had opened lower after China imposed sanctions on five of Hanwa Ocean's US subsidiaries, barring individuals and organisations in China, from doing business with US companies. Gains in banks after largely positive quarterly results helped limit the decline in the US market.
Shares of Wells Fargo ended over 7% higher and Citigroup rose nearly 4?ter both lenders beat estimates for September quarter profit. JPMorgan Chase raised its full-year forecast for net interest income and Goldman Sachs raised estimates for quarterly profit, but both banks ended slightly lower. BlackRock's assets under management hit a record $13.46 trillion, sending its shares 3% higher at closing, Reuters reported.
The Dow Jones Industrial Average closed the session 0.4% higher, led by gains in industrial stocks. Shares of Caterpillar rose almost 5?ter JP Morgan raised its price target on the stock, according to a Reuters report. Shares of Walmart rose 5?ter the retailer said it was partnering with OpenAI to enable customers and Sam's Club members to shop directly within ChatGPT.
The Nasdaq Composite closed almost 0.8% lower and the S&P 500 fell nearly 0.2%. Shares of technology companies such as Nvidia, Amazon, and Broadcom fell 2–4%. China's decision to not buy US soybean was "an economically hostile act", Trump posted on Truth Social Tuesday. He also threatened to consider "retribution" such as an embargo on cooking oil.
"It's just not clear what the off-ramp is as we head into the month's end for China and the US when it comes to trade tensions, and I think that's something the market is still trying to deal with," Rob Haworth, senior investment strategy director at US Bank Wealth Management, was quoted by CNBC as saying. "That's some of what's driving market sentiment now, even though...the earnings reports this morning tell us the financial sector appears to be doing well, and the consumer appears still healthy."
The Cboe Volatility index, which is considered Wall Street's fear gauge, rose above Friday's closing level at one point on Tuesday, signalling renewed angst on Wall Street that there will be no easy solution to the trade war with China and hedging for future losses using options may make some sense, according to a CNBC report.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6644.31 |
(-)0.16 |
|
NASDAQ Composite |
22521.70 |
(-)0.76 |
|
Dow Jones Industrial Average |
46270.46 |
0.44 |
(Eshitva Prakash)
End
US$1 = INR 88.07
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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