Equity Alert
Most European mkts fall ahead of FOMC; Spain mkt at record high
This story was originally published at 14:59 IST on 28 October 2025
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Equity Alert: Most European markets fall ahead of FOMC; Spain market at record high
MUMBAI--1449 IST--Most European indices fell in early trade Tuesday as investors await the outcome of the US Federal Reserve's policy meeting due Wednesday. The pan-European Stoxx 600 was 0.2% lower early in the session, with most sectors and major bourses trading in negative territory.
Germany's DAX Performance-Index and Switzerland's Swiss Leader Index were the worst-hit in the region, down 0.3% and 0.8%, respectively. The UK's FTSE 100 was slightly higher. Spain's IBEX 35 rose to a record high, surpassing its previous all-time peak achieved in November 2007. The index has outperformed every major European equity market in 2025, driven by a strong economic environment, Reuters reported.
Among stocks, Novartis fell 3?ter the Swiss pharmaceutical giant's net income for the third quarter fell short of the Street's view, CNBC reported. BNP Paribas also fell 3?ter its revenue for the quarter fell shy of analysts' estimates. Its earnings report also flagged a "specific credit situation" during the quarter, which it said drove up the cost of risk in its global markets division, CNBC said. UK-listed shares of HSBC were up 3?ter its earnings beat expectations.
Following were the levels of major European indices at 1435 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
9656.59 |
0.03 |
|
CAC 40 |
8231.14 |
(-)0.10 |
|
MIB INDEX |
42995.03 |
0.19 |
|
DAX PERFORMANCE-INDEX |
24246.62 |
(-)0.13 |
|
SLI |
2025.55 |
(-)0.75 |
(Akash Mandal)
Equity Alert: KPIT Tech falls nearly 4% from high as arm to avail loan
MUMBAI--1445 IST--KPIT Technologies fell nearly 4% from the intraday high of INR 1,228.80 to an intraday low of INR 1,180.20 after the company said its board has approved availing unsecured loans for its wholly-owned subsidiary KPIT Technologies (UK) Ltd. The arm will avail a loan of up to 20 million euros, or around INR 2.06 billion, from Hongkong and Shanghai Banking Corp. Ltd. and up to 20 million sterling pounds, or around INR 2.36 billion, from Sumitomo Mitsui Banking Corp. The company has not provided a corporate guarantee, indemnity, or letter of comfort to the arm for the loan, it said. The stock snapped a five-day winning run.
"Both the loans together will add INR 4.15bn of debt on the balance sheet of KPIT Technologies which is currently on Debt + lease liabilities of INR 3.8bn, which is effectively doubling the debt. While cash balances and cash flow are robust to handle the increase in debt, we believe that the negative reaction on the stock will be short-term," said Suket Kothari, research analyst at Nirmal Bang Equities. Kothari said near-term sentiment for the company may have been impacted as it will use the funds for its recent acquisitions, which are initially not seen as margin accretive. Despite the company being cash positive, it chose to raise funds through debt, which might be seen as a negative.
There will be a cut in its earnings per share estimates, the quantum of which will be seen post September quarter results which are expected soon as there will be more clarity from the management with regards to the usage of funds and details of the funds, according to Kothari.
KPIT Technologies (UK) will use the funds for the acquisition of Caresoft and make a strategic investment in N-Dream AG and Helm Ai. "Our overall funding plan shall be a mix of internal accruals and external borrowing to execute this M&A strategy. We are proactively securing external borrowing to fund these acquisitions, while be ensuring a healthy cash balance," the company said in a press release.
Of the 14 brokerage reports on the company available with Informist, nine brokerages have a 'buy' or equivalent rating on the stock with an average target price of INR 1,627. Three brokerages have a 'hold' or equivalent rating with an average target price of INR 1,320 and two brokerages have a 'sell' with an average target price of INR 1,083. At 1445 IST, the stock was down over 2% at INR 1,182. (P. Madhu Kumar)
Equity Alert: Most Asian indices end lower after hitting record high Mon
MUMBAI—1427 IST--Most indices in Asia ended lower Tuesday after hitting record highs in the previous session as the market cheered the progress in US-China trade talks. Barring Singapore's FTSE Singapore Strait Times, all other indices in the region ended lower Tuesday. South Korea's Kospi closed nearly 1% lower Tuesday after hitting a fresh record high of 4042.83 points Monday. This was despite the country reporting better-than-expected GDP growth data.
Japan's Nikkei 225 also retreated from its record high hit Monday, to close 0.6% lower at 50219.18, while the broad-based Topix was down 1.2% at 3285.87. On Tuesday, Japan's new Prime Minister Sanae Takaichi and US President Donald Trump signed an agreement laying out a framework to secure mining and processing of rare earths and other critical minerals, according to media reports. This follows China's recent decision to tighten export controls on the rare earths minerals, which are crucial for a wide range of products. Trump is scheduled to meet China's President Xi Jinping in South Korea this week for high-stakes talks amid a bruising trade war.
South Korea's GDP grew 1.2% sequentially in the third quarter on a seasonally adjusted basis, faster than the the 0.7% growth in the previous quarter, helped by strong exports and solid private consumption, a Reuters report said citing preliminary figures showed. This was also faster than the 0.9% expected in a Reuters poll.
Investors will now focus on earnings announcements by major technology companies and the outcome of the US Federal Reserve's two-day monetary policy meeting Wednesday. The central bank is widely expected to cut key interest rates by 25 basis points to 3.75-4.00%.
Following were the levels of key Asian indices at 1422 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4691.97 |
(-)0.51 |
|
Hang Seng Index |
26346.14 | (-)0.33 |
|
Nikkei 225 Day |
50219.18 | (-)0.58 |
|
TOPIX FIRST SECTION |
3285.87 | (-)1.18 |
|
KOSPI |
4010.41 | (-)0.8 |
|
FTSE Singapore Strait Times |
4462.12 |
0.49 |
|
S&P/ASX 200 Index |
9012.5 | (-)48 |
(Arya S. Biju)
Equity Alert: Bata at 1-month low after poor showing across the board in Q2
MUMBAI--1234 IST--Shares of Bata India fell 6.5% to a one-month low of INR 1,090.50 after its net profit for the September quarter fell 74% on year and missed analysts' estimates by a considerable margin. At 1230 IST, the stock was slightly off lows, trading 4.1% lower at INR 1,118.60, but remained among the worst hit in the Nifty 500.
"Revenue at INR 8 bln (7% miss to the brokerage's estimate) missed our already weak estimates and declined 4% YoY due to deferment of purchases by channel partners and customers since the announcement of GST rate rationalisation...further, disruption in one of the largest warehouses in July 2025 also had temporary business impact," JM Financial said in a report.
The shoe manufacturer's gross margins contracted to 55.4%, 160 basis points below estimate, due to higher markdown due to inventory clearance before the festive season, higher employee expenses, and higher marketing investments, the brokerage added. However, the brokerage also stated some positives such as "inventory efficiencies both in terms of quantity and quality continued to show strong progress." The September quarter ended on a positive note with signs of recovery during the festive season, it added.
Citi cut its target price on the stock to INR 750 from INR 850 and maintained a 'sell' rating, with growth and profitability still remaining weak for the company. At 1230 IST, 1.07 million shares of the company were traded on the NSE, sharply higher than the 38,085 shares traded till the same time Monday. (Akash Mandal)
Equity Alert: Supreme Ind hits 5-mo low after co's Q2 consol PAT falls on yr
MUMBAI--1227 IST--Shares of Supreme Industries fell almost 5% to an over five-month low of INR 3,815.50 after the company Monday reported an on-year decline in its bottom line for the September quarter. The company's net profit was also lower than the Street's estimate by a slight margin. The company reduced its volume growth guidance and retained its earnings before interest, tax, depreciation, and amortisation margin guidance for 2025-26 (Apr-Mar).
For the quarter ended September, the company reported a 20% on-year fall in its consolidated net profit at INR 1.65 billion, against analysts' estimate of INR 1.97 billion. Its revenue rose 5% from the same quarter a year ago to INR 23.94 billion, marginally higher than the Street's expectation of INR 23.49 billion. The company cut its FY26 volume growth guidance to 12-14% from 14-15% but maintained the FY26 EBIT margin guidance of 14.5-15.0%.
The stock has been trading lower for the seventh session in a row, falling 10% during this period. Brokerage Prabhudas Lilladher upgraded the company's rating to 'buy' from 'accumulate' due to the recent correction in the stock price. The broking firm has raised its FY27 earnings estimate by 0.9% and for FY28 by 0.6%. At 1227 IST, the stock was down 4.3% at INR 3,828 on the National Stock Exchange. More than 1.2 million shares of the company changed hands on the bourse so far Tuesday, three times the 380,000 shares traded during the same period Monday.
IDBI Capital Markets & Securities reduced the stock's target price to INR 4,146 from INR 4,395 and retained its 'hold' rating. "Despite near term challenges, we believe Supreme Industries is poised to do well given its robust capacity, extensive distribution network and healthy balance sheet and we believe the company will bounce back as demand environment improves," the broking firm said in its report.
Of the 16 research reports available on the company with Informist, nine have a 'buy' or equivalent rating on the stock with an average target price of INR 4,645, 21% higher than the current market price. Five brokerages have a 'hold' recommendation for the stock and the remaining two have a 'sell' view. (Anjana Therese Antony)
Equity Alert: Indices fall more as HDFC Bank, Axis Bank, SBI slip into losses
MUMBAI--1205 IST--Benchmark equity indices fell further after a muted start to the session, with shares of heavyweights HDFC Bank, Axis Bank, State Bank of India, and Bharti Airtel recording losses after opening higher. At 1204 IST, the Nifty 50 index was at 25846.30, down 119.75 points or 0.5%, and the BSE Sensex was at 84311.68 points, down 467.16 points or 0.6%.
Shares of Tata Steel rose 2%, and the top gainers in the first hour of trade. Brokerage Motilal Oswal has upgraded the stock to 'buy' from 'neutral', as the company is expected to benefit from improving steel price realisations, operating efficiencies, and a strong domestic demand outlook.
Hindalco Industries, SBI Life Insurance Co., and Eicher Motors were the other top gainers in the Nifty 50, up 1?ch. ICICI Bank, Shriram Finance, and Bajaj Finance were the worst hit in the Nifty 50 index, with their shares down 1?ch. Shares of Shriram Finance fell after rising over 6% in six consecutive sessions.
Shares of Jindal Steel were the top gainers in the Nifty 200 index ahead of the company's earnings, with shares up 3%. Supreme Industries continues to be down 4% in the index due to a 20?ll in the company's net profit. Barring the Nifty Media and Nifty Metal, all other sectoral indices were down. The Nifty IT, Nifty Consumer Durables, and Nifty Financial Services were the worst hit among sectoral indices, down nearly 1?ch.
In the Nifty 500 index, shares of Syrma SGS Technology were up nearly 6% after the government approved the first batch of seven projects under the electronics components manufacturing scheme worth INR 55 billion. Among these projects, Syrma SGS Technology had received approval for INR 7.65 billion of investment from the government for multilayer printed circuit boards that will have a cumulative production worth INR 69.33 billion, according to ICICI Direct Research. Shares of Bata India were the worst hit in the Nifty 500 index, following a slump of almost 74% in the company's net profit for Jul-Sept. (Adhithya Aji)
Equity Alert: Tata Steel up for 5th session; Motilal Oswal ups rtg to 'buy'
MUMBAI--1145 IST--Shares of Tata Steel rose 2.5% to an intraday high of INR 181. The stock was up for the fifth straight session, gaining 5% during the period. Brokerage Motilal Oswal Financial Services upgraded its rating on the stock to 'buy' from 'neutral' with a target price of INR 210, citing improved outlook due to improving steel price realisations, operating efficiencies, and a strong domestic demand outlook. At 1124 IST, the stock traded at INR 180.90 on the NSE, up 2.4%. It was the top gainer in the Nifty 50.
Motilal Oswal noted increased demand seen by the company. "Tata Steel is aggressively expanding its capacity in India to capitalise on rising domestic demand, targetting an increase from 26.5 million tonnes per annum in the financial year ended 2025 (Apr-Mar) to 40 million tonnes per annum by FY30," the brokerage said in its report. India's steel demand is projected to grow 8-10% over FY26-FY27, backed by a robust demand environment, policy support, and ongoing recovery in industry fundamentals, the report said. The Indian government has proposed a 12% safeguard duty on flat steel products as a counter against rising imports, which could support domestic prices, it added.
"Currently, market sentiment for the second half of FY26 points to a gradual price recovery, muted costs (especially coking coal prices), and demand tailwinds," the report said. The company's European operations are moving toward breakeven amid restructuring and cost optimisation. With the shutdown of the blast furnace in the United Kingdom and the ramp-up in Netherlands operations, earnings before interest, tax, depreciation, and amortisation for the company's European operations is expected to improve further. "We expect it (EBITDA) to rise from $8 per tonne in first quarter of FY26 to $70 per tonne by FY28, which should also support consolidated EBITDA per tonne increasing to INR 13,000 a tonne by FY28," the brokerage said.
"While near-term challenges persist due to global uncertainty around tariff escalations, long-term outlook for Tata (Steel) remains strong," it added. The company is expected to generate a strong operating cash flow of INR 957 billion, which will help fund the ongoing and planned expansion of INR 160 billion annually without leveraging the balance sheet, the report said.
Till 1124 IST, 24.81 million shares of Tata Steel were traded on the NSE, sharply higher than the 11.47 million shares traded till the same time Monday. (Akash Mandal)
Equity Alert: Indus Towers up 4% on robust Q2 results; CLSA retains view
MUMBAI--1031 IST--Shares of Indus Towers rose nearly 4% to an intraday high of INR 384.80 after the company's top line and bottom line for the September quarter both beat analysts' estimates. Some brokerages also reiterated their positive view on the stock post the strong showing. At 1025 IST, the stock traded 2.1% higher at INR 379.10 and was among the top gainers in the Nifty 200. It was up for the third straight session.
Global brokerage CLSA has retained its "high conviction outperform" rating on the stock with a target price of INR 520, implying a potential upside of 40% from the closing price Monday. The telecom equipment maker's core revenue and earnings before interest, tax, depreciation, and amortisation for Jul-Sept surpassed expectations, CNBC-TV18 reported CLSA as saying.
The company after market hours Monday reported a consolidated net profit of INR 18.39 billion in the September quarter, up 6% sequentially and above analysts' estimates of INR 18.03 billion. Its top line rose 2% sequentially to INR 81.88 billion, higher than the Street's view of INR 81.41 billion.
At 1025 IST, 8.4 million shares of the company were traded on the NSE, sharply higher than the 777,930 shares traded till the same time Monday. (Akash Mandal)
Equity Alert: Indices muted at open; PSU bks rise more on likely govt reform
MUMBAI--0932 IST--Benchmark indices started the session slightly lower Tuesday, before recovering somewhat. Public sector banks rose further after robust gains in the previous session. Reuters reported on Monday that the government plans to allow up to 49% foreign direct investment in state-run banks, more than double the current limit. State Bank of India, Indian Bank, and Canara Bank were up 1-3%.
At 0949 IST, the Nifty 50 was at 26008.90 points, up 42.85 points or 0.2%, and the BSE Sensex was at 84883.16 points, up 104.32 points or 0.1%. While the Nifty 50 has crossed the psychologically crucial 26000-point hurdle, it may face selling pressure at higher levels, as seen Monday. The index was likely to face a hurdle at 26000 points and was expected to move in a range of 25900-26100 points Tuesday, analysts had said earlier. Index heavyweight ICICI Bank, down 1%, was the worst hit and weighed the most on the index.
Sectoral indices were mixed, with the Nifty PSU Bank up 1.6% while the Nifty Realty was down nearly 1% and was the worst hit after three straight sessions of gains. Most broader market indices traded with gains.
Among other stocks, Indus Towers topped the Nifty 200, gaining 3?ter its net profit and revenue for the September quarter both came in ahead of analysts' estimates. JK Tyre & Industries gained 4% and was among the top gainers in the Nifty 500 after its consolidated net profit rose 64% on year in the quarter ended September.
On the other hand, Supreme Industries dropped 4?ter its bottom line for the quarter fell on year and missed the Street's view, with most brokerages having a cautious view on the company. Bata India fell over 5% and was the worst hit in the Nifty 500 after its September quarter net profit plunged 74% on year and brokerages said the outlook for the company remained weak. (Akash Mandal)
Equity Alert: Most Asian indices down after hitting record highs Mon
MUMBAI--0830 IST--Most equity markets in Asia fell Tuesday after hitting record highs in the previous session as trade discussions between the US and China showed progress and raised hopes of the two countries likely singing a trade deal on Thursday. Investors likely booked their profits following the recent rally in these markets on expectations of the trade deal. Shares of many information technology companies in the region rose ahead of their quarterly results this week, media reports said.
The MSCI Asia-Pacific index, excluding Japan, was down 0.2%. South Korea's Kospi was down over 1% and was the worst hit in the region Tuesday. Among other laggards were Hong Kong's Hang Seng index, down 0.4%, and China's CSI 300, which traded 0.2% lower.
Japanese headline index Topix was down 0.5% and was the worst hit among Asian peers, while Nikkei 225 was down 0.2%. The Nikkei 255 index was dragged down by losses in shares of electronics and metal companies, Dow Jones Newswires reported. Japan's newly elected and its first woman Prime Minister Sanae Takaichi and US President Donald Trump have signed a pact to boost supply and production of rare earths between the two countries, as per media reports. This pact comes amid Washington's efforts to reduce its reliance on China for critical minerals.
All eyes will be on the US Federal Reserve's two-day monetary policy meeting outcome on Wednesday. The apex bank is widely expected to cut key interest rates by 25 basis points to 3.75-4.00%.
Following were the levels of key Asian indices at 0830 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4714.461 |
(-)0.02 |
|
Hang Seng Index |
26378.49 |
(-)0.22 |
|
Nikkei 225 Day |
50419.96 |
(-)0.18 |
|
TOPIX FIRST SECTION |
3307.51 | (-)0.53 |
|
KOSPI |
3997.42 |
(-)1.12 |
|
FTSE Singapore Strait Times |
4468.37 |
0.65 |
|
S&P/ASX 200 Index |
9016.8 |
(-)0.43 |
(Anjana Therese Antony)
Equity Alert: Indices seen in range; Nifty 50 faces hurdle at 26000 mark
MUMBAI--0804 IST--Benchmark equity indices are expected to move in a thin range Tuesday after gaining over 5% so far this month. While the bias remains positive, the Nifty 50 must rise past and sustain above the technical resistance of 26100 points for further upside, technical analysts said. On Tuesday, the index is likely to move in a range of 25900-26100 points but may face a tough challenge in crossing the 26000 level, analysts said.
Going ahead, the Nifty 50 will rise towards a fresh high only if it sustains above 26100 points and failure to do so will lead to some consolidation between 26100 and 25600 points, Bajaj Broking said in a note. A consolidation phase will help the index work off the current overbought conditions after a 1,500-point gain in the last four weeks, the brokerage added.
The derivatives contracts of the GIFT Nifty also indicate a muted start for the market. At 0801 IST, the October contract of the GIFT Nifty was at 26053.50 points, 8.50 points lower than the previous close. The November contract of the GIFT Nifty was at 26215.50 points, down 13.50 points. On Monday, the Nifty 50 closed at 25966.05 points, up 170.90 points or 0.7%. The BSE Sensex closed at 84778.84 points, up 566.96 points or 0.7%.
Overnight, indices in the US rose to record highs and ended higher for the third straight session on hope of a trade deal between the US and China with the presidents of both countries scheduled to meet Thursday. Indices in Asia were mixed in early trade Tuesday, with risk appetite for US equities increasing amid easing trade tensions and robust performances from US companies, Mint reported. (Akash Mandal)
Equity Alert: US mkt hits record high, ends up Mon as US-China talks progress
MUMBAI--0742 IST--The equity market in the US hit a fresh record high and closed higher for the third consecutive session on Monday as trade talks between the US and China progressed. US officials said negotiators from both the countries have reached a framework for agreements to reduce US tariffs on Chinese imports and ease curbs on rare earth exports from China, according to media reports. There is hope that the two nations will sign a trade deal on Thursday and bring respite to trade tensions between them.
All three headline indices – Dow Jones Industrial Average, S&P 500, and Nasdaq Composite – hit all-time highs during the day. The tech-heavy Nasdaq Composite gained the most among the three and closed almost 2% higher at 23637.456 points after reaching its lifetime high of 23658.66 points. The S&P 500 index closed just a little over 1% at 6875.16 points after hitting its new all-time high during the day. The Dow Jones index also hit a record high of 47564.52 points intraday and closed 0.7% higher at 47544.59 points.
"We had this big headline, markets sold off, we had some wobbles on that, but now it seems that talks are constructive again and now that's being faded," Reuters reported, citing Evelyne Gomez-Liechti, multi-asset strategist at Mizuho. "To be honest, whenever we get all these headlines from Trump, it also follows this TACO (Trump Always Chickens Out) pattern. I feel like this was just the strategy again," she said.
Investors will also focus on the two-day monetary policy meeting of the US Federal Open Market Committee starting Tuesday. According to the CME FedWatch Tool, there is a 97% possibility that the central bank will reduce the key interest rate by 25 basis points to 3.75-4.00%.
Following are the closing levels of US indices Monday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6875.16 |
1.23 |
|
NASDAQ Composite |
23637.456 |
1.83 |
|
Dow Jones Industrial Average |
47544.59 |
0.71 |
(Anjana Therese Antony)
End
US$1 = INR 88.28
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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