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Informist, Thursday, Oct. 30, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Indices open lower as heavyweights fall; Dr Reddy's plunges

MUMBAI--0935 IST--Benchmark indices opened the session lower on Thursday, under pressure from a slow start by heavyweights such as Bharti Airtel, Reliance Industries, ICICI Bank, and HDFC Bank. At 0926 IST, the Nifty 50 was at 25981.90 points, down 72 points or 0.3%. The BSE Sensex was at 84763.78 points, down 233.35 points or 0.3%.

Dr. Reddy's Laboratories was down nearly 5% and was by far the worst hit in the Nifty 50 after the company received a Notice of Non-Compliance from the Pharmaceutical Drugs Directorate of Canada for its Abbreviated New Drug Submission for semaglutide injection. This delays the launch of the drug that is seen as a key growth driver for the company in 2026-27 (Apr-Mar), analysts said.

On the other hand, Larsen & Toubro was up over 2% and was the top gainer in the 50-stock index, as analysts were positive on the company's order pipeline despite the top line and bottom line for the September quarter missing expectations. 

Broader market indices were muted but were better off than the benchmark indices in early trade. Most sectoral indices were lower, with Nifty Pharma and Nifty Healthcare being the worst hit. Nifty Realty was up 0.2% and was the top gainer.

Among other stocks, Sagility was up 9% and was the top gainer in the Nifty 500 after its September quarter bottom line surged 69% sequentially. Sapphire Foods India rose 6% a day after its losses for the reporting quarter was lower than what analysts had estimated. Five-star Business Finance was up 8% a day after it reported strong earnings growth for the quarter. PB Fintech was up 4% and was the top gainer in the Nifty 200 after its bottom line for the quarter surged on year.

On the other hand, Capri Global Capital was down over 4% despite reporting strong on-year growth for the September quarter. 

Vodafone Idea was down over 5% and was the worst hit in the Nifty 500.  (Akash Mandal)

Equity Alert: Brokerages raise L&T's target price, estimates despite Q2 miss

MUMBAI--0850 IST--Many brokerages have raised their target prices and estimates for Larsen & Toubro despite the company's earnings for the September quarter missing the Street's estimates. This positive view on the company stems from strong order inflows, the brokerages said. Shares of L&T ended 0.4% lower at INR 3,958.10 on NSE Wednesday, ahead of its Jul-Sept earnings.

L&T reported a 16% year-on-year rise in its net profit for the September quarter at INR 39.26 billion. The net profit was, however, lower than analysts' estimates of INR 40.82 billion. Its consolidated revenue grew 10% on year to INR 679.84 billion, lower than the Street's view of INR 710.63 billion.

Nuvama Institutional Equities raised its target price on the stock to INR 4,680 from INR 4,200 and maintained a 'buy' rating due to the company's strong order book, which stands at 3.6 times the company's sales in 2024-25 (Apr-Mar). The company's order pipeline of INR 10.4 trillion for the second half of the current financial year also underpins multi-year growth visibility, the brokerage added. "We are tweaking FY27E/28E earnings per share by +0.4%/+3% and raise target price to INR 4,680, valuing the core business at 25 times FY28 earnings per share," the report said.

Emkay Global Financial Services raised its target price on L&T's shares by 10% to INR 4,400 and maintained a 'buy' rating, citing similar reasons. "The management pointed to a considerably robust prospect pipeline of INR 10.4 trillion for the second half of FY26 (INR 8.1 trillion for second half of FY25) leading to strong order inflow visibility," the brokerage said. A slowdown in order execution and delay in order inflow conversion due to geopolitical tensions remain key near-term concerns for the company, it added. "We raise earnings per share by 6-7% for FY27E/28E, led by robust visibility ahead," the report said.

Global brokerage CLSA maintained an 'outperform' rating on L&T with a target price of INR 4,320, saying that the company met three of four guidance parameters for the September quarter. These parameters were new orders, margins, and working capital, while execution lagged due to excessive rainfall, CNBC-TV18 cited the brokerage as saying. The biggest surprise was the 54% on-year rise in new orders, led by multi-billion-dollar projects from the energy sector and private capital expenditure in India, the report said. Its project pipeline for the second half of the financial year looks strong despite concerns of a slowdown in West Asia.

Citi maintained a 'buy' rating on the stock with a target price of INR 4,500, citing strong core order inflows. The brokerage expects order inflow momentum to continue in the near term and noted that core margins expanded 20 basis points on year during the quarter due to execution efficiencies and favourable claim settlements, CNBC-TV18 reported the brokerage as saying. (Akash Mandal)

Equity Alert: Most Asia mkts up after Fed rate cut; US-China trade deal eyed

MUMBAI--0842 IST--Most Asian markets were up Thursday after the US Federal Reserve reduced interest rates but also indicated that another rate cut in December is far from assured. All eyes will be on the meeting of US President Donald Trump and his Chinese counterpart Xi Jinping later in the day in South Korea, where they are widely expected to sign a trade deal. Trump had said Wednesday that he is going to sign a trade deal with China, following which many global equity markets rose. 

The MSCI index for the Asia-Pacific region, excluding Japan, was up 0.6%. While South Korea's Kospi gained the most, FTSE Singapore Straight was the major laggard in the region. South Korea will invest $200 billion in the US, with an annual cap of $20 billion a year, while the remaining $150 billion of its $350 billion total pledge announced earlier this year will be used for shipbuilding cooperation, CNBC-TV18 reported citing local media reports, .

Japan's Nikkei 225 was up 0.2% ahead of the Bank of Japan's monetary policy outcome Thursday. The apex bank is widely expected to keep interest rates steady at 0.5%. The fall in the Japanese headline index was led by losses in information technology and brokerage stocks. Shares of SoftBank group and Nomura Holdings were down around 2% each. Investors will be focusing on Japanese Prime Minister Sanae Takaichi's policy measures as well as the apex bank's assessment of the economy, media reports said. 

Among other gainers in the region were China's CSI 300 and Hong Kong's Hang Seng, up 0.2-0.9%. On the other hand, Australia's S&P/ASX 200 and FTSE Singapore were down 0.3% each and were the only two indices in the red. 

Following were the levels of key Asian indices at 0839 IST:

(Anjana Therese Antony)

Equity Alert: Mkt may consolidate post higher open; 26100 hurdle for Nifty 50

MUMBAI--0815 IST--Benchmark indices may open a tad higher Thursday but are likely to consolidate a bit in the coming sessions. The 26100 level will be the next crucial hurdle for the Nifty 50. If the index manages to surpass this hurdle, there might be further gains in the market and benchmark indices may move towards new all-time highs, technical analysts said.

"Technically, the (Nifty 50) index has built a robust foundation above the critical 25700 mark...sustaining above the 10-day and 20-day exponential moving averages further reinforces the ongoing bullish undertone," Dhupesh Dhameja, derivatives research analyst at SAMCO Securities, said in a note. "Every minor dip continues to attract renewed buying interest, highlighting steady accumulation by investors...the 25750–25800 region remains a key "buy-on-dips" pocket," Dhameja added.

The November contract of the GIFT Nifty indicates a positive start for the Nifty 50. At 0747 IST, the contract was at 26190.50 points, up 56.50 points from its previous close. On Wednesday, the Nifty 50 closed at 26053.90 points, up 117.70 points or 0.5%, closing above the psychologically crucial level of 26000 points for the first time since Sept. 27, 2024. The BSE Sensex closed at 84997.14 points, up 368.97 points or 0.4%.

Overnight, indices in the US ended mixed despite a 25-basis-point rate cut by the US Federal Reserve after Fed Chair Jerome Powell said another rate cut in December was far from assured. The rate cut, however, is unlikely to have a significant impact on the Indian market, analysts said. The Nasdaq notched another record high, buoyed by Nvidia's 3% rise to become the first company to attain market capitalisation of $5 trillion. Asian indices were mixed in early trade.  (Akash Mandal)

Equity Alert:US indices mixed Wed; Fed says rate cut in Dec far from assured

MUMBAI--0805 IST--Headline indices in the US ended on a mixed note Wednesday after the US Federal Reserve said another interest rate cut in December is far from assured. The US apex bank reduced interest rates by 25 basis points for the second straight time to 3.75-4.00%, in line with expectations. The US Federal Open Market Committee said economic activity had been expanding at a moderate pace, while job gains had slowed. 

The three benchmark indices – Dow Jones Industrial Average, S&P 500, and Nasdaq Composite – reached new intra-day record highs. The tech-heavy Nasdaq Composite gained the most among the three indices, led by heavyweight Nvidia which crossed the market capitalisation of $5 trillion. "The rate cut was expected. Powell's (Fed Chair Jerome Powell) remarks took some shine off the market," said Michael Rosen, chief investment officer at Angeles Investments in Santa Monica, California, CNBC-TV18 reported. 

Shares of of Meta Platforms fell more than 8%. Meta reported a $16-billion one-time charge that axed its profits and the company said its capital expenditure would be "notably larger" next year compared to 2025, media reports said. Google parent Alphabet's shares were up 6% after the company reported strong earnings. 

Investors now await further updates about the trade discussions between the US and China. US President Donald Trump had Wednesday said he is going to sign a deal with his Chinese counterpart Xi Jinping.

Following are the closing levels of US indices Wednesday:

(Anjana Therese Antony)

End

US$1 = INR 88.40

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

Edited by Vandana Hingorani

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