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Informist, Wednesday, Nov. 26, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Mkts in Europe marginally up; traders await UK budget release

MUMBAI—1500 IST--Equity indices in Europe edged higher in early trade Wednesday, aided by growing expectations of a benchmark interest rate cut in the US and signs of progress in Ukraine peace talks. Traders await the release of the UK's Autumn budget, where the government is expected to hike taxes. The pan-European STOXX Europe 600 rose 0.3%.

Delayed US retail sales data showed a slower-than-expected increase in September and a separate reading showed consumer sentiment worsened in November. Weak economic readings, and a Bloomberg report suggesting that White House National Economic Council Director Kevin Hassett may become the next Fed Chair, boosted bets of an interest rate cut in the near term. Fed fund futures traders are pricing in an 85% chance of the US Federal Reserve slashing key rates by 25 basis points in its December meeting, according to data from CME Fedwatch. Traders were pricing in a mere 30% chance of a rate cut a week ago.

UK's FTSE 100 index eked out a small gain in early trade. UK Chancellor Rachel Reeves is set to unveil her spending and taxation plans for the year ahead later in the day. "There are widespread expectations that the finance minister will announce a raft of tax hikes as she tries to stick to self-imposed rules on spending and borrowing, and has a fiscal black hole to fill as a result," CNBC reported. 

Traders are also focusing on monitoring developments in US-led negotiations on the war in Ukraine. Ukrainian President Volodymyr Zelenskyy signalled readiness to push forward the US-backed framework to end the war, Reuters reported. Despite an end to war in sight, defence stocks extended their gains and the STOXX Europe Total Market Aerospace & Defense rose 0.3%. Germany's Rheinmetall, Renk, and UK's BAE Systems rose 1-3%.

Following were the levels of major European indices at 1453 IST:

(Eshitva Prakash)

Equity Alert: Headline indices rise; Nifty Metal, oil cos lead gains

MUMBAI--1512 IST--Headline equity indices continued to rise, inching higher towards the end of the session. The Nifty 50 continued to be lifted by index heavyweights HDFC Bank, Reliance Industries, and ICICI Bank. Among sectoral indices, the Nifty Metal and Nifty Oil & Gas led gains and were up around 2% each.  

At 1511 IST, the Nifty 50 was at 26206.55 points, up 321.75 points or 1.2%. The Sensex was at 85619.84 points, up 1032.83 points or 1.2%. The fear gauge, India VIX, was down over 2% at 11.9900.

Shares of Bharti Airtel, Asian Paints, SBI Life Insurance Co., Eicher Motors, and Adani Enterprises were trading marginally lower and were only ones in the Nifty 50 to be in the red. Shares of JSW Steel, Bajaj Finance, Bajaj Finserv, and HDFC Life Insurance were up around 3-4% and were the top gainers in the 50-stock index. 

Shares of Thermax rose to an intraday high of INR 2,952.70 after the company said its subsidiary had bagged an order worth INR 5.80 billion for utility boilers and associated systems from West African conglomerate Dangote Industries. At 1511 IST, the stock was up 1.6%, extending gains for the second straight session. (Akshat Saksena)

Equity Alert: Mumbai-based realty cos may be hit due to GRAP-4, says Street

MUMBAI--1435 IST--Rising air pollution in Mumbai might be an issue of concern for some real estate companies such as Lodha Developers, Oberoi Realty, and Godrej Properties, as the state government might impose restrictions under Graded Response Action Plan in the metropolitan city, an analyst covering the realty sector said. Under the restrictions, construction activities might be halted for two-three months, which may in turn impact the financials of the companies in the near term.  

Construction activities in the city contribute to at least 60% of the rising air pollution in the city, due to which the Brihanmumbai Municipal Corporation is likely to enforce GRAP-4 restrictions, if the air quality worsens, according to media reports. Civic authorities have already issued stop-work notices to 59 construction sites that failed to follow pollution-control norms and misting machines and deep-cleaning of roads has also been increased, CNBC reported. 

"Companies may face challenges in execution and deliveries of the ongoing projects, if restrictions are imposed for 2-3 months.... we can see a denting impact on their P&L sheet (profit and loss sheet) in the upcoming quarter due to this. However, their pre-sales and launches may remain unaffected," the analyst said. Lodha Developers, Oberio Realty and Godrej Properties are likely to be the companies falling in the line of fire in the near term, according to the analyst.   

The analyst also mentioned that there were no intimations from any authorities to these companies, and discussions over halting construction activities were at a nascent stage, and the decision would primarily depend on the air quality in the coming days.  

As of 1432 IST, the Nifty Realty was up over 1% with only Lodha Devlopers trading marginally lower. Oberoi Realty was the biggest gainer among the constituents, rising over 2%. (P. Madhu Kumar)

Equity Alert: Mkt up tracking global peers, Nifty 50 hovers around 26200 pts

MUMBAI--1433 IST--Domestic headline indices continued to rise tracking global peers. The Nifty 50 rose to an intraday high of 26212.80 points on gains in index heavyweights HDFC Bank, Reliance Industries, and ICICI Bank. However, weakness in Bharti Airtel limited the gains of the index.

At 1433 IST, the Nifty 50 was at 26182.30 points, up 297.50 points or 1.2%. The Sensex was at 85528.47 points, up 941.46 points or 1.1%. The fear gauge, India VIX, was down around 3% at 11.9200.

Shares of most oil and gas companies were up as prices of crude oil fell further after Ukraine said efforts by the US to end the war with Russia could bear fruit. If the war between Russia and Ukraine ends, it could lead to Western countries dropping the sanctions against Moscow, which could lead to more crude oil supply in an already oversupplied market, media reports said.

Gujarat State Petronet and Aegis Logistics were down marginally and were the only constituents trading lower in the Nifty Oil & Gas index. Shares of Bharat Petroleum Corp., GAIL (India), and Hindustan Petroleum Corp. were up 2-3%. Shares of Reliance Industries rose nearly 2% as well.

The Nifty Defence index was up over 1% after media reports said India is close to finalising export contracts worth $450 million for BrahMos supersonic cruise missiles. Shares of Unimech Aerospace and Manufacturing, Mazagon Dock Shipbuilders, and Garden Reach Shipbuilders & Engineers were up around 2% while those of Cyient DLM, Astra Microwave Products, and Cochin Shipyard were down 0.3-0.9%.

Shares of Tata Consultancy Services were up after the company said it has extended its long-term pact with German retailer ALDI SOUTH to transform the latter's digital infrastructure using artificial intelligence-enabled cloud solutions. The stock was up nearly 2%. Shares of PG Electroplast were up nearly 5% after ICRA assigned an 'A+' rating to its long-term fund-based limits and an 'A1' rating on the company's short-term non-fund-based limits.  (Akshat Saksena)

Equity Alert: Mkts in Asia end higher as US Fed rate cut bets gain momentum

MUMBAI--1352 IST--Equity indices in Asia closed higher Wednesday as weaker-than-expected economic data from the US increased expectations of an interest rate cut by the US Federal Reserve at its policy meeting next month. MSCI's Asia ex Japan index rose 1.2% and benchmark indices of South Korea and Japan advanced sharply. 

Data showed US retail sales in September rose less than expected and consumer confidence weakened in November, which aided arguments in favour of an interest rate cut at the Fed's next policy decision on Dec. 10. Expectations rose further amid reports that White House National Economic Council Director Kevin Hassett might become the next Fed chair. Hassett believes benchmark interest rates should be lower than they are under current Fed Chair Jerome Powell, The Economic Times reported. Fed fund futures traders were pricing in an 85% chance of a 25-basis-point rate cut, up from a 30% chance seen a week ago, according to the CME Fedwatch Tool.

Japan's benchmark Nikkei 225 index and the broader Topix rose almost 2% each. Shares of technology conglomerate SoftBank Group rose nearly 6% after a 10% decline in the last session. The technology investor's shares have plunged around 40% since late October, erasing around $102 billion in market value, as founder Masayoshi Son prepares to double down on OpenAI investment, Financial Post reported. Among other gainers in Wednesday's trade, chip company Socionext rose 7.5% and Toppan Holdings rose a little over 6%.  

Hong Kong's Hang Seng index was marginally higher and in the mainland, the blue chip CSI 300 rose 0.6%. Shares of Meituan rose almost 6% before its earnings on Friday. Hong Kong property developers were higher on expectations that the city's monetary authority would follow the Fed in lowering borrowing costs to attract homebuyers, the South China Morning Post reported. "A narrowing interest-rate spread between China and the US would also drive expectations for an appreciation of the yuan, which would boost the valuations of Chinese assets," the media outlet quoted Qiu Hua, analyst at Xiangcai Securities, as saying. Limiting index gains, Hong Kong-listed shares of Alibaba Group Holding fell more than 1.5% after the company's profit for the quarter ended September fell 52% year-on-year.

South Korea's KOSPI index rose almost 3%, in its highest single rise in more that two weeks. The gains were limited by a fall in shares of Lotte Corp., which slumped over 6% after it Wednesday announced plans to spin off and merge its business Lotte Chemical with HD Hyundai Chemical, CNBC reported.

Following were the levels of key Asian indices at 1329 IST:

(Eshitva Prakash)

Equity Alert: Metal cos up as govt decision on safeguard duty on steel soon

MUMBAI--1316 IST--Most metal companies rose Wednesday after Ministry of Steel secretary Sandeep Poundrik Tuesday said the government is expected to take a decision on imposing safeguard duty on steel soon. Barring Welspun Corp., all companies that are part of the Nifty Metal index were up. At 1316 IST, the sectoral index was up nearly 2%, outperforming the benchmark indices, which were up around 1% each.

India is considering extending an import tariff on some steel products to counter cheaper imports from China, Reuters reported Tuesday quoting sources. India had recommended a three-year import tariff of 11-12% on some steel products in August, as part of the final findings of the Directorate General of Trade Remedies that falls under the trade ministry, the report said.

The Nifty Metal index rose for the second straight session, gaining as much as 2.5% in this period. Lloyds Metals and Energy, up around 4%, was the top gainer in the sectoral index. JSW Steel, up nearly 4%, was the top gainer in the Nifty 50. Steel Authority of India, Hindustan Copper, Jindal Stainless, Tata Steel, and NMDC were up 2-3%.

In an another development, global iron ore prices Tuesday surged to a three-week high of $106 per tonne. ICICI Securities expects this increase in global iron ore prices to help NMDC get better pricing for its iron ore, as domestic iron ore prices move in line with global prices. This would also support the company's growth in both its revenue and profitability, the brokerage said in a pre-market report. However, the brokerage remains neutral on the stock due to uncertain timeline for its capital expenditure plans, state-level developments around potential royalty hikes, and additional mining taxes.

The solitary loser in the sectoral index, Welspun Corp., was down marginally at INR 860.85. Shares of the company were down as it lost an investment opportunity in Qatar as its joint venture partners failed to comply with norms and formed their own entity in Qatar without giving an option notice to the company.  (Arundathi A R)

Equity Alert: IT cos rise amid higher hopes of US rate cut, INR depreciation

MUMBAI--1242 IST--Information technology stocks gained Wednesday amid increasing hope of an interest rate cut by the US Federal Reserve. Weak US economic data, following recent positive comments of some US Fed officials about rate reduction, has sharply raised hopes of another 25-basis-point cut in key rates in the US Federal Reserve's meeting due next month. 

An interest rate cut is a positive trigger for Indian IT companies as it would give US-based clients space to spend more for technological infrastructure. Many US clients of domestic IT players were keeping their budgets tight due to high interest rates and the uncertaity caused by US tariffs. US-based companies account for more than half of Indian IT companies' revenue. An additional bullish trigger for the sector could also be the depreciation of the Indian rupee as a major chunk of revenue is earned in dollars. The rupee depreciated over 4% so far in 2025. At 1240 IST, the rupee'c value was 89.2600 against a dollar. 

The Nifty IT index was up over 1% at 37176 points, with all constituents trading higher barring Mphasis which was down 0.5%. Tata Consultancy Services was up almost 2% and was the biggest gainer in the IT index. Shares of other technology companies such as HCL Technologies, Tech Mahindra, and Infosys were up around 1% each. Analysts had said that valuation of large-cap IT stocks have reached reasonable levels after their correction in the last few months while those of mid-caps remain expensive. (Akshat Saksena)

Equity Alert: Nuvama initiates coverage on Premier Energies with 'buy' rtg   

MUMBAI--1220 IST--Nuvama Institutional Equities has initiated coverage on Premier Energies with a 'buy' rating on the stock and a 12-month target price of INR 1,270. This target price is nearly 30% higher than the current market price of INR 978 at 1215 IST. The company's growth will be driven by its capacity expansion, backward integration, and steady domestic content requirement-linked realisation, the brokerage said in its report. 

The brokerage firm estimates the company's revenue to grow at a compound annual growth rate of 49% between 2025-26 (Apr-Mar) and FY28 and earnings before interest, tax, depreciation, and amortisation to rise 43% annually during the same period. This will be driven by a 27% surge in module capacity, 79% surge in cell capacity, and a 5-gigawatt growth in the new wafer capacity, Nuvama said. The current capacity of the wafer segment is 2 GW, as per the company's investor presentation. 

The company's backward integration plans for solar wafers and the government support through the approved list of models and manufacturers are likely to limit the fall in its margin as competition intensifies, the brokerage added. The EBITDA contribution from the wafer and cell segment is expected to rise to 46% in FY30 from 38% in FY25 while the contribution from modules is likely to fall to 36% from 62%. The company's foray into transformers and inverters business offers related growth opportunities and sustainable long-term margins, according to Nuvama.

On the competition front, the brokerage has a positive view due to weak demand for initial public offerings of companies such as Saatvik Green Energy and Emmvee Photovoltaic. This will result in critical funding hurdles for future competitors and, in turn, will affect their upcoming capacities. This will diminish overcapacity concerns, Nuvama said. 

Of the five brokerage reports available on the company with Informist, four have a 'buy' call on the stock, with an average target price of INR 1,253 and one has a 'hold' rating. More than 370,000 shares of the company were traded so far Wednesday, higher than the near 200,000 shares traded during the same time Tuesday.  (Adhithya Aji)

Equity Alert: Tata Motors PV shrs up; broking firms bullish on Sierra launch

MUMBAI--1155 IST--Shares of Tata Motors Passenger Vehicles rose almost 3% to the day's high of INR 362.85, likely due to enthusiasm towards the company's newly launched sports utility vehicle, Tata Sierra. Brokerages were bullish on the launch and positive management commentary provided additional reasons for optimism around the stock. Shares of the company came slightly came off the day's highs and, at 1155 IST, were 1.1% higher at INR 356.40 apiece. The stock is up after falling for two straight sessions.

The company is viewing nostalgia-driven brand revivals like that of Sierra as a key opportunity, according to analysts at Emkay Global Financial Services. The goods and services tax cut has made the market sentiment sharply positive, which may aid the company's double-digit growth target in passenger vehicles for 2025-26 (Apr-Mar). While Emkay expects Sierra volumes to scale up to 5,000 units per month, Nomura expects the company to sell 10,000 units a month. Media reports suggest production plans of 12,000–15,000 units per month.

Tata Motors Passenger Vehicles currently has only 4.4% market share in the medium-size sport utility vehicle space. This is in sharp contrast to its strong presence in the micro sport utility vehicle segment, where Tata Punch has 32% market share, Emkay said in a report. In the company's compact sport utility vehicle segment, Tata Nexon commands over 24% market share. "As the company already commands around 74% share of its volumes in SUVs, Sierra adds the missing pillar in the portfolio," the report said.

Sierra's feature-loaded base variants and aggressive pricing could lift Tata Motors Passenger Vehicles' volume growth in FY26-28, according to Nomura. It expects the addition of Sierra to have a meaningful impact on the company's volume growth and estimates it to reach 609,000 units in FY26 and 682,000 units in FY27. 

The company aims to increase its sport utility market share to 20–25% from 16–17%, with the launch of the new Sierra model, according to Shailesh Chandra, managing director and chief executive officer, Business Standard reported. Sierra was launched in Mumbai at an introductory price of around INR 1.15 million, according to the Hindu BusinessLine. Bookings will open on Dec. 16 and deliveries will start in January. Sierra was first launched in 1991 and was India's first SUV.

Nomura and Emkay left their ratings on the stock at 'neutral' and 'add', respectively, and also kept their respective target prices unchanged. Emkay has a target price of INR 400 for the stock and Nomura has a target of INR 395. Till 1155 IST, around 7.66 million shares of the company were traded on the NSE, higher than the 5.33 million shares traded till the same time Tuesday.  (Eshitva Prakash)

Equity Alert: Bharti Airtel falls 3% after large deals at discount on NSE

MUMBAI--1100 IST--Bharti Airtel fell 3% to a near-two-week low of INR 2,097.50 after large deals were carried out on the NSE at a discount to the stock's closing price on Tuesday. Media reports had said that its promoter group, Indian Continent Investment, planned to sell stake in the company Wednesday through block deals on Wednesday. At 1047 IST, the stock traded around 2% lower at INR 2,121.10 and was the only Nifty 50 stock to trade in the red.

Data on the NSE showed that nearly 35 million shares of the company were sold at the beginning of the session at an average price of INR 2,103.65 per share, a discount of nearly 3% from the stock's closing price of INR 2,161.60 on Tuesday. As per data available on the NSE, the deal likely fetched INR 73.74 billion.  

At 1047 IST, 38.61 million shares of the company were traded on the NSE, 33 times the 1.15 million shares traded till the same time Tuesday. (Gopika Balasubramanium)

Equity Alert:Mkt remains up on broad-based buying; banks, metals top gainers 

MUMBAI--1056 IST--Benchmark indices remained higher Wedneday after closing lower in the last three consecutive sessions. All Nifty 50 constituents traded higher, except Bharti Airtel which fell after its promoter likely sold some stake in the company. The rise in the market was broad-based and the top performing stocks were government-owned banks and metal companies. The domestic market was among the top gainers in Asia. The optimism follows weak US economic data, which strengthened hope of an interest rate cut by the US Federal Reserve at its meeting next month. 

At 1053 IST, the Nifty 50 was at 26113.75 points, up 228.95 points or 0.9%. The Sensex was at 85302.11 points, up 715.10 points or 0.9%. The fear gauge, India VIX, was down over 1% at 12.0700.

Shares of metal companies rose for the second consecutive session after the steel secretary said the government was expected to take a decision soon on safeguard duty on some steel imports. JSW Steel remained the highest gainer in the Nifty 50 index. Shares of other metal companies Tata Steel, Jindal Steel, Steel Authority of India, and Hindalco Industries rose 1-3%.  

Shares of Tata Motors Passenger Vehicles rose around 2% to the day's high of INR 362.85 after broking firms gave bullish comments about the company's newly launched sport utility vehicle Sierra. The new model is expected to help the company raise its sport utility vehicle market share to 20-25% from 16-17%, the company's Chief Executive Officer and Managing Director Shailesh Chandra said, as per media reports. 

Shares of other automobile companies also rose, with all constituents of the Nifty Auto index trading with gains. These stocks rose after media reports said the government was likely to approve an incentive scheme of INR 73 billion for rare earth permanent magnets manufacturing. Shares of Bosch, Bharat Forge, and Samvardhana Motherson International rose over 1% each. (Akshat Saksena)

Equity Alert: Excelsoft Technologies jumps 19% after listing at 12% premium

MUMBAI--1030 IST--Shares of Excelsoft Technologies rose nearly 19% to a high of INR 142.65 after their debut on the bourses Wednesday. The stock listed at INR 135 on the BSE, at a premium of nearly 12.5% to its issue price of INR 120. At 1012 IST, the stock was trading 16% higher at INR 138.55 on the BSE and around 4.3 million shares had changed hands so far on the exchange.

The technology company's initial public offering ended Friday and was subscribed over 43 times, with the investors placing bids for 1.33 billion shares against the 30.10 million shares on offer. Ahead of the initial public offering, the company had raised INR 1.50 billion from anchor investors by allotting 12.50 million shares at INR 120 per share. 

The initial public offering comprised a fresh issue of shares worth up to INR 1.80 billion and an offer for sale of shares worth up to INR 3.20 billion. The company will use the net proceeds to fund the purchase of land and construction of a new building located in Mysore, upgrade and enhance external electrical systems at its existing facility, and strengthen its information technology infrastructure.

Excelsoft Technologies is a software services provider focused on the learning and assessment market through artificial intelligence-based solutions. For the June quarter, the company reported a consolidated net profit of INR 60.09 million on revenue of INR 557.18 million. (Gopika Balasubramanium)

Equity Alert: Indices open up mirroring gains in Asian peers; metals shine

MUMBAI--1000 IST--Domestic benchmark equity indices opened higher Wednesday, mirroring gains in other Asian indices in early trade. Globally, sentiment is positive after expectations of an interest rate cut by the US Federal Reserve after data showed retail sales in the US rose less than expected. However, domestic indices underperformed most of the other Asian indices, which rose over 1%. Gains in heavyweight stocks also supported domestic indices.

At 1000 IST, the Nifty 50 was at 26082.25 points, up 197.45 points, or 0.8%. Majority of the Nifty 50 constituents opened in the green. The BSE Sensex was at 85189.38 points, up 602.37 points, or 0.7%. All the sectoral indices were higher in early trade, with the Nifty Metal index gaining the most -- nearly 2%. Broader market indices also opened higher, up nearly 1% each.  

Heavyweights such as HDFC Bank, Reliance Industries, and ICICI Bank, which together, constitute nearly 30% weightage, lifted the Nifty 50 index. Reliance Industries and ICICI Bank rose nearly 1% each in early trade.

Metal stocks gained the most in early trade, with all the Nifty Metal constituents opening higher. JSW Steel was the top gainer in the Nifty 50 index, up nearly 3% and Tata Steel rose over 1%. However, Welspun Corp. gave up initial gains and traded slightly lower after it lost an investment opportunity in Qatar as its joint venture partners failed to comply with norms. 

The Nifty PSU Bank was the second-largest gainer among sectoral indices, up over 1%, with all its constituents opening in the green. Indian Overseas Bank was the top gainer among them, up over 2%. The bank received a tax refund order for INR 8.35 billion from the Income Tax Department on Monday, it informed exchanges Tuesday after market hours.

Bharti Airtel was the biggest drag on the Nifty 50 index, down over 2%, after two large deals on the NSE. Media reports had said that its promoter group, Indian Continent Investment, planned to sell 0.6% stake in the company Wednesday through block deals for up to INR 72 billion.  (Arundathi A R)

Equity Alert: Indices in Asia gain as chances of US Fed rate cut increase

MUMBAI--0818 IST--Equity indices in Asia were higher in early trade Wednesday, tracking gains on Wall Street as expectations of an interest rate cut by the US Federal Reserve gained momentum after data showed retail sales in the US rose less than expected and consumer confidence weakened. Japan's Nikkei 225 and South Korea's Kospi extended Tuesday's rally and were up around 2% each. 

"There was a sea of green across major equity markets with futures pointing to a solid start to today's session in the local market," Reuters quoted analysts from Westpac, as saying. "Sentiment received a boost amid increasing bets the US Fed would cut again in December, following the decline in US consumer confidence and soft retail trade numbers." Fed funds futures traders are pricing in an 84% probability of a 25-basis-point interest rate cut by US central bank in its next meeting on Dec. 10, compared to a 50% chance a week ago, according to the CME Group's FedWatch tool.

Technology stocks in Japan were higher for the second consecutive session. Shares of semiconductor testing equipment supplier Advantest were up nearly 2% and those of Tokyo Electron traded almost 1% higher. Shares of Lasertec and chipmaker Renesas Electronics rose more than were up 1% and 3%, respectively. Technology investment company SoftBank Group rose almost 6% after a substantial slide in the previous session. Shares of Kioxia slumped 9% amid reports that US private equity firm Bain Capital was planning to unload about $2.24 billion worth of its shares in the memory chipmaker, CNBC reported.

Taiwan's Taiex index was 1.3% higher. Shares of Hon Hai Precision Industry, or Foxconn, were up 3%. The company Wednesday said it had secured regulatory approval to invest an additional $569 million in the state of Wisconsin to meet rising demand for AI servers, according to media reports.

Australia's S&P/ASX200 was 1% higher. The country's inflation increased in October, beating analysts' estimates and rising to its highest in seven months, according to the data from the Australian Bureau of Statistics. The consumer price index rose 3.8% year on year in October, higher than a 3.6% increase expected by a Reuters poll of economists.

Following were the levels of key Asian indices at 0815 IST:

(Eshitva Prakash)

Equity Alert: Indices likely to open tad up, weakness to linger in near term

MUMBAI--0814 IST--Analysts expect benchmark equity indices to open a tad higher, but they are unlikely to sustain gains. While the near-term sentiment in the domestic market is bearish, globally the mood is upbeat, especially after bets of an interest rate cut by the US Federal Reserve increased. The rupee's fall to a record low, uncertainty about progress in an India-US trade deal, and selling pressure from foreign investors soured market sentiment. However, analysts said the fall should be considered normal as the indices saw a rally last week. 

"...support near 25,800 is likely to offer temporary stability (to the Nifty 50)," Dhupesh Dhameja, derivatives research analyst at SAMCO Securities, said in a note. However, the bullish sentiment can be revived only if the benchmark index sustains above 25800 points, he said. On the upside, 26000–26100 points, which was once the important support band, has now turned into a stiff resistance level, he added. 

The Nifty 50 has fallen well beyond the current levels of the November contract of the GIFT Nifty and hence it signals a positive move when compared to the benchmark index's closing level on Tuesday. At 0738 IST, the contract was at 26165 points, down 4.5 points from its previous close but about 280 points higher than the Nifty 50's close on Tuesday. The Nifty 50 ended at 25884.80 points, down 74.70 points or 0.3%. The BSE Sensex closed at 84587.01 points, down 313.70 points or 0.3%.

On Tuesday, foreign investors were net buyers of Indian equities and bought shares worth up to INR 7.85 billion. Domestic investors continued to be net buyers and bought stocks worth INR 39.12 billion. 

Overnight, US indices ended higher as investors cheered the likelihood of a cut in interest rate by the US Federal Reserve. Rate cut expectations rose after a Bloomberg report said Kevin Hassett, who is currently the White House National Economic Council Director, was being considered as the next Fed chairperson. Following this, Asian indices were also higher in early trade. Japanese and South Korean indices gained the most among their peers, largely led by a rise in semiconductor stocks. (Gopika Balasubramanium)

Equity Alert: US mkt ends up Tue as weak econ data strengthens rate cut hope

MUMBAI--0730 IST--Equity indices in the US ended higher Tuesday as some economic data strengthened the possibility of an interest rate cut by the US Federal Reserve at its next policy meeting in December. Data showed the US retail sales in September slowed down from a month ago, rise in wholesale inflation, and weak consumer confidence for the month of November. Benchmark equity indices ended higher for the third consecutive session, but gains were limited in the technology-heavy Nasdaq Composite after the heavyweight Nvidia slumped.

The US retail sales rose 0.2% on month in September after an unrevised 0.6% increase in August, failing to meet the expectation of a 0.4% rise economists had projected, Reuters reported. As per the Labour Department's data, wholesale prices moved 0.3% higher in September, in line with economists' expectations and followed a 0.1% decline in August. Also, a separate data release from the US Conference Board showed that consumer confidence declined to 88.7 in November from 95.5 in October, below economists' expectations of 93.2.

"Overall, there is just enough softness in today's two reports — with respect to the economy's resilience and inflation — to keep market expectations primed for another Fed rate cut" next month, as per Sal Guatieri, economist at BMO Capital Markets, Bloomberg reported. Fed fund futures traders were pricing in an 84% chance of a 25-basis-point rate cut, up from a 50% chance seen a week ago, according to CME Fedwatch Tool.

Rate cut expectations were also bolstered after Bloomberg reported that White House National Economic Council Director Kevin Hassett is being considered as the frontrunner to become the next Fed chairperson. Traders view Hassett as more likely to push the central bank towards a lower rate regime.

Shares of Nvidia fell almost 3% after a report indicated that the artificial intelligence chipmaker will likely have more competition from Google. Shares of Google's parent Alphabet rose almost 2% after media reports said that Meta Platforms was in discussions to use Google's AI chips in its data centres from 2027. Shares of Meta Platforms were up almost 4%.

Among other gainers, shares of department store chain Kohl's surged almost 43% and those of clothing retailer Abercrombie & Fitch jumped nearly 38%, after both companies hiked their annual earnings forecasts, Reuters reported.

Following are the closing levels of US indices Tuesday: 

(Eshitva Prakash)

End

US$1 = INR 89.26

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

Edited by Akul Nishant Akhoury

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