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Informist, Thursday, Nov. 27, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Emkay bullish on non-ferrous cos earnings, cautious on ferrous

MUMBAI--1345 IST--Emkay Global Financial Services sees an "upside skew" in earnings of non-ferrous companies in 2026-27 (Apr-Mar), particularly for Vedanta and National Aluminium Co. with earnings before interest, taxes, depreciation, and amortisation upgrade potential of 5.5% and 4.9%, respectively, if spot prices for aluminium, zinc, and silver remain higher for the entire year, it said in a report dated Monday. However, it expects Hindalco Industries' EBITDA to remain balanced at spot prices in FY27 owing to the hedges made by the company. 

"If aluminium, zinc, and silver prices stay higher for longer, near-term earnings would be due for an upgrade and work favourably for stock price performance," Emkay Global said. The spot aluminium prices are 3% above its FY27 forecast of $2,700 per tonne, resulting in an upside skew, the brokerage said.  

On other hand, the brokerage's outlook for ferrous companies remains cautious at current prices, with sharper downside risk for earnings if steel prices continue to stay lower for longer. However, the market expects the current downturn in steel prices to be temporary and price in a potential hike cycle with spread improvement of around INR 3,000 per tonne into the estimates for stocks of steel companies, Emkay Global said. The extension of safeguard duty combined with absorption of excess supply should lead to a durable recovery in steel prices, the brokerage added.  (Akshat Saksena)

Equity Alert: Nuvama sees robust growth in auto sales across segments in Nov

MUMBAI--1338 IST--Wholesale sales of automobiles are expected to be robust in November, with double-digit on-year growth across two-wheeler, commercial vehicle, and passenger vehicle segments, according to Nuvama Institutional Equities. The brokerage expects the growth to be driven by better affordability, positive customer sentiment due to goods and service tax cuts, strong rural demand, interest rate cuts, and adequate finance availability. Exports are also expected to rise in double digits, especially those of two-wheelers and commercial vehicles, led by growth in Asia, Africa, and Latin American markets.

The rise in affordability of two-wheelers, which was due to lower GST rates, adequate financing, and strong rural demand due to a healthy crop output and marriage season, is likely to lead the growth in the segment. Two-wheeler wholesale sales in India are seen growing 15% on year in November, according to Nuvama. Hero MotoCorp's sales are seen up 32% on year at 605,000 units. Eicher Motors is expected to sell 105,000 Royal Enfield motorcycles, 28% higher than the units sold a year ago. Nuvama expects TVS Motor Co.'s volumes to grow 18% on year to 475,000 units in November. The brokerage sees 4% on-year rise in Bajaj Auto's sales to 440,000 units in November.

Improved freight availability and a low base, along with the positive impact of GST cuts and ample financing is expected to drive wholesale sales of commercial vehicles. Nuvama sees 15% on-year rise in commercial vehicle sales. The volume growth for Ashok Leyland and Tata Motors, which now houses commercial vehicles business, is seen at 18% on year each. The broking firm estimates a 17% on-year growth for Eicher Motors.

Improved discounts on a sequential basis and launch of new products are seen as positive for the passenger vehicle segment, according to Nuvama. The brokerage estimates the volume growth for Tata Motors Passenger Vehicles at 18% on year at 55,500 units. Maruti Suzuki India's volume growth is seen at 16% on year at 210,000 units and for Hyundai Motor India, the estimate is 67,000 units, up 9% on year. Mahindra & Mahindra's automobile business, which includes passenger vehicles, commercial vehicles, and three-wheelers, are likely to rise 18% on year to 93,000 units, Nuvama said.

Nuvama expects tractor sales to grow 7% on year in November because of positive sentiment in the rural areas due to expectations of healthy crop. Total volumes for Mahindra & Mahindra's farm equipment business and Escorts Kubota are estimated to grow 6% on year each at 35,400 units and at 9,500 units, respectively.  (Adhithya Aji)

Equity Alert: JP Morgan sees Nifty 50 at 30000 by 2026 end 

MUMBAI--1307 IST--Global brokerage JP Morgan has raised its base-case target for the Nifty 50 to 30000 points by the end of 2026, citing strong fundamentals, narrowing valuation gap with other emerging markets, and supportive macroeconomic policies, the brokerage was cited as saying in a post on 'X' by ETNow. It believes that the downgrade cycle is over for Indian equities and considers a likely US-India trade resolution to pave the way for the Nifty-50 index to get a re-rating.

The brokerage expects a rebound in the corporate earnings aided by fiscal and monetary policies, a recovery in domestic demand, and broad-based sectoral growth. It continues to prefer domestic players in the market over exporters. The brokerage expects the companies under the MSCI India index to see an earnings growth of 13% in 2026 and 14% in 2027. 

While valuations of domestic equities remain premium, the valuation gap with other emerging markets has narrowed below the long-term average, JP Morgan said. The premium valuations of domestic equities are backed by strong fundamentals and resilient domestic flows. The coordinated monetary easing could structurally re-rate equities by lowering the cost of capital and compressing risk premiums across rate-sensitive sectors, it said. 

Earlier this month, Goldman Sachs had forecast the 50-stock index to hit 29000 points at the end of 2026 and raised Indian equities to 'overweight', citing growth-inducing policies, earnings revival, anticipation of foreign fund inflows, and valuation backed by growth.  (Arundathi A R)

Equity Alert: Whirlpool sinks to 6-month low after big discount deals on NSE

MUMBAI--1245 IST--Shares of Whirlpool of India fell a little over 12% to a six-month low of INR 1,055.80 Thursday after large deals were executed on the NSE at a discount to the stock's previous closing price. The company's promoters planned to sell 9.5 million shares, representing 7.5% stake in the company through block deals, according to CNBC TV-18. At 1223 IST, the stock traded around 10% lower at INR 1,077 and was in the red after three consecutive sessions of gains.

Data on the NSE showed that two large deals involving more than 3.31 million shares were carried out on NSE. The first deal at 0907 IST involved 158,086 shares and had an average price of INR 1,084. Another deal, carried out a few minutes after the beginning of the session and involving more than 3 million shares, had an average price of INR 1,073.70 per share, a discount of nearly 11% to the stock's closing price of INR 1,200.90 Wednesday. As per data available on the NSE, the deal likely fetched INR 3.38 billion. 

At 1223 IST, over 9.3 million shares of the company were traded on the NSE, sharply higher than the one-year average volume of 390,700 shares. Over 15,700 shares were traded till the same time Wednesday.

Of the five brokerage reports on the company available with Informist, two have a 'buy' rating on the stock, with an average target price of INR 1,525. Two brokerages have a 'hold' rating, with an average target price of INR 1,377, while one has a 'sell' rating.  (Eshitva Prakash)

Equity Alert: Sensex, Nifty 50 come off all-time highs 

MUMBAI--1155 IST--Benchmark indices slightly came off highs after robust gains in the first two hours of trade Thursday with them reaching their record highs, in line with expectations. Nifty 50 reached its record high of 26310.45 points and Sensex reached its all-time high of 86055.86 points. The market is optimistic on better September quarter results, earnings growth recovery in Oct-Mar, and a potential India-US trade deal. Globally, the sentiment has improved with the investors pricing in a quarter point rate cut by the US Federal Reserve in the December meeting.

At 1154 IST, the Nifty 50 was at 26237.50 points, up 32.20 points, or 0.1%. The Sensex was at 85816.39 points, up 206.88 points, or 0.2%. Despite the rise seen by the indices, India VIX was up around 1% at 12.0425. Gains in Nifty heavyweights HDFC Bank, and ICICI Bank helped the 50 stock index rise. 

In the Nifty 50, Bajaj Finance, Larsen & Toubro, and Bajaj Finserv were up 1-3% and were the top gainers. Shares of Eicher Motors, Eternal and Oil and Natural Gas Corp. traded around 1-2% lower and were the worst performers in the Nifty 50. Eternal has infused INR 6 billion into its quick commerce platform Blinkit to expand its operations in a competitive market, according to reports. 

Shares of Gujarat Mineral Development Corp., Tejas Networks, and Dr. Agarwals Health Care were up 5-8% in the Nifty 500. Tejas Networks said its equipment meets the industry's qualified standards in response to Bharti Airtel's claims that the former's equipments deployed by Bharat Sanchar Nigam was responsible for continuing interference in Airtel's network in Rajasthan.  

Shares of Whirlpool of India traded nearly 11% lower after multiple deals on the NSE; the company's promoter is likely to sell 9.50 million shares of the company, according to reports. The company was the worst performer in the Nifty 500. Natco Pharma, Kaynes Technology India followed as the worst performers in the 500-stock index, down 3-5%. (Akshat Saksena)

Equity Alert: Indices open up, jump to all-time highs soon thereafter

MUMBAI--1000 IST--The Nifty 50 index hit its all-time high at 26306.95 points soon after opening higher Thursday. The BSE Sensex also hit a record high of 86026.18 points. A positive global sentiment on hopes that the US Federal Reserve will cut interest rates at its policy meeting in December led to the rally in domestic benchmark indices in early trade.

At 1006 IST, the Nifty 50 was at 26271.80 points, up 66.50 points, or 0.3%. The BSE Sensex was at 85898.88 points, up 289.37 points, or 0.3%. Index heavyweights such as HDFC Bank and ICICI Bank, which together constitute 21% weightage, lifted the Nifty 50 index. Both stocks rose nearly 1%. Broader market indices also opened higher, up 0.2% each. 

Sectoral indices were mixed, with the Nifty Financial Services up 0.6% and becoming the top gainer while Nifty Oil and Gas fell 0.6%. Indices pertaining to sectors such as financial services, private banks, banks, automobile, and infrastructure hit their respective all-time highs in early trade. 

Among Nifty 50 stocks, Larsen & Toubro and Shriram Finance hit a lifetime high in early trade. These stocks were up over 1% each. Meanwhile Bajaj twins, Bajaj Finance and Bajaj Finserv, gained 1-2% and were the top gainers on the Nifty 50 index. Bajaj Auto, up nearly 1%, continued its winning streak for the fourth straight session. The company has priced the Bajaj Riki P40 electric rickshaw at INR 190,890 and the Bajaj Riki C40 cargo electric three-wheeler at INR 200,876. On the other hand, Eternal and HDFC Life Insurance Co. were the weakest performers and were down over 1% each.  (Arundathi A R)

Equity Alert: Indices in Asia rise; Japan, South Korea early gainers

MUMBAI--0816 IST--Equity indices in Asia were higher in early trade Thursday, tracking overnight gains on the Wall Street. Elevated hopes of the US Federal Reserve cutting interest rates at its policy meeting in December have been positive for indices in the region throughout the week. A rise in technology-related stocks in the US has also helped partially offset concerns surrounding skyrocketing valuations of artificial intelligence companies. MSCI's Asia ex Japan index was 0.5% higher, and Japan's benchmark Nikkei 225 and South Korea's KOSPI led the early gains.    

The Nikkei 225 index was 1.2% higher and the broader Topix was also up. Technology-related stocks were among the top movers and automatic test equipment maker Advantest rose over 5%. Technology investor SoftBank's shares rose 4%, extending gains from the previous session following a slump Tuesday, as traders grew wary of the company's investment in OpenAI. Shares of chip company Tokyo Electron advanced over 3%. Metal stocks traded higher in the early session in the Tokyo market, Dow Jones Newswires reported.

South Korea's KOSPI gained almost 1%. In policy news, the Bank of Korea kept its benchmark interest rate unchanged at 2.5% for a fourth consecutive policy meeting and the move was in line with market expectations, CNBC reported. The country is currently facing a currency depreciation issue and an overheating housing market. 

Hong Kong's Hang Seng index rose marginally and in the mainland, China's blue-chip CSI 300 advanced almost 1%. This came after industrial profits in China declined 5.5% year on year in October, according to National Bureau of Statistics data cited by Reuters. The reading had shown a 21.6% jump in September and a 20.4% increase in August. Local businesses struggled with muted domestic demand and a fall in exports.

Globally, trader sentiment remains bullish as they continue to bet on an interest rate cut by the US Federal Reserve. Latest CME Fedwatch data shows an 84% chance of the US Fed cutting key rate by 25 basis points in its December meeting. Dovish commentary by Fed officials and weaker-than-expected consumer data from the US boosted such bets. Kevin Hassett, a White House economic advisor, is the front-runner to lead the Federal Reserve, according to a Bloomberg report. Hassett is likely to share US President Donald Trump's stance and rule in favour of an interest rate cut.        

Following were the levels of key Asian indices at 0825 IST:

(Eshitva Prakash)

Equity Alert: To open higher; analysts expect indices to hit record highs

MUMBAI--0815 IST--India's headline indices are expected to open higher, with analysts optimistic that they could hit fresh all-time highs on Thursday. Analysts said the short-term sentiment has turned positive following positive global cues and low crude oil prices, though the depreciation of the rupee is a worry. Expectations of a rate cut by the Reserve Bank of India next week are supporting the outlook, some analysts said.

"The short-term outlook is positive and the indices should cross all-time high today (Thursday)," Ashish Sherigar, technical analyst at NVS Brokerage, said. Immediate resistance is seen at 26270 points and support at 26050 points, he added.  

The December contract of the GIFT Nifty indicated that indices are likely to open slightly higher Thursday. At 0752 IST, the contract was at 26425.50 points, up 17 points or 0.1% from its previous close. This was 220 points higher than the Nifty 50's close Wednesday.

The Nifty 50 ended Wednesday's session at 26205.30 points, up 320.50 points or 1.2%. The Sensex closed at 85609.51 points, up 1022.50 points or 1.2%. On Wednesday, foreign investors were net buyers of Indian equities and bought shares worth up to INR 47.78 billion. Domestic investors continued to be net buyers and bought stocks worth INR 62.48 billion. 

In the US, the three benchmark indices closed higher for the fourth straight session on expectations of an interest rate cut by the US Federal Reserve at the December meeting. This was also a recovery from the sell-off seen last week, when investors were spooked due to concerns about overvaluation of artificial intelligence companies. All Asian indices were higher in early trade, with Japan's Nikkei 225 leading the gains.  (Gopika Balasubramanium)

Equity Alert: US indices close higher Wed as Fed rate cut probability rises

MUMBAI--0730 IST--Benchmark equity indices in the US ended higher Wednesday for the fourth consecutive session on hopes that the US Federal Reserve will cut interest rates at its next meeting, and a rebound in artificial intelligence-related stocks, which had dragged markets down last week. Trader sentiment was bullish ahead of the Thanksgiving holiday and the S&P 500 index, the Nasdaq Composite, and the Dow Jones Industrial Average are headed for a significant weekly gain when trading resumes in the shortened Friday session.

"Thanksgiving week is generally a strong week in the markets. Everyone's feeling good. We're also coming to the best stretch of the year for stocks – November to April," CNBC quoted Eric Diton, president and managing director at The Wealth Alliance, as saying. "It's hard to not stay bullish here." 

Shares of airline companies were sharply higher on one of the busiest travel days of the year. Shares of American Airlines Group rose almost 4% and those of Delta Air Lines were over 3% higher. Broader market gains were boosted by a 4% rise in technology company Oracle, after Deutsche Bank reaffirmed its bullish stance on the company. Meanwhile, Nasdaq heavyweight Nvidia Corp.'s shares ended more than 1% igher, recovering from a recent fall. Shares of Microsoft ended almost 2% higher.

The US central bank's Beige Book report Wednesday said employment declined slightly in mid-November, but noted "more districts reported contacts limiting headcount using hiring freezes, replacement-only hiring and attrition than through layoffs," Reuters reported. Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 216,000 for the week ended Nov. 22, the lowest level since April. Economists polled by Reuters had forecast 225,000 claims for the week.

Traders continued to place bets on an interest rate cut by the US Federal Reserve. Fed fund futures traders are pricing in an over 84% probability that the apex bank will cut key rates by 25 basis points at its policy meeting in December, according to data from CME FedWatch tool. This prediction is sharply higher than a week ago, when traders were pricing in a 30% chance of such a cut.

Following are the closing levels of US indices Wednesday:

(Eshitva Prakash)

End

US$1 = INR 89.29

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

Edited by Akul Nishant Akhoury

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