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Informist, Wednesday, Dec. 3, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Vodafone Idea at 2-wk high as govt set to discuss AGR relief

MUMBAI--1500 IST--Shares of Vodafone Idea surged nearly 5% to hit a two-week high of INR 10.60. The stock rose for the second session in a row, gaining nearly 7% in these two days. Cabinet Secretary T.V. Somanathan has called a meeting of officials of the finance ministry and the Department of Telecommunications to discuss the company's adjusted gross revenue dues Thursday, NDTV Profit reported.

The meeting is set to discuss the scope and extent of Vodafone Idea's demand for relief on AGR dues and the fresh proposal of the telecom department after the Supreme Court's order Nov. 3 allowing the government to "comprehensively reassess and reconcile" all of the company's AGR dues.

Tuesday, Minister of Telecommunications Jyotiraditya Scindia said the government would finalise a deal within a few days to provide relief to the telecom major which faces a claim of INR 94.50 billion as additional AGR dues till the financial year 2018-19 (Apr-Mar).

At 1459 IST, shares of the company were over 4% higher at INR 10.55. Nearly 1.02 billion shares of Vodafone Idea changed hands on the NSE, sharply higher than 650 million shares traded during the same period Tuesday. Foreign brokerage Citi said that excluding government dues, Vodafone Idea's leverage remains low, as per a social media post by ET Now. The brokerage expects the AGR relief and robust cash flows to enable Vodafone Idea to raise fresh debt financing. 

Of the eight brokerage reports on the company available with Informist, three have a "hold" call and three have a "sell" call. The remaining two have a "buy" recommendation on the stock.  (Adhithya Aji)

Equity Alert: Nuvama constructive on Shoppers Stop, upgrades stock to 'buy'

MUMBAI--1453 IST--Nuvama Institutional Equities has upgraded its recommendation on Shoppers Stop to 'Buy' from 'Hold' while maintaining its target price of INR 595. The company is exhibiting promising near-term momentum with its efforts to cater to the evolving needs of the consumer, premiumisation, and strengthening its loyalty programmes, the brokerage said. These efforts have led to the company reporting strong growth for the September quarter after a long time, with the momentum to continue in October and November due to strong festival and wedding season demand, the brokerage said.

The company has admitted to having faced difficulties when it comes to maintaining relevance among new consumers and that several of the steps should've been taken earlier. However, with customers moving up the value chain, where Shoppers Stop previously struggled, the company expects meaningful improvement in returns over the next three to five years. With plans to scale up, renewed focus on premiumisation, and efforts to enhance customer experience, Shoppers Stop aims to reposition itself decisively for long-term, high-quality growth, the brokerage said.

The company has introduced a range of premium in-store experiences, such as including coffee shops and kids' play areas to address concerns, which have started to yield results, according to the brokerage. The Malad store in Mumbai, which has been redesigned under the Shoppers Stop 2.0 format, is delivering 50% higher throughput. The September quarter marked its highest recruitment for its 'Black Card' and 'First Club' members with a loyalty base of 13 million members that account for 83% of the department store's total sales.

Shoppers Stop operates 71% of exclusive brand outlets for global prestige beauty brands in the country, making it the preferred partner for new brands to enter the Indian market. This leadership along with the company's strong omnichannel integration has ensured strong momentum in its distribution business. The business is also enhancing its services to Indian families particularly in kids' apparel and related categories, while keeping its focus on Shoppers Stop along with Intune and its beauty distribution business which are its growth drivers. Intune, the company's fast fashion brand, has grown to 78 stores with repeat business accounting for 39% of its business which indicates strong resonance, Nuvama said.

At 1453 IST, shares of Shoppers Stop were down nearly 2% at INR 409. So far Wednesday, over 16,000 shares of the company have changed hands on NSE. Out of four brokerage reports on stock with Informist, three have a 'hold' rating with an average target price of INR 548 and remaining one has a 'sell' rating.  (Akshat Saksena)

Equity Alert: Indices in Asia close mixed; KOSPI, Nikkei rise over 1%

MUMBAI--1430 IST--Equity indices in Asia ended mixed Wednesday with Japan's Nikkei 225 index leading the gains in the region. South Korea's KOSPI was also higher and rose for the second straight session, aided by defence and construction stocks. Hong Kong's Hang Seng was the worst hit index in the region, down more than 1%. Over in the mainland, the CSI 300 declined 0.5%. 

The Nikkei 225 advanced a little over 1% and chip stocks were among the biggest gainers in the session, according to Dow Jones Newswires. Semiconductor company Renesas Electronics rose nearly 7% and Tokyo Electron rose nearly 5%. Shares of technology-investor Soft Bank rose more than 6%. Market participants are closely watching domestic economic data to weigh the possibility of the Bank of Japan's potential rate increase later this month. Prime Minister Sanae Takaichi's economic plans are also in focus.

South Korea's aerospace and defence manufacturer Korea Aerospace Industries rose nearly 2%. Shares of Hanwha Aerospace ended over 5% higher. Satellite manufacturing company SatrecInitiative Co. closed more than 3% higher.

Following were the levels of key Asian indices at 1428 IST:

(Arundathi A R)

Equity Alert: Indices remain down as investors stay cautious ahead of RBI MPC 

MUMBAI--1417 IST--The headline equity indices remained lower after opening slighty higher as investors stayed cautious ahead of the three-day meeting of the Monetary Policy Committee of the Reserve Bank of India starting Wednesday. The rupee falling against the dollar added to the negative sentiment in the market. Losses in Nifty 50 heavyweights Reliance Industries and Bharti Airtel kept the index under pressure. Gains in heavyweights HDFC Bank and ICICI Bank capped the fall.

At 1414 IST, the Nifty 50 was at 25948.10 points, down 84.10 points or 0.3%. The BSE Sensex was at 84951.11 points, down 187.16 points or 0.2%. The India Volatility Index was up 0.5% at 11.2825 points. The market's fear guage has remained choppy during the day. All the broader market indices as well as the sectoral indices, barring the Nifty IT and the Nifty Media, remained in the red.

Defence stocks continued to be under selling pressure on a combination of valuation concerns, liquidity pressures, and profit taking, Business Standard reported citing sources. The Nifty India Defence index fell nearly 2%, with all 18 constituents of the index down 0.3-3.6%. The index is down for the second consecutive session, falling as much as 3% in these two days.

Shares of Vodafone Idea rose over 3%, making the stock the top gainer in the Nifty 200 index. Cabinet Secretary T.V. Somanathan has called a meeting of officials from the finance ministry and the Department of Telecommunications to discuss the company's adjusted gross revenue issue Thursday, NDTV Profit said in a post on social media platform X. Tuesday, Union Telecom Minister Jyotiraditya Scindia had said the Centre may finalise the telecom company's AGR relief recommendations in the coming weeks.  (Arya S. Biju)

Equity Alert: PSU banks fall after govt says no proposal to raise FDI limit

MUMBAI--1400 IST--Public sector banks fell in mid-day trade Wednesday, extending losses from the previous session after news that the government has not proposed raising the foreign direct investment limit in public sector banks to 49% from the current 20%. Multiple media reports had previously said that the government was considering raising the FDI limit in PSU banks.

The Nifty PSU Bank index has risen more than 8% since Oct. 27, when media reports suggested that the government may raise the foreign direct investment limit in public sector banks. The index had gained steadily since the report's release and hit its all-time highs on Nov. 26.

At 1400 IST, the Nifty PSU Bank index was over 3% lower and was the worst hit sectoral index in the session. It had risen as high as 1.3% in the previous session, but quickly fell into the red following Minister of State for Finance Pankaj Chaudhary's written reply to the question on foreign direct investment limit in the Rajya Sabha Tuesday.

Shares of State Bank of India fell nearly 2%. Indian Bank's stocks were down more than 6% and led the declining stocks on the Nifty 200. Shares of the company had reached a one-month low of INR 803.55 earlier in the session. Shares of Canara Bank, Punjab National Bank, Bank of India, Bank of Baroda were 3-5% lower.  (Eshitva Prakash)

Equity Alert: Jefferies keeps 'buy' on Chalet Hotels, sets INR 1,070 target

MUMBAI--1315 IST--Investment banking firm Jefferies maintained a 'buy' rating on shares of Chalet Hotels with a target price of INR 1,070. Shares of the company Wednesday rose over 4% to an intraday high of INR 918.80. The company's net debt to earnings before interest, tax, depreciation, and amortisation ratio was comfortable, with favourable opportunities for growth, ET Now quoted the company in a post on X.

At 1257 IST, shares of the company traded over 2% higher at INR 901.55 on the National Stock Exchange. So far Wednesday, 832,877 shares of the company changed hands on the NSE, over 18 times higher than 44,315 shares traded till the same time Tuesday.

The company's management reaffirmed its metro dominance with the support of institutional partnerships, mixed-use expertise, and industry leadership. It is focused on "Big Box" city assets and leisure properties, along with selective commercial real estate, according to the post on X. Chalet Hotels will also balance brand tie-ups with a selective rollout of ATHIVA. The company announced the launch of its premium lifestyle hospitality brand 'ATHIVA' in October, which will debut with 900 rooms across six hotels.

Of the 12 brokerage recommendations available with Inforist on the stock, 11 have a 'buy' call with an average target price of INR 1,053.  (Arundathi A R)

Equity Alert: Macquarie retains 'outperform' on Tata Comm on recent takeover 

MUMBAI--1310 IST--Global broking firm Macquarie maintained its 'outperform' rating on Tata Communications with a target price of INR 2,210, NDTV Profit said in a post on social media platform X, citing a report by Macquarie. The company's recent acquisition of US-based Commotion is expected to strengthen its customer interaction portfolio and deepen Tata Communications' customer experience suite. The customer experience suit is currently the main drag on the company's overall segment profitability.

The acquisition is expected to strengthen Tata Communications' customer interaction suite portfolio by integrating agentic artificial intelligence and orchestration capabilities with the company's communications platform as a service platform Kaleyra's existing capability.

At 1307 IST, shares of the company were nearly 1.6% higher at INR 1877.30. The stock has risen for three consecutive sessions, during which it has gained more than 3%. Over 362,652 shares of the company have changed hands so far on the NSE, about three times higher than the 144,370 shares traded till the same time Tuesday.

Of the seven brokerage recommendations available for the stock with Informist, five have a 'buy' rating on the stock with an average target price of INR 2,142. One brokerage has a 'hold' call on the stock, while another has a 'sell' recommendation.  (Eshitva Prakash)

Equity Alert: Mkt remains lower; IT stocks rise as rupee falls to record low

MUMBAI--1255 IST--Benchmark indices remained lower, dragged down by losses in automobile and oil and gas stocks. However, gains in Nifty 50 heavyweights ICICI Bank, HDFC Bank, and Infosys prevented further losses in the index. Market sentiment remained cautious as the Indian rupee hit a fresh record low of 90.29 against the dollar earlier Wednesday.  

At 1234 IST, the Nifty 50 was at 25935.50 points, down 96.70 points or 0.4%. The BSE Sensex was at 84912.14 points, down 226.13 points or 0.3%. All broader market indices remained lower, down nearly 1% each, underperforming their benchmark peers. 

The Nifty IT was the only sectoral index trading with gains at 38003.45 points, up 1%. The index rose to its highest level in nearly five months. Shares of most domestic information technology companies rose after the rupee depreciated below the psychologically crucial mark of 90, two analysts covering the sector said. These companies earn a major chunk of their revenue from the US and depreciation of the Indian unit will help boost their earnings and profitability. Rising bets of an interest rate cut by the US Federal Reserve next week and the valuation comfort of these stocks also boosted investor sentiment, Rishubh Vasa, a research analyst covering the sector at Indsec Securities, said.

Nifty PSU Bank was the worst hit among sectoral indices and was down nearly 3%. Shares of state-owned lenders fell after the government clarified that it has not proposed raising the foreign direct investment limit in public sector banks to 49% from the current 20%. Shares of Indian Bank, Punjab National Bank, Bank of India, Canara Bank, and Bank of Baroda led losses among the state-owned lenders and were down 3-6%.

Shares of Dr. Reddy's Laboratories rose 0.4% and were among the top gainers in the Nifty 50. The Delhi High Court Tuesday rejected Danish pharmaceutical giant Novo Nordisk's plea for an interim injunction. The court ruled that Dr. Reddy's and OneSource Specialty Pharma could manufacture their own versions of diabetes and obesity drug 'semaglutide' and export the drug to countries where Novo Nordisk has not been granted a patent. Earlier in the session, the stock had hit an over one-month high of INR 1,293.  (Arya S. Biju)

Equity Alert: Citi says AGR relief for Vodafone Idea positive for Indus Towers 

MUMBAI--1253 IST--Foreign brokerage Citi has reiterated its 'buy' rating on Indus Towers and maintained a target price of INR 500, ET Now reported in a social media post. Any relief for Vodafone Idea on adjusted gross revenue claims by the government will offer a compelling buying opportunity in Indus Towers, the brokerage said. The company provides telecom infrastructure services to Vodafone Idea.

Wednesday, shares of Indus Towers rose over 2% to an intraday high of INR 413.30. At 1247, shares of the company were up over 1% at INR 407.50. Nearly 8 million shares changed hands on the NSE against 3.2 million shares traded till the same period Tuesday. The stock's three month average volume was 7.40 million.   

Minister of Communications Jyotiraditya Scindia Tuesday said that the government was close to finalising a deal within a few weeks to provide relief to Vodafone Idea, which is facing a claim of INR 94.50 billion of additional adjusted gross revenue till 2018-19 (Apr-Mar). Excluding the government dues, Vodafone Idea's leverage remains very low, Citi said.

Adjusted gross revenue relief, along with robust cash flows are expected to enable Vodafone Idea to raise fresh debt financing. "This increases Citi's confidence and reduces uncertainty around the timing and structure of the government relief package for VI," ET Now reported, citing the brokerage.

Of the six brokerage reports available on the company with Informist, three have a 'buy' call on the stock with an average target price of INR 475 and two have a 'sell' call. The remaining one has a 'hold' rating on the stock.  (Adhithya Aji)

Equity Alert: Emkay sees GST cut aiding Godrej Consumer's India ops in H2

MUMBAI--1200 IST--Emkay Global Financial Services has retained a 'buy' call on Godrej Consumer Products and maintained its target price for the stock at INR 1,400, a 24% upside from the current market price. The brokerage expects the company's revenue and margin to improve on the back of a recovery in its India business, which is likely to offset its sluggish international performance. At 1157 IST, shares of Godrej Consumer traded at INR 1,126.10 on the NSE, down 0.5%.

The brokerage expects the company to benefit from the recent cut in Goods and Services tax rates, which is also likely to boost consumption in the fast-moving consumer goods sector. For Godrej Consumer, Emkay Global expects growth benefits from lower GST rates to be visible from the March quarter due to improved consumer sentiment. The company's India business margin is expected recover to 24-26% from the second half of the current financial year (Oct-Mar) on the back of several cost-reduction initiatives, the company's management was cited as saying by Emkay in its note.

However, the lower tax rates affected the company's sales by 3-4% and its soaps portfolio was particularly impacted in the September quarter, the report stated. The company will likely re-stock in Oct-Dec and its soaps portfolio's performance is expected to improve. Additionally, "the company's soaps volumes will see recovery on price action anniversary in the second half of the current financial year," the report said. 

The management expects stability in palm oil prices despite maintaining that the long-term trend is difficult to predict, the report said. Godrej Consumer's body-wash market share in quick commerce has risen to a high single digit. Its face wash segment already addresses men and is now scouting opportunities in the market for women. The company entered the toilet cleaner segment in the September quarter. It is looking to sustain healthy growth and focus on profitability for its household insecticide segment, the report stated. 

On the international front, the company's management expects a decline in sales in Indonesia in 2025-26 (Apr-Mar) due to more competition. However, it expects mid-single-digit revenue growth in 2026-27, led by volume growth. The brokerage expects the company's Indonesia margin to improve to 24% over the medium term from the current 22%.

In Africa, the brokerage expects high-teen growth in sales for the December quarter, aided by a low base and expects a single-digit growth for the March quarter. The company's margins in Africa are likely to remain below 15% in the second half of FY26 due to category development needs in the company's air freshener segment, Emkay said. The brokerage expects these margins to be 15-16% from FY27.  (Eshitva Prakash)

Equity Alert: Shrs of Angel One fall 6% on weak Nov client acquisition data

MUMBAI--1145 IST--Shares of Angel One fell a little over 6% to an intraday low of INR 2,644.10, after closing higher for the previous two straight sessions. The company Wednesday said its gross client acquisitions in November fell nearly 17% on year to 500,000, marking the 14th straight month of decline.

Its average daily orders for the month fell a little over 15% on year to 6.17 million and the number of orders declined more than 10% on year to 117.30 million. The company's client base, however, has increased almost 22% from the year-ago period to 35.08 million.

At 1137 IST, shares of the company were slightly off lows and were trading nearly 5% lower at INR 2,685.10. The stock gained 4% during the previous two sessions. Over 1 million shares of the company have changed hands so far on the NSE, nearly double the number of shares traded till the same time Tuesday.

All the five brokerage recommendations available with Informist on the stock have a 'buy' call, with an average target price of INR 2,908.  (Arundathi A R)

Equity Alert: Most IT cos up as rupee hits record low; Wipro, TCS up 2%

MUMBAI--1130 IST--Shares of most domestic information technology companies rose Wednesday as the Indian rupee continued depreciating against the dollar, and fell past the psychologically-crucial 90-per-dollar level, two analysts covering the sector said. The Nifty IT index rose nearly 1% to 37873.20, its highest level in nearly five months, led by gains in large-cap players Wipro, Tata Consultancy Services, and Infosys, which rose 1.1–2.5%. 
 

Positive global cues, including rising bets of an interest rate cut by the US Federal Reserve in December, also boosted investor sentiment towards the sector, an analyst covering the sector at a domestic brokerage said. However, some analysts say the possibility of an interest rate cut by the Fed at its meeting next week was mostly priced in.

Depreciation of the rupee against the dollar is seen as a positive for the domestic IT sector, as these companies earn a major chunk of their revenue from the US and depreciation of the Indian unit will help boost their earnings and profitability. Similarly, a reduction in interest rates by the Fed would improve the discretionary spending of US-based clients towards IT. 

At 1120 IST, the Nifty IT was up 0.8% at 37848.25. While six constituents of the 10-stock index rose, the rest traded in the red. The sectoral index had been on a winning run in the preceding two months after falling for three straight months. However, so far this year, the sectoral index has lost as much as around 13% against the 9-10% rise in the benchmark indices. The rupee has depreciated around 5% since the beginning of 2025.  (Arya S. Biju)

Equity Alert: JP Morgan sees subdued demand weighing on air conditioner cos

MUMBAI--1110 IST--Margins of air conditioning companies are likely to remain under pressure due to competitive landscape and lower-than-expected demand, NDTV Profit said in a post on social media platform X, citing a JP Morgan report. Adverse weather conditions dampened demand for air conditioners and festive-season sales were also subdued.

Working capital requirements at the dealers' end remain high because of elevated inventory levels, the brokerage said. The single-digit price hike due to new energy rating norms is expected to be offset by the new goods and services tax rate benefits. Pre-season purchases toward the end of the December quarter and through the March quarter will be key areas to watch, according to the brokerage.

At 1047 IST, air conditioner and air cooler manufacturers such as Voltas, Blue Star, Whirlpool of India, V - Guard Industries, and Crompton Greaves Consumer Electricals were all trading in the red, down 1-2% in the Nifty index. Shares of Voltas fell over 4% for the fourth consecutive session and Crompton Greaves declined for the fifth consecutive session.  (Adhithya Aji)

Equity Alert: Dr Reddy's rises to 1-month high as HC OKs semaglutide export

MUMBAI--1100 IST--Shares of Dr. Reddy's Laboratories rose more than 1% to a one-month high of INR 1,293 on the National Stock Exchange Wednesday. Shares of the company rose for six straight sessions till Tuesday, during which it advanced nearly 4%. The Delhi High Court Tuesday rejected Danish pharmaceutical giant Novo Nordisk's plea for an interim injunction and ruled that Dr. Reddy's and OneSource Speciality Pharma could manufacture their own versions of diabetes and obesity drug 'semaglutide' and export the drug to countries where Novo Nordisk has not been granted a patent.  

"This decision is a positive development for both Dr. Reddy's and One Source because it allows for continuous manufacturing operations and the accumulation of inventory (of Semaglutide). This inventory can be deployed in various international markets and will aid India's launch post patent expiry," JM Financial said in a report.

At 1052 IST, shares of the company were slightly off highs, but were still marginally higher in a session in which only a handful of Nifty 50 companies managed to trade with gains. The stock is headed for a second consecutive week of gains. Nearly 3 million shares of the company have changed hands so far on the NSE, almost fivefold higher than the 631,082 shares traded till the same time Tuesday.

The stock has closed higher since Nov. 25, a day prior to which Dr. Reddy's Laboratories and its subsidiaries received approval from the European Commission for biosimilar AVT03, which is a human monoclonal antibody used to treat osteoporosis and other bone diseases.

Of the 23 brokerage recommendations on the stock available with Informist, 12 have a 'buy' call with an average target price of INR 1,456, while seven have a 'hold' call with an average target price of INR 1,267. Four brokerages have a 'sell' recommendation on the stock with an average target price of INR 1,206.  (Eshitva Prakash)

Equity Alert: Indices in red after positive open as rupee hits fresh low

MUMBAI--0950 IST--Domestic equity indices fell soon after opening slighty higher Wednesday as the Indian rupee fell past the psychologically-crucial 90-per-dollar level. Losses in shares of consumer and financial services companies dragged the indices down as the three-day monetary policy meeting of the Reserve Bank of India gets underway on Wednesday.

At 0947 IST, the Nifty 50 was at 25942.60 points, down 89.60 points or 0.3%. The BSE Sensex was at 84898.03 points, down 240.24 points or 0.3%. All indices in the broader market remained under selling pressure, down around 0.3-0.4%. Barring the Nifty IT, all other sectoral indices were in the red, with Nifty PSU Bank, Nifty FMCG, Nifty India Defence, Nifty Consumer Durables, and Nifty Auto being the worst hit, down around 1% each. Informations technology stocks gained, tracking their peers on Wall Street. 

The rupee continued its descent against the dollar, hitting a fresh record low of 90.14000 a dollar Wednesday as banks continuously bought dollars on behalf of importers, according to dealers in the foreign exchange market. Delay in a trade deal between India and the US is the primary reason for the sharp weakness in the Indian unit, according to them. 

Shares of Angel One fell over 5%, the worst-performing stock in the Nifty 500 index, as the company's gross client acquisition in November fell sharply on a year-on-year basis, even though its client base continued to grow. It also saw an on-year decline in its average daily orders and the number of orders during the previous month at 6.17 million and 117.30 million, respectively.  (Arya S. Biju)

Equity Alert: Seen slightly higher at open, RBI MPC's 3-day meeting in focus

MUMBAI--0834 IST--Headline indices are likely to open slightly higher on Wednesday. The three-day meeting of the Reserve Bank of India's Monetary Policy Committee that gets underway later in the day will be in focus. Analysts are divided on whether the central bank will cut interest rates at this policy meeting.  

The Nifty 50 is expected to open flat or marginally higher, Mandar Bhojane, technical analyst at a domestic broking firm, said. The index is likely to move within the 26000-26400 points range with resistance likely at 26200 points and strong support at 25850 points, he added. 

The December contract of the GIFT Nifty indicated a positive opening for the indices. At 0806 IST, the contract was at 26190 points, down 1 point. This was over 150 points higher than the Nifty 50's close Tuesday.

On Tuesday, foreign investors were net sellers of Indian stocks, selling shares worth around INR 36 billion. Domestic investors continued to be net buyers and purchased shares of Indian companies worth INR 46.46 billion.

On Tuesday, the Nifty 50 ended at 26032.20 points, down 143.55 points or 0.6%. The 50-stock index fell below 26000 points intraday for the first time in four sessions. The BSE Sensex also closed 0.6% lower at 85138.27 points. "As long as Nifty (50) sustains above the 26,000 demand band, sentiment is likely to stay sideways, with dips expected to attract fresh buying," said Dhupesh Dhameja, derivatives research analyst at SAMCO Securities.

On Tuesday, indices in the US closed higher as technology stocks rose due to increased expectations of an interest rate cut by the US Federal Reserve. Expectations of a quarter-point rate cut at the Fed's meeting are at over 89%, according to CME's FedWatch Tool, higher than bets of 63% a month ago. In Asia, barring Japan's Topix and Hong Kong's Hang Seng, all the other indices traded with gains. South Korea's Kospi was up over 1% and led the gains in the region.  (Gopika Balasubramanium)

Equity Alert: Indices in Asia open higher; KOSPI leads for second day 

MUMBAI--0808 IST--Most equity indices in Asia were higher in early trade Wednesday, tracking overnight gains on Wall Street. South Korea's KOSPI led the pack of gainers in the region for the second straight session. Hong Kong's Hang Seng index and Japan's broader TOPIX fell in early trade.

"The narrowing in spreads and movement in the yen may have resurfaced some of the carry trade fears and unwinding of leveraged positions," Reuters quoted Kerry Craig, global market strategist at JP Morgan Asset Management, as saying. Japanese government bonds continued to face pressure as investors ramped up bets of a rate hike by Bank of Japan later this month.

South Korea's KOSPI rose over 1% and the country's revised third quarter GDP data indicated that the economy grew 1.8% on year, compared to an estimate of a 1.7% rise, CNBC reported, citing data from the central bank.

Australia's S&P/ASX 200 was marginally higher in early trade. The country's third-quarter economic growth missed analysts' expectations, but still clocked its fastest expansion in about two years, CNBC reported. The country's GDP expanded 2.1% year on year, but missed economists' forecast of 2.2% growth.

Following were the levels of key Asian indices at 0745 IST:

(Arundathi A R)

Equity Alert: US indices rise on rate cut hopes, gains in technology cos 

MUMBAI--0735 IST--Benchmark equity indices in the US ended higher Tuesday amid hope that the US Federal Reserve will cut interest rates at its meeting later this month as economic data from the US continues to appear weak. Gains in technology stocks aided the rise of the indices. The technology-heavy NASDAQ Composite index gained the most among its benchmark peers on Tuesday.

"Recent data pointed to a gradually cooling economy, and policymakers had urged caution on rate cuts, warning that inflation pressures could be rekindled. But comments from several Fed officials in recent days sent market expectations soaring for a rate cut at the central bank's December meeting," Reuters reported.

Large-cap technology companies such as Apple, Nvidia, and Microsoft drove the gains in the indices. Shares of Apple closed over 1% higher and those of Nvidia and Microsoft rose nearly 1%. Shares of Intel Corp. jumped nearly 9%. Mass media and entertainment conglomerate Warner Bros Discovery ended nearly 3% higher after reports that the company received a second round of bids, including an offer from Netflix, Reuters reported.

Boeing closed over 10% higher after the plane maker said it expected higher deliveries for its 737 and 787 jets next year. Boeing also lifted the S&P 500 industrials index 0.9%, the top performer among 11 major sectors in the S&P index.

Market participants are focussing on the appointment of the next US Fed Chair when incumbent Jerome Powell's term ends next year. Traders await a delayed September report on the Personal Consumption Expenditures Price Index, which is the Fed's preferred inflation gauge, on Friday. Traders are now pricing in an over 89% probability that the apex bank will cut key rates by a quarter percentage point at its policy meeting in December, according to the CME FedWatch tool.

Following are the closing levels of US indices Monday:

(Arundathi A R)

US$1 = INR 90.17

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.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

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