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Informist, Friday, Dec. 12, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Indices seen in narrow range next wk; India-US talks in focus

MUMBAI--1735 IST--Domestic equity indices are expected to remain within a narrow range next week, but the bias remains positive amid improving earnings visibility and liquidity support, analysts said. While there is a higher likelihood of further recovery in benchmark indices after their recent rebound, there are concerns about rupee depreciation and persistent outflows of foreign institutional funds from domestic equities, which could limit upside for the market, technical analysts said.

"... we expect the range-bound trend to continue with 26300 (points) being the upper band and closer to around 25800 to 25600 (points) being the lower band for the markets," Ajit Mishra, senior vice-president of research at Religare Broking, said. Technical analysts remain positive on the Nifty 50 as long as it holds above 25900, which is expected to serve as a key support level. Next week, automobile, metal, and private bank stocks are expected to see positive momentum, Mishra said.  

Next week, investors will continue to focus on updates on the ongoing discussions on the India–US trade deal. The recent meeting between officials from both countries and the phone call between Prime Minister Narendra Modi and US President Donald Trump on Thursday indicate that many pending issues have been ironed out, analysts said. "Overall, we expect markets to remain range-bound with bouts of volatility in the broader indices, while any formal breakthrough on the India–US agreement could trigger a meaningful market up-move," Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services, said in a note. 

Friday, the benchmark indices closed higher for the second straight session after they snapped a three-day losing streak Thursday. The Nifty 50 settled at 26046.95, up 148.40 points or 0.6% and the BSE Sensex ended at 85267.66 points, up 449.53 points or 0.5%. The 50-stock index closed above the 26000 mark on Friday after a gap of four sessions. Both indices have gained over 1% in the last two sessions after losing around 1.5% in the three sessions before that. 

After the recent underperformance, the Nifty Smallcap indices outshone the benchmarks, closing around 1% higher for the second consecutive session on Friday. "... the small-cap was clearly underperforming, and now we are seeing a bit of a recovery and rebound. But it's too early to say whether this rebound can extend further," Mishra said. He said investors should utilise this recovery to reduce their position in these stocks and shift to large-cap and larger mid-cap stocks. (Arya S. Biju)

Equity Alert: Indices close higher for second day, tracking global markets

MUMBAI--1615 IST--Domestic equity indices ended higher Friday, mirroring positive sentiment across global markets. The domestic benchmark indices closed higher for the second straight session after they snapped a three-day losing streak Thursday. The Nifty 50 closed above the 26000 mark after four sessions, led by gains in metals, financial services, and heavyweight private bank stocks. The market rose despite the Indian rupee hitting a fresh record low against the dollar Friday and amid persistent outflow of foreign institutional funds. 

The Nifty 50 settled at 26046.95, up 148.40 points or 0.6%. The BSE Sensex ended at 85267.66 points, up 449.53 points or 0.5%. Both indices have gained over 1% in the last two sessions after losing around 1.5% in the three sessions before that. Broader market indices continued to outperform the benchmarks, closing around 1% higher for the second consecutive session. 

Most sectoral indices closed higher except for Nifty FMCG and Nifty Media, which closed 0.1-0.2% lower. Most metal stocks rose Friday on positive global cues, including the weakening of the US dollar against other major currencies and hopes of another rate cut by the US Federal Reserve. Additionally, China's announcement of a 'proactive' fiscal policy for the coming year boosted confidence that demand for metals would remain supported. The Nifty Metal index was the top gainer among sectoral indices, closing 2.6% higher. The index rose for the third consecutive session and has recouped the 2.2% loss from Monday and Tuesday.

Meanwhile, shares of most defence companies closed lower after a report said India has committed to big-ticket purchases of energy products and defence and aviation equipment from the US under the bilateral trade agreement talks, according to two government officials. (Arya S. Biju)

Equity Alert: Nifty 50 Dec ends at premium of 101.05 points to spot index

MUMBAI--1600 IST--The December futures contract of the Nifty 50 closed at a premium of 101.05 points to the spot index Friday. Open interest in the contract rose 0.9% to 16.43 million, according to provisional data.

--Nifty 50 closed at 26046.95 points, up 148.40 points or 0.6% vs Thu

--Nifty 50 December closed at 26148.00 points, up 138.50 points or 0.5% vs Thu

Nifty 50 options, expiring Tuesday, with maximum change in open interest:

Call: 26050, Put: 26000

Nifty 50 options, expiring Tuesday, with maximum open interest:

Call: 26500, Put: 26000

(Anjana Therese Antony)

Equity Alert: European indices open higher Fri; shares of Adidas up 3%

MUMBAI--1530 IST--European shares opened higher Friday, tracking overnight gains on the Wall Street. The FTSE 100 index was up for the third straight session and the CAC 40 index was up for the second straight session. The pan-European EURO STOXX 50 index rose 0.6%.

Bank stocks led most of the gains. Shares of BNP Paribas rose nearly 2% after the bank entered into exclusive talks to sell its 67% stake in its Moroccan unit BMCI to Holmarcom Group, Reuters reported.

Germany's DAX Performance was up for the second straight session. Shares of German athletic apparel company Adidas rose nearly 3% and those of Puma rose nearly 4% after its US peer Lululemon Athletica raised its annual profit forecast.

Shares of French investment company Wendel rose nearly 6% amid reports that it will hand out 1.6 billion euros ($1.88 billion) to investors by 2030, CNBC reported.

Following were the levels of major European indices at 1525 IST:

(Arundathi A R)

Equity Alert: Asian indices end higher; Topix hits all-time high of 3428.34

MUMBAI--1500 IST--Buoyed by positive sentiment on the Wall Street, Asian indices closed higher Friday, with most gaining nearly 2%. South Korea's KOSPI notched its third straight week of gains. Japan's broader Topix led the gains and hit an all-time high. Nikkei 225 also notched its third straight week of gains.

South Korea's KOSPI snapped a three-day losing run, aided by rise in defence and automobile stocks. Shares of Hanwha Aerospace Co. surged over 6% and those of Hyundai Rotem rose over 4%. Korea Aerospace Industries rose over 5%. Automobile stocks in South Korea surged, with Hyundai Motor Co. and Kia Corp. rising over 2%.

Market participants are waiting for Bank of Japan's policy decision next week. "Japanese equities rallied after some weakness ahead of the Fed meeting, and the focus now has turned to the Bank of Japan's policy decision on December 19," Maki Sawada, strategist at Nomura Securities, said.

Shares of Sumitomo Metal Mining Co. rose over 9% and those of Panasonic rose almost 7%. Technology shares in Japan fell after Oracle's revenue earnings missed analyst expectations. Shares of Tokyo Electron fell over 3% and those of Advantest Corp. fell more than 1%.

Following were the levels of key Asian indices at 1500 IST:

(Arundathi A R)

Equity Alert: Siemens dn 6% on report co cuts digital industries ops guidance

MUMBAI—1425 IST--Shares of Siemens fell Friday following reports that the company had cut guidance for its digital industries operations. The company cut its margin guidance to 6-8% from earlier 12-14% for the segment, CNBC-TV18 reported via a post on X. The segment forms 20-25% of the company's total revenue.

The company's management said private sector capital expenditure remains muted and the capex seen in November and December may not sustain in the future. The re-evaluation of its rail and metro ops capital expenditure has sparked concerns in the company's motion segment, according to the CNBC-TV18 report.

At 1422 IST, shares of the company traded over 4% lower at INR 3,055.50 and were off lows after falling more than 6% shortly after the company cut its guidance. Nearly one million shares of the company have changed hands so far on the National Stock Exchange, 10 times higher than the 95,673 shares traded till the same time Thursday.

Of the nine brokerage recommendations available with Informist on the stock, four have a 'buy' rating with an average target price of INR 3,539. Three brokeraeges have a 'sell' rating, while two have a 'hold' recommendation.  (Eshitva Prakash)

Equity Alert: Mkt remains higher; broader mkt indices outpace benchmarks

MUMBAI--1355 IST--Domestic equity indices remained high, with broader market indices outpacing the benchmarks. The mid- and small-cap indices rose around 0.7–1.1% compared to the 0.5% rise in both the Nifty 50 and Sensex. 

At 1347 IST, the Nifty 50 was at 26024, up 125.45 points or 0.5%, and the Sensex was at 85215.83, up 397.90 points or 0.5%. Gains in the 50-stock index were supported by the strong momentum in metals, financial services, and select consumer stocks. In the broader market, Nifty MidCap 50, Nifty MidCap 100, Nifty MidCap 150 were up 0.8-1%, while Nifty SmallCap 50, Nifty SmallCap 100, and Nifty SmallCap 250 were up 0.7% each. 

Shares of Anant Raj Ltd. rose nearly 9% to an intraday high of INR 549.80 amid a sharp spike in volume. Till 1316 IST, over 11 million shares of the real estate player have changed hands on the National Stock Exchange, almost double the three-month average volume of 5.7 million shares. 

Among laggards, shares of Siemens fell sharply after the company trimmed the margin guidance for its key business vertical, digital industries, to 6–8% from 12–14% earlier, according to a CNBC TV18 report. The segment contributes to 20–25% of its total revenue. The company's management also highlighted that private sector capital expenditure remains largely muted, adding that it is difficult to say if the private capital expenditure pick-up seen in November and December will sustain going forward, the report said. (Arya S. Biju)

Equity Alert: Indices remain higher; metal stocks rise more, defence cos dn

MUMBAI--1256 IST--Benchmark equity indices remain higher, supported by continued gains in metal, financial services, and select consumer stocks. Further gains in Nifty 50 heavyweights Bharti Airtel, Reliance Industries, and HDFC Bank lent support to the index.  

At 1255 IST, the Nifty 50 was at 26023.50, up 124.95 points, or 0.5%. The BSE Sensex was at 85216.66, up 398.53 points, or 0.5%. All broader market indices remained higher, up 0.6-0.8%. Most sectoral indices also remained higher, except for Nifty PSU Bank and Nifty FMCG. Nifty Metal index rose further -- up 2.4% and the top gainer among the sectoral indices. 

Shares of most defence stocks fell after a report said that India has committed to big-ticket purchases of energy products and defence and aviation equipment from the US under the Bilateral Trade Agreement talks, according to two government officials. Shares of Solar Industries India, Garden Reach Shipbuilders & Engineers, Mazagon Dock Shipbuilders, Dynamatic Technologies, Hindustan Aeronautics, Data Patterns (India), Zen Technologies, and Bharat Dynamics were down 0.5-1.7%. The Nifty India Defence index was down 0.4%. 

Shares of PI Industries, which were trading in the green till 1139 IST, slumped 3% to an intraday low of INR 3,286 after its major client, Kumiai Chemical Industry, said it anticipates a 5% revenue decline and a 32% decrease in operating profit in 2025-26 (Apr-Mar). At 1238 IST, the stock was down 2.2% at INR 3,300.40 and was the worst hit in the Nifty 200 index. 

Shares of Gujarat Mineral Development Corp. rose over 7% to an intraday high of INR 529.90 and were among the top gainers in the Nifty 500 index. The stock rose after the company Thursday said that it has onboarded a mining partner and obtained key statutory clearances for the Baitarni-West coal mine in Odisha. The mine has a capacity of 15 million tonnes per annum, the company said in an exchange filing. Shares of Tata Teleservices (Maharashtra) fell over 3% to an intraday low of INR 49 and was the worst hit in the Nifty 500 index. Shares of the company fell for the third straight session and have lost as much as 9% in this period. (Arya S. Biju)

Equity Alert: Transformers and Rectifiers up 6% this week, snaps 11-wk fall

MUMBAI--1230 IST--Shares of Transformers and Rectifiers (India) jumped over 12% to an intraday high of INR 267.90 Friday, accompanied by a sharp rise in volumes. The stock had hit a 52-week low in the previous session and had been declining for the past two sessions, losing nearly 3%. Stocks of the company are headed for a weekly gain after falling for 11 consecutive weeks.

At 1214 IST, shares of the company were slightly off highs, but still traded over 5% higher at INR 252.05 on the National Stock Exchange. Around 27 million shares of the company have exchanged hands so far on the NSE, roughly 13 times the number of shares traded till the same time Thursday. The stock is headed for an over 6% weekly gain but has fallen 14% in the past 30 days.

For the quarter ended September, Transformers and Rectifiers (India) reported a consolidated net profit of INR 339.10 million on consolidated revenue of INR 4.60 billion. The company net profit was down 25% on year and 13% sequentially. ICICI Securities has a 'hold' rating on the stock, with a target price of INR 275 while Nuvama has a 'buy' rating with a target price of INR 705. (Eshitva Prakash)

Equity Alert: Indices rise more; metal, fincl svcs lead gains, IT rebounds 

MUMBAI--1200 IST--Benchmark equity indices rose more, supported by further gains in the metal, financial services and banking stocks. A rebound in some of the information technology stocks and index heavyweight HDFC Bank supported the gains in the 50-stock index.  

At 1158 IST, the Nifty 50 was at 26032.70, up 134.15 points, or 0.5%. The BSE Sensex was at 85245.10, up 426.97 points, or 0.5%. All broader market indices also rose further, up around 1% each. The Nifty IT index came off lows and traded largely flat, while Nifty Media, Nifty PSU Bank and Nifty FMCG indices remained lower. 

Shares of Dr. Reddy's Laboratories swung between gains and losses after the division bench of the Delhi High Court refused to stay the order given by its single-judge bench permitting the company and its contract manufacturer, OneSource Speciality Pharma, to manufacture their version of diabetes and obesity drug 'semaglutide' and export the same to countries where Novo Nordisk has not been granted a patent for the drug. This follows the appeal filed by Novo Nordisk challenging the single-judge bench order. Shares of Onesource Speciality Pharma, however, remained lower, down over 3% and were the worst hit in the Nifty 500 index. 

Shares of Dixon Technologies (India) rose nearly 3% to an intraday high of INR 13,340, after global brokerage CLSA reiterated its 'outperform' rating on the stock with a target price of INR 18,800, indicating a potential upside of around 45% from Thursday's close. The stock is up for the second straight session after it lost over 10% in the three sessions prior to this.  (Arya S. Biju)

Equity Alert: Gujarat Mineral up 7%; co gets clearances for Odisha coal mine

MUMBAI--1150 IST--Shares of Gujarat Mineral Development Corp. rose over 7% to a high of INR 529.90 on Friday after the company said it had onboarded a mining partner and obtained key statutory clearances for a coal mine in Odisha. The Gujarat state-owned miner has engaged a partner for the Baitarni-West coal mine in Odisha for a project that has received Stage-1 forest and environmental clearance from the Ministry of Environment, Forest and Climate Change. 

At 1139 IST, shares of the company were slightly off highs but still 5.5% higher at INR 521.40 on the National Stock Exchange. Around 8.5 million shares of the company have exchanged hands so far on the bourse, around eight-fold more than the number of shares traded till the same time Thursday.

Nuvama has a 'reduce' rating on the stock with a target price of INR 231. Anand Rathi Share and Stock Brokers and Religare Broking have a 'buy' rating on the stock with a target price of INR 315 and INR 465, respectively.  (Eshitva Prakash)

Equity Alert: Tata Steel up 2% as co starts Neelachal Ispat Nigam expansion

MUMBAI--1135 IST--Shares of Tata Steel rose more than 2% to a high of INR 170.70 after the company confirmed that engineering work has begun in the first phase of its Neelachal Ispat Nigam expansion project. The board of Tata Steel Wednesday gave an in-principle approval for capacity expansion of 4.8 million tonnes per annum in the first phase, apart from three other expansion projects, a memorandum of understanding with Lloyd Metals and Energy Ltd., and acquisition of majority stake in Thriveni Pillets Pvt. Ltd. Brokerages were enthusiastic about the company's long-term growth strategy for its India business. 

The company said that the first and second phases of the expansion would focus on the long-products portfolio. The existing long-products unit at Neelachal Ispat is currently undergoing "some de-bottlenecking," and Tata Steel expects to lift the subsidiary's capacity to about 6 million tonnes per annum from 1 million tonnes per annum by the end of the first phase. This would increase Tata Steel's total long-steel capacity in India from roughly 5.4 million tonnes per annum to more than 10 million tonnes per annum, across all its facilities. "Longs are also not under so much of import threat because most of China's (steel) exports are flat products," the company's management said in a conference call.

The company's announcement of its strategic road map reflects a decisive pivot toward scale, integration, and decarbonisation, JM Financial Institutional Securities said in a report. The brokerage expects that the Neelachal Ispat Nigam expansion project's structurally low-cost base due to captive iron ore mines will enhance consolidated profitability.

On the memorandum of understanding signed with Lloyd Metals, tentatively for partnering in iron ore mining, logistics, including slurry pipeline, and pellet and steel making, the management said the plan to set up a greenfield steel factory in Maharashtra's Gadchiroli with a capacity of 6 million tonnes per annum would be put to action only if the company was "able to sort out the iron ore issues and get clarity on the supply of the same because it is not close to the sea", the senior official said. JM Financial sees the company's MoU with Lloyds Metals helping the company's Western India strategic shift.

The targeted 50.01% stake purchase in Thriveni Pellets is based on the enterprise value being almost the same as the book value of the unit. "For us, that was very important because it reflects the replacement value was much higher... and the day when we complete the acquisition post all the regulatory approvals it (will give) a savings of" around INR 500 million a month, the management said. This acquisition secures pellet-making capacity for Tata Steel's captive requirements, a report by Prabhudas Liladher said. "By strengthening pellet security and regional integration, Tata Steel enhances its long-term cost position and lays the groundwork for sustained market share gains in Western India," JM Financial said.

At 1114 IST, shares of Tata Steel traded over 2% higher at INR 167.30. Around 32 million shares of the company have exchanged hands so far on the National Stock Exchange, more than double the 15 million shares traded till the same time Thursday. (Eshitva Prakash)

Equity Alert: Indices come off highs; Nifty 50 fails to hold 26000 mark

MUMBAI--1103 IST--After reclaiming the 26000-point mark soon after opening, the Nifty 50 index came slightly off highs to trade 0.3% higher. Further fall in select consumer, pharmaceutical, and information technology stocks weighed on the index. A fall in the shares of index heavyweight HDFC Bank also kept the index under pressure.

At 1056 IST, the Nifty 50 was at 25969.40, up 70.85 or 0.3%. The BSE Sensex was at 85036.80, up 218.67 points or 0.3%. All broader market indices also came off their highs and traded 0.4-0.5% higher. Sectoral indices barring the Nifty Media, Nifty Pharma, Nifty IT, Nifty PSU Bank, and Nifty FMCG, traded with gains, with Nifty Metal leading the gains, up 1.6%. The index is up for the third straight session and recouped the 2.2% lost on Monday and Tuesday.

Hindustan Copper and Hindustan Zinc were the top gainers in the sectoral index, up 3–4%. Shares of Hindustan Zinc and its parent company Vedanta remained higher, supported by a sharp rise in silver prices in both domestic and international markets.

Shares of Tata Steel rose over 2% and were the top gainers in the Nifty 50 index after the company unveiled a series of major capital expenditure plans, including the expansion of long steel products capacity at its wholly-owned subsidiary Neelachal Ispat Nigam and the establishment of a 2.5-million-tonne-per-annum thin slab caster and rolling mill in Odisha. The company has also entered into a pact with Llyods Metals & Energy to partner in the areas of iron ore mining, logistics, pellet, and steel making. 

Shares of Thermax rose nearly 6% to an intraday high of INR 2,958.40 after Kotak Institutional Equities upgraded the stock to 'buy' from 'add', citing potential margin improvement in the coming quarters and attractive valuations. Shares of Hindustan Unilever fell around 3% to INR 2,244.70, their lowest in over five months. The stock was the worst hit in the Nifty 50 index. (Arya S. Biju)

Equity Alert: Nuvama cuts InterGlobe's target price, EBITDAR estimate

MUMBAI--1020 IST--Brokerage firm Nuvama cut the target price of InterGlobe Aviation by 5% to INR 5,069 and retained a 'hold' rating on the stock owing to near-term challenges for the company caused by the operational disruption in its affordable airline service, IndiGo. The brokerage has also slashed its estimates for the company's December quarter earnings before interest, taxes, depreciation, amortisation, and rent after the company was directed to reduce its scheduled flights. Friday, shares of InterGlobe Aviation traded over 1% higher at INR 4,881 on the National Stock Exchange. The stock has declined more than 9% in a week.

Nuvama has cut its EBITDAR estimate on the company for the December quarter by 40% and by 2% for the March quarter. This downward revision follows the Directorate General of Civil Aviation's orders, which cut IndiGo's domestic scheduled flights by 10%. The brokerage also slashed its EBITDAR estimate for 2025-26 (Apr-Mar), FY27, and FY28 by 14%, 4%, and 3%, respectively, after InterGlobe's downward revision of its passenger unit revenue growth and capacity growth guidance for Oct-Dec. The company profits are expected to be hit as large number of its customers will have to be accommodated on lower scheduled flights, Nuvama said. Even if the passenger load factor increases, yield is expected to be low.

The brokerage believes that InterGlobe's available seat kilometres growth will slow down to 9% on year, compared to the company's revised guidance of high single to early double-digit growth from an earlier guidance of high-teen growth. The brokerage sees a 5% reduction in passenger revenue per available seat kilometre, refunds amounting to INR 8.3 billion, and a foreign exchange impact of INR 15 billion in the December quarter to weigh on the company's EBITDAR. A 7% on-year rise in aviation turbine fuel and a rise in cost from new pilot and crew hiring will also pressurise the company's margins.

"Indigo's mismanagement led to its worst operational turbulence as revised flight duty time limitation norms took effect; shortages of trained pilots and crew led to more than 4,500 flight cancellations," the brokerage said in a report. Cancellations and further passenger support such as distribution of vouchers and compensations are expected to result in a rise in costs and a loss of revenue. The brokerage said that it expects a risk to the long-term growth forecast of the company due to mounting pressure for IndiGo to cut its dominant domestic market share. (Eshitva Prakash)

Equity Alert: Goldman Sachs upgrades L&T to 'buy', raises target price 34%

MUMBAI--1015 IST--Shares of Larsen & Toubro rose nearly 3% Friday after global broking firm Goldman Sachs upgraded the company's rating to 'buy' from 'neutral'. It also raised L&T's target price by 34% to INR 5,000. This was more than 21% higher than the stock's intraday high of INR 4,114.

L&T's strong order backlog, low working capital, and optimisation of capital allocation are expected to drive strong earnings growth through the execution cycle from 2025–26 (Apr-Mar) to FY28, ET Now said in a post on X, quoting Goldman Sachs. The brokerage also expects the margins to improve and support earnings growth through the execution cycle from FY28 to FY30.

The brokerage says the company is poised for growth in defence, green hydrogen, and nuclear power segments. These segments are expected to contribute 15% of order inflow in FY35 from the current 4%. The company is expected to have a healthy order backlog and higher confidence in domestic capital expenditure recovery. The brokerage also sees a clear growth visibility for the company in the near, medium, and long terms. L&T's compounding revenue is expected at low double-digit and profit after tax in the mid-teens over the next five years. 

At 1003 IST, shares of the company traded nearly 2% higher at INR 4,083.10 on the National Stock Exchange. Over 648,000 shares of the company changed hands on the NSE, higher than over 85,000 shares traded till the same time Thursday.

Of the 17 brokerage recommendations available with Informist on the company, 16 have a 'buy' rating on the stock with an average target price of INR 4,385 and the remaining one has a 'hold' rating on the stock.  (Arundathi A R)

Equity Alert: Indices open higher tracking Asian, Wall Street peers

MUMBAI--0956 IST--Benchmark equity indices opened higher, tracking gains in their US and Asian peers. The rise in domestic equity indices follows a rebound seen in the previous session, snapping a three-day losing streak. The Indian rupee continued its depreciation against the dollar and fell to a fresh record low of 90.5600 a dollar Friday. 

On Wall Street, the Dow Jones Industrial Average index rose over 1% and hit a fresh record high Thursday, in the wake of the US Federal Reserve's rate decision and commentary. The S&P 500 index was up 0.2%, while the Nasdaq Composite index was down 0.3%, dragged down as Oracle's forecast on sales and profit missed analysts' estimates and the company raised its spending estimates. Most Asian markets also rose Friday, recovering from Thursday's fall. 

At 0947 IST, the Nifty 50 was at 26022.60, up 124.05 points or 0.5%. The 50-stock index has moved above the 26000 mark after three sessions. Some analysts were expecting the negative sentiment around the domestic market to continue until the index breaches this level. The BSE Sensex was at 85216.91, up 398.78 points or 0.5%. All broader market indices were also higher, extending their gains from the previous session.

Among sectoral indices, barring the Nifty IT index, all others traded largely flat to 1.5% higher. The IT index was down 0.3%, with most of its constituents trading in the red. Infosys and Oracle Financial Services Software were the worst hit, down nearly 1%. 

Shares of Larsen & Toubro rose over 2% and were the top gainers in the Nifty 50 after global brokerage Goldman Sachs upgraded the stock to 'buy' from 'neutral', citing growth opportunities in defence, green hydrogen and nuclear power segments. The brokerage also raised its price target on the stock by 34% to INR 5,000, CNBC-TV18 reported, citing the brokerage. The revised target price indicates an upside of around 25% from Thursday's closing price. The company is also said to be preparing to expand its footprint in the global nuclear supply chain, Business Standard reported. (Arya S. Biju)

Equity Alert: Citi cuts TCS target price by 11% to INR 2,835 with 'sell' rtg

MUMBAI--0850 IST--Global brokerage firm Citi has cut the target price on Tata Consultancy Services by 11.2% to INR 2,835 with a 'sell' rating on the stock. Even though demand remains soft, the brokerage expects it to stablise with no further worsening going ahead.

Citi sees the company gaining momentum in the second half despite seasonality, ET Now said in a post on X, quoting the brokerage. The flow of deals is expected to be driven by cost optimisation, vendor consolidation, operating model transformation, and rapid-build agile projects. The company's verticals such as banking, financial services, and insurance and technology and services are seen to be improving, the brokerage said. Though communications and media verticals are weak, they are stabilising. Automobiles and retail are seen steady, according to the X post.

The brokerage expects the company's business in North America to be better than that in Europe. The company is also focussing on niche skill hiring, scaled fresher intake, and localisation.

On Thursday, shares of the company ended marginally higher at INR 3,191.90 on the National Stock Exchange.

Of the 23 brokerage recommendations available with Informist on the company, 20 have a 'buy' or equivalent rating with an average target price of INR 3,763 and the remaining three have a 'hold' rating on the stock.  (Arundathi A R)

Equity Alert: Indices may rise slightly Fri on positive global cues

MUMBAI--0802 IST--Benchmark indices are likely to rise slightly on Friday amid gains in US and Asian markets. However, any gains are likely to capped as US-India trade deal negotiations have been underway for longer than expected, with India's chief economic adviser suggesting that the deal might be signed by March.

In the US, the Dow Jones Industrial Average rose over 1% Friday, hitting a fresh record high, as the market found comfort in the fact that the US Federal Reserve kept at least one rate cut on the cards next year. This was positive as analysts had expected the US Fed to be hawkish on Thursday. The S&P 500 index was up 0.2% and Nasdaq Composite index was down 0.3%.

Most Asian markets were up, recovering from Thursday's fall. Indices in South Korea, Hong Kong, Japan, Australia, and Singapore were up around 1% each. Indices in China were down 0.3-0.5%.

For the domestic market, the GIFT Nifty futures contract suggests the Nifty 50 may see a sharp rise of around 1% and cross its immediate resistance at 26000 points. At 0741 IST, the December GIFT Nifty contract was at 26129.50 points, more than 200 points higher than the Nifty 50's close of 25898.55 points on Thursday.

Sentiment in the market has improved after the Nifty 50 snapped its three-day fall on Thursday, rising 0.6%. However, analysts are still unsure whether the index will be able to hold on to the fresh gains. While the GIFT Nifty suggests the index might even cross 26100 points, technical analysts expect the index to face resistance at that level. The Nifty 50 is expected to find support around 25700 points.

Delay in a US-India trade deal has been a major issue for the market, with benchmark indices facing selling pressure around its lifetime high. The Nifty 50 is down around 2% from its lifetime high touched last week.  (Anshul Choudhary)

Equity Alert: Most Asian indices up on Wall Street cues; Topix up nearly 2%

MUMBAI--0755 IST--Most indices in Asia were higher in early trade Friday, tracking US indices, which hit fresh record-highs overnight despite the shares of Oracle plummeting on weak forecast on sales and profit. Japan's broader index Topix led the pack of gainers, up for the fourth session in the last five, rising 2%. The Nikkei 225, which closed lower for the previous two straight sessions also opened higher.

Shares of SoftBank Group surged 6% after Bloomberg reported it is considering acquiring US data centre company, Switch Inc. South Korea's KOSPI was up after closing in the red for the previous three consecutive sessions.

Mainland China's CSI 300 index was down for the fourth straight session. China's top leaders concluded an annual economic planning meeting Thursday, affirming broad economic support for the year ahead, which includes boosting consumption and stabilising the property sector, CNBC reported.

Following were the levels of key Asian indices at 0756 IST:

(Arundathi A R)

Equity Alert: Most US indices close higher Thu; Dow Jones hits all-time high

MUMBAI--0730 IST--The S&P 500 and Dow Jones indices hit one-month and all-time highs,  respectively, on Thursday. The technology-heavy Nasdaq Composite, which closed higher for the previous two straight sessions, was dragged down as Oracle's forecast on sales and profit missed analysts' estimates and the company raised its spending estimates.

Shares of Oracle plummeted nearly 11% in their biggest one-day drop since late January, Reuters reported. The company also warned that annual spending would run to $15 billion, higher than previously planned.

The Dow Jones index closed higher for the second straight session, with the Russell 2000 index closing over 1% higher. "The name of the game is market rotation. We're seeing small-caps, the Dow and cyclicals all start to do better in anticipation of a reacceleration of global growth," Matthew Miskin, co-chief investment strategist at Manulife John Hancock Investments, said.

The Dow Jones was driven by gains in some financial stocks. Shares of US-based payment card services company Visa surged over 6%. Shares of American Express, JP Morgan, and Goldman Sachs ended more than 2% higher. Shares of Walt Disney Co. closed over 2% higher after the company announced a $1-billion equity investment in OpenAI, Reuters reported.

Following are the closing levels of US indices Thursday:

(Arundathi A R)

US$1 = INR 90.42

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

Edited by Saji George Titus

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