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Informist, Tuesday, Dec. 23, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Indices move in range; IT, select heavyweights weigh on mkts

MUMBAI--1120 IST--Indices moved in a range in early trade, weighed down by declines in shares of select index heavyweights and information technology companies. Metal companies, which have been up for most of the session, were off their intraday highs. Fast moving consumer goods companies and energy companies prevented indices from sliding further.

At 1114 IST, the Nifty 50 was at 26191.55 points, up 19.15 points. The 50-stock index has been moving in a below 100-point range throughout the session, from a high of 26206.55 points to a low of 26119.05 points. The BSE Sensex was at 85575.09 points, up 7.61 points. Energy companies such as Coal India, Power Grid Corp. of India, and NTPC continued to edge higher. Several fast-moving consumer goods companies such as Tata Consumer Products, Hindustan Unilever, and ITC were up after dipping lower at the session's start. Information technology companies such as Infosys, Wipro, and Tech Mahindra were off their intraday lows. Shares of Shriram Finance rose over 1% and were higher for the fifth straight session.

Index heavyweight ICICI Bank fell 0.6% and Bharti Airtel declined 1%. These stocks, along with Infosys, were a major drag on the market.

Among other stocks, Cholamandalam Investment and Finance Co. rose more than 7% after the company called the allegations of corporate misgoverance against it as malicious and baseless "with ulterior motives". Investigative news agency Cobrapost in a blog post late Monday highlighted a "worrying pattern" of large-value cash transactions and related-party transactions between the listed non-banking finance company, its subsidiaries and the parent Murugappa Group. The stock had fallen over 5% in the past two sessions.  

A majority of sectoral indices were up, with the Nifty Media, Nifty Media, and the Nifty Energy index rising around 0.7-1.0%. However, the Nifty Auto and the Nifty IT index declined 0.1% and around 1%, respectively.

In the broader market, the Nifty Smallcap 250 index and the Nifty Smallcap 100 index rose 0.3% each. Meanwhile, the Nifty midcap 150 index was flat, with shares of Balkrishna Industries, ACC, Ajanta Pharma around 1% lower each. (Eshitva Prakash)

Equity Alert: Indices turn flat; tech stocks off lows, energy cos gain

MUMBAI--1015 IST--Benchmark indices turned flat after moving lower in early trade on the back of gains in financial services, banks, and energy companies. Information technology stocks continued to trade lower, but were off their intraday lows. A fall in select index heavyweights prevented indices from rising further. Small-cap indices performed slightly better than their benchmark peers and other broader market indices.  

At 1015 IST, the Nifty 50 was at 26183.30 points, up 10.90 points. The BSE Sensex was at 85564.69 points, lower by 2.79 points, as compared to Monday's closing level. Information technology companies continued to trade lower and except Mphasis all other constituents of the Nifty IT index traded in the red. Shares of Coforge fell over 4% and those of Persistent Sytems, and Orcale Financial Services Software were 1% lower each. An almost 2% fall in technology major Infosys was a major drag on the market. Shares of Wipro and HCL technologies were 0.3% lower each, but off their intraday lows when they had fallen 1%.

Coal India, Oil and Natural Gas Corp., and Power Grid Corp. of India were up 1-3% and were among the top constituents of the Nifty 50 index. Shares of Reliance Industries were flat after falling in the first half-hour of trading. A 0.6% rise in shares of yet another index heavyweight, HDFC Bank, supported the Nifty 50. Financial services and bank stocks such as Bajaj Finance, Kotak Mahindra Bank, Shriram Finance, and SBI Life Insurance Co. were 0.4-0.7% higher. However, ICICI Bank and Bharti Airtel traded nearly 1% lower each, putting pressure on the Nifty 50.

Smallcap indices outperformed their benchmark peers and the Nifty Smallcap 250 index was 0.4% higher. Shares of Alok Industries, Akums Drugs and Pharmaceuticals, and Aarti Industries rose 3-8%. However, not all broader market indices could replicate these gains and the Nifty Midcap 150 index was flat.  

Among other stocks, Orient Cements rose nearly 6%. Brokerages Tuesday said that the merger swap ratio announced for ACC and Orient Cement, as part of their merger with Ambuja Cements, was neutral for ACC shareholders, but positive for shareholders of Orient Cement since the merger swap ratio was at a minor discount to ACC's closing level on Monday, while it was at 9% premium to Orient Cement's closing level. (Eshitva Prakash)

Equity Alert: Motilal Oswal initiates coverage on FSN Comm with 'neutral'

MUMBAI--0956 IST--Motilal Oswal initiates coverage on FSN E-Commerce Ventures with a 'neutral' recommendation and a target price of INR 280, an upside of 11% to the current market price. The brokerage expects the company's consumer-facing brand Nykaa to be the beneficiary of India's shift from offline to online retail and from unorganised to organised formats, particularly in the beauty and personal care segment. "With a leading position in the online BPC market, the company is well-placed to scale up as the category matures", Motilal Oswal said. 

The brokerage expects the company to deliver a compound annual growth rate of 26% in the beauty and personal care gross merchandise value over 2024–25 (Apr-Mar) to FY30 and 22% over FY25 to FY37. This is likely to be driven by continued online adoption and a rising premium mix, according to the brokerage. The earnings before interest, tax, depreciation, and amortisation of the segment are estimated to post a compound annual growth rate of 35% over FY25 to FY30, supported by operating leverage and increasing contribution from owned brands under the house of Nykaa, Motilal Oswal said.

Nykaa's beauty and personal care segment, which contributes 90% of the company's revenue, is estimated to sustain a healthy customer addition of 25.2% for FY27 and 22.5% for FY28, Motilal Oswal said. The company recorded a customer addition of 18.1% in FY24 and 27.4% in FY25. The online beauty and personal care market is expected to grow two times faster than overall market of the segment, supported by rising internet penetration, digital influence, and formalisation of retail, according to the brokerage. 

The fashion business of the company is expected to post gross merchandise value compound annual growth rate of 20% over FY25 to FY37. The brokerage also estimates a gradual EBITDA margin expansion for the segment over the same period. Failure to continuously refresh assortments in a fast-evolving beauty landscape, demand slowdowns in discretionary consumption, escalation in customer acquisition costs, and slower-than-expected profitability in the fashion segment are key downside risks, according to Motilal Oswal. 

Tuesday, shares of the company fell after rising 4% for two consecutive sessions. At 0952 IST, shares of the company were tradin nearly 1% lower at INR 252.10 on NSE. Over 951,338 shares of the company changed hands, which is higher than 522,514 shares traded till the same timeiod Monday.   (Adhithya Aji)

Equity Alert:Indices slightly lower after flat open; IT cos, heavyweights dn

MUMBAI--0940 IST--Benchmark indices opened flat and moved slightly lower in the opening minutes of the trade Tuesday, after rising for two straight sessions. Information technology stocks that had risen in the previous few days were hit the hardest and select index heavyweights also fell. A rise in shares of energy and metal companies, however, limited further losses.

At 0934 IST, the Nifty was at 26143.50 points, down 28.90 points or 0.1%. The BSE Sensex was at 85410.03 points, down 157.45 or 0.2%. Shares of IT companies such as Infosys fell almost 2% and those of Tata Consultancy Services, Wipro, and HCL Technologies fell around 1% each. Healthcare-related stocks such as Sun Pharmaceutical Industries, Dr. Reddy's Laboratories, and Max Healthcare Institute traded in the red, while Cipla was slightly up. Meanwhile, Coal India rose the most among Nifty 50 companies and was up more than 2%. Other energy companies such as Oil and Natural Gas Corp. and Power Grid Corp. of India rose around 1% each.

A rise in shares of Nifty heavyweight HDFC Bank limited the losses. However, shares of ICICI Bank fell 0.6% and were a drag on the 50-stock index. Reliance Industries also traded lower.

Shares of metal companies such as Tata Steel and JSW Steel traded in the green, while among the small companies, Hindustan Copper, NMDC, and Welspun Corp. rose 1–2%. The Nifty Metal index rose for the fifth straight session and was up 0.6%, while the Nifty IT index, which had risen for the previous four sessions, slumped over 1%. The Nifty Energy index was 0.5% higher.

Among other stocks, Ambuja Cements rose 2% after the company's board approved the scheme of amalgamation of ACC and Orient Cement with itself, which paves way for the creation of a large single cement entity under the Adani group. "We believe that the merger will simplify the corporate structure and would help Ambuja in optimising overall cost structure," ICICI Securities said. While this will result in around 10% earnings per share dilution for Ambuja Cements, the company is well positioned in terms of growing better-than-industry and continuous focus on operational efficiencies, the brokerage said.  (Eshitva Prakash)

Equity Alert: Merger swap ratio neutral for ACC, positive for Orient Cement

MUMBAI--0850 IST--Brokerages said Tuesday that the merger swap ratio announced for ACC and Orient Cement, as part of their merger with Ambuja Cements, was neutral for ACC shareholders, but positive for shareholders of Orient Cement. Brokerages said in their reports that the merger swap ratio was at a minor discount to ACC's closing level on Monday, while it was at 9% premium to Orient Cement's closing level.

Ambuja Cements announced Monday that it will issue 328 equity shares to ACC shareholders for every 100 shares held as part of the merger scheme. Further, Ambuja Cements will issue 33 equity shares to Orient Cement's shareholders for every 100 shares held. On Monday, shares of ACC closed nearly 2% higher at INR 1,782.50 on the NSE, and those of Orient Cement ended up 1% at INR 163.52.

Brokerages were largely positive around the merger plans of Ambuja Cements. Post the announcement, Motilal Oswal Financial Services maintained its 'buy' recommendation on the stock with a target price at INR 750. Emkay Global Financial Services retained its 'add' recommendation on the stock and a target price of INR 650. On Monday, shares of Ambuja Cements had closed marginally higher at INR 539.95.

"Though the deal appears to be neutral for ACC, we believe that it is positive for ACEM (Ambuja Cements) shareholders, as ACC trades at a steep discount to ACEM," brokerage Motilal Oswal said. "This deal also removes the uncertainties about the merger timelines (subject to regulatory approvals) and would help to create a single pure-play cement entity for the Adani group."  (Anshul Choudhary)

Equity Alert: Indices seen opening higher on positive global, domestic cues

MUMBAI--0814 IST--Benchmark equity indices are expected to open higher Tuesday, extending their gains for the third straight session after losing almost 1% in the four sessions before that. While uncertainty over the long-awaited India-US trade deal timeline remains an overhang, the slight recovery in the domestic currency against the dollar in the past few sessions and positive global cues are seen supporting the market, analysts said.

The GIFT Nifty contracts suggest the Nifty 50 may open slightly higher. At 0752 IST, the December contract of the GIFT Nifty was at 26265 points, around 93 points above the Nifty 50's close on Monday. The Nifty 50 ended 0.8% higher at 26172.40 points on Monday. Having closed above the 26150-points mark Monday, some technical analysts now expect the Nifty 50 to hit a fresh record high in the immediate near term. However, Tuesday's session is expected to remain volatile on the expiry of the weekly derivatives contract of the Nifty 50. 

After the slight recovery in the past three sessions, the domestic currency fell against the dollar Monday as banks persistently bought dollars on behalf of oil marketing companies. The Indian unit had appreciated nearly 2% against the dollar in the three sessions before Monday after hitting a fresh record low last week. Foreign portfolio investors turned net sellers of Indian equities Monday, after being net buyers for three days in a row. They sold stocks worth INR 4.57 billion Monday. Meanwhile, domestic investors continued to be net buyers and bought stocks worth INR 40.58 billion Monday. 

Overnight, major US indices closed higher buoyed a continued rebound in artificial intelligence-related stocks and a broad-based rise across most sectors. The S&P 500, Dow Jones Industrial Average, and the tech-heavy Nasdaq Composite closed 0.5-0.6% higher, exntending gains for the third day in a row. Most indices in Asia were also higher in early trade, tracking overnight gains in their Wall Street peers. Australia's S&P/ASX 200 led the gains in the Asian market, up over 1%. (Arya S. Biju)

Equity Alert: Asian indices open higher tracking positive global cues

MUMBAI--0754 IST--Most Asian indices opened on a positive note Tuesday tracking the overnight gains on Wall Street, which was boosted by rise in technology stocks. Japan's Nikkei 225 was up 0.1% and the broad-based Topix was up 0.5%. Singapore's FTSE Singapore Strait Times was up 0.1% ahead of the release of the country's November inflation report. Economists expect the country's inflation rate to rise to the highest level in 2025, CNBC reported.

South Korea's KOSPI was up 0.5% and Australia's SP/ASX 200 Index was up 0.9%. China's CSI 300 Index was up 0.1% and Hong Kong's Hang Seng Index was up 0.2%. 

In the US, shares of Nvidia rose more than 1% following a Reuters report that the company plans to commence the shipping of H200 chips to China by mid-February. Other tech companies such as Micron Technology was up 4% and Oracle rose over 3%. The S&P 500 ended 0.6% higher, while the Nasdaq Composite and the Dow Jones Industrial Average ended 0.5% higher each.  

Following were the levels of key Asian indices at 0755 IST:

(Adhithya Aji)

Equity Alert: US indices end higher at start of holiday-shortened week

MUMBAI--0731 IST--US equity indices closed higher on Monday, supported by gains in artificial intelligence-related stocks. The indices rose for the third consecutive session at the start of the holiday-shortened week. The tech-heavy S&P 500 rose 0.6%. The Nasdaq Composite and Dow Jones Industrial Average were up 0.5% each.

Key artificial intelligence stock Nvidia rose over 1% after Reuters reported that the tech giant aimed to start shipping AI chips to China before the Lunar New Year holiday in mid-February. The company plans to fulfil initial orders from existing stock, with shipments expected to total 5,000 to 10,000 chip modules, which is equivalent to about 40,000 to 80,000 H200 AI chips, Reuters reported, citing sources. 

Micron Technology rose around 4%, while Oracle advanced more than 3%. Investors are watching to see whether AI stocks can retain their momentum heading into the year-end, especially when investors move into the cheaper sectors of the market due to concerns regarding higher valuations. The market is also doubtful whether a 'Santa Claus rally' will materialise, as the S&P 500 struggles to hold a key technical level, CNBC reported.

"From a market perspective, there's not a whole bunch of things that are going to move it, in my opinion, so everybody is, rightfully so, looking for the Santa Claus rally," Will McGough, deputy chief investment officer at Prime Capital Financial, was quoted as saying by CNBC. He is waiting to see at what level the market ends, especially with the S&P 500 nearing the 7,000 level, he added. So far, the index has risen about 17% in 2025, which is lower than the rise of 24% in 2023 and 23% in 2024, as per the CNBC report. 

The New York Stock Exchange will close early on Wednesday on Christmas Eve and will be closed Thursday for Christmas.   

Following are the closing levels of US indices Monday:

(Adhithya Aji)

US$1 = INR 89.78

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

Edited by Tanima Banerjee

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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