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Informist, Tuesday, Dec. 30, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 seen rangebound Wed on lack of triggers; bias bullish

MUMBAI--1733 IST--The Nifty 50 is seen moving in a thin range Wednesday due to lack of activity after expiry of the monthly derivatives contract of the Nifty 50 and less participation of foreign investors amid the ongoing holiday season. However, some analysts maintained a positive outlook on the market after the Nifty 50's fall in four straight sessions. Technical analysts expect the 50-stock index to find support at 25700 points, while 26200 points is seen as resistance. 

On Tuesday, the Nifty 50 ended flat at 25938.85 points. "It's a very muted session as of now and maybe once things normalise, let's say, after 2-3 days of the new calendar year, then probably we start seeing activities again, you know, in line with what we used to see earlier," said Ajit Mishra, senior vice president of technical research at Religare Broking.  

However, some analysts expect the market to be in positive territory. "The buying interest has come in from good support level. So I believe that the short-term bottom is in place after 3–4 days of fall, the Nifty (50) has now done its correction," said Jatin Gedia, vice president of technical research at Teji Mandi Investment Technologies. For the coming days, 25850 points could act as support and 26300 points would be the resistance level, he added. Nagaraj Shetti, senior technical research analyst at HDFC Securities, who has a similar view, said in a note that the bulls are attempting to come back after the recent weakness and added that he expects the market to bounce back at Wednesday's open.

The Indian equity market remains in a consolidation phase, said Emkay Global Financial Services in a note, adding that the Nifty 50 has been trading in a 500-point range of 25750–26250 points over the past 30 trading sessions, indicating lack of directional conviction. The 50-stock index remains under pressure below 26100 points, the brokerage said. "Immediate support is placed at 25750, while a deeper corrective move can extend towards the 25500–25300 zone," Emkay Global said.   (Adhithya Aji)

Equity Alert: Indices end flat Tue; IT stocks drag, metal, auto shares up

MUMBAI--1556 IST--Domestic benchmark indices ended flat due to the losses incurred by information technology stocks, which offset the gains in automobile and metal stocks. Declines in Infosys, Eternal, and index heavyweight Reliance Industries weighed on the Nifty 50.

The Nifty 50 index ended at 25938.85 points, down 3.25 points, and the BSE Sensex ended at 84675.08 points, down 20.46 points. Shriram Finance and Hindalco Industries, which rose by more than 2% each, were the top gainers. Max Healthcare Institute was the worst hit in the index, down over 2%.   

Shares of Eternal fell 2%, while Infosys declined over 1%. Eternal declined after the company's quick-commerce entity Blinkit's Chief Financial Officer Vipin Kapooria resigned just about a year after joining the company. All the information technology stocks in the 50-stock index closed lower, with HCL Technologies, Tech Mahindra, Wipro, and Tata Consultancy Services down 0.1–1%.  

Most Automakers closed the session in green, with stocks of Baja Auto, Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Maruti Suzuki ending 0.6-2.2% higher. Nuvama Wealth Management expects double-digit year-on-year growth in sales volumes across categories in December. Metal companies finished higher, with the National Aluminium Co. and Steel Authority of India rising over 5% each and were the top gainers in the Nifty 200 index. Shares of National Aluminium Co. hit an all-time high of INR 318.85 Tuesday.

Among the sectoral indices, the Nifty Metal ended 2% higher, hitting an all-time high of 11029.65 points. Most constituents in the Nifty Metal index ended higher. Nifty PSU Bank ended 1.7% higher, while Nifty Auto ended 1.1% higher.     

Hindustan Copper continued its rally, ending the session over 9% higher. In the last seven days, the stock gained nearly 31% due to a surge in copper prices amid fears of supply shortages. Copper prices have gained more than 18% on the Multi Commodity Exchange and almost 8% on the COMEX in December, ICICI Securities said in a note.

In the Nifty 200, Coromandel International was the worst hit, down over 5%, and in the Nifty 500 index, Lloyds Metals and Energy was the worst hit, with shares down nearly 7%. Newly listed Gujarat Kidney and Super Speciality ended over 8% lower at INR 104.54. The stock was listed at a premium of over 5% to its issue price of INR 114.   (Adhithya Aji)

Equity Alert: Nifty 50 Jan ends at premium of 196.15 points to spot index

MUMBAI--1545 IST--The January futures contract of the Nifty 50 closed at a premium of 196.15 points to the spot index. Open interest in the contract rose 49% to 14.08 million, according to provisional data.

--Nifty 50 closed at 25938.85 points, down 3.25 points vs Mon

--Nifty 50 January closed at 26135.00 points, up 13.17 points or 0.1% vs Mon

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

Call: 26000, Put: 25900

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

Call: 26000, Put: 26000

(Gopika Balasubramanium)

Equity Alert: Most auto cos up; Maruti Suzuki, Ashok Leyland hit record highs

MUMBAI--1500 IST--Shares of most automobile companies rose, with those of Maruti Suzuki India and Ashok Leyland hitting their highest levels yet. The Nifty Auto index was up after declining for three straight sessions. Global brokerage Nuvama expects automobile wholesale sales in December to be robust with double-digit year-on-year growth across categories. Automobile companies will release their December wholesale sales data on Thursday.

In the Nifty Auto index, which was up 1.2%, Hero Motocorp., Ashok Leyland, and Bajaj Auto were the biggest gainers and were up 2–3%. Nuvama expects sales volumes to be driven by continued positive customer sentiment, spurred by better affordability due to cuts in the goods and services tax. New vehicles, interest rate cuts, and adequate finance availability are also expected to drive sales and offset some pressure from the hit to rural sentiment from a drop in crop prices.

Among passenger vehicles, the brokerage expects Mahindra & Mahindra to report the strongest growth among peers at 29% on year. Maruti Suzuki's sales volume is expected to rise 23% on year and that of Tata Motors Passenger Vehicles by 19%. Shares of these three companies were trading 1-2% higher. Shares of Ashok Leyland were up more than 2%. 

Shares of Eicher fell 1%, after hitting a record high Monday. Meanwhile, Bosch, Tube Investments of India, and Exide Industries were among the few Nifty Auto constituents that were in the red.  (Eshitva Prakash)

Equity Alert: Mkts in Europe up; mining cos gain on surge in bullion prices

MUMBAI--1456 IST--Indices in Europe were higher in early trade Tuesday. The pan-European Euro Stoxx 50 index traded higher for the second consecutive session. Bourses in the region had closed lower in the previous session after a slide in defence stocks, which struggled as talks for peace in eastern Europe continued. Mining companies in the UK were higher after futures contracts on gold and silver rose.

Mining stocks were the biggest gainers in the blue chip stock index, according to a report from CNBC. Shares of Fresnillo rose over 3%, while those of Anglo American rose nearly 3% on the London Stock Exchange. Shares of other mining companies, Antofagasta and Glencore, rose around 2% each. Mining companies gained amid the recent surge in gold and silver futures prices, according to a CNBC report. 

Trading is expected to be thin for the holiday-shortened week, according to a report from Reuters. In the absence of triggers, equity markets will likely focus on the US Federal Reserve's December meeting minutes, due later in the day, Reuters said. 

Following were the levels of major European indices at 1456 IST:

(Akshat Saksena)

Equity Alert: Asian indices mixed; Hang Seng index top gainer, Nikkei down

MUMBAI--1414 IST--Asian indices moved on a mixed note Tuesday as investors continue to assess China's military exercise around Taiwan. Hong Kong's Hang Seng index was the biggest gainer, up nearly 1%. The Nikkei 225 index fell for the second consecutive session, shedding nearly 1%. 

Speaking on the tension between Taiwan and China, Taiwanese President Lai Ching-te said his country will "act responsibly and not escalate conflict," but that the "frequent escalation of military pressure" by China was not something a responsible power should do, according to a report from CNBC.

Shares of search engine Baidu rose nearly 9% on Hang Seng, those of Semiconductor Manufacturing International Corp. rose nearly 4%, and Alibaba Group Holding gained around 1%, according to CNBC website. On the flip side, Pop Mart International Group fell nearly 5% on the Hang Seng along with casino operator Sands China, which was down nearly 1%.

The Japanese Nikkei 225 ended 0.4% lower for in last trading session for the year. The index has surged 26% in 2025 marking its third consecutive yearly gain and the most since 2023, according to a report from Economic Times. The Japanese Equities have benefited from a corporate governance push and investments in artifical intelligence. "The first half of the year was weighed down by global economic instability, including rising prices, labour shortages, and US ‌tariffs," Japanese Prime Minister Sanae Takaichi ‍said at a ceremony at the exchange after the closing bell, according to the report.    

Following were the levels of key Asian indices at 1414 IST:

(Akshat Saksena)

Equity Alert: Honasa Consumer surges 8% after promoter Alagh increases stake

MUMBAI--1350 IST--Shares of beauty and personal care company Honasa Consumer surged 8% to an over one-month high of INR 299.40 after it said that promoter Varun Alagh had acquired 1.85 million shares in the company, increasing his stake by 57 basis points. The deal was executed through a block deal mechanism, at a price of INR 270 per share, a slight premium to Monday's closing price. After the acquisition, Varun Alagh's stake in the company has increased to 32.45%. 

Before the company's listing in November 2023, Fireside Ventures Investment Fund I held 7.6% stake in the company, which it has gradually reduced. As of September, it held nearly 2% stake in the company, according to data from the NSE website.

At 1346 IST, shares of the company were off highs, but still up almost 6% at INR 293. Around 19 million shares of the company have exchanged hands on the National Stock Exchange so far on Tuesday, several times higher than the one-month daily average volume of 980,270 shares. The stock has risen nearly 8% in the last seven days, but has gained a mere 1% for the month of December so far.

Of the four brokerage recommendations available with Informist on the company, three have a 'buy' recommendation on the stock, with their target prices ranging from INR 275 to INR 400, while one brokerage has a 'sell' recommendation.  (Eshitva Prakash)

Equity Alert: Indices further down on selling pressure in IT, fincl svcs cos

MUMBAI--1310 IST--Benchmark indices fell further Tuesday due to the selling pressure in financial services and information technology stocks. Heavyweights such as HDFC Bank and ICICI Bank fell, down nearly 1% and 0.3% respectively. At 1252 IST, the Nifty 50 index was at 25898.35 points, down 43.75 points or 0.2% and the BSE Sensex was at 84572.43 points, down 123.11 points or 0.2%. 

Shares of information technology companies such as Infosys, HCL Technologies, and Tech Mahindra were down around 1% each. Shares of Max Healthcare Institute were the worst hit in the Nifty 50 index, down nearly 3%. The stock has fallen for three consecutive sessions and shed over 4% during the period. Shriram Finance and Hindalco Industries supported the 50-stock index, up 2% each. Axis Bank rose over 1% to be among the top gainers in the Nifty 50 index.

Most of the defence sector stocks were down despite the Defence Acquisition Council's approval to procure equipment worth INR 790 billion for the three Indian armed forces. Shares of Bharat Dynamics, Hindustan Aeronautics, Bharat Electronics, Mazagon Dock Shipbuilders, Garden Reach Shipbuilders & Engineers, and Cochin Shipyard were down 1-4%. 

Among other stocks, shares of Honasa Consumer rose over 6% to a one-month high of INR 299.40 after promoter Varun Alagh acquired 1.85 million shares, constituting a 0.57% stake in the company, through a block deal mechanism, at a price of INR 270 per share, aggregating to INR 500 million. The stock was among the top gainers in the Nifty 500 index.  

MMTC shares ended their rally after gold and silver prices retreated from their recent peaks in both global and domestic markets, the Economic Times reported. The stock was down nearly 6% and among the worst hit in the Nifty 500.  (Adhithya Aji)    

Equity Alert: Defence stocks fall despite govt's INR 790-bln procurement deal

MUMBAI--1230 IST--Shares of several defence companies declined and the sectoral defence index was down for the third consecutive session, despite the Defence Acquisition Council on Monday clearing procurement proposals worth INR 790 billion to purchase equipment for the Indian Army, Navy and Air Force. Domestic brokerages see the move as a positive for both public sector and private sector players in the defence industry.

At 1227 IST, the Nifty India Defence Index was 1.6% lower at 7605.70 points. It has declined 2% in the last seven days and fell 5% in December. Over the past nine months, the defence council has approved acceptance of necessities aggregating to INR 3.30 trillion across the Army, Navy and Air Force. The approvals underscore a defence capital expenditure upcycle and the government's continued push towards indigenisation, according to brokerage Prabhudas Lilladher. While these approvals do not immediately translate into order inflows, the scale of these approvals assures order inflows for key defence players over the next two to four years, according to Motilal Oswal Financial Services. 

Among Nifty India Defence Index constituents, Mazagon Dock Shipbuilders, Solar Industries India, and Garden Reach Shipbuilders & Engineers fell 3-5% and were the worst hit. Meanwhile, Bharat Forge and Mishra Dhatu Nigam were the only ones trading higher, up 1% and 2%, respectively. Bharat Electronics' shares traded almost 1% lower.  (Eshitva Prakash)

Equity Alert: Hindustan Copper up over 7%, gains 42% in past 8 sessions

MUMBAI--1143 IST--Shares of Hindustan Copper rose 7.5% Tuesday to an intraday high of INR 524. The stock rose for the eighth straight session and has gained as much as 42%, amid rising domestic and global copper prices. The stock had hit a fresh record high of INR 545.95 on the BSE Monday.  

Copper prices have gained more than 18% on the Multi Commodity Exchange and almost 8% in the COMEX in December, ICICI Securities said in a note. It expects the price of the red metal to move higher driven by acute supply tightness and robust demand from both China and the US. Accelerating investments in electric vehicles, renewable energy, power grid upgrades, and Artificial Intelligence-related infrastructure also supported the demand for the metal. 

At 1138 IST, the stock was up over 6% at INR 517.65 on the National Stock Exchange and was the top gainer in the Nifty 500 index. So far in the day, over 85 million shares of the company have changed hands on the NSE, way higher than the stock's three-month average volume of over 18 millon shares. All the three brokerage reports on the stock available with Informist have a 'buy' recommendation on the stock with target prices of INR 352-INR 450.  (Arya S. Biju)

Equity Alert: Indices remain lower weighed dn by fall in fincl svcs stocks

MUMBAI--1121 IST--Benchmark indices remain lower as selling pressure on financial services stocks offset gains in automobile stocks. Heavyweight stocks such as HDFC Bank and ICICI Bank were down 0.5% and 0.2%, respectively.  

At 1113 IST, the Nifty 50 was at 25923.60 points, down 18.50 points, or 0.1% and the BSE Sensex was at 84629.44 points, down 66.10 points, or 0.1%. Financial services companies such as Bajaj Finserv, SBI Life Insurance Co., HDFC Life Insurance Co., and Bajaj Finance were down around 0.7-1%. Bajaj Auto rose over 1% to a one-month high of INR 9,235. Among carmakers in the 50 stock index, shares of Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Maruti Suzuki India were up over 1% each in the 50 stock index. 

Interglobe Aviation and Eternal were the worst hit in the index down over 1% each. InterGlobe Aviation fell after data from the Directorate of Civil Aviation showed that the market share of the company fell slightly lower to 63.6% in November from 65.6% in October. The company also raised the domestic layover allowance by 50% with effect from January, with higher deadhead allowances for both captains and first officers.

In the sectoral indices, Nifty Metal rose 0.8% and was the top gainer. Among the constituents of the Nifty Metal, Hindustan Copper gained with the stock rising over 6%. National Aluminium Co. rose 3% and the stock was the top gainer in the Nifty 200 index. 

In the Nifty 200, Bharti Hexacom was among the worst hit, down nearly 4% and in the Nifty 500 Caplin Point Laboratories was the worst hit, down nearly 6%.  (Adhithya Aji)

Equity Alert: Morgan Stanley ups Muthoot Fin price aim 8% on gold loan growth

MUMBAI--1120 IST--Global brokerage firm Morgan Stanley has maintained an 'overweight' rating on Muthoot Finance shares and raised its target price on the stock to INR 4,385 from INR 4,050, NDTV Profit reported, citing the brokerage. The brokerage firm is bullish on the company on the back of robust loan growth in the gold segment and has raised its 2025-26 (Apr-Mar) to FY28 earnings per share estimates for the company.

At 1113 IST, shares of Muthoot Finance were up marginally at INR 3,754. Morgan Stanley's target price represents an almost 17% upside to the stock's current market price. Around 170,000 shares of the company have changed hands so far on the National Stock Exchange. Shares of the gold loan non-banking financial company have advanced 22% in the last three months. Morgan Stanley has also raised the company's loan growth estimate by 50% on a year-on-year basis versus 43% earlier, saying the company's gold loan segment is expected to shine heading into the earnings season. For Oct-Dec, the brokerage sees a 17.5% quarter-on-quarter loan growth for the company, as compared to a 23% increase in average gold prices.

Of the 11 brokerage reports available on the stock with Informist, eight have a buy call with an average target price of INR 2,941, while two brokerages have a 'hold' call and Kotak Securities has a 'reduce' call.  (Eshitva Prakash)

Equity Alert: InterGlobe dn 1.5% after pilot allowance hike, mkt share loss

MUMBAI--1102 IST--Shares of InterGlobe Aviation fell 1.5% to an intraday low of INR 5,000.50 Tuesday. Market share of the company's IndiGo airline fell slightly in November, according to data from the Directorate General of Civil Aviation. The company has also raised the domestic layover allowance by 50% with effect from January, with higher deadhead allowances for both captains and first officers, according to media reports. The revision in pilots' pay comes amid the adjustments made by the airline to comply with the Flight Duty Time Limit norms by February after the new regulation massively disrupted the airline's operations from late November to early December.

At 1036 IST, shares of the company traded over 1% lower at INR 5,023 on the National Stock Exchange. Around 200,000 shares of the company have exchanged hands so far on the bourse, up slightly from the shares traded till the same time Monday. So far in December, the stock has fallen nearly 15%. According to data released by the Directorate General of Civil Aviation, IndiGo's market share fell to 63.6% in November from 65.6% in October. Earlier this month, the regulator had instructed IndiGo to cut its winter schedule flights by 10% after widespread flight delays and operational disruptions. "Festive season demand boosted domestic air traffic in November, though momentum moderated towards late November and early December due to operational disruptions at IndiGo," Emkay Global Financial Services said in a report.

Of the 11 brokerage reports available with Informist on the stock, seven have a 'buy' rating with an average target price of INR 5,918, while two brokerages each have a 'sell' and a 'hold' recommendation.  (Eshitva Prakash)

Equity Alert: Eternal hits over 5-month low; report says Blinkit CFO resigns

MUMBAI--1100 IST--Shares of Eternal fell after a media report said the chief financial officer of its quick-commerce arm Blinkit had resigned. At 1054 IST, the stock was 1.6% lower at 278.40 on NSE, after hitting a five-month low of INR 277.15.

Vipin Kapooria, chief financial officer of Blinkit, has resigned and is expected to return to his former employer, e-commerce giant Flipkart, Moneycontrol reported. Kapooria's resignation comes just about a year after he joined the company. It also comes at a time when competition in the quick-commerce sector is increasing, according to the news report.

So far Tuesday, a little over 8 million shares of the company have changed hands on the NSE, slightly higher than 6 million shares traded till the same time Monday.

Of the 15 brokerage recommendations available with Informist on the company, 13 have a 'buy' recommendation with an average target price of INR 348.54. The remaining two have a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Shares of Waaree Energies down after CEO resigns

MUMBAI--1040 IST--Shares of Waaree Energies were down after the resignation of the company's chief executive officer, Amit Paithankar. At 1037 IST, shares of the company were trading nearly 2% lower at INR 2,930 on the NSE, after hitting a low of INR 2,926.10.

Amit Paithankar, whole-time director and chief executive officer of the company, stepped down on Monday to pursue opportunities outside the organisation. He will be relieved of his duties with effect from May 15. Jignesh Rathod, current director of operations, will take over as chief executive officer from May 16, Waaree Energies informed exchanges.

Shares of the company have been trading lower for the last fourth straight sessions and shed 5.5% during this period. So far Tuesday, nearly 179,000 shares of the company have changed hands on the NSE, higher than nearly 87,000 shares traded till the same time Monday.

Of the five brokerage recommendations available with Informist on the company, four have a 'buy' recommendation with an average target price of INR 4,244 and the remaining one has a 'sell' recommendation.  (Arundathi A R)

Equity Alert: Gujarat Kidney lists at INR 120, over 5% premium to issue price

MUMBAI--1025 IST--Shares of Gujarat Kidney and Super Speciality listed at INR 120 on the National Stock Exchange, at an over 5% premium to its issue price of INR 114. At 1007 IST, the stock was slightly off its highs, but still nearly 3% higher from the issue price. Over 11 million shares of the company have changed hands on the exchange so far in the day.

The initial public offering of the company closed on Wednesday and was subscribed 5.21 times as of the final day, with the company receiving bids for 68.97 million shares, against the 13.23 million shares on offer. The offer comprised of only a fresh issue of 22 million shares. Ahead of the offer, the company raised INR 1 billion from anchor investors by allotting 8.77 million shares at INR 114 per share, according to data on the BSE website. 

Gujarat Kidney is one of the regional healthcare companies located in the central region of Gujarat. It operates a chain of mid-sized multispecialty hospitals, providing integrated healthcare services, with a focus on secondary and tertiary care. The company had reported net profit of INR 48.45 million for the June quarter on revenue of INR 152.60 million.  (Eshitva Prakash)

Equity Alert: Shriram Finance rises 2% after upgrade by CARE Ratings

MUMBAI--1015 IST--Shares of Shriram Finance rose over 2% to a high of INR 976.85 after CARE Ratings upgraded the credit rating for the non-banking financial company's non-convertible debentures amounting to INR 23.69 billion to "AAA" from "AA+". The rating agency also upgraded the company's subordinated debt issue of INR 1.56 billion to "AAA" from "AA+", maintaining a "stable" outlook. It cited the company's operational and financial performance in 2024–25 (Apr-Mar) and the September quarter of FY26, as well as the possible impact of this on the lender's credit profile as reasons behind the revision. 

Backed by the credit rating upgrade, the cost of funds is likely to ease, which would make the development margin more accretive for Shriram Finance, according to ICICI Securities. The improved funding profile of the non-banking financial company should support stronger return ratios and give incremental upside to valuations over the medium term, the brokerage added.

The stock has gained nearly 14% in the last 30 days and over 57% in the last 90 days. The stock has seen gains of nearly 66% in the last 52 weeks. 

At 0955 IST, shares of Shriram Finance were up 1.5% at INR 969.50, with 2.37 million shares traded on the National Stock Exchange. The volume of shares traded is over three times the volume of shares traded till the same time on Monday. 

Of the 19 brokerage reports available on the non-banking financial company with Informist, 17 have a 'buy' recommendation with an average target price of INR 894. The remaining two have 'hold' recommendations on the stock.  (Akshat Saksena)

Equity Alert: Indices open lower tracking losses in global equity indices  

MUMBAI--1010 IST--Domestic benchmark indices opened a tad lower Tuesday, taking cues from global markets. At 0932 IST, the Nifty 50 index was at 25886.65, down 55.45 points or 0.2% and the BSE Sensex was at 84502.36, down 193.18 points or 0.2%. Indices in the US ended lower on Monday due to a sell-off in technology stocks, and Asian markets also opened lower.

Shriram Finance snapped a two-day losing streak after CARE Ratings upgraded the credit rating of the company's non-convertible debentures amounting to INR 23.69 billion to "AAA" from "AA+" while maintaining a "stable" outlook. The stock was up over 1% and was the top gainer in the Nifty 50 index. Hindalco Industries rose nearly 1% after the company said its arm AV Minerals would subscribe to 5 million common shares of Novelis Inc. for $750 million at a price of $150 per share. 

Eternal was among the worst hit in the 50-stock index after media reports said the company's quick-commerce entity Blinkit's chief financial officer, Vipin Kapooria, had resigned. The stock was down over 1%.

Most automobile stocks gained, with shares of Mahindra & Mahindra, Bajaj Auto, Tata Motors Passenger Vehicles, and Maruti Suzuki India up 0.5-1%. Hero MotoCorp rose nearly 2% to be the top gainer in the Nifty 200 index. Among sectoral indices, Nifty Auto was up nearly 1% with most of the constitients trading with gains.    

Most infornation technology companies were in the red, with Infosys, HCL Technologies, and Tata Consultancy Services down 0.1-0.4%. On Monday, indices in the US fell due to losses incurred by technology stocks such as Oracle and Meta Platforms which fell around 1%. 

Among other stocks, Hindustan Copper rose for the eighth consecutive session, up 6% and the top gainer in the Nifty 500 index. Nuvama Wealth Management was the worst hit in the index, down over 5%.  (Adhithya Aji)   

Equity Alert: Brokerages positive on defence cos; govt OKs INR-790-bln deals

MUMBAI--1005 IST--Domestic brokerages are positive about the Defence Acquisition Council clearing proposals worth INR 790 billion of defence procurement, and see public sector undertakings and private defence sector players gaining from these. At 1001 IST, the Nifty India Defence index was down 0.5% at 7688.90 points. The index has declined 1% in the last 7 days.

The Defence Acquisition Council Monday accorded Acceptance of Necessity for these proposals. This provides strong multi-year order visibility, supports higher localisation and private-sector participation, and improves execution and earnings visibility for domestic defence manufacturers, according to brokerage Prabhudas Lilladher. Over the past nine months, the defence council has approved acceptance of necessities aggregating to INR 3.30 trillion across the Army, Navy and Air Force. The approvals underscore a defence capital expenditure upcycle and the government's continued push towards indigenisation, the brokerage said.

While the approvals do not immediately translate into order inflows, the scale of the approvals assures order inflows for key defence public sector undertakings and select private players over the next two to four years, according to Motilal Oswal Financial Services.

Orders for radar systems, drone detection, high-frequency software-defined radio communications equipment, and the electronics portion of other defence systems are expected to benefit Bharat Electronics, according to Motilal Oswal Financial Services. Bharat Dynamics is well-positioned to gain from guided rocket ammunition, missile system production, and other munitions and missiles that fall under its manufacturing scope, according to the brokerage. The approvals also include long-range guided rocket ammunition for Pinaka, and Astra Mk-II missile, which should mainly benefit Bharat Dynamics and Bharat Electronics, according to Prabhudas Lilladher. Other approvals across drones, radars, naval and Indian Air Force platforms provide incremental opportunities for a wider set of domestic defence players, the brokerage said.

Additionally, private players such as Tata Advanced Systems, Zen Technologies, and Astra Microwave could see increased participation for components and fully integrated products such as full mission simulators and SPICE-1,000, Motilal Oswal said. The brokerage also sees procurement of bollard pull tugboats and allied marine support vessels as a positive for shipyards such as Mazagon Dock Shipbuilders, Cochin Shipyard, and Garden Reach Shipbuilders & Engineers.

Hindustan Aeronautics is Prabhudas Lialladher's top pick in the defence sector, owing to the start of GE F-404 engine deliveries to support light combat aircraft Tejas Mk1A and procurement of an additional 97 Tejas MkA1 aircraft, adding INR 620 billion to the company's order book. The brokerage said the company's order book is "robust" at around INR 2.5 trillion, which is expected to keep its factories occupied for the next decade. Indian Air Force's current fleet of fighter aircraft is planned to be phased out in the next decade, replacing them with advancing next-generation platforms such as Tejas Mk2, AMCA, and GE-414, further bolstering the company's long-term prospects. 

The Defence Acquisition Council has extended the current emergency procurement window for the Army, Navy, and Air Force until Jan. 15, allowing them to continue to fast-track purchases of critical weapons, platforms, and equipment to meet urgent operational needs, according to Motilal Oswal. The brokerage added that emergency procurement announcements over the next 2–3 weeks will be keenly watched. Hindustan Aeronautics could see orders tied to HALE RPAS, Astra Mk-II missile integration, and full mission simulator production for platforms like Tejas aircraft.  (Eshitva Prakash)

Equity Alert: CLSA cuts Dixon Tech target price 16%, retains outperform call

MUMBAI--0955 IST--Global brokerage CLSA has reduced its target price on Dixon Technologies by around 16% to INR 15,880 a share, citing near-term weakness. The brokerage has, however, retained its 'outperform' call on the stock due to visibility of a medium-term recovery, which is expected to support the company's prospects, media reports said, citing the brokerage. At 0951 IST, the stock was up 0.2% at INR 11,880 on the National Stock Exchange. 

The brokerage expects Dixon Technologies' revenue to remain flat on a year-on-year basis and decline on a sequential basis in the December quarter, paving the way for a cut in the FY26 guidance, CNBC-TV18 reported, citing the brokerage. Dixon's near-term growth trajectory looks clouded, given tapering smartphone sales in India and losses in market share for its key customers, CLSA said. "Interactions with investors also indicate concerns around regulatory approvals, which will be key to watch," the report said. 

Further, CLSA has trimmed the company's earnings per share estimates for 2025–26 (Apr-Mar) and FY27 by 16% and 17% on account of lower volumes and margin delay, NDTV Profit reported, citing the brokerage. However, it remains bullish on Dixon Technologies in the long term and has kept its FY28 earnings per share estimates unchanged, stating that recovery is expected over time. A key factor that may aid the recovery is margin improvement through backward integration, especially in the smartphone division, the report said. 

Of the 16 research reports on the company available with Informist, 12 have a 'buy' or equivalent recommendation on the stock with an average target price of INR 17,724 apeice. Of the remaining four, two have a 'hold' recommendation and the rest have a 'reduce' call on the stock.  (Arya S. Biju)

Equity Alert: Indices seen down for 4th session, volatile on monthly expiry

MUMBAI--0819 IST--Headline equity indices in India are likely to fall for the fourth consecutive session Tuesday, tracking overnight losses in the US indices, amid lack of positive triggers. Several factors such as the depreciating rupee, delay in a US-India trade deal, and foreign investment outflows continue to affect Indian equities.

The near-term outlook remains bleak as market participants expect some volatility on the expiry of the monthly contract of Nifty 50 derivatives. The Nifty 50 ended 0.4% lower on Monday at 25942.10 points. The GIFT Nifty's December contract suggests a negative start for the market as it is 23 points lower than the Nifty 50's previous close. 

The 50-stock index is expected to face strong resistance at 26000-26050 points and a sustained close above this level will open the path for the index to hit new record highs in the near term, analysts said. Immediate support for the index is pegged at 25875–25850 points, Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said.

Options data suggests a negative outlook for the Nifty 50, and also shows slightly oversold positions, which hints towards a sell-on-rise strategy for market participants, he said. Technical and derivative analysts expect a minor bounceback due to short-covering on Tuesday, especially if the index manages to hover above the 25900–25860 support band.

Benchmark indices on Wall Streetclosed lower on Monday as heavyweight information technology stocks retreated after last week's gains, which had pushed the S&P 500 to record highs. Asian markets were mostly negative Tuesday, after the IT selloff on Wall Street continued on fears of an artificial intelligence bubble.

Back home, Gujarat Kidney and Super Speciality Ltd. is set to list on bourses Tuesday. The company has set the issue price at INR 114 per share.  (Simran Rede)

Equity Alert: Asian indices down, tracking tech sell-off on Wall Street

MUMBAI--0815 IST--Asian equity indices were broadly lower, tracking a fall in technology stocks on Wall Street. Investors will look out for developments on China's military excercises around Taiwan. The Chinese military dispatched troops around the island on Monday. Japan's Nikkei 225 index was down for the second consecutive session, shedding 1% during this period. 

Shares of Softbank Group Corp. fell 2% before paring some of the losses after the group announced a deal to buy data centre investment firm DigitalBridge for $4 billion as part of its artificial intelligence push, CNBC reported. Shares of DigitalBridge rose about 10% after the announcement, the CNBC report said. The Taiwan weighted index was down, with major technology stocks such as Taiwan Semiconductor Manufacturing Co. and Hon Hai Precision Industry Co suffering losses. Shares of Taiwan Semiconductor Manufacturng were down over 0.7% and those of Hon Hai Precision were down over 1%. 

Investors are expected to track minutes of the US central bank's December meeting, due in the early hours of Wednesday, India time. They will also track US home price data due late evening on Tuesday, India time. 

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

(Akshat Saksena)

Equity Alert: US indices close lower Mon on fall in technology stocks

MUMBAI--0737 IST--US equity indices ended lower Monday due to a fall in technology stocks. This comes after the S&P 500 hit an all-time high of 6945.770 points on Friday after rising for five straight sessions, during which it gained over 3%. However, the index closed lower on Friday and Monday. Similarly, the Nasdaq Composite rose for five straight sessions before ending lower on Friday and Monday. 

Artificial intelligence stocks such as Nvidia, Palantir Technologies, Meta Platforms and Oracle suffered losses. Shares of Nvidia fell over 1%, after the 5% gains it saw last week, according to a report by CNBC. Palantir Technologies fell over 2% during the session and shares of Meta Platforms and Oracle fell around 1% each. "Given this week's light economic calendar, internal momentum could be the main market storyline this week," said Chris Larkin, head of trading and investing at E-Trade from Morgan Stanley, according to the CNBC report. "If stocks are going to close out another year of double-digit gains on a high note, they'll likely need tech to do much of the heavy lifting," Larkin added. 

Shares of Tesla fell 3.3% after hitting a record high the previous week, according to a Reuters report. The fall seen by the stock weighed on the S&P 500 Consumer Discretionary (Sector). The S&P 500 Materials (Sector) fell due to a fall in prices of precious metals, with silver falling sharply after crossing $80 per ounce for the first time. Bank stocks pulled back after a strong rally this year, with shares of Citi Bank falling 1.9%. The stock has risen 68% this year after the bank took steps to address compliance issues. Energy stocks gained almost 1% due to a 2% rise in oil prices, according to a Reuters report. 

The market is in the middle of a Santa Claus rally, a period between the last five trading days of the year and the first two trading days of the new year, during which the S&P 500 has seen a gain of more than 1% on average since 1950 according to the Stock Trader's Almanac, CNBC reported. Investors will await minutes of the US central bank's December meeting, due in the early hours of Wednesday, India time.

Following are the closing levels of US indices Monday:

(Akshat Saksena)

US$1 = INR 89.79

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.

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