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Informist, Monday, Jan. 19, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 seen rangebound Tue with negative bias

MUMBAI--1619 IST--The Nifty 50 is expected to be rangebound Tuesday as investors await further corporate earnings amid weak market sentiments. On Monday, the Nifty 50 ended at 25585.50 points, down 108.85 points or 0.4%. The index was weighed down by heavyweight stocks like Reliance Industries and ICICI Bank, which fell after weak December-quarter results. 

The support for the 50-stock index is expected at 25300 points and resistance at 25900 points, according to Jatin Gedia, vice president of technical research at Teji Mandi Investment Technologies. Gedia expects, in the worst case, the index could go down by 24500 points. "Maybe during the Budget, if there is some negative trigger, then 24500 (points) figure comes into the picture. But as of now, we believe that 25300 (points) could be the short-term bottom," Gedia said. 

The market will remain negative until the Nifty 50 closes above the 20-day moving average of 25900–25950 points. "So until and unless the Nifty is above that, we don't see the trend changing immediately," Gedia said. The weakness in the rupee, continuous selling by foreign institutional investors, and tariff-related concerns are creating a negative cloud over the market, Gedia added. 

Echoing the sentiment, Shrikant Chouhan, head of equity research at Kotak Securities, said that the short-term market texture is weak. "On daily charts, it has formed a bearish candle, and on intraday charts, it is holding a weak formation, which is largely negative," Chouhan said in a note.  (Adhithya Aji)

Equity Alert: Indices end lower weighed by Q3 earnings of heavyweight stocks

MUMBAI--1615 IST--Benchmark equity indices closed lower for the first session of the week started Monday, after ending higher on Friday. The Nifty 50 was weighed down by losses in heavyweights Reliance Industries, ICICI Bank, and HDFC Bank along with the fall in shares of Wipro. The indices fell due to the impact of December quarter earnings announced by these companies. 

The Nifty 50 settled at 25585.50 points, down 108.85 points or 0.4%. The BSE Sensex ended at 83246.18 points, down 324.17 points or 0.4%. Shares of InterGlobe Aviation, Tech Mahindra, and Hindustan Unilever were the highest gainers in the index, ending 2-4% higher. On the other hand, shares of Wipro were down over 8% and were the worst performers in the 50 stock index. Reliance Industries and Tata Motors Passenger Vehicles were also among the worst performers, down around 3% each. 

Shares of InterGlobe Aviation were the biggest gainers during the session after global brokerage firm Jefferies raised its target price to INR 6,140, CNBC-TV18 reported. This implies an upside of over 24% from the stock's closing level Monday. The Directorate General of Civil Aviation levied one-time systemic penalties worth INR 18 million for non-compliance with civil aviation requirements and a penalty of INR 204 million for continued non-compliance with revised flight duty time limitations for 68 days, from Dec. 5, 2025 to Feb. 10, 2026. The aviation watchdog also directed the IndiGo operator to furnish a bank guarantee of INR 500 million, to be governed under the 'IndiGo Systemic Reform Assurance Scheme'. The brokerage said that the fines seem to be modest, which is likely due to the regulatory limits, and said that the focus will now be shifted on the aviation authority's guidance on normalising IndiGo's schedules after compliance milestones are met, CNBC-TV18 said.

Most sectoral indices ended lower for the session barring Nifty FMCG, which was up nearly 1% and Nifty Auto index which rose slightly. The Nifty FMCG ended higher despite most of its constituents ending the session in the red due to gains seen Hindustan Unilever, Colgate Palmolive (India), and ITC--up around 1-3%. Nifty Auto similarly ended with most constituents lower than they were in the previous session, with gains led by Ashok Leyland, Maruti Suzuki India, and Hero Motororp, with each clsoing around 2% higher. 

In the Nifty 200 index, CG Power and Industrial Solutions and Hitachi Energy India were the best performers and ended around 5% higher than their previous close. Jindal Saw and Welspun Corp ended nearly 16% and 7% higher, respectively. Welspun Corp's board approved the acquisition of 2.57% equity stake in Welspun Mauritius Holdings from Welpun Pipes Inc., USA, a wholly-owned subsidiary of the company. The aim of the acquisition is to streamline and optimise the company's overseas holding structure and align the ownership of Welspun Mauritius Holdings directly with the company. There will be no impact on the company's consolidated financials as the transaction is with a wholly-owned subsidiary.  

Shares of Wipro were the worst performers in the Nifty 200 and Nifty 500 indices as well. In the Nifty 200 index, shares of Godrej Properties and Punjab National Bank ended 3-5% lower and were among the worst performers in the index. In the Nifty 500 index, shares of RBL Bank and IDBI Bank were the worst performers, down nearly 7% and nearly 6%.  (Akshat Saksena)

Equity Alert: Nifty 50 Jan ends at discount of 11.50 points to spot index

MUMBAI--1535 IST--The January futures contract of the Nifty 50 closed at a discount of 11.50 points to the spot index. Open interest in the contract rose 1.6% to 16.83 million, according to provisional data.

--Nifty 50 closed at 25585.50 points, down 108.85 points or 0.4% vs Fri

--Nifty 50 January closed at 25574 points, down 177.50 points or 0.7% vs Fri

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

Call: 25600, Put: 25500

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

Call: 25800, Put: 25500

(Gopika Balasubramanium)

Equity Alert: European indices lower; mkts assess US tariffs over Greenland

MUMBAI--1455 IST--Equity indices in Europe were down on Monday as investors react to threats by US President Donald Trump to hike tariffs on countries of the region if a deal is not reached to sell Greenland to the US. 

Trump has threatened eight North Atlantic Treaty Organization members – Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland – with escalating tariffs starting at 10% on Feb. 1 and eventually rising to 25% on Jun. 1 if a deal is not reached that permits the US to purchase Greenland. Leaders from the region have condemned the move, with UK Prime Minister Keir Starmer saying "applying tariffs on allies for pursuing the collective security of NATO allies is completely wrong," according to a CNBC report. "Europeans will respond in a united and coordinated manner should they be confirmed. We will ensure that European sovereignty is upheld," French President Emmanuel Macron was quoted as saying.

Shares of automobile companies Volkswagen and Porche were down over 3% and nearly 4%, respectively. Shares of luxury companies such as Hermes, Moncler, and LVMH Mot Hennessy Louis Vuitton fell 2-4% during the session.   

European defence stocks rose during the session, with shares of Rheinmetall and RENK Group up over 3% and nearly 5%, respectively. Shares of French technology and aerospace company Thales rose over 2% as well. ASM International was up 0.6% during the session. Dutch computer chipmaker reported a better-than-expected preliminary booking of around $930 million for the December quarter, beating estimates. The bookings were boosted by a rebound in orders from China, CNBC reported. However, shares of ASML Holding fell nearly 3% after hitting a record high last week.

Investors will await the World Economic Forum which is set to start in Davos, Switzerland, this week. Trump is set to address the forum on Wednesday, CNBC reported. Investors will also watch out for the Eurozone inflation print. 

Following were the levels of major European indices at 1454 IST:

(Akshat Saksena)

Equity Alert: ICICI Bank falls after Q3 net profit hit as provisions double

MUMBAI--1437 IST--Shares of ICICI Bank fell 4% to a two-week-low of INR 1,360 after the bank's net profit for the December quarter missed estimates due to a hit from an unexpected Reserve Bank of India-mandated provision of INR 12.80 billion and a one-time provision of INR 1.50 billion towards new labour codes. At 1435 IST, the bank's shares were 1.8% lower at INR 1,385. 

Brokerages are positive about acceleration of loan growth and expect the net interest margin to largely remain stable in the March quarter. The NIM is expected to remain range-bound or stable, as the cut in cash reserve ration and residual term re-pricing largely offset the full transmission of the repo rate cut in December. They also welcomed the bank's decision of reappointing Sandeep Bakhshi as the bank's managing director and chief executive officer till 2028. 

Excluding agriculture, slippage fell 8% on quarter, highlighting ICICI Bank's strong asset quality, Nuvama Institutional Equities said. RBI-mandated provisions of INR 12.8 billion for the lender's agricultural loan portfolio differ from the INR 12 billion provisions Axis Bank made in the September quarter. Axis Bank has discontinued crop variants, while ICICI Bank has not discontinued any segment, Nuvama said.

Axis Bank can reverse provisions either on closure or on Mar. 31, 2028, whichever is earlier, but ICICI Bank will work on regularising the portfolio and be able to reverse the provision over the next few quarters, it said. While Axis Bank had to declassify the full portfolio from priority sector lending book, ICICI Bank did not have to, due to which the latter did not incur higher operational expenditure related to the affected portfolio while Axis Bank did. The regularised portfolio will remain part of priority-sector lending for ICICI Bank, the broking firm said. The total book of this portfolio stands between INR 200 billion and INR 250 billion, the bank's management had said at a press conference.

ICICI Bank's net profit for the quarter under review fell 4% on year and 8% sequentially to INR 113.18 billion. The 8% on-quarter fall was mainly on the back of higher provisions, lower other income, and higher operational expenses, Systematix Shares and Stocks (India) said. ICICI Bank will be supported by diversified loan growth, strong asset quality, and prudent cost management, IDBI Capital Markets & Securities said. Regulatory provisions may weigh on near-term reported profits, but the brokerage is positive on the bank, given its ability to maintain return of assets above 2%.  (Gopika Balasubramanium)

Equity Alert: Indices off lows as HDFC Bank recovers marginally; RIL down 3%

MUMBAI--1435 IST--The domestic benchmark indices came off lows slightly after HDFC Bank recovered marginally from the day's low. However, the indices continued to be in the red, weighed down by fall in the other heavyweights. Reliance Industries and ICICI Bank were among the worst hit in the Nifty 50 index. Eternal fell further from Friday's close. The stock fell nearly 4% earlier in the day. Wipro, down 8%, was the worst hit in the Nifty 50 index. Both weighed on 50-stock index.

At 1414 IST, the Nifty 50 was at 25591.25 points, down 103.10 points or 0.4%. The BSE Sensex was at 83272.73 points, down 297.62 points or 0.4%. The Nifty 50 had fallen to a low of 25494.35 points earlier in the day and the Sensex had fallen to a low of 82898.31 points.

InterGlobe Aviation rose 4% and was the top Nifty 50 gainer, followed by Tech Mahindra, Hindustan Unilever, Maruti Suzuki India, Kotak Mahindra Bank, Bajaj Finance, and Shriram Finance which rose 2-4%. Shares of Reliance Industries and ICICI Bank were down 2-3% each. Shares of HDFC Bank were down 0.3%.

All the broader indices were in the red, with the Nifty smallcap indices were down around 1% each. Fall in the shares of Aster DM Healthcare contributed to the fall of both the Nifty Smallcap 50 and Nifty Smallcap 100. The stock was down nearly 4%.

Among the sectoral indices, Nifty Realty and Nifty Oil & Gas were the worst hit. They were down around 2% each. A nearly 5% fall in the shares of Godrej Properties weighed on the Nifty Realty index. Reliance Industries contributed to the fall in the Nifty Oil & Gas index.

Hitachi Energy India was the top gainer in the Nifty 200 index. The stock was up 5%. Jindal Saw was the top gainer among the Nifty 500 constituents. The stock was up over 16%. The stock rose despite the company reporting an over 52% on-year fall in its net profit for the December quarter to INR 2.27 billion. However, sequentially, the company's bottom line jumped up threefold. The stock hit a one-month high of INR 182.  (Adhithya Aji)

Equity Alert: Asian indices mixed; region assess US-Europe tensions

MUMBAI--1430 IST--Equity indices in Asia were mixed during the session. The indices in the region have somewhat stabilised after falling earlier as investors assessed concern over US President Donald Trump's escalating tariffs on eight European countries over his desire to acquire Greenland. The Chinese CSI 300 was marginally higher after economic data release. 

Trump announced on Saturday that goods sent to the US from eight North Atlantic Treaty Organization members in Europe will face escalating tariffs until a deal is not reached for "the complete and total purchase of Greenland", CNBC reported. The tariffs on Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland will start on Feb. 1 at 10%, Trump said in a Truth Social Post. They will then be raised to 25% on Jun. 1 if a deal is not reached, Trump added. Leaders of European countries have clapped back and called the tariffs completely wrong and unacceptable, CNBC reported. "Applying tariffs on allies for pursuing the collective security of NATO allies is completely wrong," UK Prime Minister Keir Starmer was quoted as saying by CNBC. "Europeans will respond in a united and coordinated manner should they be confirmed. We will ensure that European sovereignty is upheld," French President Emmanuel Macron was quoted as saying. 

CSI 300 was slightly higher during the session while Hong Kong's Hang Seng was 1% lower. Investors are concerned over tensions between the US and Europe along with the country's economic data and attempts by the country's securities regulator to curb the wild ride on the market, a report from South China Morning Post said. The country's economy expanded 4.5% in the December quarter, even though the rise was in line with estimates, it was lower than the 4.8% rise seen in the previous quarter, the report said. The data would add pressure on the government to come up with more supportive measures, particularly for boosting consumption, Zhang Zhiwei, chief economist at Pinpoint Asset Management, said according to a report from South China Morning Post. Hong Kong-based property developer New World Development surged during the session after Henry Cheng Kar-shun, the chairman of the parent company, Chow Tai Fook Enterprises, said he would go after deals with a "win-win outcome". This boosted optimism about the resolving financial stress at the debt ridden unit, the report said. Shares of New World Development Co. were over 16% higher for the session on Monday. 

Following are the levels of key Asian indices at 1421 IST:

(Akshat Saksena)

Equity Alert: Analysts cut EPS view on RIL post results, some up target price

MUMBAI--1428 IST--Following the subdued December quarter earnings of Reliance Industries, most brokerages did not change their rating on the stock but some have revised their target price due to comfortable valuations after the recent correction in the stock. At 1427 IST, shares of the company traded over 3% lower at INR 1,412.70.

Barring Systematix Shares and Stocks, most brokerages trimmed their estimates for the company's earnings per share by around 3% each for 2025-26 (Apr-Mar) to FY28. Elara Securities has cut the estimate by 11%, 8%, and 7% for FY26, FY27, and FY28 on higher interest, tax expenses, and lower retail earnings before interest, tax, depreciation, and amortisation. Analysts expect the company to report 14-16% earnings per share compounded annual growth over the next three-five years, driven by both consumer businesses.

ICICI Securities projects 13% compounded annual growth in EBITDA over FY26–FY28, while Motilal Oswal Financial Services has cut its estimate by 0-3% to 10% compounded annual growth, broadly due to weaker growth in Reliance Retail Ventures and higher interest costs in Reliance Jio Infocomm.

While ICICI Securities and Elara Securities raised their target price by 0.3% and 6% to INR 1,740 and INR 1,717, respectively, JM Financial and Motilal Oswal have reduced it by 1% and 2% to INR 1,730 and INR 1,750, respectively. Most brokerages have maintained a 'buy' rating on the stock and Elara Securities has retained its 'accumulate' rating on expectation of strong growth in telecom EBITDA, recovery in the retail segment.

Reliance Industries' consolidated net profit for the December quarter was INR 186.45 billion, falling short of the Street's expectation of INR 196.63 billion. Its consolidated revenue for the latest quarter was INR 2.695 trillion, up over 10% on year and highe than expectations of INR 2.52 trillion.  (Simran Rede)

Equity Alert: Tech Mahindra rises 4%; co's Q3 deal wins highest in 5 years

MUMBAI--1353 IST--Shares of Tech Mahindra rose nearly 4% to an intraday high of INR 1,736. The company delivered its strongest-ever quarterly performance in the December quarter and secured the highest number of deal wins in five years on the back of a firmer demand enviroment, the company's executives said on Friday. The management of the company said their deal pipeline looks healthy but did acknowledge that it can be "lumpy", which might resut in quarter-on-quarter fluctuations. However, they were still happy with their pipeline and optimistic on their odds of winning the deals. The company said it expects a "stable trajectory" for its banking, financial services, and insurance vertical in the coming quarters on normalisation of seasonal factors. Revenue from the BFSI vertical, which accounted for 15.5% of the company's overall top line in the December quarter, declined 6.2% sequentially and 0.8% on year. The fall was due to more-than-usual furloughs in the sector across some markets such as Canada, which is an important market for the company.

Brokerages are bullish on Tech Mahindra's deal wins and margins, with several brokerages raising their target price on the company. The company's deal wins were led by a five-year deal win of around $500 million from an existing European telecommunications company, according to a report from Nuvama Institutional Equities. The company's earnings before interest, tax, depreciation and amortisation margins, which expanded by 100 basis points sequentially to 13.1% for the quarter, were driven by operational performance and rupee depreciation. This rise in margins is a positive sign for the company, with the management reaffirming its EBIT margin guidance of 15% for 2026-27 (Apr-Mar), exceeding its peer levels. JM Financial raised its target price on the company by 4% to INR 1,780 with an 'add' recommendation. Elara Capital raised its target price on the company by 12% to INR 1,840 with a recommendation of 'accumulate'. Nuvama Institutional Equities also raised its target price on the company by 22% to INR 1,650 and upgraded the company to a 'hold' recommendation.  

The company reported a 6% sequential fall, but a 14% on-year rise in its net profit to INR 11.22 billion for the December quarter. The sequential fall was largely due to a one-time cost of INR 2.72 billion on implementation of the mandates under the new labour codes. The company's top line rose 3% on quarter and 8% on year to INR 143.93 billion for the reporting quarter. 

At 1353 IST, shares of the company were nearly 4% higher at INR 1,730 on the National Stock Exchange. Over 8 million shares of the company have been traded on the bourse so far during the session, higher than over 2.5 million shares traded till the same time Friday. Of 16 brokerage reports on the company with Informist, 10 have a 'buy' recommendation with an average target price of INR 1,780, three have a 'hold' recommendation, and three have a 'sell' recommendation on the stock.  (Akshat Saksena)

Equity Alert: HDFC Bank shares down 1% despite beating Street's Q3 PAT view

MUMBAI--1218 IST--Shares of HDFC Bank fell over 1% to a low of INR 919.50 despite the bank reporting 11.5% on-year growth in net profit for the December quarter at INR 186.54 billion, surppassing analysts' estimate of INR 183.96 billion. However, the bottom line was largely flat compared to the net profit of INR 186.41 billion in the September quarter.      

At 1305 IST, shares of HDFC Bank were at INR 925.35, down 0.3%. Over 26 million shares of the company changed hands, slightly higher than nearly 25 million shares traded till the same time Friday.     

The bank's management has given a credit-to-deposit ratio guidance of 90–96% for 2025-26 (Apr-Mar) and cut it down further to 85-90% by the end of FY27. The bank's CD ratio for the December quarter was 98.7%. The stretched CD ratio of 98.7% and lower liquidity coverage ratio of 116% limits the bank's ability to sustain growth, JM Financial said. The brokerage remains cautious on growth and expects 12.6% loan compounded annual growth in FY26 to FY28. However, the brokerage is positive on the bank's pristine asset quality and margin expansion. The bank is expected to deliver average return on assets of 1.83% and return on equity of 14% over FY26 to FY28, JM Financial said. 

Nuvama maintained a 'buy' recommendation on the stock as the brokerage expects improvement in deposit growth, net interest margin, and superior asset quality for the coming quarters. The bank's pre-provision operating profit grew 8% on year and 6% on quarter and beat Nuvama's estimate by 4%. "The beat was driven by lower core opex (operating expenditure) and higher core non-interest income," the brokerage said. Nirmal Bang Institutional Equities is positive on HDFC Bank for the long term due to its best-in-class asset quality, growth potential, merger synergies in the long term, and potential for margin improvement. The brokerage maintained a 'buy' recommendation on the stock with a target price of INR 1,210. 

"We believe the recent correction in the stock price provides a favorable opportunity to accumulate the stock, as we believe the credit-deposit growth guidance looks manageable," Emkay Global said in a report. The brokerage also maintained a 'buy' recommendation on the stock with a target price of INR 1,225.  

The 13 brokerage reports available on the company with Informist have a 'buy' recommendation on the stock with an average target price of INR 1,169.   (Adhithya Aji)

Equity Alert: Indices remain lower; heavyweights continue to drag Nifty 50

MUMBAI--1151 IST--Benchmark equity indices remained lower. Fall in shares of ICICI Bank, HDFC Bank, and Reliance Industries continued to weigh on the Nifty 50 index. Nifty Oil & Gas and Nifty Realty were the worst performing sectoral indices, while Nifty Metal and Nifty FMCG were the only indices in the green for the session. 

At 1142 IST, the Nifty 50 was at 25534.95 points, down 159.40 points, or 0.6%. The BSE Sensex was at 83041.41 points, down 528.94 points, or 0.6%. Shares of InterGlobe Aviation, Tech Mahindra, Kotak Mahindra Bank and Bajaj Finance were the highest gainers in the Nifty 50, up 2-4%, and limited the fall seen by the Nifty 50 index. Shares of Wipro remained the worst performers in the 50-stock index, down over 7%. Shares of Reliance Industries and Tata Motors Passenger Vehicles were also among the worst performers and were down around 3% each. Shares of HDFC Bank were down nearly 1% during the session as well. 

CG Power and Industrial Solutions continued as the top gainer in the Nifty 200 index, up over 5%, and was followed by Hitachi Energy India, which was up nearly 5%. Shares of Godrej Properties were among the worst performers of the Nifty 200 index, down over 4%. In the Nifty 500, two Jindal companies were among the top performers of the index with Jindal Saw up nearly 15% and JSW Infrastructure up over 7%. Shares of RBL Bank were the worst performers in the Nifty 500 index, down over 7%. 

Shares of Bharat Coking Coal were trading nearly 86% higher than their issue price of INR 23 per share during their debut day on the bourses. However, the stock has fallen nearly 6% from its listing price of INR 45.21 per share. Bharat Coking Coal is a subsidiary of Coal India. (Akshat Saksena)

Equity Alert: Reliance Industries falls after co misses PAT view for Oct-Dec

MUMBAI--1150 IST--Shares of Reliance Industries fell nearly 3% to an over three-month low of INR 1,406.30 after the company missed its consolidated net profit estimate for the December quarter. The stock was down for the second straight session.

Reliance Industries' consolidated net profit for the December quarter was INR 186.45 billion, falling short of the Street's expectation of INR 196.63 billion profit. Its consolidated revenue for the latest quarter was INR 2.695 trillion, up over 10% on year and beating expectations of INR 2.52 trillion.

Brokerage Emkay Global Financial Services has cut its estimates for the company's consolidated earnings per share for 2025-26 (Apr-Mar) to FY28 by 3% each and maintained its 'buy' recommendation with an unchanged target price of INR 1,680.

At 1130 IST, shares of Reliance Industries were over 3% lower at INR 1,409.30 on the NSE. So far, nearly 10 million shares of the company have changed hands on the exchange, higher than over 7 million shares traded till the same time Friday.

All the 12 brokerage recommendations available with Informist on the company have a 'buy' recommendation on the stock with an average target price of INR 1,693.  (Arundathi A R)

Equity Alert: Wipro off 10% fall; Jan-Mar guidance a disappointment

MUMBAI--1052 IST--Shares of Wipro fell 10% to a two month low of INR 241.55 after the company disappointed the Street with Oct-Dec earnings and with the weaker-than-expected guidance for the March quarter. Many brokerages expect the margins for Jan-Mar to be diluted due to acquisition of Harman DTS acquisition and ramp up of large deal wins. Delayed client spending, macroeconomic uncertainty, fall in number of working days, and potential wage hikes are also likely to hinder Wipro's better performance in the coming quarters. However, three broking firms increased their respective target prices for the company largely by 3-4%, while two others cut target prices by 3%. The stock came off lows and at 1047 IST when the company's shares were at INR 250, down 6.5%.   

Wipro is slowly stabilising after a prolonged weak quarter, but the recovery is gradual, IDBI Capital Markets & Securities said and added that December quarter showed modest improvement with 1.4% sequential revenue growth in constant currency terms, driven by better traction in banking, financial services, and insurance vertical, healthcare vertical, and improvement in Europe, and Asia-Pacific region. However, consumer and medical services segments remain soft due to macroeconomic uncertainty and delayed client spending, the broking firm said. IDBI Capital reiterated its 'hold' rating on the stock and has an unchanged target price of INR 286.

Systematix Shares and Stocks (India), which increased target price by 4% to INR 236, sees the management's Jan-Mar guidance of 0–2% on quarter constant currency growth reflecting continued macroeconomic caution, delayed deal ramp-ups, furloughs, and lower working days, despite healthy deal wins and a strong deal pipeline. The brokerage maintained its 'hold' call on the stock. Motilal Oswal Financial Services, which has a 'neutral rating' on the stock, said the Jan-Mar guidance suggests a "soft exit" to the current financial year, even after including the incremental contribution from Harman DTS acquisition. Excluding-Harman DTS, the organic growth is likely to be around -0.5% in March quarter, the broking firm said, and added that, this was because of ramp-ups of two large deals been pushed out and discretionary spends remaining cautious. "We think near-term revenue visibility will remain limited, as fewer working days in 4Q (Jan-Mar) and delayed ramp-ups..."(Gopika Balasubramanium)

Equity Alert: Indices fall more; ICICI Bank, HDFC Bank, RIL extend losses

MUMBAI--1050 IST--Benchmark equity indices fell more, with index heavyweights ICICI Bank, HDFC Bank, and Reliance Industries extending their losses. A fall in pharmaceutical and healthcare services stocks such as Cipla and Max Healthcare Institute also dragged down the 50-stock index. Information technology major Wipro continued to be the worst hit among the Nifty 50 constituents.

At 1040 IST, the Nifty 50 was at 25500.20 points, down 194.15 points or 0.8%. The BSE Sensex was at 82910.45 points, down 659.90 points or 0.8%. More than half the Nifty 50 constituents were in negative territory. India VIX, the market's fear gauge, was up over 6%. The volatility index was higher for the third straight session, rising over 8% during this period.

Pharmaceutical and healthcare services stocks such as Cipla and Max Healthcare Institute declined over 1% each. Cipla was down for the fifth straight session and shed over 6% during this period. Max Healthcare snapped a three-day winning run and fell almost 2% to a low of INR 1,018.

Shares of Reliance Infrastructure fell 5% to hit the lower band at INR 141.09. Shares of Reliance Industries fell over 3% and hit an over three-month low of INR 1,406.30 after the company missed consensus estimates for its consolidated net profit for the December quarter .

Among other stocks, Tata Motors Passenger Vehicles and RBL Bank fell. Shares of Tata Motors fell over 3% to a one-month low of INR 338.35, while those of RBL Bank fell over 6% to hit a one-month low of INR 297.15.

InterGlobe Aviation remained the top gainer in the 50-stock index, up almost 4%. It was followed by Tech Mahindra, up over 3% after the company said it sees "stable trajectory" for banking, financial services, and insurance operations in the coming quarters. 

Bharat Coking Coal listed on bourses at a premium of 96% to its issue price of INR 23. The stock listed at INR 45.21 on Monday. 

In the broader market, all small-cap and mid-cap indices were in negative territory. Small-cap indices were down 0.4-0.8%, while mid-cap indices were down 0.2-0.3%. Barring the Nifty FMCG, the Nifty PSU Bank and the Nifty Metal, all other sectoral indices were down 0.3-1.5%. (Arundathi A R)

Equity Alert: Benchmark indices open lower as heavyweights dn on Q3 results 

MUMBAI--0941 IST--Domestic benchmark equity indices opened lower Monday, as heavyweight stocks fell following the announcement of the December quarter earnings. Heavyweights such as Reliance Industries and ICICI Bank were among the top losers in the Nifty 50 index, down over 2% and nearly 3%, respectively. Shares of information technology major Wipro fell sharply and contributed to the losses in the index. 

At 0939 IST, the Nifty 50 was at 25558.50, down 135.85 points or 0.5%, and the BSE Sensex was at 83128.11 points, down 442.24 points or 0.5%. 

Interglobe Aviation was the top gainer in the 50-stock index, up over 3%, followed by Tech Mahindra, which rose nearly 3%. Shares of the latter rose after the management of the company said it expected a "stable trajectory" for its banking, financial services, and insurance vertical in the coming quarters on normalisation of seasonal factors. The company's net profit fell 6% sequentially but was up 14% on year at INR 11.22 billion for the December quarter. Shares of Axis Bank, Bajaj Finance, Hindustan Unilever, and Shriram Finance were the other gainers in the Nifty 50, up 1-2%. 

Wipro was the worst hit among the Nifty 50 constituents, down 7%. The stock hit a one-month low of INR 241.55. Shares of the company fell after it reported a 4% sequential decline in its consolidated net profit to INR 31.19 billion for the December quarter. The bottom line was dragged by INR 3.03 billion due to the impact of new labour codes. The stock was the worst hit in both the Nifty 200 and Nifty 500 indices.  

ICICI Bank's shares fell nearly 3% after the bank reported a 4% on-year fall in its net profit to INR 113.18 billion for Oct-Dec. This marks the first bottom-line fall in over six years. Reliance Industries was down over 2%. The conglomerate's bottom line in the reporting quarter rose just 0.6% on year to INR 186.45 billion, which was below the Street's view of INR 197 billion. 

All sectoral indices, barring Nifty FMCG, were in the red. Nifty Media was the worst hit, down nearly 2%. Nifty IT and Nifty Oil & Gas were among the worst hit, down 1% each. Losses in the shares of Wipro dragged down the Nifty IT, whereas losses in the shares of Reliance Industries dragged the Nifty Oil & Gas down. 

CG Power and Industrial Solutions was the top gainer among the Nifty 200 constituents, up over 6%. The stock rose after the company won an order worth INR 9 billion from Tallgrass Integrated Logistics Solutions LLC for a data centre project in the US. The company said this is the largest single order it ever received. Jindal Saw was the top gainer in the Nifty 500, up nearly 11%.  (Adhithya Aji)

Equity Alert: Bharat Coking Coal lists at INR 45.21, a premium of 96%

MUMBAI--1004 IST--Shares of Bharat Coking Coal rose over 78% soon after listing on bourses. The stock was listed at INR 45.21 on the National Stock Exchange, a premium of 96% to the issue price of INR 23 per share. At 1003 IST, the stock was up over 77% at INR 40.93. 

The company's initial public offering, which closed Tuesday, was subscribed over 147 times, with the company receiving bids for 50.96 billion shares, against 346.95 million shares on offer. Ahead of the offer, the company had raised INR 2.73 billion from anchor investors by allotting 118.75 million shares at INR 23 apiece. Earlier, the company had said that post losting, it would change its focus on supplying more coal to the steel sector rather than the power sector--its prime customer at present. The company is a subsidiary of Coal India.  

Bharat Coking Coal's primary business involves mining and supply of coking coal, which is used in the steel industry and is also blended with thermal coal to generate power. For the six months ended Sept. 30, the company had reported a net profit of INR 1.24 billion on revenue of INR 56.59 billion. (Gopika Balasubramanium)

Equity Alert: Indices to open lower Mon; ICICI Bk, HDFC Bk, RIL in focus

MUMBAI--0900 IST--Domestic benchmark equity indices are likely to open lower Monday due to weak sentiment, analysts said. The market direction will also be determined by the movement in the three index heavyweights, ICICI Bank, HDFC Bank, and Reliance Industries. The two banks posted their results over the weekend and Reliance announced its earnings post market hours Friday. While HDFC Bank exceeded the consensus estimates on net profit, the other two missed profit estimates by a wide margin. Lingering uncertainty over the India–US trade deal is expected to affect market sentiment.

The GIFT Nifty contracts suggest a lower opening for the Nifty 50 on Monday. At 0848 IST, the GIFT Nifty's January contract was at 25600 points, 94 points lower than the Nifty 50's close of 25694.35 points Friday. The BSE Sensex closed at 83570.35 points on Friday, up 187.64 points or 0.2%. The Nifty 50 is expected to find support at 25300–25200 points and face resistance at 26000–26020 points, Vipin Kumaar, assistant vice president of equity research at Globe Capital Market, said.

On the earnings front, Wipro posted a consolidated net profit, which was down almost 4% on quarter and 7% on year, despite its top line growing at its fastest pace in 13 quarters. The company guided for 0-2% growth in revenue from its information technology services in constant currency for Jan-Mar. Brokerages were disappointed with the guidance and some cut their respective target prices on weak deal wins and also anticipating a softer Apr-Jun quarter. American Depositary Receipts of Wipro closed over 7% lower at $2.75 on Friday after the company reported weak December quarter earnings.

ICICI Bank posted a fall in its net profit for the December quarter, with doubling of provisions impacting the bottom line. It posted a net profit of INR 113.18 billion, down 4% on year. Brokerages largely retained their positive rating on the stock and expect the growth in loans to continue in the near term. HDFC Bank's bottom line rose 11.5% on year and its total income for the December quarter was up 3% on year. American Depositary Receipts of ICICI Bank and HDFC Bank were 0.2% higher and 0.4% higher, respectively, on Friday ahead of both banks' December quarter earnings, which were released on Saturday.

Indices in the US ended lower Friday amid rising concerns over the future of the US Federal Reserve, after US President Donald Trump said he would like National Economic Council Director Kevin Hassett to stay in his position. Hassett was the front runner for the position of the next US Federal Reserve Chair. Asian indices were mixed in early trade Monday, with only three of the indices in the region trading higher. (Arundathi A R)

Equity Alert: Asian indices largely lower; region assesses China econ data

MUMBAI--0825 IST--Equity indices in Asia were largely lower in early trade, while the South Korean KOSPI index reached a fresh intraday high. Data from China showed a strained housing market, even as the country's GDP growth numbers beat analysts' estimates by a small margin and were in line with the government's growth target. 

China's economy grew 4.5% on year in the December quarter and was in line with the government's annual growth target, but beat estimates of 4.4% on-year growth in a Reuters poll. For 2025, the country's economy expanded 5%, which was again in line with the government's annual growth target and ahead of analysts' expectations by 10 basis points. The country's trade surplus also reached a record high as exporters were able to diversify markets to circumvent the pressure seen from the US tariffs. The new house prices for the world's second-largest economy extended their decline, falling 0.4% in December from November, despite the government's vow to stabilise it, Reuters reported, based on calculations from data provided by the country's National Bureau of Statistics. Annually, prices fell 2.7% in December, and marked its fastest decline in five months.

South Korea's KOSPI index rose 1% to reach a fresh high of 4891.51 points during the session. Shares of automaker Hyundai reached a record high, rising as much as 12.6%. The country emerged as the largest net buyer of US equities, with net purchases of $66.3 billion in January to November, according to a report from The Chosun Daily. The Korean market is witnessing a 'reverse home bias' wherein investors favour foreign stocks to domestic stocks. This is because the country's stock market has failed to protect its investors, which resulted in low dividends and capital gains. Despite efforts such as revision of the country's Commercial Act, which boosted foreign investment, the distrust in the country's markets remains unsolved, the report said. 

Following are the levels of key Asian indices at 0822 IST:

(Akshat Saksena)

Equity Alert: US indices end lower Fri amid uncertainty over next Fed chair

MUMBAI--0735 IST--US equity indices ended slightly lower on Friday amid concerns over the appointment of the next US Federal Reserve chair, with US President Donald Trump saying he would like National Economic Council Director Kevin Hassett to remain in his position. Hassett was the frontrunner for the position of the next US Federal Reserve chair.  

During an appearance at the White House, Trump said he would prefer to keep Hassett in his position as the top economic advisor. "I actually want to keep you where you are, if you want to know the truth," Trump was quoted as saying by CNBC. Hassett was seen as a frontrunner for the post of Fed chair before the remarks, and has now been overtaken by former Fed Governor Kevin Warsh. Investors perceive Hassett as the more market-friendly option and expect him to be more willing than Warsh to keep interest rates low. 

"Whether it's Hassett or someone else, I think the assumption that we — at least most of us — have is that whoever it's going to be, this person is going to certainly have a political motive and not the more traditional, trying-to-be-fully-objective mindset in regards to leading the Fed," David Krakauer, vice president of portfolio management at Mercer Advisor, was quoted as saying by CNBC. This looms as a threat to the independence of the US Federal Reserve, which is a concern for everyone, Krakauer added. 

Shares of banks and financial institutions were under pressure despite big banks in the country posting solid results, due to concerns over Trump's call for a one-year cap on credit card interest rates at 10%, Reuters reported. The S&P 500 Financials Sector index ended slightly higher on Friday but recorded its biggest weekly decline since October. Despite ending higher for the session, shares of JP Morgan Chase & Co. and Bank of America Corp. fell 5% each for the week, CNBC reported.

Stocks of chip making companies extended their gains on Friday following optimistic results from Taiwan Semiconductor Manufacturng Co., and due to the Taiwan-US trade deal, CNBC said. Shares of Broadcom and Advanced Micro Devices ended 2.5% and nearly 2% higher, respectively. The week also saw investors taking money away from some heavyweight technology stocks and investing in undervalued areas, with mid-and small-cap stocks outperforming the benchmark S&P 500, Reuters said.

Investors will await the earnings of heavyweights such as Netflix, Johnson & Johnson and Intel this week, according to Reuters. The US equity market will observe a holiday on Monday for Martin Luther King Jr. Day.

Following are the closing levels of US indices Friday:  

(Akshat Saksena)

US$1 = INR 90.91

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

Edited by Saji George Titus

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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