Equity Alert
Indices fall as heavyweights HDFC Bank, ICICI Bank extend loss
This story was originally published at 11:06 IST on 27 January 2026
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Equity Alert: Indices fall as heavyweights HDFC Bank, ICICI Bank extend loss
MUMBAI--1042 IST--Benchmark indices retreated after rising in the first hour of trade, dragged down by a fall in the shares of index heavyweight banks HDFC Bank and ICICI Bank, which fell around 1?ch.
At 1048 IST, the Nifty 50 was at 25021.95, down 26.70 points or 0.1%, and the BSE Sensex was at 81377.76, down 159.94 points or 0.2%.
Shares of Adani Enterprises and Axis Bank were the top gainers in both the Nifty 50 and Nifty 200 indices. The stocks were up nearly 5% and over 4%, respectively. They were followed by Adani Ports and Special Economic Zone, JSW Steel, Ultratech Cement, and Grasim Industries, which rose 2-4%. Shares of Kotak Mahindra Bank fell to a three-month low of INR 400.50 and continued to be the worst hit on the Nifty 50 index. The stock was down over 4%.
The Nifty Metal continued gaining momentum. The sectoral index was up nearly 2%, with most of the constituents trading with gains. Metal stocks rose after silver hit a fresh high of INR 354,780 per kilogram on the Multi Commodity Exchange. Shares of Hindustan Zinc, Hindustan Copper, Vedanta, National Aluminium Corp., and Jindal Stainless Steel were up 2-4%. Nifty Auto was among the worst hit among sectoral indices, down over 1%. An over 3?ll in shares of Mahindra & Mahindra weighed on the sectoral index.
Shares of JSW Energy were the worst hit in the Nifty 200 index, despite the company reporting a 150% on year growth in its net profit at INR 4.20 billion. The stock was down nearly 8%. Godrej Consumer Products was among the worst hit in the index, down over 5%. The stock of the company fell after the company missed consensus estimates for both the net profit and sales for the December quarter.
Aegis Vopak Terminals was the top gainer among the Nifty 500 constituents, up 10% and SBFC Finance was the worst hit, down nearly 12%. (Adhithya Aji)
Equity Alert: Nuvama ups IndusInd Bank to 'hold'; raises target price by 50%
MUMBAI--1042 IST--Nuvama Institutional Equities has upgraded its recommendation on IndusInd Bank's stock to 'hold' from 'reduce' and raised target price by 50% to INR 900. The brokerage believes that the bank's earnings have bottomed out, which was their rationale behind the upgrade, according to a report. At 1037 IST, shares of the company traded slightly lower at INR 888.75 on the National Stock Exchange.
The bank's net profit for the December quarter fell 89% on year to INR 1.61 billion, below INR 2.45 billion expected by analysts. The bank's performance did improve sequentially, but its bottom line was dragged down by a sharp rise in provisions and a decline in income. The bank's core pre-provision operating profit rose over 12% on quarter but fell 36% on year and beat Nuvama's estimate by 16% due to lower core operating expenditure and higher core net interest margin, the brokerage said. The bank's core net interest margin rose 3 basis points on quarter to 3.35%, with its reported net interest margin improving 20 basis points to 3.52% due to a one-off recovery. The slippages in microfinance institutions and vehicles portfolios remain high, with slippages in the latter rising 2% on quarter, according to the brokerage. The bank's slippage ratio was stable at 2.8%.
The bank's asset quality remains weak due to the high slippage particularly in the commercial vehicle and microfinance institution portfolio, along with high write-off and credit costs of 2.6%, the brokerage said. The bank's loans fell 14% on year and 3% on quarter led by a sequential fall of 10% in the microfinance institution portfolio and 5?ll in its corporate portfolio. The bank is working on a three-year plan 'PACE' to strengthen its franchise in vehicles, corporate, and rural portfolios and deepen its focus on small and medium enterprises. The plan will also work towards deepening the bank's focus on customer centricity and execution efficiencies. The bank wants to achieve a 1% return on assets by the end of 2026-27 (Apr-Mar), and plans to reduce its non-performing loans to 0.6% from 1% led by a decline in slippages. (Akshat Saksena)
Equity Alert: Nirmal Bang upgrades Cipla to 'buy', cuts target price by 6%
MUMBAI--1015 IST--Nirmal Bang Institutional Equities has upgraded its recommendation on Cipla to 'buy' from 'hold', but cut its target price for the stock by 6% to INR 1,551. The pharmaceutical major's stock has corrected almost 10% over the last month, factoring in the near-term earnings pressure and provides a better entry point for investors, Nirmal Bang said in a research report. The brokerage sees a recovery in the company's US business going forward and said that an incremental contribution from launches in the respiratory portfolio from the second half of 2026-27 (Apr-Mar) would be a positive for the company.
On Tuesday, shares of Cipla fell 2.5% to an over one-year low of INR 1,281.70 on the NSE. The pharmaceutical company Friday reported a consolidated net profit of INR 6.76 billion for the December quarter, down 57% on year, significantly lower than Street estimates. The company's revenue for the quarter was largely unchanged on year at INR 70.70 billion, below Street expectations.
Nirmal Bang has scaled down Cipla's target price as near-term earnings are expected to remain under pressure due to the tapering of Lenalidomide sales, higher research and development spending, and disruption in select US products. The brokerage expects Cipla's US business to deliver low single-digit compound annual growth rate of 1–2% in constant currency terms, factoring in slower generic Abraxane ramp-up, Lanreotide supply disruption, and delay in the launch of generic Advair, which will offset traction from core respiratory products such as Albuterol and Brovana. The company's management Friday said there was a need to revise its earlier target of achieving $1 billion of sales in the US market in 2026-27 (Apr-Mar), as the company is facing supply challenges for cancer drug, Lanreotide.
The brokerage expects margin contraction for the company's Lenalidomide drug and estimates a contribution of $50 million in the company's FY26 revenue. This reflects a competitive market, the brokerage said. Elevated research and development expenditure, pricing pressure, and regulatory uncertainty in the US have led to a moderation in near-term earnings expectations, the brokerage added.
However, recent approvals for products such as Nanopaclitaxel and Nilotinib, expected normalisation in Lanreotide supplies, and a strong pipeline in respiratory and complex generics will support a recovery from the second half of 2026-27 (Apr-Mar), according to the report. Nirmal Bang expects earnings before interest, tax, amortisation, and depreciation margin of almost 22% for FY27 on higher research and development expenditure and the impact of lower Revlimid sales. Cipla lowered its FY26 EBITDA margin guidance to 21.00% from 22.75%, as it expects the Lanreotide supply issue to persist in the coming quarter. (Eshitva Prakash)
Equity Alert: Indices open mixed; index heavyweights lend support
MUMBAI--1000 IST--Benchmark indices opened mixed Tuesday, before slipping into the red. However, they later recovered after index heavyweights HDFC Bank and Reliance Industries came off lows. Most metal stocks traded on a positive note, while most automobile stocks fell.
At 0948 IST, the Nifty 50 was at 25158.25 points, up 109.60 points or 0.4% and the BSE Sensex was at 81830.20 points, up 292.50 points or 0.4%.
Adani Enterprises was the top gainer in the Nifty 50, up nearly 5%, followed by Axis Bank which rose over 4%. The bank reported a net profit of INR 64.90 billion for Oct-Dec, up 4% on year and beat the analysts' view of INR 60 billion. The stock was the top gainer in both the Nifty 50 and Nifty 200 indices. It was followed by Adani Ports and Special Economic Zone, which rose over 4%. Ultratech Cement rose nearly 3?ter the company reported a consolidated net profit of INR 17.25 billion for the December quarter, a 27% on-year growth and surpassed analysts' estimate of INR 14.86 billion.
Kotak Mahindra Bank was the worst hit in the Nifty 50, down over 4%. For the December quarter, the bank reported a net profit of INR 34.46 billion, up 4% on year but below the Street's view of INR 34.77 marginally. The bottom line of the bank was weighed down by the impact of new labour codes. Shares of automobile companies such as Mahindra & Mahindra, Maruti Suzuki India, and Tata Motors Passenger Vehicles were down 1-3%. These stocks were the worst hit in the Nifty 50 index.
The Nifty Metal was the top gainer among the sectoral indices. Gains in the stock of Adani Enterprises aided the index. Metal stocks such as JSW Steel, Hindalco Industries, Hindustan Zinc, Vedanta, and Hindustan Copper were up 2-3%. Nifty Media was the worst hit among the sectoral indices, weighed down by a fall in the shares of Sun TV Network, which fell over 5%.
Adani Green Energy was among the top gainers in the Nifty 200 index, up over 4%. Meanwhile, JSW Energy was the worst hit in the index, down over 8%. Karur Vysya Bank was the top gainer among Nifty 500 constituents, up 8%. (Adhithya Aji)
Equity Alert: Motilal Oswal Financial falls 2% ahead of Oct-Dec earnings
MUMBAI--0958 IST--Shares of Motilal Oswal Financial Services fell nearly 2% to an over-eight-month low of INR 736.30 ahead of the company's December quarter earnings, due later in the day. At 0958 IST, shares of the company were trading 0.8% lower at INR 744.90 on the NSE. The stock is down for the seventh straight session.
Emkay Global Financial Services estimates the company's operating profit for the December quarter to be INR 5.59 billion, up nearly 7% on year and flat sequentially. Emkay Global expects Motilal Oswal Financial's net sales for the December quarter at INR 14.93 billion, up nearly 11% on year and over 2% sequentially.
"Motilal Oswal's Asset Management business is expected to deliver strong performance during the quarter, led by strong AUM growth. However, normalised transactional revenues are likely to impact QoQ (quarter-on-quarter) revenue growth in the Wealth Management and Private Wealth Management businesses," Emkay Global said.
Emkay Global has a 'buy' rating on the stock with a target price of INR 1,150. For the September quarter, Motilal Oswal Financial reported an operating profit of INR 5.54 billion and its net sales came in at INR 14.6 billion. Shares of the company are down over 28% since Oct. 30, when it detailed its September quarter earnings. (Nandini Sinha)
Equity Alert: To open higher; seen volatile on monthly expiry of Nifty 50 F&O
MUMBAI--0845 IST--Benchmark equity indices are seen open higher Tuesday amid positive cues from the finalisation of a trade deal with the European Union. Indices are also likely to be volatile due to the expiry of the monthly derivatives contract of the Nifty 50. An overhang of tariff-related uncertainties and intense selling by foreign investors are likely to keep the investors cautious, analysts said. Market participants will keenly focus on the December quarter earnings of Asian Paints and Tata Consumer Products, due later in the day.
The GIFT Nifty contract suggests the Nifty 50 index may open higher on Tuesday. At 0844 IST, the GIFT Nifty's January contract was at 25194.50 points, nearly 146 points higher than the Nifty 50's close of 25048.65 points on Friday. The BSE Sensex closed at 81537.70 points, down 769.67 points or 0.9%. "We might see another volatile trading session as traders will rollover and adjust their derivatives positions on scheduled monthly derivatives expiry for NSE (National Stock Exchange)," Vipin Kumaar, derivatives and technical analyst at Globe Capital Market. He pegged resistance for the Nifty 50 at 25200-25260 points and support at 24900-24800 points.
On the earnings front, UltraTech Cement reported a consolidated net profit of INR 17.25 billion, up nearly 27% on year and 40% on quarter. Its revenue from operations for the reporting quarter was INR 218.30 billion, up nearly 23% on year and more than 11% on quarter.
Kotak Mahindra Bank reported a net profit of INR 34.46 billion, up over 4% on year for the December quarter, slightly missing the Street's estimate. The lender's total income for the reporting quarter was INR 167.41 billion, up over 4% on year.
Axis Bank's net profit for the December quarter rose nearly 3% on year to INR 64.90 billion, beating analysts' estimate by a wide margin. But pressure on the bank's margins capped on-year growth in its bottom line at 3%.
US indices closed higher Monday, with the S&P 500 index and the Nasdaq Composite ending with gains for the fourth straight session. The indices closed higher ahead of the quarterly earnings of major information technology companies Apple, Meta, Microsoft, and Tesla later this week, according to a Reuters report. Investors will also keenly watch out for the Federal Reserve's update on interest rate policy later this week. All Asian indices were higher in early trade Tuesday, with South Korea's KOSPI leading the gains. (Arundathi A R)
Equity Alert: Nuvama upgrades Axis Bank to 'buy', ups target price by 27%,
MUMBAI--0830 IST--Nuvama has raised the target price on the stock of Axis Bank by 27% to INR 1,500 from INR 1,180 along with an upgrade in the recommendation to 'buy' from 'hold'. The brokerage said the sequential growth in the pre-provision operating profit and net interest margin was the highest among its peers for the December quarter.
The bank reported a net profit of INR 64.9 billion for the reporting quarter, up 28% on quarter and beat analysts' view of INR 60 billion. The total income rose 2% on quarter to INR 385 billion. The net interest margin slipped to 3.64% from 3.93% in the previous quarter.
"Axis has outperformed peers on deposit/loan growth over two quarters," Nuvama said. Loans grew better than expected at 4% sequentially and 14% on year, driven by corporate and small and medium enterprises, the brokerage said. The retail segment continued to lag at 1% sequentially. Within the corporate segment, fund-based exposure to power and infrastructure grew sharply, Nuvama added.
Net interest margin fell 9 basis points on quarter due to a higher share of corporate, an earlier rate cut, and lower current accounts and savings accounts, according to Nuvama. The brokerage expects the net interest margin to fall in the March quarter and the pace of decline to be much lower. The bank has been providing for new labour codes since the third quarter in 2020-21 (Apr-Mar) and due to this, the catch-up in provision in the March quarter was at INR 254 million, which is lower than its peers, Nuvama said. The bank already has a cumulative provision of INR 4.3 billion. The staff cost of Axis Bank fell 11% sequentially and 7% on year due to a reduction in headcount and better productivity, the brokerage said.
Friday, shares of Axis Bank ended nearly 3% lower at INR 1,258 on the National Stock Exchange. The bank announced its December quarter results on Monday when the Indian equity indices were closed on account of Republic Day. (Adhithya Aji)
Equity Alert: Indices in Asia higher; KOSPI recovers after US tariff threats
MUMBAI--0824 IST--Equity indices in Asia were higher on Tuesday. South Korea's KOSPI index was trading higher after reversing losses amid threats by US President Donald Trump that he would raise tariffs on the country.
Trump Monday said he would increase tariffs on imported auto, pharmaceutical, and lumber products from South Korea to 25% from 15?cause of the latter's legislature delaying the approval of a trade deal reached between the two countries last summer, CNBC reported. Shares of Hyundai Motor Co. and Kia Corp. fell as much as 4% and 5%, respectively, according to the report. However, shares of the two companies seemed to have come off lows, with Hyundai Moto Corp and Kia Corp. trading around 1-2% lower.
Meanwhile, in Hong Kong, Eastroc Beverage has begun its initial public offering to raise $1.3 billion, the largest listing seen this year in Hong Kong that has already witnessed a dozen companies raise around $4.5 billion, a report by South China Morning Post said. In Japan, markets are prepared for more volatility in bonds as the risk of government intervention in currency markets and the swing in stock prices come amid the start of campaigning for snap elections, according to a report by Bloomberg. Every aspect of debates regarding government spending and tax relief is being dissected after anxiety over government spending provoked a meltdown in bonds, affecting investors, and also threatened to jack up the government's debt servicing bill, the report said.
Following are the levels of key Asian indices at 0820 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4724.95 |
0.38 |
|
Hang Seng Index |
27077.81 |
1.17 |
|
KOSPI |
5028.58 |
1.60 |
|
Nikkei 225 Day |
53017.71 |
0.25 |
|
TOPIX FIRST SECTION |
3555.32 |
0.08 |
|
FTSE Singapore Straits Times |
4906.96 |
0.95 |
|
S&P/ASX 200 Index |
8945.90 |
0.97 |
(Akshat Saksena)
Equity Alert: US indices end higher Mon; Nasdaq, S&P 500 up for 4th session
MUMBAI--0739 IST--Equity indices in the US ended higher on Monday, with the Nasdaq Composite index and the S&P 500 index closing higher for the fourth straight session. Indices in the country continue to monitor political developments as US President Donald Trump uses tariffs to further his geopolitical ambitions on the global stage.
Trump warned Canada that it would have to face 100% tariffs if the country enters into a trade deal with China. "If Canada makes a deal with China, it will immediately be hit with a 100% Tariff against all Canadian goods and products coming into the U.S.A.," he said in a Truth Social post, according to CNBC. Trump also implied that China would use Canada as a way to avoid paying import tariffs. "If Governor Carney thinks he is going to make Canada a 'Drop Off Port' for China to send goods and products into the United States, he is sorely mistaken," he was reported as saying. In response, Canadian Prime Minister Mark Carney said the country had no intention of signing a trade deal with Bejing.
Shares of Intel Corp. ended nearly 6% lower despite beating expectations for the quarter as the company gave a softer guidance for the current quarter. Intel's Finance Chief David Zinsner said the company's soft guidance was partially because the company lacked the supply it needs for seasonal demand, which is likely to improve in the next quarter, according to CNBC. Shares of Jet Blue ended nearly 4% lower amid mass disruptions in flights due to a winter storm in the country, Reuters reported.
Shares of GEO Group and Core Civic, prison operators that have contracts with the US Immigration and Customs Enforcement, fell sharply as US Senate Democrats said they would oppose a funding bill for the Department of Homeland Security. This comes as a fatal shooting of 37-year-old nurse, Alex Pretti, in Minneapolis has escalated a public backlash against Trump's approach towards immigration, Reuters said.
Investors will monitor the US Federal Reserve Bank's meeting, which starts on Tuesday. There's a 96.1% probability of the US central bank keeping interest rates unchanged, according to CME FedWatch. Investors will await cues on the future rate path of the US Federal Reserve. Apple, Meta Platforms, Microsoft, and Tesla are expected to announce their quarterly results later in the week, setting up the test for the rally seen by shares of artifical intelligence companies, Reuters said.
Following are the closing levels of US indices Monday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6950.23 |
0.5 |
|
NASDAQ Composite |
23601.36 |
0.43 |
|
Dow Jones Industrial Average |
49412.40 |
0.64 |
(Akshat Saksena)
US$1 = INR 91.84
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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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