Equity Alert
Metal cos dn on profit booking; analysts expect resilient demand
This story was originally published at 11:21 IST on 30 January 2026
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Equity Alert: Metal cos dn on profit booking; analysts see resilient demand
MUMBAI--1105 IST--Stock of companies involved in industrial and precious metal production traded lower Friday after investors booked profit at higher levels. While the decline in rates of these metals may signal a technical correction, fundamental reasons for these metals outperforming in the near term remain intact, analysts said. The tussle between the US Federal Reserve chair and the US president over interest rate trajectory going forward may have prompted a pause in the rally of metal prices, but persistent supply concern and weakness in the US dollar will support a rise in the near term, according to analysts.
The March contract of silver traded almost 4% lower at INR 383,648 per kilogram and April futures contracts of gold were down over 1% to INR 180,499 per 10 grams on the Multi Commodity Exchange. On Thursday, gold and silver futures had hit fresh record highs before facing a correction. Prices of silver surged past the INR 400,000 per kilogram mark, while those of gold rose above the INR 180,000 per 10 grams level. Some correction was seen after the US Federal Reserve Chair's statements did not give a clear indication of the next interest rate cut and as investors grew cautious ahead of the week-long holiday in the Shanghai Stock Exchange from Feb. 17 for the Lunar New Year holidays, according to Manoj Jain, director of Prithvi Finmart.
The replacement of the Fed Chair picked by Trump is expected to deliver quick interest rate cuts, which will be a positive for commodity markets globally, Jain said. The analyst sees a positive outlook for industrial metals, as consumption demand for these metals continues to rise on the back of capital expenditure plans of private and government actors globally, the analyst added. Jain expects clear outperformance by copper and silver
At 1103 IST, JSW Steel, Tata Steel, Hindalco Industries were down 2-5%, compared to the Nifty 50 which was down 0.4%. Steel Authority Of India, Jindal Steel, and National Aluminium Co. were down 4-7%. Shares of Hindustan Zinc and its parent company Vedanta traded over 7% lower each. (Eshitva Prakash)
Equity Alert: Indices further dn as metal, IT stocks weigh; ICICI Bank dn 1%
MUMBAI--1036 IST--Indices declined Friday as the fall in shares of metal and information technology companies continued to weigh. The index heavyweight stock ICICI Bank fell sharply, as also stocks of Infosys and Hindalco Industries, which dragged down the Nifty 50. At 1030 IST, the Nifty 50 was at 25275.20 points, down 143.70 points or 0.6% and the BSE Sensex was at 82161.19 points, down 405.18 points or 0.5%. The shares of ICICI Bank were down over 1%.
Apollo Hospitals Enterprise rose over 2% to be the top gainer in the 50 stock index. Shares of fast-moving consumer goods companies, ITC, Nestle India, and Tata Consumer Products were the top gainers in the index, up 1?ch. ITC rose even after the company's net profit fell 10% on year to INR 50.89 billion. A one-time cost of INR 2.74 billion pertaining to the new labour codes impacted the bottom line of the company. However, brokerages were positive on ITC as other segments posted better than expected revenue growth.
Metals majors Tata Steel and Hindalco Industries were the worst hit among the Nifty 50 constituents, down nearly 5% and nearly 6%, respectively. Information technology stocks continued to be in the red with Infosys, HCL Technologies, Wipro, Tata Consultancy Services, and Tech Mahindra down 1-2%. Among individual stocks, Coal India was down over 3% and Oil and Natural Gas Corp. was down nearly 2%.
Nifty Metal was the worst hit among the sectoral indices, down nearly 5%. The losses in the index were led by National Aluminium Co., which fell nearly 9%. The stock was the worst hit in both the Nifty 200 and Nifty 500 indices. In contrast, Nifty Consumer Durables was the top gainer, up over 1%.
Vodafone Idea was the top gainer in both the Nifty 200 and Nifty 500 indices, rising nearly 12%. Dixon Technologies was among the top gainers in the index, up over 4%. The stock rose after the company reported a consolidated net profit of INR 2.87 billion which was higher than the analysts' view of INR 2.01 billion.
Syrma SGS Technology was among the top gainers in the Nifty 500 index, up over 6%. The stock rose after the company's December quarter consolidated net profit doubled on year to INR 1.03 billion. (Adhithya Aji)
Equity Alert: Swiggy dn 8?ter co's net loss widens, brokerages trim target
MUMBAI--1000 IST--Shares of Swiggy fell nearly 8% to an over eight-month low of INR 302.15 on the NSE after the company's net loss for the December quarter widened to INR 10.65 billion, more than analyst estimates and higher than the INR-7.99-billion loss reported in the year ago quarter. Several brokerages have lowered their target price on the company, saying its Instamart business was likely to face further pressure on its margins as competition in the quick-commerce sector continued to mount. However, brokerages added that the company was well-funded and its food-delivery business showed promising growth.
The company's consolidated revenue for the quarter grew nearly 54% on year to INR 61.48 billion, primarily on the back of gross order value growth in its food delivery business. The company's food delivery gross order value was at INR 89.50 billion, up 20.5% on year, surpassing most estimates on the Street. However, the near-term growth for the company's quick commerce platform, Instamart, could be lower due to aggressive competition, Motilal Oswal Financial Services said. Steady improvements in average order value, dark store throughput, and stable food delivery growth could help the company compete with its peers, the brokerage said.
Nuvama Institutional Equities said it has cut quick-commerce growth estimates for the company as Swiggy's management was prioritising higher quality user acquisition and higher average order values. The brokerage has reduced its earnings before interest, tax, depreciation, and amortisation by 3.1% for 2025-26 (Apr-Mar) due to heightened competition. The company's net losses were limited by higher other income due to an increased cash balance from the qualified investor placement and the Rapido stake sale, the brokerage said. Nuvama has slightly reduced its target on the company to INR 490 from INR 510, but maintained its 'buy' rating.
Nomura has also trimmed its target price on the stock to INR 546 from INR 560 earlier, but maintained 'buy' rating. "We think Swiggy needs to improve its execution toward profitability in the quick-commerce business for the stock to do well from here," Nuvama said. The brokerage sees a risk of heightened competition in the quick-commerce business delaying break-even beyond FY27 for Instamart. (Eshitva Prakash)
Equity Alert: Indices open lower tracking global cues; metal, IT stocks down
MUMBAI--0952 IST--Domestic benchmark indices opened lower tracking global cues, with both the US indices ending lower and Asian indices opening lower. Metal and information technology companies contributed to the losses in the indices. The Nifty 50 index was dragged down by losses in stocks of Infosys and Hindalco Industries.
At 0950 IST, the Nifty 50 was at 25302.10 points, down 116.80 points or 0.5%, and the BSE Sensex was at 82215.79 points, down 350.58 points or 0.4%.
Nestle India was the top gainer in the Nifty 50 index, up over 2% ahead of its December quarter results later in the day. Followed by Tata Consumer Products, ITC, and Hindustan Unilever, which rose around 1?ch. Apollo Hospitals Enterprises, Asian Paints, and Dr.Reddy's Laboratories rose around 1% and were other gainers in the index.
The metal stocks--Tata Steel, Hindalco Industries, and JSW Steel--were the worst hit in the 50-stock index, down 2-3%. Information technology companies, HCL Technologies, Infosys, Wipro, Techh Mahindra, and Tata Consultancy Services were down 1-2%. Shares of Coal India, Oil and Narural Gas Corp., SBI LIfe Insurance Co, and NTPC were other worst hit stocks, down 1-2%.
Most of the metals stocks fell, with National Aluminium Co, Hindustan Copper, Hindustan Zinc, and Vedanta down 5-8%. These stocks were among the worst hit in the Nifty 200 index. National Aluminium Co. was the worst hit in the Nifty 200 and Nifty 500 indices, down nearly 8%.
Shares of Swiggy were among the worst hit in both the Nifty 200 and Nifty 500, down over 7%. The stock of the quick commerce major fell after it reported a consolidated net loss of INR 10.65 billion against a net loss of INR 7.99 billion in the year ago quarter. The analysts' estimate for net loss was at INR 10.23 billion.
Shares of Vedanta fell nearly 6?ter the company reported a consolidated net profit of INR 57.10 billion, which was below the analysts' view of INR 58.54 billion. The company's subsidiary, Hindustan Zinc, was down nearly 5%.
Vodafone Idea was the top gainer in the Nifty 200 index, up over 5%, and Syrma Sgs Technology was the top gainer in the Nifty 500 index, up nearly 9%.
Hindustan Copper, which hit an all-time high on Thursday, was among the worst hit in the Nifty 500 constituents. The stock was down nearly 6% and fell after four consecutive sessions. Deepak Fertilizers And Petrochemicals Corp. was among the worst hit stocks in the Nifty 500, down nearly 8%. The stock fell after the company reported a 43.6% on-year fall in its consolidated net profit to INR 1.41 billion. (Adhithya Aji)
Equity Alert: Indices seen in range before Budget; Oct-Dec earnings in focus
MUMBAI--0835 IST--Benchmark indices are expected to move in a range on Friday with a slight negative bias ahead of the Union Budget for 2026-27 (Apr-Mar). The Budget is scheduled on Sunday when the Indian equity market will be open for trading. While analysts do not see big room for major policy decisions in the Budget, a few public sector and defence stocks may see a rally on hopes of a positive surprise in government expenditure, analysts said. Investors await the earnings of NTPC, Power Grid Corp. of India, Bajaj Auto, and Nestle India on Friday.
The Gift Nifty contract suggests a subdued open for the Nifty 50 index Friday, with analysts expecting some volatility ahead of the Budget. At 0820 IST, the GIFT Nifty's February contract was at 25376 points, over 38 points lower than the Nifty 50's close of 25418.90 points on Thursday. The BSE Sensex closed at 82566.37 points, up 221.69 points or 0.3%. The Nifty 50 is seen facing immediate resistance at 25500 points and finding support at 25200 points Friday, according to technical analysts.
ITC's net profit fell nearly 10% on year to INR 50.9 billion, marginally below Street estimates. Nuvama Institutional Equities has cut its target price on the stock by 12% to INR 365 as the sharp hike in cigarette taxes effective from February remains an overhang for the company's earnings going forward. Sharp hikes in cigarette tax incidence will pose a risk of boosting illicit trade and hurt volume and revenue, the brokerage said. Prabhudas Lilladher has retained a 'reduce' rating, while reducing its target on ITC by nearly 10%. However, the company's fast-moving consumer goods sales were supported by strong demand following the goods and services tax rate cuts, with biscuits and noodles showing robust traction, the brokerage said.
TVS Motor Co. reported a net profit of INR 9.40 billion for the December quarter, up just over 52% on year, lower than analysts' estimate of INR 10.25 billion. However, brokerage SMIFS Ltd. has upgraded its recommendation on the stock to 'buy' and raised its target price by nearly 14% to INR 4,273 per share on improving demand and better product mix expectations.
Overnight, the S&P 500 and the Nasdaq Composite closed lower, weighed down by a 10?ll in Microsoft after the software company's cloud revenue failed to meet expectations. US President Donald Trump Thursday said that he would be naming his pick for the new Federal Reserve Chair on Friday, according to a CNBC report. Barring South Korea's KOSPI, all other Asian indices were lower in early trade. (Eshitva Prakash)
Equity Alert: Asian indices lower; KOSPI hits fresh high before falling
MUMBAI--0825 IST--Equity indices in Asia were largely lower. South Korea's KOSPI index rose to a fresh high, before falling. Investors will analyse data from South Korea and Japan, along with comments by US President Donald Trump over the next US Federal Reserve chair.
Core inflation in Japan slowed to a 15-month low in January due to gasoline subsidies and mitigating pressure on food prices, Reuters reported. However, removing the effect of fresh food and fuel prices, the country's inflation stayed above the Bank of Japan's target of 2%. This was an indication that the economy has continued to make progress. The data highlights the central bank's forecast that core inflation will briefly slide below its 2% target as the hike in food prices fizzles out, before speeding up again as a steady rise in wages strengthens purchasing power, Reuters said. The country's core price index rose 2% on year in January, below expectations of a 2.2% rise. Inflation slowed from 2.3% in December, with the slowdown largely attributed to the high base previous year due to the sharp rise in food prices along with the effect of the gasoline subsidies currently.
In South Korea, data from the Ministry of Data and Statistics showed annual production in 2025 rose only 0.5% due to sluggish domestic demand. This was the slowest growth rate in five years, The Chosun Daily reported. This was despite stimulating measures such as the distribution of consumption coupons worth 13 trillion Korean won or $9.03 billion, the report said. Manufacturing production rose 1.7% on year, led by a growth of 13.2% in semiconductor manufacturing and 9.5% growth in electronic communication.
Investors in the region are set to monitor events regarding the successor to US Federal Reserve Chair Jerome Powell. US President Donald Trump said he would pick a name this Friday to replace Powell, according to CNBC. The process began in September with 11 candidates, which have now boiled down to four. Former Federal Governor Kevin Warsh, National Economic Council Director Kevin Hassett, Fed Governor Cristopher Waller, and BlackRock chief investment officer for fixed income Rick Rieder are the final four candidates.
Following are the levels of key Asian indices at 0824 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4675.89 |
(-)1.64 |
|
Hang Seng Index |
27515.58 |
(-)1.62 |
|
KOSPI |
5209.02 |
(-)0.23 |
|
Nikkei 225 Day |
52923.12 |
(-)0.85 |
|
TOPIX FIRST SECTION |
3536.26 |
(-)0.25 |
|
FTSE Singapore Straits Times |
4915.38 |
(-)0.30 |
|
S&P/ASX 200 Index |
8876.30 |
(-)0.57 |
| IDX Composite | 8281.26 | 0.60 |
(Akshat Saksena)
Equity Alert: Most US indices end lower Thursday; S&P 500 extends losses
MUMBAI--0731 IST--Major US equity indices, barring the Dow Jones Industrial Average, ended lower on Thursday. The S&P 500 index posted losses for the second straight session. This comes amid the market's concerns about the fruition of the hefty spending of technology companies on artificial intelligence. Apple announced its earnings after market hours.
While indices came off lows during the session, they were still weighed down by the tech sector, Reuters reported. Shares of Microsoft fell nearly 10?ter the company's cloud revenue failed to impress investors and fuelled concerns that the company's hefty spending for its OpenAI alliance were not reaping returns quick enough. Shares of US-listed SAP fell over 15?ter the company's cautious outlook raised concerns over its cloud business as well. Shares of ServiceNow also fell nearly 10?ter the company's quarterly earnings.
"Microsoft disappointed and there are some genuine concerns that AI investments will eat the software companies' lunches," John Praveen, managing director and co-CIO, Paleo Leon in Princeton, New Jersey, was quoted as saying by Reuters. Stocks such as ServiceNow and Sales Force were affected as investors were concerned about whether AI could disrupt their business a little bit, Jay Hatfield, chief executive officer and chief information officer of Infrastructure Capital Advisors in New York, was reported as saying. Shares of Sales Force fell over 6%.
Apple's revenue of $143.76 billion beat the estimate of $138.48 billion by LSEG, CNBC reported. "(Tim) Cook said Apple now has an active base of 2.5 billion iPhones, Macs and other Apple devices, up from 2.35 billion announced in January last year. That number is closely watched because it points to the addressable market for Apple services, as well as for software on the company's platforms," CNBC said. Shares of Apple ended nearly 1% higher.
Investors are trying to reduce their exposure to stocks in an attempt to play it safe given the broader uncertainties over the next Federal Reserve chair, the possibility of a US government shutdown, and the government's stance towards Iran and Greenland, Praveen said. However, US President Donald Trump Thursday endorsed a spending deal negotiated by the country's senate Republicans and Democrats that could prevent a government shutdown, Reuters reported. However, matters are still unclear about whether the House of Representatives will agree to the deal and when they could take up the measure, as they are still on a scheduled break, which makes it difficult to get them to Washington before Monday. This could possibly lead to swaths of the federal government to shut down briefly over the weekend, Reuters said.
Shares of Tesla fell over 3% after the company announced it plans to more than double its capital expenditure plans to a record level, Reuters reported. Shares of IBM rose 5?ter its fourth quarter earnings beat estimates. Caterpillar and MasterCard were also higher after their earnings, with the latter claiming it would lay off 4% of its global workforce to refocus its investments in other areas. Shares of Caterpillar were up over 3% and those of MasterCard were up over 4%. Shares of Lockheed Martin rose over 4% as its earnings forecast for 2026 was higher than expectations.
Following are the closing levels of US indices Thursday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6969.01 |
(-)0.13 |
|
NASDAQ Composite |
23685.12 |
(-)0.72 |
|
Dow Jones Industrial Average |
49071.56 |
0.11 |
(Akshat Saksena)
US$1 = INR 91.95
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
All prices from National Stock Exchange, unless otherwise specified.
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