Equity Alert
Aurobindo Pharma up 6%, govt to restrict free Penicillin import
This story was originally published at 13:34 IST on 30 January 2026
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Equity Alert:Aurobindo Pharma up 6%, govt to restrict free Penicillin import
MUMBAI--1258 IST--Shares of Aurobindo Pharma rose nearly 6% to an intraday high of INR 1,214.70 after the government's new import restrictions on Penicillin G, 6-APA, and Amoxicillin came into effect. These could provide a significant opportunity for the company, brokerages said. The stock has risen for three consecutive sessions, gaining nearly 8% during the period.
The government has shifted Penicillin G, 6-APA and Amoxicillin to the restricted import category if imported at prices below prescribed requirements. The measure is set to take effect immediately and will be in place till January 2027. The minimum import prices have been fixed at INR 2,216 per kilogram, or $24, for Penicillin G, INR 2,733 or $30 for Amoxicillin, and INR 3,405 per kg or $37.01 for 6-APA, according to a report from ICICI Direct Research. The minimum import price for Penicilin at $24 offers a significant advantage to the company. According to estimates from the brokerage, the company will achieve break-even with Penicilin prices at $17 per kg. The company has earmarked 6,000 tonnes of its 15,000-tonne capacity of Penicilin G for merchant sales. The brokerage awaits for more clarity on the matter from management but said it could be a significant opportunity at face value.
At 1250 IST, shares of Aurobindo Pharma traded over 3% higher at INR 1,187.50. Nearly 5 million shares of the company traded on the bourse during the session, over 18 times higher than the number of shares traded till the same time Thursday. (Akshat Saksena)
Equity Alert: Telecom stocks surge; Vodafone Idea up over 11%
MUMBAI--1250 IST--Shares of most telecom companies rose with Vodafone Idea gaining more than 11%, the most among these companies. The stock has continued to rise after the company Tuesday, after market hours, reported a narrower net loss on year at INR 52.86 billion for the December quarter, compared to INR 66.09 billion loss in the year-ago quarter. The company has lined up a capital expenditure plan worth INR 450 billion for the next three years, Chief Executive Officer Abhijit Kishore said. Of this planned investment, INR 250 billion will be funded through debt from banks and INR 100 billion will be a non-funded facility.
Global brokerage Citi said the adjusted gross revenue relief has strengthened Vodafone Idea's ability to pursue an aggressive three-year investment and growth strategy, CNBC TV-18 reported, citing the brokerage. Citi said that the relief, which provides material cash flow support for the next 10 years, along with the ongoing reassessment of AGR dues, should accelerate the raising of the company's planned INR 250 billion debt. CLSA, has maintained an 'Outperform' rating on Vodafone Idea, but cut its target price to INR 11 from INR 12, according to media reports.
Indus Towers which is the infrastructure provider to Vodafone Idea, traded almost 1% higher.
Among other telecommunication operators, Mahanagar Telephone Nigam shares were up over 12% and Tata Teleservices (Maharashtra) advanced almost 10%. Sterlite Technologies and Tata Communications traded 4% and 7% higher, respectively. Meanwhile, shares of telecommunication major Bharti Airtel were down 0.3% and those of ADC India Communications and ITI traded marginally lower. (Eshitva Prakash)
Equity Alert: Indices remain in the red; metal, IT cos laggards
MUMBAI--1223 IST--Indices remained lower as metals and information technology companies continued to contribute to the losses. Index heavyweight ICICI Bank fell more, adding to the pressure on the Nifty 50 index. At 1222 IST, the Nifty 50 was at 25293.30 points, down 125.60 points or 0.5%, and the BSE Sensex was at 82184.14 points, down 382.23 points or 0.5%. ICICI Bank was down nearly 2%.
Apollo Hospitals Enterprise, Tata Consumer Products, and Nestle India continued to be the top gainers in the Nifty 50 index, up around 2?ch. These were followed by Bharat Electronics, State Bank of India and Dr. Reddy's Laboratories, which rose nearly 1?ch. Hinalco Industries and Tata Steel were the worst hit in the index, down nearly 6% and over 5%, respectively. Shares of Maruti Suzuki India, Trent, Kotak Mahindra Bank, and Power Grid Corp. of India gave up early gains and slipped into the red, down 1-2%.
Automobile stocks Maruto Suzuki India and Tata Motors Passenger Vehicles were down 0.4 and nearly 1%, respectively. Information technology stocks extended losses, with Infosys down nearly 2%. Its peers HCL Technologies, Tech Mahindra, Wipro, and Tata Consultancy Services were down around 1?ch.
Metal stocks continued to be in the red. National Aluminium Co., Hindustan Copper, Hindustan Zinc, and Vedanta fell 8-9%. These companies were the worst hit in the Nifty 200 index. The Nifty Metal was the worst hit among sectoral indices, down nearly 5%, followed by the Nifty IT, which fell over 1%.
Nifty small-caps were up around 0.3-1%. Gains in the shares of Amber Enterprises, which rose nearly 4%, helped keep the Nifty Smallcap 100 and Nifty Smallcap 250 in the green.
Vodafone Idea was the top gainer in both the Nifty 200 and Nifty 500 indices, up nearly 12%. Bajaj Housing Finance rose sharply after hitting an all-time low of INR 87.32. The stock is up over 4% and is among the top gainers in the Nifty 200 index. (Adhithya Aji)
Equity Alert: Nifty Metal down 4%; Vedanta falls 7?ter Q3 results
MUMBAI--1210 IST--Shares of metal companies fell during the session Friday, dragging the Nifty Metal index 4% lower to be the worst performing sectoral index. This comes after closing higher for three consecutive sessions during which it gained nearly 9%. The sectoral index fell nearly 5% to an intraday low of 11852.75 points during the session. At 1127 IST, Nifty Metal index was at 11966.30 points.
Most of the constituents of the sectoral index were trading lower. While Welspun Corp., Adani Enterprises, and APL Apollo Tubes rose 0.4-1.0%, National Aluminium Co., Hindustan Copper, Hindustan Zinc, and Vedanta were the worst performers, down 7-8%. The sell-off was followed by a sharp fall in prices of precious metals. Silver prices fell 6% due to a strong US Dollar burdening sentiment. The greenback rose during the session after US President Donald Trump and the Democrats came to an agreement to avoid a partial government shutdown, and the US Federal Reserve left interest rates unchanged.
Shares of Vedanta were among the worst hit during the session after rising for six consecutive sessions. The company reported its earnings for the December quarter after market hours Thursday. The company's net profit rose 61% on year to INR 57.10 billion but was below analysts' estimates of INR 58.54 billion. The company's revenue, including discontinued operations, rose 19% on year to INR 458.99 billion, surpassing estimations of INR 434.80 billion. The net profit after tax from discontinued operations for the quarter was INR 41.35 billion, up 44.4% on year.
The company posted a rise in its earnings for the quarter largely on the back of higher metal prices, a depreciating rupee, and growth in its volumes, according to brokerages. The company reported de-consolidated numbers as the company's management is positive that the demerger will be completed, ICICI Direct Research said. Aluminium, zinc, and silver, which make up 80% of the company's earnings before interest, tax, depreciation, and amortisation, are likely to see moderate volume growth over the next couple of years, with aluminium expected to benefit from backward integration as well. Aluminium is expected to have the brightest outlook due to supply constraints owing to rising demand in sectors such as electric vehicles and the energy segment. However, the sharp rise in aluminium and silver prices over the last nine months keeps the brokerage cautious on possibility of further hikes in the future. The brokerage raised its target price on the stock to INR 850 from INR 590 but downgraded it to 'add' from its 'buy' recommendation.
Motilal Oswal Financial Services said the company's capital expenditure plans are progressing well and are expected to lead to further cost savings. The management is targeting to maintain strong earnings, which will be driven by the capacity addition that will help the company produce higher value added products. The brokerage raised the target price on the stock to INR 810 from INR 540. Emkay Global Financial Services raised its target price on the stock by 21% to INR 850. "We continue to believe that if there was ever a better time in the past decade to own exposure to industrial metals, it is now," the brokerage said. Nuvama Institutional Equities has raised the company's target price to INR 899 from INR 806 and raised its 2026-27 and FY28 EBITDA estimates by 4% to factor in higher aluminium prices. At 1130 IST, shares of Vedanta were trading 7% lower at INR 712.20 on NSE. Over 27 million shares of the company have been traded on the bourse so far during the session, higher than nearly 16 million shares traded till the same time Thursday. (Akshat Saksena)
Equity Alert: NTPC, Bajaj Auto, Power Grid down over 1% ahead of Q3 results
MUMBAI--1205 IST--Shares of NTPC, Bajaj Auto, and Power Grid Corp. of India fell nearly 1% ahead of their December quarter earnings due later in the day. Shares of Nestle India were up nearly 2% ahead of its Oct-Dec earnings.
NTPC is likely to post a modest on-year rise in both its bottom line and top line for the December quarter due to low capacity addition and weak power demand. The company is expected to report a net profit of over INR 49 billion for the reporting quarter, up over 4% on year. It is projected to report a revenue of INR 431 billion, up over 4% on year.
At 1155 IST, shares of NTPC were nearly 1% lower at INR 355.15 on NSE. So far, over 6 million shares of the company have changed hands on the exchange, lower than over 9 million shares traded till the same time Thursday. Of the six brokerage reports available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 414 and the remaining one has a 'hold' recommendation.
Bajaj Auto's top line and bottom line are expected to get a boost in the December quarter from higher exports, a weaker rupee, and increased sales of motorcycles with an engine capacity of over 125 cubic centimetres. The company's net profit for the latest quarter is expected to grow 25% on year to INR 26.33 billion and revenue is seen at a five-quarter high of 20% year-on-year to INR 154.20 billion.
At 1111 IST, shares of Bajaj Auto were marginally lower at INR 9,471.50 on NSE. So far, nearly 40,000 shares of the company have changed hands on the exchange, lower than over 130,000 shares traded till the same time Thursday.
Of the 13 brokerage reports available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 10,148 and the remaining six have a 'hold' recommendation with an average target price of INR 9,558.
Power Grid Corp. of India is expected to post an on-year rise in its top line for Oct-Dec on the back of better telecom and consulting revenues. Its bottom line growth is expected to be low due to relatively weaker asset capitalisation. The company is likely to post a nearly 4% on-year fall in its net profit to INR 38 billion for the December quarter. Power Grid's revenue for the reporting quarter is expected to be around INR 111 billion, which would translate to a growth of nearly 10% on year.
At 1111 IST, shares of Power Grid were over 1% lower at INR 257.15 on NSE. So far, almost 5 million shares of the company have changed hands on the exchange, lower than nearly 10 million shares traded till the same time Thursday.
Of the seven brokerage reports available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 342. Of the remaining two, one has a 'hold' and one has a 'sell' recommendation on the stock.
Nestle India's top line is projected to grow in low-double-digit on year on the back of higher domestic volumes, supported by the reduction in the goods and services tax, coupled with higher exports. The company's bottom line for the December quarter is expected to rise around 6% on year to INR 7.36 billion. It is likely to report revenues of INR 52.77 billion, up over 10% on year.
At 1111 IST, shares of Nestle India were over 1% higher at INR 1,302.10 on NSE. So far, over 939,000 shares of the company have changed hands on the exchange, higher than over 308,000 shares traded till the same time Thursday.
Of the 13 brokerage reports available with Informist on the company, four have a 'buy' recommendation with an average target price of INR 1,449. Five have a 'hold' recommendation with an average target price of INR 1,334 and four have a 'sell' recommendation with an average target price of INR 1,266. (Arundathi A R)
Equity Alert: South Indian Bank down after MD, CEO says no to re-appointment
MUMBAI--1148 IST--Shares of South Indian Bank fell sharply Friday to an over-three-month low of INR 36.03 after the bank's board considered the request of P.R. Seshadri, the managing director and chief executive officer, not to offer him for re-appointment. The stock plunged nearly 19% in early trade Friday and at 1143 IST, it was down 13.3% at INR 38.36. The stock is down for the third consecutive session Friday, falling over 20%.
His request for not reappointing him as MD and CEO post completion of his current term is to pursue activities of his personal interest. Seshadri will continue to be the MD and CEO till Sept. 30, according to the press release by the company late Thursday. At the meeting, the board further decided to take the necessary steps to identify a successor for the position, including obtaining approval from the Reserve Bank of India and shareholders of the bank.
ICICI Direct Research and ICICI Securities have a 'buy' rating on the stock with a target price of INR 52 and INR 53, respectively. These price targets imply an 18-19% upside potential to the stock's previous closing price. At 1143 IST, around 136 million shares of the company changed hands on the NSE, sharply higher than the over 9 million shares traded till the same period Thursday. (Simran Rede)
Equity Alert: Glenmark Pharma rises ahead of Oct-Dec earnings
HYDERABAD--1125 IST--Shares of Glenmark Pharmaceuticals traded almost 1% higher at INR 1,999.30, ahead of its December quarter earnings, which are due later in the day. ICICI Securities Ltd. expects Glenmark Pharma to report a consolidated net profit of INR 5.1 billion for the December quarter, on a revenue of INR 37.1 billion. In the December quarter last year, the company reported a net profit of INR 3.5 billion on revenue of INR 33.9 billion.
Motilal Oswal Financial Services projects the company's net profit at INR 5.3 billion on a revenue of INR 37.70 billion for the quarter. The two brokerages expect the company's earnings before interest, tax, depreciation, and amortisation for the quarter in the range of INR 6.5 billion to INR 8.5 billion.
The domestic formulation business is expected to grow 8.5% on year led by products such as Tevimbra, Brukinsa and Jabra, according to Motilal Oswal. Glenmark's December quarter performance is expected to be driven by the cardiac, respiratory, and diabetes portfolio, but discontinuation of low-margin brands may impact on sales for the quarter, the brokerage said.
The company's US sales are expected to rise 4.1% on year and price erosion in the base portfolio is likely to impact US sales, according to Motilal Oswal. The brokerage expects Glenmark Pharma to report 15% on-year sales growth in Europe, led by traction in specific products. (Narayana Krishna)
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 91.90
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.
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