Equity Alert
Asian indices higher; Nikkei ends down on weakness in tech cos
This story was originally published at 15:16 IST on 4 February 2026
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Equity Alert: Asian indices higher; Nikkei ends down on weakness in tech cos
MUMBAI--1445 IST--Most equity indices in Asia were higher, barring the Nikkei 225 index as technology stocks tracked losses on Wall Street. Japan's broader market index was also trading higher, albeit slightly. The KOSPI led the gains, hitting a fresh high during the session after a voltaile couple of sessions.
Japan's Nikkei 225 index was weighed down by weakness in tech stocks, CNBC reported. Shares of chip equipment maker Lasertec Corp. fell over 7%, those of Konami Group fell over 8%, and shares of Tokyo Electron were down over 2%. Shares of Nintendo were nearly 11% lower as investors were concerned about potential obstacles the company might have to face, such as whether it would be impacted by the surge in memory chip prices. Concerns about the software industry due to the possible disruption from artificial intelligence seeped through to Asia from their US peers, CNBC reported. Japanese software firm TIS fell nearly 16% and shares of Trend Micro fell over 7%.
China's CSI software services index fell 3% along with tech giants listed on the Hang Seng, which fell nearly 2%, Reuters reported. Japanese stocks such as Dentsu and Nomura Research Institute fell nearly 7% and 8%, respectively. "While shares of some related companies slid in Asia, the overall selling pressure was less acute, given the region's historical dominance in hardware manufacturing," Reuters said. The tech-laden KOSPI was spared the weakness, ending higher for the session.
Following are the levels of key Asian indices at 1435 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4698.68 |
0.83 |
|
Hang Seng Index |
26847.32 |
0.05 |
|
KOSPI |
5371.10 |
1.57 |
|
Nikkei 225 Day |
54293.36 |
(-)0.78 |
|
TOPIX FIRST SECTION |
3655.58 |
0.27 |
|
FTSE Singapore Straits Times |
4955.71 |
0.24 |
|
S&P/ASX 200 Index |
8927.80 |
0.80 |
| IDX Composite | 8144.77 | 0.27 |
(Akshat Saksena)
Equity Alert: Lloyds Metals up 14%; co sees three-time YoY jump in Q3 PAT
MUMBAI--1440 IST--Shares of Lloyds Metals and Energy rose nearly 14% to hit the day's high of INR 1,328 after it posted a nearly three times jump in its consolidated net profit for the December quarter. The stock is up for the third straight session and gained nearly 24% during this period.
The company reported a consolidated net profit of INR 10.47 billion for the December quarter. Its total revenue from operations for the latest quarter jumped three times on a year-on-year basis to INR 50.58 billion.
At 1423 IST, shares of the company were trading over 10% higher at INR 1,290.50 on NSE. So far, nearly 5 million shares of the company have changed hands on the exchange, higher than nearly 347,000 shares traded till the same time Tuesday.
All the four brokerage reports available with Informist on the company have a 'buy' recommendation with an average target price of INR 1,590. (Arundathi A R)
Equity Alert: Adani Ports rises over 2%; Oct-Dec net profit rises 21% on year
MUMBAI--1329 IST--Shares of Adani Ports and Special Economic Zone rose over 2% to an intraday high of INR 1,565, the level last seen in August 2024. The company reported a net profit of INR 30.54 billion for the December quarter, up over 21% on year and down 2% sequentially, and missed analysts estimations of INR 32.66 billion. The company reported a rise of nearly 22% on year and nearly 6% on quarter for its top line at INR 97.05 billion.
Emkay Global Financial Services said the company delivered a strong quarter as growth momentum across its non-ports segments underpin its execution capabilities. The company's logistics and marine segments rose 91% and 62% on year, respectively. The company managed to largely maintain its profitability across segments, with its international ports witnessing a strong expansion by 900 basis points on year. The company offers strong cash flow visibility over the next four to five years as its operating cash flow to earnings before interest, tax, depreciation, and amortisation ratio is consistently above 85%, the brokerage said. The company's expansion in logistics and marine business will reduce its cyclicity to port volumes. Strong operating cash flow should help the company to further deleverage. The company expects revenue to register a compound annual growth rate of 20% and the same with its EBITDA, with its net profit expected to register a compound annual growth rate of 18% over 2024-25 (Apr-Mar) to FY28. This is due to the visible earnings traction, improving leverage and strong return ratios. The brokerage raised its FY27 and FY28 EBITDA by 6% and 7%, respectively, to account for the inclusion of the company's acquisition of NQXT. The brokerage retained its 'buy' recommendation with a target price of INR 1,900.
JM Financial also raised its EBITDA estimates for FY26 and FY27 by 5% and 10%, respectively, to account for the acquisition of NQXT as well as the rise in its business barring the acquisition. The brokerage is optimistic on the company due to reasonable valuation given its improving EBITDA track record as well as its EBITDA to operating cash flow ratio, which result in significant deleverage. The brokerage retained its 'buy' recommendation and raised its target price slightly to INR 1,800 from INR 1,795. Nuvama Institutional Equities retained its 'buy' recommendation on the stock and raised its target price to INR 1,930 from INR 1,900. The brokerage expects the company to report a compound annual growth rate of 20% for its revenue, 18% for its EBITDA, and 19% for it net profit. The company incorporated the acquisition of NQXT in its estimates. "APSEZ (Adani Ports and Special Economic Zone)--with a diversified port and cargo mix--is extremely well positioned to ride on India's long-term trade growth opportunity," the brokerage said.
At 1319 IST, shares of the company traded 1.5% higher at INR 1,554.40 on NSE. Over 4 million shares of the company traded on the bourse so far during the session, lower than over 9 million traded on the bourse till the same time Tuesday. All seven brokerage reports on the company available with Informist have a 'buy' recommendation with an average target price of INR 1,819. (Akshat Saksena)
Equity Alert: Adani Power hits 2-month high; stock gains 17% in 3 sessions
MUMBAI--1315 IST--Shares of Adani Power rose 8% to hit an over two-month high of INR 155. The stock was up for the third straight session and has gained nearly 17% during this period.
The trade deal with the US is expected to strengthen India's energy, nuclear power, and labour-intensive sectors for the government to meet the Viksit Bharat vision of 2047, Commerce Minister Piyush Goyal said in the Lok Sabha on Wednesday. The trade deal between India and the US concluded Monday after nearly a year of negotiations. The US has committed to cut tariffs on Indian goods to 18% from 50%, according to the trade deal.
At 1305 IST, shares of the company were over 7% higher at INR 153.85 on NSE. So far, nearly 45 million shares of the company have changed hands on the exchange, against nearly 40 million shares traded till the same time Tuesday.
All the four brokerage reports available with Informist on the company have a 'buy' recommendation with an average target price of INR 179. (Arundathi A R)
Equity Alert: Eternal rises 5%; Jefferies places stock in 'model' portfolio
MUMBAI--1255 IST--Eternal rose over 5% to an intraday high of INR 294.50 Wednesday. The stock extended gains for the third straight session, during which it rose 9%. On Tuesday, the stock briefly hit the 10% upper circuit after Jefferies added it to its India model portfolio, Moneycontrol reported.
Eternal will replace Godrej Consumer Products in the international brokerage's India 'model' portfolio, due to its strong growth and margin improvement across quick commerce and food delivery segments, it said.
The global brokerage sees a major boost to investor sentiment following the India-US trade deal, justifying the stock's placement in its 'model' portfolio. The trade deal addresses a key overhang for foreign investors and the $34 billion in foreign portfolio investment outflows over the past 16 months, the brokerage said. Improved trade visibility could support the rupee and act as a positive trigger for foreign fund flows, it said.
Of the 11 brokerage reports available with Informist on the company, 10 have a 'buy' recommendation on the stock with a target price of INR 377.40 and one brokerage has a 'sell' recommendation. (Eshitva Prakash)
Equity Alert: Indices choppy with IT cos major laggards; Infosys dn 8%
MUMBAI--1242 IST--Benchmark indices were choppy, swinging between gains and losses. Information technology companies extended their losses while index heavyweights such as Reliance Industries and ICICI Bank rose 1?ch, providing some support to the Nifty 50. At 1240 IST, the Nifty 50 was at 25739.65, up 12.10 points and the BSE Sensex was at 83682.71, down 56.42 points or 0.1%.
Eternal was up 5% and was the top gainer in the 50-stock index. The stock has risen sharply for two consecutive days after the stock was added to Jefferies' India Portfolio model. The stock saw a major boost in investor sentiment post India-US trade deal and that is why it found a place in the portfolio, Moneycontrol reported.
Oil and Natural Gas Corp. rose 4?ch, followed by shares of Trent, which rose nearly 3%. Trent will release its December quarter results later in the day. The company is expected to report consolidated net profit of INR 5.43 billion, up 16% on year, and revenue of INR 53.47 billion, up 18% on year, for the December quarter. Shares of Power Grid Corp. of India rose 3%.
Infosys was the worst hit in the Nifty 50 index, down over 8%. The stock hit a one-month low of INR 1,517.20. Shares of its peers Tata Consultancy Services, Tech Mahindra, HCL Technologies, and Wipro were down 4-8%. Shares of Infosys, Coforge, and LTIMindTree were the worst hit in the Nifty 200 index, down 7-8%. These companies were among the worst hit in the Nifty 500 as well.
Among the sectoral indices, Nifty Consumer Durables was the top performer, up over 2%. The gains in the stock of Dixon Technologies supported Nifty Consumer Durables. The stock of Dixon Technologies rose over 5% to be the top gainer in the Nifty 200 index. Nifty IT fell nearly 7% and was the major laggard.
Adani Power rose during the day to be the top gainer in the Nifty 200 index, up nearly 7% and Lloyds Metals and Energy was the top performer in the Nifty 500 index, up 9%. (Adhithya Aji)
Equity Alert: Anand Rathi ups Bajaj Finance rtg to 'buy' post Oct-Dec results
MUMBAI--1235 IST--Brokerage firm Anand Rathi Share and Stock Brokers upgraded its recommendation on Bajaj Finance to 'buy' after the company posted its December quarter earnings on Tuesday. The brokerage has also revised its target price to INR 1,130. Prabhudas Lilladher has maintained its 'buy' recommendation on the stock. The stock was up for the third straight session, and gained over 8% during this period.
The financial services company reported an over 6% on-year fall in its consolidated net profit for the December quarter at INR 39.78 billion. However, its total revenue from operations rose nearly 18% on year to INR 212.15 billion. The company's consolidated assets under management reported a 22% on-year rise in the December quarter at INR 4.86 trillion.
Anand Rathi has upgraded its recommendation and target price on the stock, considering its best-in-class execution skill, strong artificial intelligence platform combined with a sharp correction in the stock price, the brokerage said in its report. The brokerage also expects multiple product lines, strong AI implementation, and deepening penetration into rural markets to lead to 23% compounded annual growth in loans over 2024–25 (Apr-Mar) to FY28. It also projects a stable net interest margin of 12.6% over FY27 and FY28.
Prabhudas Lilladher maintained its 'buy' recommendation on Bajaj Finance on the back of a recovery in growth and credit cost outlook for 2026–27 (Apr-Mar). The brokerage expects the company's net interest margin for FY26 to remain stable, aided by a lower cost of borrowing. The brokerage has slightly tweaked its estimates to account for higher credit cost. "Post FY26E, we expect AUM (assets under management) to growth 24% in FY27E with a recovery in MSME (micro, small, and medium enterprises) and ramp-up in new business verticals," the brokerage said in its report.
At 1200 IST, shares of Bajaj Finance were marginally higher at INR 966.35 on NSE. So far, over 13 million shares of the company have changed hands on the exchange, more than over 8 million shares traded till the same time Tuesday.
Of the 11 brokerage recommendations available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR1,138. Of the remaining four, three have a 'hold' recommendation while one has a 'sell' recommendation on the stock. (Arundathi A R)
Equity Alert: ONGC, Oil India up on high crude rate; low risk to supply seen
MUMBAI--1210 IST--Shares of oil exploration companies gained sharply after Brent crude futures rose amid concerns of an escalation in US-Iran tensions, which may disrupt crude oil supply. Meanwhile, analysts have pointed out that while the commodity's prices may rise near-term, supply issues are unlikely to surface and push crude oil prices further.
US President Donald Trump has said that talks with Iran are continuing for the de-escalation of tensions in the Gulf, even after the US military said it shot down an Iranian drone that approached its aircraft carrier in the Arabian Sea, Al Jazeera reported. A group of Iranian gunboats also approached a US-flagged tanker in the Strait of Hormuz north of Oman, Business Standard reported. The Organization of the Petroleum Exporting Countries export most of their crude oil via the Strait.
The April contract of Brent Crude Oil futures rose nearly 1% to $67.77 per barrel on the Intercontinental Exchange on Wednesday. Shares of Oil and Natural Gas Corp. were nearly 4% higher and those of Oil India rose nearly 6%. However, "supply of crude oil is in a comfortable zone," said Sumit Pokharna, vice president of research at Kotak Securities, said. The analyst said that while adverse geopolitical scenarios could lift crude oil prices, he did not see a material rise in the prices of the commodity in the medium-term.
Global crude oil prices may witness a marginal uptick in the near term amid ongoing geopolitical and supply-side uncertainties, but the broader outlook for Brent crude remains largely range-bound, with limited scope for a sustained rally, Emkay Wealth Management said in a research report. "On the supply front, oil output from key producers such as Venezuela and Iran had normalised in recent months, with Iran's production reportedly touching pre-sanctions levels," the brokerage said. (Eshitva Prakash)
Equity Alert: Trent rises 3%, Bajaj Finserv falls 1% ahead of Q3 results
MUMBAI--1150 IST--Shares of Trent rose over 3% to an intraday high of INR 3,945 ahead of its December quarter earnings scheduled later in the day. The company is expected to report a net profit of INR 5.43 billion, up nearly 16% on year and over 20% on quarter. The Tata group company's revenue is expected to report a rise of nearly 18% on year and over 13% on quarter at INR 53.47 billion.
The company's top and bottom lines are expected to rise on the back of aggressive store additions across formats, even as weak same-store sales growth and cannibalisation pressures weighed on revenue and margins for the reporting quarter. The rise in Trent's net profit for the December quarter is led by operating leverage and cost efficiencies, partially offset by higher depreciation. On a sequential basis, the net profit is seen rising sharply due to a low base and contribution of sales from the festive season. Low demand, primarily in discretionary spending, weighed on the consumption for the quarter and affected the like-for-like growth across formats.
At 1139 IST, shares of Trent were trading nearly 3% higher at INR 3,923 on the National Stock Exchange. Over 390,000 shares of the company were traded on the bourse, higher than over 330,000 shares traded till the same time Tuesday. Out of seven brokerage reports on the company available with Informist, six have a 'buy' recommendation with an average target price of INR 5,356 and one has a 'hold' recommendation on the stock.
Shares of Bajaj Finserv fell over 1% to an intraday low of INR 1,985.10. The company is also scheduled to report its financial results for the December quarter later in the day. At 1146 IST, shares of the company were trading slightly lower at INR 2,009.10 on NSE. Over 379,000 shares of the company have been traded on the bourse so far during the session, lower than the nearly 639,000 shares traded till the same time Tuesday. Out of the six brokerage reports on the company available with Informist, four have a 'buy' recommendation with an average target price of INR 2,407 and two have a hold recommendation. (Akshat Saksena)
Equity Alert: Indices turn mixed as select stocks give up gains; RIL up 1%
MUMBAI--1104 IST--Benchmark indices turned mixed as select stocks gave up early gains. The Nifty 50 was off highs while BSE Sensex turned flat. The Nifty 50 was supported by the gains in the heavyweight stocks of Reliance Industries and ICICI Bank, which rose around 1?ch.
At 1102 IST, the Nifty 50 was at 25750.15 points, up 22.60 points, or 0.1% and the BSE Sensex was at 83720.55 points, down 18.58 points, or flat.
Oil and Natural Gas Corp. of India was the top gainer in the 50-stock index, up over 4%. Shares of Coal India, Power Grid Corp. of India, and NTPC rose 2?ch. Shares of InterGlobe Aviation, Tata Motors Passenger Vehicles, Adani Ports and Special Economic, and Kotak Mahindra gave up early gains and were down 0.2-1%.
Information technology stocks continued to be the worst hits. Shares of Infosys, Tech Mahindra, Tata Consultancy Services, HCL Technologies and Wipro were down 4-7%. Information technology shares fell, tracking the losses on Wall Street due to a fall in software shares. This triggered selling pressure in the American depository receipts of Indian IT majors such as Infosys and Wipro. Infosys was the worst hit in the Nifty 200 and was among the worst hits in the Nifty 500 index, down over 7%.
Shares of InterGlobe Aviation fell during intraday after the Directorate of Civil Aviation data showed that market share of IndiGo fell to 59.6% in December from 63.6% reported in November. The stock is down 0.4%.
All the Nifty Smallcaps were in the green, with Nifty Smallcap 50 and Nifty Smallcap 100 up 1?ch. The gains in shares of Reliance Power, which rose over 10%, supported the Nifty Smallcap 50 and the gains in shares of BLS International Services, which rose nearly 6% supported the Nifty Smallcap 100.
Exide Industries rose after Nomura upgraded the recommendation on the stock to 'buy'. The brokerage expects the lead acid business of the company to grow further, driven by strong automotive demand and a gradual revival in the industrial segment on a low base. The stock rose over 4% to be among the top gainers in the Nifty 200 constituents. Dixon Technologies (India) was the top gainer in the Nifty 200 index, up over 5% and Lloyds Metals and Energy was the top gainer in the Nifty 500, up nearly 11%. (Adhithya Aji)
Equity Alert: AI worry hits tech stocks; analysts say knee-jerk reaction
MUMBAI--1050 IST--Shares of information technology companies were down after their American depository receipts faced selling pressure overnight amid concerns of artificial-intelligence players hurting sales of software development companies. However, analysts have called the current crash in stock prices a "knee-jerk" reaction and some even expect a sharp rebound in the days to come.
This rout in shares of Indian IT companies was triggered by Anthropic releasing 11 new plug-ins for its Claude Cowork agent, which is an agentic no-code AI assistant designed for enterprises. The tool is used to automate tasks across legal, sales, marketing, and data analysis needs. Wipro, HCL Technologies, Tech Mahindra, Tata Consultancy Services, and Infosys were the worst hit stocks of the Nifty 50 and were down 4-7%. Overnight, Infosys' ADR closed 5.6% lower and those of Wipro were down almost 5%.
"This current IT stock crash is more of a knee-jerk reaction," Sumit Pokharna, vice president of research at Kotak Securities, said. There are fears that the number of clients for core software developers may be hurt by AI tools, considering that AI players could replace core software and business models based on outsourcing, according to the analyst. However, Pokharna believes investors need to wait and watch how customisable these AI models can be as Indian IT companies operate at a service-provider level for US companies, relatively shielded to AI-related developments.
Eventually, instead of competing with players like Anthropic, Indian IT companies will partner with them in order to improve their service offerings, Rishubh Vasa, research analyst at Indsec Securities & Finance said. The analyst pointed out that Tata Consultancy Services has recently announced a slew of partnerships with AI companies in an attempt to capitalise on AI-related gains. While some pockets of Indian IT companies may face headwinds as AI tools become more popular, enterprises want customised software, and they trust Indian IT offerings, the analyst said.
"Anthropic should not be looked on as a competitor, but rather a potential partner," Vasa said. He sees a strong reversal in the movement of IT stocks in a few sessions as the current slump does not warrant a downward earnings revision of IT companies in the coming quarters. (Eshitva Prakash)
Equity Alert: Tube Investments slightly up ahead of Oct-Dec earnings Wed
MUMBAI--1048 IST--Shares of Tube Investments of India rose nearly 2% Wednesday to an intraday high of INR 2,544.70. The stock traded slightly higher ahead of its December quarter earnings. At 1038 IST, shares of the company were at INR 2,511.20 on the NSE, up 0.3%.
Motilal Oswal Financial Services Ltd. estimates the company's net profit for the December quarter at INR 1.84 billion, up around 15% on year but down over 1% from the trailing quarter. The brokerage expects the company's revenue at INR 21.22 billion, up 11% on year and largely unchanged from the September quarter.
While the company's metal-formed division is expected to grow 4% on year, the mobility and engineering divisions are expected to grow 25% on year and 15% on year, respectively, Motilal Oswal said. Revenue from other businesses is likely to decline 7% on year, the brokerage said. The company's earnings before interest, tax, depreciation, and amortisation are seen at INR 2.73 billion, the brokerage said, adding that the EBITDA margin is expected to remain largely stable on year at 12.9%.
Only one brokerage report is available on the company with Informist, which has a 'buy' rating on the stock with a target price of INR 3,680. For the September quarter, Tube Investments reported a net profit of INR 1.87 billion and revenue of INR 21.19 billion. Shares of the company are down 16% from Nov. 5, when the company detailed its September quarter earnings. (Shreya Shetty)
Equity Alert: Exide Industries rises 5%; Nomura upgrades stock to 'buy'
MUMBAI--1040 IST--Shares of Exide Industries rose over 5% to a high of INR 345.90. Nomura Equity Research raised its recommendation on the stock to 'buy' from 'neutral', but reduced its target price on the stock to INR 398 from INR 427. The stock has corrected around 20% and the brokerage believes the current valuation of the stock looks attractive.
The current valuation by the brokerage at around 10 times the stock's earnings per share over 2027-28 (Apr-Mar) is attractive, given a compounded annual growth of 17% over FY26-FY28. The company's lead-acid business looks strong as the brokerage expects growth to further recover on the back of strong automotive demand and a steady revival in the industrial segment coming on a low base. Although, the company has lowered its revenue estimates and cuts its earnings per share around 9% over FY26 to FY28, citing near-term weaknesses and rising lead prices. However, the brokerage has maintained its expectations of 10% compunded annual growth for the company's revenue over the period. For the company's lithium-ion cell business, the brokerage believes Exide is ahead of its peers to invest in this segment and can stand to gain from offtake as the plant begins its operations.
The company's auto original equipment manufacturing and replacement segment reported a rise of over 25% on year for the December quarter along with its industrial infrastructure segment, excluding telecommunication, which also saw double-digit growth, the brokerage said. However, 8% of the company's business, primarily its telecom business, declined 38% on year while its exports also reported a decline due to traiffs. Nevertheless, the telecom segment of the company has bottomed out and its exports orderbook is strong and should see strong growth in FY27, according to the company's management. A rise in cost of commodities such as silver and tin impacted the company's margins, with the company taking an around 2% price hike in January and expects the need to take one more. The company aims to improve its margins by 100-150 basis points.
At 1023 IST, shares of the company were trading nearly 5% higher at INR 344.20 on the National Stock Exchange. Nearly 5 million shares of the company have exchanged hands on the bourse so far during the session, sharply higher than the 770,226 shares of the company traded till the same time Tuesday. All three brokerage reports on the company with Informist have a 'hold' recommendation on the stock with the targe prices varying from a high of INR 427 to a low of INR 368. (Akshat Saksena)
Equity Alert: Indices inch higher on gains in heavyweights, energy cos
MUMBAI--0950 IST--Domestic benchmark indices opened lower but rose later, supported by gains in index heavyweight and energy stocks. The index heavyweights ICICI Bank and Reliance Industries rose over 1?ch, lending support to the Nifty 50 index.
At 0948 IST, the Nifty 50 was at 25776.95 points, up 49.40 points, or 0.2% and the BSE Sensex was at 83796.95 points, up 57.82 points, or 0.1%.
Oil and Natural Gas Corp. was the top gainer in the 50-stock index, up nearly 4%. Shares of NTPC, Coal India, Mahindra & Mahindra, and Power Grid Corp. of India rose 2?ch. In contrast, information technology shares were the worst hit in the index, with Infosys, HCL Technologies, Tata Consultancy Services, Tech Mahindra and Wipro down 4-6%.
Among the sectoral indices, Nifty Oil & Gas was the top gainer, up nearly 2%. The gains in the stock of Oil India supported the sectoral index. The stock was up nearly 5%. Nifty IT was the worst hit among the sectoral indices, down over 5%.
Oil stocks rose, with shares of Oil India, Indian Oil Corp., Hindustan Petroleum, and Bharat Petroleum Corp. rising 2-4%.
Exide Industries was the top gainer in the Nifty 200 index, up nearly 5%. Lloyds Metals and Energy was the top gainer among the Nifty 500 constituents, up over 13%. The stock rose after the company posted a twofold on-year growth in the company's bottom line to INR 10.47 billion.
Hindustan Aeronautics was the worst hit in the Nifty 200, down over 6% and PCBL Chemical was down nearly 7% to be the worst hit in the Nifty 500 index. (Adhithya Aji)
Equity Alert: Indices seen in range; investors seek clarity on US-India deal
MUMBAI--0844 IST--Headline indices are expected to be in a range Wednesday after a sharp rise in the previous session as the US and India agreed to a trade deal. Investors await official documents of the deal, which will provide clarity on the sectoral impact of some tariffs. Stocks of information technology companies will be in focus after a deep sell-off in US software stocks overnight.
Some trade uncertainty is seen in sectors such as agricultural and dairy products after US President Donald Trump said the tariffs on US agricultural goods would be zero. "New US-India deal will export more American farm products to India's massive market, lifting prices, and pumping cash into rural America," US secretary of agriculture Brooke Rollins said on social media platform, X. Meanwhile, Commerce and Industry Minister Piyush Goyal said that India has ensured that the interests of sensitive sectors such as agriculture and dairy are protected in the trade deal with the US.
Shares of IT majors will be in focus after a sharp fall in their American depositary receipts overnight. Infosys' ADR closed 5.5% lower and Wipro lost almost 5%. The sell-off emerged after artificial intelligence start-up Anthropic released a productivity tool for in-house lawyers, CNBC-TV 18 reported. Investors are concerned about artificial intelligence companies creating more competition for software makers.
The GIFT Nifty 50 indicates a marginally higher start for the Nifty 50. At 0844 IST, the February contract of Gift Nifty was at 25775.50 points, up 49 points from the Nifty 50's previous session close. On Tuesday, the Nifty 50 index closed at 25727.55 points, up 639.15 points, or 2.6% and the BSE Sensex closed at 83739.13, up 2072.67 points, or 2.5%. "Technically, after such a sharp gap-up move, markets typically undergo a phase of consolidation or attempt to partially fill the gap in the sessions ahead," Osho Krishnan, technical and derivative analyst at Angel One, said.
US indices closed sharply lower after most technology-related stocks declined, CNBC reported. A majority of the 'Magnificent Seven' companies ended lower. Software stocks continued to fall, with shares of ServiceNow and Salesforce falling around 7?ch. Meanwhile, Asian indices were mixed in early trade Wednesday as negative cues from US indices partially offset the optimism over the rising gold price. (Eshitva Prakash)
Equity Alert: Mkts in Asia mixed; KOSPI hits fresh high, regains 2300 points
MUMBAI--0824 IST--Indices in Asia were mixed for the session with the KOSPI hitting a fresh high yet again amid a tumultous month for the South Korean index. The index regained the 5,300-point level during the session. Data showed services activity in Japan expanded at its fastest in almost a year, led by growth in the overall private sector. The Nikkei fell after hitting a record high in the previous session.
The S&P Global final Japan Services Purchasing Managers' Index climbed to 53.7 in January, marking its 10th consecutive month of growth. This was slightly higher than a flash reading which forecast a reading of 53.4, Reuters reported. Readings below 50 signify contraction in activity, while readings above 50 signify growth. Marketing campaigns along with new client wins helped new work in January to report the highest rise in four months for the services sector. Employment in the services sector maintained its growth trajectory albeit at a slower pace than in December. Cost pressures eased as input prices rose at their slowest pace in almost two years. However, selling price inflation jumped to its seven-month-high, with firms passing higher costs on to customers. "Business confidence for the next 12 months remained upbeat, supported by anticipation of company expansion, higher customer turnout and economic recovery," Reuters said.
The South Korean index recovered after the 'Warsh Shock', the Chosun Daily reported. The index opened lower but extended its gains from the previous session and regained the 5300 level after three sessions. The KOSPI had plummeted over 5% in a single session after the announcement of Kevin Warsh's nomination to replace US Federal Reserve Chair Jerome Powell, but was able to recover during the previous session. However, shares of SK Hynix were over 1% lower owing to weakness in technology stocks on Wall Street. Shares of Samsung were also trading slightly lower.
In Japan, shares of Nintendo fell nearly 11?spite the company being on track to deliver its target for its full-year sales forecast of 19 million units for the year ended Mar. 31 for its Switch 2 console, CNBC reported. Nintendo has so far sold 17.37 million units of the console, with 7 million sales recorded in the December quarter itself. The fall in the company's shares came amid investor concerns about whether the company would be impacted by an unprecedented surge in memory prices, which is a key component in consoles.
Following are the levels of key Asian indices at 0822 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4658.13 |
(-)0.04 |
|
Hang Seng Index |
26739.8 |
(-)0.35 |
|
KOSPI |
5325.69 |
0.71 |
|
Nikkei 225 Day |
54391.58 |
(-)0.60 |
|
TOPIX FIRST SECTION |
3650.75 |
0.13 |
|
FTSE Singapore Straits Times |
4950.85 |
0.14 |
|
S&P/ASX 200 Index |
8893.30 |
0.41 |
| IDX Composite | 8080.52 | (-)0.52 |
(Akshat Saksena)
Equity Alert: US indices end lower Tue; Walmart emerges as $1-trillion co
MUMBAI--0744 IST--Equity indices in the US ended lower on Tuesday, with the tech-laden Nasdaq Composite ending over 1% lower. Shares of Palantir surged 7% during the session after the company's results beat expectations.
Walmart emerged as the first brick-and-mortar retailer to hit a valuation of $1 trillion, Reuters reported. This was after the stock rose due to growth in the digital business and acquisition of new customers, CNBC reported. Shares of the company ended nearly 3% higher on the tech-heavy index Tuesday.
Artificial intelligence companies NVIDIA and Microsoft ended nearly 3% lower, along with shares of Alphabet, which declined more than 1% ahead of its results on Wednesday. Amazon declined nearly 2% as well as markets wait for the company to report its results on Thursday. Investors are turning their attention towards software, data analytics, and professional services companies which are expected to face disruptions due to AI. This comes as AI developer Anthropic launched plug-in for its 'Claude Cowork' on Friday which automates tasks across legal sales, marketing, and data analytics, Reuters reported.
Shares of Thompson Reuters fell nearly 16%. "I think Anthropic came out with some plug-ins to tackle the legal space," Mike Archibald, a portfolio manager at AGF Investments in Toronto was reported as saying by Reuters. "Obviously, that's where Thomson Reuters generates a good chunk of their revenues. Sometimes the market just shoots first and asks questions later," he added. Shares of Salesforce, Datadog and Adobe fell around 7% each and those of Intuit fell around 11%.
Healthcare stocks came under pressure as Novo Nordisk cautioned that it expected a significant fall in its annual sales. The company said its profits and sales could drop as much as 13% in 2026, with the heavy price pressure from US President Donald Trump fuelling competition in the weight loss market. "In 2026, Novo Nordisk will face pricing headwinds in an increasingly competitive market," CEO Mike Doustdar was reported by Reuters as saying in a statement. "However, we are very encouraged by the promising early uptake from the US launch of Wegovy pill, and we remain confident in our ability to drive volume growth over the coming years," he added. Shares of the company fell over 1%.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6917.81 |
(-)0.84 |
|
NASDAQ Composite |
23255.19 |
(-)1.43 |
|
Dow Jones Industrial Average |
49240.99 |
(-)0.34 |
(Akshat Saksena)
US$1 = INR 90.40
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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