More Stories

Informist, Monday, Jun. 29, 2026                                      Tel +91 (22) 6985-4000

---

Equity Alert:Dr Reddy's hits 52-wk high; mkt shrugs off 7 USFDA observations

 

MUMBAI--1100 IST--Shares of Dr. Reddy's Laboratories jumped around 5% to a 52-week high of INR 1,414.90, after the company said it received seven Form-483 observations from the US Food and Drug Administration for its biologics facility in Bachupally, Hyderabad. The observations came after an inspection conducted over Jun. 16–25. The pharmaceutical major expressed confidence it could address the observations within the stipulated timeline. At 1039 IST, the stock of Dr. Reddy's Laboratories was trading over 4% higher at INR 1,406.40 and was the top gainer on the Nifty 50 index with a trading volume of around 4 million.

 

The company's Bachupally site comprises two blocks, and it indicated that most of the new observations in the recent inspection pertain to the new block created for biosimilar Abatacept, brokerage Nomura said in its report. The older block makes Rituximab. The company was optimistic of launching Abatacept in the March quarter of 2026-27 (Apr-Mar), Nomura said. "The seven-observation outcome, with the company's clarification that most relate to the new block, is modestly encouraging," the brokerage said.

 

However, clearance for the usage of the facility could be a key hurdle. Risks of product-specific hurdles are relatively lower as the approval does not pursue substitutability or interchangeability, according to the report. Abatacept biosimilar is an important growth lever for the company going forward, Nomura said, adding that the drug addresses a global market of $3.7 billion. The brokerage projects the drug's net present value at $1.6 billion, which may equate to a push of INR 186 a share. The product could contribute more than 30% upside to the company's earnings in FY28 and FY29 if launched, Nomura said.

 

Currently, Nomura has not factored in upside from biosimilar Abatacept into its estimates, given the uncertainty about the time needed for clearance. Nomura has a "buy" stance on the stock with a target price of INR 1,740. The stock's forward price-to-earnings multiple of 25 and 20 based on earnings estimates for FY27 and FY28, respectively, are "attractive," according to Nomura.  (Ruchira Kagita)

---

 

Equity Alert: Indices rise more; HDFC Bk up nearly 1%, pharma cos gain most

 

MUMBAI--1055 IST--The Nifty 50 index rose a tad, with index heavyweight HDFC Bank gaining more. Pharmaceutical and healthcare stocks remained the top performers in the 50-stock index. The index crossed 24100 points, with more than half its constituents gaining.

 

At 1037 IST, the Nifty 50 index was 0.2% higher at 24101.10, up 45.10 points. The BSE Sensex also rose further to 77196.56, up 96.09 points or 0.1%. However, broader market indices underperformed their benchmark peers, down 0.1-0.3%. Sectoral indices showed a mixed performance, with the Nifty Pharma and Nifty Healthcare gaining the most, up almost 2?ch. On the other hand, Nifty Auto was the biggest laggard, down 1%. The Nifty IT and Nifty Media logged losses of around 1?ch.

 

Dr. Reddy's Laboratories continued to be the top gainer in the 50-stock index, up over 4%. Cipla and Sun Pharmaceutical Industries were up 2–3%. Healthcare stocks Max Healthcare Institute and Apollo Hospitals Enterprise gained 1.2–2.5%. Torrent Pharmaceuticals and Glenmark Pharmaceuticals rose nearly 3?ch in the Nifty 200 index. Zydus Wellness was up nearly 6% in the Nifty 500 index.

 

Select information technology and automobile stocks were major drags on the Nifty 50 index. Eicher Motors, Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Bajaj Auto fell 1.1–1.8%. IT stocks Tata Consultancy Services and Infosys were down nearly 1?ch. A nearly 1?ll in index heavyweight Reliance Industries prevented the index from gaining further.

 

In the Nifty 200 index, Persistent Systems was the biggest laggard, down 9%. Astral fell over 8?ter the company's board approved the demerger of its chemical business into its wholly-owned subsidiary Astral Chemie. These stocks were the major drags in the Nifty 500 index as well.  (Arundathi A R)

---

Equity Alert: Kotak Bk dn 3% on mgmt uncertainty; CEO refuses reappointment

 

MUMBAI--0941 IST--Shares of Kotak Mahindra Bank fell over 3% to a low of INR 395.95 on uncertainty about leadership after the bank informed exchanges that Chief Executive Officer and Managing Director Ashok Vaswani does not wish to seek reappointment upon completion of his tenure on Dec. 31. Respecting his decision, the board has initiated the process of finding a successor, the lender said Saturday. The bank has not announced a list of candidates yet.

 

Nomura has listed three whole-time directors--Anup Kumar Saha, expert in consumer banking, marketing, and data analytics, Paritosh Kashyap, who previously led wholesale banking, and Jaideep Hansraj, who oversees affluent banking and human resources--as possible internal candidates. Among them, Nomura sees Saha as the strongest fit. Jefferies also sees Saha as the leading candidate, according to an NDTV Profit report.

 

Saha's appointment as whole-time director was approved by the Reserve Bank of India "cleanly" in March, an important pre-validation signal, according to Nomura. "We believe a Board recommendation by Sep-Oct'26 is plausible," it said. "If Saha is the internal choice, the succession path is already substantially de-risked. The risk event is an external hire, which may raise questions around the Board's succession process and create near-term execution uncertainty."

 

Vaswani's decision not to seek reappointment introduces leadership uncertainty at a time when Kotak Mahindra Bank is focused on accelerating growth and improving business momentum, ICICI Direct said in a report. "While the bank's fundamentals and capital position remain strong, we expect the stock's valuation to remain range-bound until there is greater clarity on the successor and the continuity of the bank's strategic direction," the broking firm said.  (Gopika Balasubramanium)

---

Equity Alert: Indices move higher after flat opening; Nifty above 24000 pts

 

MUMBAI--0930 IST—-Headline equity indices were largely flat at the opening Monday, tracking the mixed performance of major equity indices in the Asia-Pacific region amid renewed hostilities in West Asia. However, the indices started gaining soon after opening. The Nifty 50 index opened above the 24000-point level for the second straight session.

 

At 0921 IST, the Nifty 50 index was at 24095.45, up 39.45 points from Thursday's close or 0.2% higher. The stock market was shut Friday for Muharram. The BSE Sensex was at 77161.61, up 61.14 points or 0.1% higher. The volatility index India VIX, however, indicated a rise in investor nervousness. The fear gauge of the market rose nearly 4% to 13.5275 points.

 

Barring the Nifty Midcap 50, all the broader market indices were down in early trade. All smallcap indices were down 0.6–0.7%. Meanwhile, sectoral indices showed a mixed performance, with the Nifty Pharma gaining the most and the Nifty Energy being the worst performer.

 

In the Nifty 50 index, Dr. Reddy's Laboratories was the biggest gainer, up nearly 4%. Max Healthcare Institute and Sun Pharmaceutical Industries were the other major pharmaceutical stocks that rose in the index, up nearly 2?ch. Shriram Finance and Trent were up around 2?ch. Among the losers, Kotak Mahindra Bank was the biggest laggard, down 3%.

 

In the Nifty 200 and Nifty 500 indices, pharmaceutical stocks rose the most. Zydus Wellness was the biggest gainer in the Nifty 500, up over 4%. Persistent Systems fell the most in both the Nifty 200 and Nifty 500 indices, down over 8%. Astral and GE Vernova T&D India were down over 6–7%.  (Arundathi A R)

---

Equity Alert: Indices seen opening flat as mkt assesses W Asia developments

 

MUMBAI--0823 IST--Headline equity indices are expected to open largely flat tracking their Asian peers, which showed a mixed trend in early trade as market participants continue to assess latest developments in the West Asia war amid growing caution over renewed hostilities. Crude oil prices inched up in early trade but were still hovering around $72-$73 per barrel as the US and Iran agreed to halt recent hostilities that had cast a shadow over the interim peace deal. Analysts expect the benchmark Nifty 50 index to continue its consolidation in the 23800–24260 spot zone. 

 

In the latest development, the US and Iran have agreed to suspend military operations and resume high-level talks in Qatar Tuesday in an effort to preserve their fragile peace agreement after days of escalating military strikes pushed the deal to the brink, Axios reported, citing a senior US official. The breakthrough comes just 11 days after US and Iran announced an interim agreement aimed at ending the four-month-long war in West Asia. However, despite the renewed diplomatic push, tensions remain high following renewed strikes by both sides and US President Donald Trump's threat to restart the war and "complete the job." The renewed fighting was sparked by competing interpretations of the memorandum of understanding to end the war — especially its terms on the Strait of Hormuz, according to Axios.

 

Sunday, Iran's foreign minister, Abbas Araghchi, said his country was solely responsible for managing the Strait of Hormuz. He warned against interference with managing routes through the waterway, the Barrons reported, citing accounts of his press conference. Trump said late Sunday that US aircraft had struck Iranian missile and drone storage locations and coastal radar sites in retaliation for violating the ceasefire. Early Sunday, Iran began drone and missile strikes on Bahrain and Kuwait, which said they had intercepted them, according to reports. Meanwhile, there were reports of fighting in Lebanon.

 

The June futures contract of Gift Nifty indicated a largely flat opening for the domestic market. At 0809 IST, the futures contract was at 24089.50, 33 points above Nifty 50's previous close. Thursday, the Nifty 50 index settled with a second consecutive Doji candlestick on the weekly chart, showing indecisiveness among traders or the continuation of the ongoing sideways move in the 23800–24260 spot zone, Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. Moving ahead, a break on either side of the 23800–24260 points range will open the floor for a 300–400 point move in that direction, he added.  (Arya S. Biju)

---

Equity Alert: Asian indices mixed as investors assess US-Iran tensions

 

MUMBAI--0816 IST--Indices in Asia were mixed in early trade as investors in the region continued to assess developments in West Asia. On Sunday, the US and Iran agreed to halt recent hostilities that weighed down optimism towards the interim peace deal. South Korea's Kospi shed nearly 2% and was the worst performer among Asian indices, while Hong Kong's Hang Seng was the top gainer in the region.

 

Following the exchange of strikes between the US and Iran over the last few days, oil prices, which had hit pre-war levels last week, saw an uptick. At 0815 IST, August futures of Brent Crude oil were around $72 per barrel, up 0.3%. "Both sides (the US and Iran) will stand down for now and vessels can move freely," a senior Trump official said on Sunday. Subsequently, futures tied to major US indices were up 0.2-0.5?rly on Monday. Saturday, US President Donald Trump said Iran had violated the ceasefire agreement and that US aircraft struck Iranian missile and drone storage locations.

 

"It feels like we are lacking a bit of direction," Nick Twidale, chief market strategist at ATFX Global in Sydney, told Reuters. "We may get a shot in the arm later today from more positive news out of the Middle East...but at the moment I think it's going to be a bit of a flow-driven day without major moves to either side."

 

Monday, the Kospi was down over 2% in early trade as index heavyweights SK Hynix and Samsung Electronics shed 4% and 5%, respectively. This comes after Korea Economic Daily reported that the two semiconductor giants were expected to unveil investment plans worth over $1 trillion for the next 10 years on Monday. The event marking the announcement will be chaired by President Lee Jae Myung, the presidential office said Sunday.

 

The news comes amid investor concern that ‌valuations of AI-related companies have become stretched following years of gains and have weighed on markets. Technology stocks all over the world saw sustained selling in the last week. 

 

Japan's Nikkei 225 was down 0.7% in early trade. On the other hand, Hong Kong's Hang Seng was up 1.5?ch and outperformed peers in the region.

 

Following are the levels of key indices in the region at 0812 IST:

 

Index	Level	Change in %
CSI 300 Index	4883.24	0.3
Hang Seng Index	23005.15	1.5
Nikkei 225 Day	68869.43	(-)0.7
TOPIX FIRST SECTION	3959.52	(-)0.1
KOSPI	8260.08	(-)1.8
FTSE Singapore Strait Times	5186.96	(-)0.1
S&P/ASX 200 Index	8777.5	0.2

 

(Shruti Nair)

---

Equity Alert: US indices end lower on Fri amid sell-off in technology stocks

 

MUMBAI--0728 IST--All three major US stock indices ended in negative territory on Friday as investors continued to sell technology stocks. The technology-heavy Nasdaq closed 0.2% lower and fared worse than its peers. The index ended lower for the fifth straight session. During this period, it shed nearly 5%.

 

Stocks of chip-making companies led the losses on Friday, with shares of Micron Technology ending nearly 7% lower, while Advanced Micro Devices lost 2%. Shares of Intel closed over 3% lower. This was after a report by The New York Times claimed that OpenAI planned to delay its initial public offering to next year due to the poor performance of Elon Musk's SpaceX following its debut as well as the broader volatility in artificial intelligence-related stocks.

 

The report raised concerns about the "sustainability of their infrastructure spending given the delay in funding from the capital markets," CNBC reported, citing a note by JPMorgan traders.

 

"I still over the next 12 months would bet on chip stocks and AI infrastructure stocks outperforming because the demand is just so insatiable," Ross Mayfield, investment strategist at Baird, told CNBC. While there is "a little bit of catch-up to be played by some of the laggards," Mayfield continued, "I don't necessarily think that this is a full-on rotation where AI infrastructure names are going to be laggards for the next 12 months or anything like that."

 

While technology stocks lagged on Friday, shares of healthcare companies saw gains. Eli Lilly closed over 7% higher, while Johnson & Johnson gained almost 4%. Pharmaceutical player AbbVie advanced more than 4%.

 

Futures of major US indices were marginally higher early on Monday after the US and Iran agreed to stand down following the exchange of strikes over the past few days. Futures tied to the three main US indices were up 0.2-0.6?rly on Monday.

 

Following were the closing levels of major US indices on Friday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	51876.11	(-)0.1
NASDAQ Composite	25297.62	(-)0.2
S&P 500	7354.02	(-)0.1

 

(Shruti Nair)

 

US$1 = INR 94.28

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

 

Edited by Deepshikha Bhardwaj

 

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.

All times are Indian Standard Time.

 

NSE: National Stock Exchange
NYSE: New York Stock Exchange
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India

Internet links:
Securities and Exchange Board of India - http://www.sebi.gov.in
Bombay Stock Exchange - http://www.bseindia.com
National Stock Exchange of India - http://www.nseindia.com
Directory of Indian government websites - http://goidirectory.nic.in
Indian Ministry of Finance - http://www.finmin.nic.in
Reserve Bank of India - http://rbi.org.in
Controller General of Accounts, Government of India - http://www.cga.nic.in
Government's Press Information Bureau - http://www.pib.nic.in

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.