Equity Alert
Indices end lower for 2nd straight day, broader markets tad lower
This story was originally published at 17:30 IST on 27 August 2026
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Equity Alert: Indices end lower for 2nd straight day, broader mkts tad lower
MUMBAI--1615 IST--The headline indices closed lower for the second session in a row. The BSE Sensex posted a sharper fall than the Nifty 50. The indices faced selling pressure despite crude oil prices easing and renewed hopes of peace in West Asia, on the back of the visit of Qatar prime minister to Tehran to restart peace talks between the US and Iran. Almost all the broader market indices also closed in the red, but their losses were less severe than those of the benchmarks.
The Nifty 50 was at 24133.05 points, down 0.3% from Wednesday, at the end of the continuous trading session at 1515 IST, and the BSE Sensex was at 77182.91 points, down 0.4%. After the closing auction session, the Nifty 50 ended at 24090.85 points, down 0.5%, and the Sensex ended at 76933.59 points, down 0.7%.
Volatility in the last 10-15 minutes of the trading session continued. The India VIX rose nearly 5% and ended at 11.0675 points after closing lower for two consecutive sessions. A large part of this volatility is attributable to the recently introduced closing auction session, Ruchit Jain, head of technical research at Motilal Oswal Financial Services Ltd., said. However, he does expect some of this volatility to taper down going forward as liquidity in the market improves and participation increases.
As many as 31 constituents of the Nifty 50 index closed in the red. Major banking stocks in the benchmark index displayed a mixed performance. HDFC Bank ended 2% lower on reports of a lawsuit filed against it in the US. The lawsuit alleges that HDFC Bank executives violated American securities laws through misleading disclosures and governance lapses. Kotak Mahindra Bank, on the other hand, closed almost 2% higher and was the second-best performer in the index. ICICI Bank closed 1% higher, but Axis Bank ended in the green by only a sliver.
On the sectoral front, the Nifty PSU Bank index lagged its peers and ended nearly 1% lower, followed by the Nifty Media and Nifty Metal indices. While all the constituents of the Nifty PSU Bank index ended in the red, shares of UCO Bank posted the steepest fall, ending almost 3% lower.
The Nifty Pharma and Nifty Healthcare indices were the top gainers on the sectoral front, up almost 1?ch. Nearly all constituents of both indices rose. The Nifty Consumer Durables index also closed nearly 1% higher. Shares of Whirpool of India ended 9% higher and led the gains in this index while being among the top gainers in the Nifty 500 index as well.
Broader market indices witnessed some selling pressure, but they were better off than the benchmarks. "...There has been some selling pressure in the broader markets as well. If you look at the overall market breadth today, it is not much positive," Jain said. All the mid-cap indices ended in the red but not by a big margin. Almost all small-cap indices, save for the Nifty Smallcap 50 index, closed slightly lower.
In the Nifty 200, shares of Container Corp. of India fell the most. The stock ended nearly 5% lower. It was followed by ICICI Prudential Asset Management Co., which closed 4% lower. Muthoot Finance also ended down by nearly 4%. Shares of gold financiers were also under pressure during the session. This comes amid gold prices continuing to fall for the third straight trading day. Thursday, gold futures fell nearly 2% over the past three sessions to as low as $4,584.2 per ounce on Comex. Shares of Manappuram Finance closed almost 5% lower. The stock was among the main laggards in the Nifty 500. (Ruchira Kagita)
Equity Alert: Nifty 50 Sept ends at premium of 175.15 points to spot index
MUMBAI--1540 IST--The September futures contract of the Nifty 50 closed at a premium of 175.15 points to the spot index Thursday. Open interest in the contract rose nearly 6% from Wednesday to around 15.14 million, according to provisional data.
--Nifty 50 closed at 24090.85 points, down 116.90 points or 0.5% vs Wednesday
--Nifty 50 September closed at 24266.00 points, down 163.10 points or 0.7% vs Wednesday
Nifty 50 options, expiring Tue, with maximum change in open interest:
Call: 24200, Put: 23800
Nifty 50 options, expiring Tue, with maximum open interest:
Call: 24300, Put: 24000
(Eshitva Prakash)
Equity Alert: European markets open lower; tech stocks up
MUMBAI--1535 IST--Major European indices opened lower and the pan-European Stoxx Europe 600 was down 0.4%. Technology stocks in the region were up, however, after Nvidia's quarterly earnings beat expectations. France's CAC 40 and London's FTSE 100 were the worst-hit indices in the region, falling nearly 1?ch.
Dutch semiconductor stocks rose during early trade with ASM International and ASML Holding gaining around 3% and 1%, respectively. BE Semiconductor and STMicroelectronics were also up around 2% and 4%, respectively. SAP gained over 1%. Stoxx Europe 600 Technology index was up nearly 2%. On the other hand, basic resources and mining stocks were down, with the Stoxx Europe 600 Basis Resources index falling nearly 1%.
Chip stocks were up in the region after Nvidia's Chief Financial Officer Colette Kress said the company expects 70% revenue growth in the financial year 2027-28 (Feb-Jan), significantly higher than the 45% growth predicted by FactSet analysts, a Dow Jones Newswires report said.
European bond yields were up ahead of US Federal Reserve Chair Kevin Warsh's speech at Jackson Hole, Wyoming, Friday. The 10-year German bond yield rose 1.1 basis point to 3.234%, according to another report by Dow Jones Newswires.
Following are the levels of key indices in the region at 1500 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10791.86 | (-)0.8 |
|
CAC 40 |
8386.14 | (-)0.9 |
|
MIB INDEX |
52666.63 | (-)0.4 |
|
DAX PERFORMANCE-INDEX |
26314.70 | 0.1 |
|
SLI |
2307.41 | (-)1.0 |
(Vidhi Thacker)
Equity Alert: Kotak Bank hits 7-month high intraday; gains nearly 7% in wk
MUMBAI--1532 IST---Shares of Kotak Mahindra Bank rose as much as 2.6% intraday to INR 427.70, the highest in over seven months. The stock, however, fell slightly from its highs and closed at INR 424.20, up 1.8%, and was among the top-gaining Nifty 50 stocks.
The stock has gained nearly 7% in the past seven days, outperforming most of its peers. In comparison, the Nifty Bank was largely flat during this period and the Nifty Private Bank was up over 1%. Among its major peers, ICICI Bank and Axis Bank have gained 2.2% and 0.4%, respectively, in the past seven days, while HDFC Bank and State Bank of India declined 1.9% and 0.5%, respectively.
Analysts remain unsure of any specific fundamental reason for the stock's outperformance. "There might be a buzz regarding... better loan growth. The company was guiding something around 15% loan growth, 12?posit growth. So now in a couple of days, on 1st September, we'll come to know what is the real loan growth (for July)," an analyst covering the sector at a domestic brokerage said. Kotak Mahindra Bank reported 15% year-on-year growth in net advances at INR 5.12 trillion as of Jun. 30. The bank's total deposits rose 12% year-on-year to INR 5.73 trillion in the same period. The figures were largely in line with its peers. (Arya S. Biju)
Equity Alert: Tata Power falls 9% in 10 sessions; down 7% since Q1 earnings
MUMBAI--1522 IST--Shares of Tata Power Co. hit their lowest level in seven months during the day. The 4.5% intraday fall in the stock came after the Singapore International Commercial Court's dismissed the company's appeal against an arbitration award of $490 million favouring investment firm Kleros Capital.
The stock closed at INR 351.35, down over 3% from Wednesday, and was among the worst-hit constituents of the Nifty 200 index. The stock has fallen over 9% in the past 10 sessions. Over the past month, since the company detailed its June quarter earnings, the stock is down nearly 7%. For comparison, the Nifty Energy index has fallen nearly 2% in that period.
For the June quarter, the company's consolidated net profit rose 11% on year to INR 11.76 billion while revenues grew a modest 6% to INR 190.51 billion. Of the eight brokerage recommendations on the stock available with Informist, six have a "buy" or equivalent recommendation on the stock with an average target price of INR 472 per share, which is 34% higher than Thursday's closing price. (Shruti Nair)
Equity Alert: Asian markets end mixed; Kospi leads gainers in the region
MUMBAI--1425 IST--Major Asian markets ended mixed as the price of crude oil fell for the fourth day in a row. Hopes of peace in West Asia increased ahead of the visit of Qatar's prime minister to Tehran later in the day to get the talks between the US and Iran restarted.
South Korea's Kospi was the top gainer in the region, closing nearly 2% higher. The country's central bank raised its interest rates for the second time in a row. Meanwhile, Nvidia's July quarter earnings beat estimates, supporting the rise in select technology manufacturers' stocks.
The Bank of Korea raised rates by 25 basis points to 3%, a record high since January 2025. This hike came after the country's core inflation data in July reached the highest level since December 2023, at 2.6%. While investments in artificial intelligence are seen supporting the global economy, inflation is projected to remain high because of high energy prices amid the war in West Asia, the central bank said in its statement. "...Inflation is expected to remain above the target level for a considerable time as the pass-through of elevated cost pressures persists and as demand-side pressures also gradually increase with improving income condition," it said. Headline inflation in South Korea is projected to rise 2.7% in 2026 and 2.3% in 2027, unchanged from the central bank's earlier estimates.
Kospi heavyweights Samsung Electronics and SK Hynix closed around 2% higher each, pulling the index up. Japan's key Nikkei 225 Day index closed marginally lower but the broader market Topix rose modestly. In Japan, shares of chipmaker Kioxia Holdings Corp. rose 5?ter the company said it will invest more than 1 trillion yen (INR 602 billion) to build a new production facility. China's CSI 300 Index rose nearly 1% with its tech-heavyweight Zhongji Innolight rising almost 2%.
Following are the closing levels of major Asian indices:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66131.98 | (-)0.2 |
|
TOPIX FIRST SECTION |
4117.22 | 0.2 |
|
S&P/ASX 200 Index |
9038.20 | (-)1.0 |
|
KOSPI Index |
6912.37 | 1.5 |
|
Hang Seng Index |
25565.74 | (-)0.3 |
|
CSI 300 Index |
4630.28 | 0.9 |
|
FTSE Singapore Strait Times |
5680.96 | (-)0.7 |
(Vidhi Thacker)
Equity Alert: Power transmission cos up; US bans some foreign pdt imports
MUMBAI--1414 IST--Shares of core grid and power transmission companies rose Thursday after the US administration banned some foreign equipment inside the country's electric grid. The move is aimed at curbing the participation of Chinese players in the US power sector, which positions Indian players at an advantage, an analyst said. CG Power and Industrial Solutions, Hitachi Energy India, and GE Vernova T&D India reaped gains on the back of this in the market Thursday.
Wednesday, US President Donald Trump signed an executive order declaring a national emergency and curbing the use of some foreign equipment in the US electricity grid sector, Reuters reported. The US administration is of the view that these equipment poses an "unusual and extraordinary foreign threat" that may create national security risks. The move was aimed at Chinese players in the segment, according to Harshit Kapadia, vice president, covering capital goods sector along with others at Elara Capital. Kapadia is of the view that this positions Indian players at an advantage in the US. "Indian companies have decent exposure in the US," he said, with CG Power, GE Vernova, and Hitachi Energy's presence in the country.
The optimism over data centres is also playing a major role for power sector. Some companies have started receiving revenue from the segment in double digits. The analyst said ABB India, Schneider Electric, and Cummins India have started seeing a major inflow in their revenue--around 10-20%--from data centre operations.
At 1411 IST, CG Power and Industrial Solutions, Hitachi Energy India, and GE Vernova T&D India rose 2-3%. Shares of GE Vernova T&D India were up for the fifth consecutive session and gained 12% during the period. (Adhithya Aji)
Equity Alert: BofA initiates coverage on KEI Ind, Polycab with 'buy' call
MUMBAI--1348 IST--Shares of KEI Industries and Polycab India were in focus after Bank of America initiated coverage on both the companies with a 'buy' recommendation, according to CNBC TV18. For KEI Industries, the brokerage has set a target price of INR 6,300, implying an upside of 14% from the current market price. Similarly, BofA has set a target price of INR 11,000 for Polycab, reflecting an upside of nearly 22%. The brokerage considers risk from competition for both the wire and cable companies as "overestimated" and expects the stocks to see further gains.
BofA said KEI Industries is the fastest-growing player in the wires and cables segment, terming it a "growth leader". The brokerage said the valuation of the company remains attractive even though the stock has risen sharply this year, as per the report. BofA said Polycab India was positioned as an industry leader in the wires and cables segment and described it as a "steady structural compounder".
At 1347 IST, shares of KEI Industries traded flat at INR 5,537.40 and those of Polycab India traded 0.3% lower at INR 9,033.50. More than 386,000 shares of Polycab have changed hands on NSE so far in the day, almost twice the number of shares traded at the same time Wednesday. Polycab's shares have risen marginally in the last 30 days but have fallen over 6% in the last 90 days. It has gained around 19% this year. KEI Industries' shares have gained around 14% in the last 30 days and just 2% in the last 90 days.
All nine brokerage reports on KEI Industries available with Informist have a "buy" recommendation on the stock with an average target price of INR 5,812 per share, 5% higher than the current market price. Of the 14 brokerage reports on Polycab India available with Informist, 13 have a 'buy' recommendation with an average target price of INR 10,143 per share, over 12% higher than the current market price. Only one brokerage has a 'hold' recommendation on the stock with a target price of INR 10,505 per share. (Utthara E. S.)
Equity Alert: Adani Energy up 3%; Morgan Stanley reaffirms overweight stance
MUMBAI--1252 IST--Shares of Adani Energy Solutions rose 3% to an intraday high of INR 1,617.40. The stock is in focus after global brokerage Morgan Stanley reaffirmed its "overweight" recommendation on the stock and maintained its target price of INR 1,943, implying an upside of more than 20% from the current market price. The brokerage attributed a strong order pipeline and continued growth in the company's transmission business to the positive view, CNBC-TV 18 reported.
The brokerage said Adani Energy's latest transmission project win has taken its order wins for 2026-27 (Apr-Mar) year-to-date to more than half of Morgan Stanley's base case projections for the year, reflecting strong execution and bidding momentum, as per the report. The company Wednesday said it won a transmission order, with an estimated capital expenditure of INR 47 billion, for evacuation of renewable energy generated in Karnataka to major load centres in Maharashtra. The company's transmission order book was at INR 850 billion.
At 1231 IST, shares of the company traded 2.6% higher at INR 1,611.90. More than 2.64 million shares have changed hands on NSE so far in the day, slightly higher than 2.44 million shares at the same time Wednesday. The stock has fallen over 5% in the last 30 days but has risen around 5% in the last 90 days. It has gained around 57% since the start of the year. Of the six brokerage reports on the company available with Informist, four have a "buy" recommendation on the stock with an average target price of INR 1,610. Two brokerages have a "hold" recommendation. (Ashutosh Pati)
Equity Alert: Nifty 50 remains dn as heavyweights fall, HDFC Bank falls more
MUMBAI--1240 IST--Benchmark indices remained lower as shares of heavyweight stocks such as HDFC Bank and Reliance Industries were still down. At 1232 IST, the Nifty 50 was at 24155.90, down over 51 points or 0.2%, and the BSE Sensex was at 77248.12, down over 224 points or 0.3%.
HDFC Bank extended its fall to over 2% from just 1?rlier. It is facing selling pressure amid reports that a lawsuit was filed in the US against the lender and its executives over violation of American securities laws. Kotak Mahindra Bank faced selling pressure after rising over 2% intraday, with ICICI Direct Research suggesting investors to book half of the profits. Kotak Bank has risen nearly 10% in seven sessions.
Among others, Tata Motors Passenger Vehicles rose over 1%. This came after the VAHAAN registration data showed the company's electric vehicle registration rose 11% on month to 14,262 units in July, as per a report by the Financial Express.
The broader market indices were largely unchanged. Shares of Welspun and Delhivery rose over 3?ch. Among the sectoral index, Nifty Consumer Durables, Nifty Pharma, and Nifty India Defence rose. Meanwhile, Nifty Media, Nifty FMCG, and Nifty Oil and Gas were in the red.
Among the Nifty 200, ICICI Prudential Assent Management fell over 4%. This came following a large deal on BSE where nearly 10 million shares of the company changed hands. Wednesday, the company's promoter Prudential Corp. Holdings had said it planned to sell up to 2% stake. Among other laggards, Tata Power shed more than 4% intraday and hit its lowest level in seven months after the company's appeal against an arbitration award of $490 million was dismissed by the Singapore International Commercial Court. Bharat Heavy Electricals and Adani Power rose 4?ch. Bombay Burmah Trading Corp. rose over 13% and it was the top gainer on the Nifty 500 index. (Deesha Jadhav)
Equity Alert: Motilal Oswal initiates coverage on Adani Ent with 'buy' call
MUMBAI--1225 IST--Motilal Oswal Financial Services initiated coverage on the shares of Adani Enterprises with a "buy" or equivalent recommendation and a target price of INR 3,880, which is 23% higher than the current market price. The brokerage sees the Adani Group company emerging as a leading global infrastructure platform and expects it to benefit from its superior scale, diversified growth portfolio, and incubator model.
At 1222 IST, shares of the company were up over 1% at INR 3,149.70. The stock was among the top gainers in the Nifty 50 index, which itself was 0.3% lower. Over 858,000 shares of the company have changed hands on the exchange, which is nearly 35% lower than the number of shares traded until the same time Wednesday.
Adani Enterprises is uniquely positioned to benefit from India's next capital expenditure cycle, with exposure across airports, data centres, new energy, and strategic manufacturing among other domains, Motilal Oswal said in its initiation report. The company's diversified portfolio provides it with multiple avenues to partake in infrastructure development, energy transition, digitalisation, and India's push towards domestic manufacturing.
The brokerage views Adani Enterprises as a differentiated infrastructure incubator which combines established businesses that provide stability with high-growth platforms that could drive the next leg of earnings. The company's ability to identify emerging opportunities, develop scale, and market leadership, and subsequently monetise mature platforms creates a repeatable model for capital recycling, the brokerage highlighted.
The Adani Group player is seen entering a phase of accelerated earnings growth by the brokerage. The company's earnings before interest, tax, depreciation, and amortisation are expected to rise to INR 299 billion from INR 140 billion by financial year 2028-29 (Apr-Mar), which implies a compounded annual growth rate of 29%, according to the brokerage.
Furthermore, growth is expected to be driven by the commissioning of the Navi Mumbai Airport, capacity expansion at Adani New Industries, commencement of tolling on key road projects, and continued momentum across its primary businesses. The brokerage underscored execution delays, higher-than-anticipated capital expenditure, and potential regulatory challenges, among risk factors. (Shruti Nair)
Equity Alert: Bombay Burmah soars; SC recalls INR-46.55-bln lease-rent demand
MUMBAI--1146 IST--Shares of Bombay Burmah Trading Corp. surged 15% to their highest level in over five months to INR 1,639 on the National Stock Exchange. As per an exchange filing after market hours Wednesday, the Supreme Court had earlier in August recalled a lease-rent demand of INR 46.55 billion from the corporation. This demand was linked to ongoing proceedings concerning the corporation's erstwhile tea estate in Singampatti, Tamil Nadu, Bombay Burmah said in the exchange filing.
At 1144 IST, the stock was trading over 13% higher at INR 1,616.30 and a little over eight million shares of the company changed hands on the bourse. This is massively higher than the stock's three-month volume average of 34,652. Bombay Burmah was the top gainer in the Nifty 500 index.
The civil appeal surrounding the Singampatti tea estate was not related to the issue of lease rent payable, the company had appealed through an interlocutory application. "...the amount of Rs. 4,655.24 crore had neither been the subject matter of a notice served upon BBTCL (Bombay Burmah) nor been finally determined after affording BBTCL an opportunity of hearing," the apex court said in its order dated Aug. 19. (Ruchira Kagita)
Equity Alert: ICICI Pru AMC slips 5?ter large deal of nearly 10 mln shrs
MUMBAI--1105 IST--Shares of ICICI Prudential Asset Management Co. fell around 5% intraday after nearly 10 million shares of the company were sold in a large deal on BSE at discount to the stock's Monday close. The shares were sold at INR 3,065, nearly 5% lower than the stock's Monday close on BSE.
Wednesday, the asset management company had said its promoter, Prudential Corp. Holdings Ltd., will sell up to 2% stake in the company through open-market transactions Thursday. The shares were said to be sold in one or more tranches during the session, according to an exchange filing. ICICI Bank and any other entity in the company's promoter group will not buy any shares in the open market on Thursday, ICICI Prudential AMC said.
At 1101 IST, the stock was at INR 3,083.60 on the National Stock Exchange, down 4.2% from Wednesday and was the worst hit in both the Nifty 200 and Nifty 500 indices. In BSE, the stock was down 4.1% at INR 3,088.60. So far in the day, 10.6 million shares of the company have changed hands on BSE, compared to 3,606 shares traded till the same time Wednesday. (Arya S. Biju)
Equity Alert: Indices slips into red as auto, FMCG weigh; HDFC Bank dn 1%
MUMBAI--1052 IST--Indices slipped into red, after remaining flat for a brief period of time, largely due to weakness in fast-moving consumer goods and automobile companies. Broader market indices gave up some earlier gains and fell. At 1051 IST, the Nifty 50 was at 24160.75, down 47 points or 0.2%, and the BSE Sensex was at 77277.86, down 195.08 points or 0.3%.
Financial services companies Kotak Mahindra Bank and SBI Life Insurance Co. rose around 2?ch. However, their peer Shriram Finance fell the most in the Nifty 50 and was down over 2%. Tech Mahindra, Adani Enterprises, Asian Paints, Bharat Electronics, Sun Pharmaceutical Industries, and Bajaj Finance rose around 1?ch. State-owned energy companies NTPC and Power Grid Corp. of India fell around 1?ch. The heavyweight HDFC Bank fell 1%. Autombile players Bajaj Auto, Mahindra & Mahindra, and Maruti Suzuki India fell nearly 1?ch. Fast-moving consumer goods companies Tata Consumer Products, Hindustan Unilever, and Nestle India fell 0.5-1.0%. Nifty FMCG fell the most among the sectoral indices and was down 0.5%.
Broader market indices slipped into the red, smallcap indices were down 0.1-0.2%, and midcap indices fell 0.1?ch. Power companies Adani Power, GE Vernova T&D India, CG Power and Industrial Solutions, Hitachi Energy India, and Adani Energy Solutions gained 2-3%. Maharatna company Bharat Heavy Electricals gained nearly 4% to be top gainer among the Nifty 200 constituents.
On other hand, gold loan financiers Muthoot Finance and Manappuram Finance fell nearly 2% and over 4%, respectively. Power Finance Corp., Multi Commodity Exchange Of India, TVS Motor Co., and United Spirits fell around 2?ch. Shares of Lupin fell nearly 2% to an intraday low of INR 2,169.60 after the global brokerage Citi upgraded the stock to 'sell' from 'buy', and cut the target price over 19% to INR 2,050. The stock later came off lows and was down nearly 1%. (Adhithya Aji)
Equity Alert: Tata Power dn 4.5%; co loses appeal against $490 mln charge
MUMBAI—1030 IST--Shares of Tata Power Co. fell 4.5% to hit the lowest level in seven months at INR 348.20 after the company's appeal against an arbitration award of $490 million was dismissed by the Singapore International Commercial Court. At 1043 IST, shares of the company were down 4% at INR 349.25. The stock was the worst performer in both the Nifty 200 and Nifty 500 indices. Over 7.32 million shares of the company have changed hands on the exchange so far Thursday, which is roughly eight times the number of shares traded until the same time Wednesday.
In 2025, Tata Power had challenged arbitral awards issued in proceedings initiated by Klero Capital in 2020. Tata Power had also challenged Singapore International Arbitration Centre's rejection of its challenge to the appointment of the two arbitrators who issued the majority award.
In a ruling on Wednesday, the Singapore International Commercial Court held that there was no breach of judicial principles or fair hearing by the majority in arriving at the final award. The company said it would be filing an appeal against the court's decision within the 28-day window allowed for the same.
"While the award is unrelated to its core India power operations, the quantum is material and could weigh on near-term earnings/cash flows," brokerage ICICI Securities said in a note concerning the development. The case also highlights the legal and execution risks associated with overseas investments and partnership arrangements, according to the brokerage. (Shruti Nair)
Equity Alert: HDFC Bk falls 1.4% on reports of US class action against co
MUMBAI--1025 IST--Shares of HDFC Bank fell as much as 1.4% to an intraday low of INR 717.10. The stock fell after reports that a lawsuit was filed in the US against the lender and its executives alleging violation of American securities laws through misleading disclosures and governance lapses.
Investor Jwalant Natvarlal Soneji filed a securities fraud class-action complaint against the bank and two senior executives in the US District Court for the Southern District of New York on Aug. 13 on behalf of investors who purchased HDFC Bank securities between Jul. 17, 2023, and May. 26, 2026, according to a Mint report. The complaint centres on allegations that the Bank disguised payments made to the Maharashtra State Road Development Corp. as marketing expenses in order to compensate the state agency for interest above the rate available to other depositors, reports said. A spokesperson of the bank said such shareholder lawsuits are common in the US after stock prices fall. The spokesperson said the claims are without merit and added the bank will defend, itself strongly, according to reports.
At 1019 IST, shares of HDFC Bank were at INR 720.40 on the National Stock Exchange, down 0.9% from Wednesday and were among the worst hit in the Nifty 50 index. Overnight, the stock's American Depository Receipts declined nearly 2%. So far in the day, nearly 10 million shares of the company changed hands on the NSE, double the nearly 5 million shares traded till the same time Wednesday. (Arya S. Biju)
Equity Alert: Lupin falls to 6-mo low, Citi downgrades to 'sell' from 'buy'
MUMBAI--1022 IST--Shares of Lupin fell as much as nearly 2% to hit their lowest level in over six months of INR 2,144.70 on the National Stock Exchange after brokerage Citi downgraded the stock to "sell" from "buy". Lupin's US business is losing its momentum, the brokerage said, adding that the pipeline isn't enough to offset the decline the company is seeing in sales of Tolvaptan and Mirabegron. Sales from the US are estimated to fall to $975 million by 2028-29 (Apr-Mar) from $1.3 billion in FY26. Citi has cut the target price on the stock to INR 2,050 from INR 2,540 earlier.
Tolvaptan contributed about 35% to the company's US sales for the June quarter and 45% of earnings before interest, taxes, depreciation, and amortisation, Citi noted. This is seen falling going ahead as Apotex launched a similar drug in August. Two more players can launch their variants too soon, the brokerage said.
The pharmaceutical company's EBITDA margin is seen around 23% for FY28 and 20% for FY29. Better operating leverage and a richer product mix should support margin growth but "pipeline delays or execution hiccups could push margins below 20% (for FY29)", Citi said. Underlying margin exlcuding Tolvaptan and Mirabegron is seen only around 15% for FY29. The margin estimate for FY28 mainly depends on the company earning $220 million from its anticoagulant, Apixaban. However, this is expected to only may last only until April 2028.
Citi reduced its FY27 earnings per share estimate for the company by 14% but raised the estimate for the same by 4% for FY28. The increase in expectations for FY28 is primarily due to sales of Apixaban. However, the brokerage now sees the stock's price-to-earnings multiple at 25 based on earnings estimates for FY28, lower than 27 before. At 1021 IST, shares of the company were slightly off lows and down close to 1% at INR 2,165.50 on the NSE. (Ruchira Kagita)
Equity Alert: Indices turn flat after opening higher; fincl svcs shrs gain
MUMBAI--0951 IST--Benchmark indices opened higher Thursday but later pared gains to trade largely flat amid falling crude oil prices. Financial services stocks were the major gainers among index constituents, while automobile stocks were the major laggards. The Nifty 50 was weighed down by HDFC Bank. Broader market indices also opened higher. At 0950 IST, the Nifty 50 was at 24220.10, up 0.1%, and the BSE Sensex was at 77472.39, flat.
In the Nifty 50, Tech Mahindra gained over 1%, while financial services stocks Bajaj Finance and Kotak Mahindra Bank rose around 1?ch. Adani Enterprises, Oil and Natural Gas Corp., Bharat Electronics, Eternal, and Tata Steel rose around 1?ch. ICICI Bank was up nearly 1%. On the other hand, HDFC Bank fell nearly 1%. HDFC Bank shares fell after media reports said India's largest private sector lender is facing a lawsuit in the US, with an investor alleging that the bank violated US securities law and caused losses for shareholders. Automobile stocks Mahindra & Mahindra, Bajaj Auto, and Eicher Motors were down 0.5-1.0%. Shriram Finance fell nearly 2%.
The broader market indices were in positive territory. The midcap indices were up 0.2?ch, while smallcap indices gained 0.1-0.2%. Nifty Consumer Durables was the best performer among sectoral indices, rising 0.5%. Nifty Auto fell 0.2% to be the underperformer.
Power transmission stocks GE Vernova T&D India, Hitachi Energy India, and Adani Energy Solutions rose 2-4%. CG Power and Industrial Solutions rose over 3%. ICICI Prudential Asset Management Co. fell over 4% after nearly 10 million shares of the company exchanged hands on the BSE at a price of INR 3,065 per share, a nearly 5% discount to the previous close. Tata Power Co. and Tata Motors fell over 3% and 2%, respectively.
Bombay Burmah Trading Corp. rose over 11% to be the best performer among the Nifty 500 constituents. Meanwhile, ICICI Prudential Asset Management Co. and Tata Power Co. were the worst-performing stocks in both the Nifty 200 and Nifty 500 indices. (Adhithya Aji)
Equity Alert: Indices to open dn despite fall in oil; Fed chair comments eyed
MUMBAI--0854 IST--Indices are expected to open lower despite crude oil prices extending losses for the fourth consecutive session. The investors will now focus on the speech from US Federal Reserve Chairman Kevin Warsh on Friday. Information technology stocks are likely to be the core attraction in the market after tech-giant Nvidia's earnings release.
"The Nifty index has slightly expanded its congestion range with a slightly upward slope," Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market, said. The support for the index is seen at 24100-24150, while the resistance is expected at around 24400-24450, according to Kumar. On Wednesday, the Nifty 50 ended 0.5% lower at 24207.75.
Overnight, the American Depository Receipts of Indian IT majors Infosys and Wipro were down nearly 3% post the results' announcement of tech-giant Nvidia. The AI major's revenue for the June quarter more than doubled on year and rose 18% sequentially to $96.2 billion. The company's generally accepted accounting principles gross margin was at 75%, while the generally accepted accounting principles earnings per diluted share were $2.46.
On the global front, the Asian markets were mixed, with the tech-heavy Kospi rising the most in the region. The South Korean index rose nearly 2%. The index gained positive sentiment from the robust June quarter earnings of Nvidia. Japan's Nikkei 225 opened higher and later slipped into red, down 0.1%. The US indices ended lower. (Adhithya Aji)
Equity Alert: Asian markets mixed; Nvidia earnings lift select tech stocks
MUMBAI--0825 IST--Major Asian indices opened mixed after Nvidia's July quarter earnings beat estimates, supporting technology stocks and investor confidence in the region. Nvidia's quarterly revenues more than doubled year on year, and the company's shares were up nearly 5% in after-hours trading.
"The business is in absolutely rude health. It's going to wake people up and think 'what have I missed?' It's a really bullish story, and anyone supplying Nvidia through the supply chain will likely see the benefit today," Chris Weston, head of research at Pepperstone Group in Melbourne, told Reuters.
The South Korean Kospi led gains in the region, up around 2?ter the Bank of Korea raised interest rates to 3%, up 25 basis points. Kospi heavyweights Samsung Electronics and SK Hynix were up around 3?ch, pulling up the index. China's CSI 300 index was up 0.2%, while Hong Kong's Hang Seng was down 0.2%.
Brent Crude oil prices slipped for the fourth day to around $87 per barrel ahead of Qatar's prime minister's visit to Tehran later in the day to relaunch efforts for diplomacy between the US and Iran. "Crude oil prices continued to gradually ease despite a still highly uncertain outlook around management of the Strait of Hormuz and the current health of global oil supply, especially in light of renewed threats of escalation from Putin in the Russia-Ukraine war," Westpac analysts told Reuters.
Following are the levels of key indices in the region at 0806:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66317.17 | 0.1 |
|
TOPIX FIRST SECTION |
4119.23 | 0.2 |
|
S&P/ASX 200 Index |
9067.40 | (-)0.7 |
|
KOSPI Index |
6942.11 | 2.0 |
|
Hang Seng Index |
25599.05 | (-)0.2 |
|
CSI 300 Index |
4598.51 | 0.2 |
|
FTSE Singapore Strait Times |
5685.75 | (-)0.6 |
(Vidhi Thacker)
Equity Alert: US markets close marginally lower ahead of Nvidia earnings
MUMBAI--0735 IST--Major US indices closed marginally lower Wednesday ahead of Nvidia's earnings for the quarter ended July. A higher-than-expected inflation print also likely dampened market sentiment. Market participants will focus on the Federal Reserve Chairman Kevin Warsh's Jackson Hole speech Friday. However, US futures were higher after Nvidia reported a strong set of earnings. While shares of the chipmaker rose 5% in pre-market trading, E-Mini Dow futures also rose slightly.
Shares of Nvidia had ended nearly 2% lower ahead of earnings. For the July quarter, the company beat consensus estimates and strong guidance for the full financial year ending in January 2028. The company's revenues for the July quarter were $96.22 billion, up more than 4% from the estimate of $92.17 billion, CNBC reported. Nvidia expects revenue for the year ending 2028 to grow by about 70% on year and that it sees sales of $108 billion in the current quarter, plus or minus 2%.
Wednesday, the Dow Jones Industrial Average fell the most, down 0.2%, while the Nasdaq composite and the S&P 500 closed flat. Shares of Meta ended more than 1% higher after it decided to make major changes to its platforms and pay $18 billion to resolve all US states claims that those platforms addict children.
On the macroeconomic front, the personal consumption expenditures inflation rose 3.7% in the 12 months through July, a touch above expectations. Economists polled by Reuters had forecast a 3.6% increase. The latest inflation data adds pressure on the Federal Reserve's policy outlook. The next meeting of the central bank will be in September. Chances of an interest rate hike stood at 38.1%, according to a report by Reuters. "There is no crisis, it is more about expectations or guidance we are going to get from the Fed and what the Treasury is trying to do. That blends to some uncertainty and basically increases the risk premium," Greg Tuorto, the head of US small and midcap investing at Goldman Sachs Asset Management, told Reuters.
Following are the closing levels of all the major US indices:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
53463.88 | (-)0.21 |
|
NASDAQ Composite |
26130.19 | (-)0.08 |
|
S&P 500 |
7675.70 | (-)0.02 |
(Vidhi Thacker)
US$1 = INR 95.54
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
All prices from National Stock Exchange, unless otherwise specified.
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