Equity Alert
Indices seen volatile next week; global cues key to track
This story was originally published at 17:05 IST on 28 August 2026
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Equity Alert: Indices seen volatile next week; global cues key to track
MUMBAI--1622 IST--India's key stock indices might show some volatility in the coming week as market participants track a host of events. Other than the movement of crude oil prices amid the continuing war in West Asia, some key developments on market participants' watchlist will be comments from US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium, scheduled later in the day, and US payrolls data, set to be released in the upcoming week. India's GDP print for the June quarter will also be in focus.
"...Focus is gradually shifting towards the sustainability of earnings growth amid evolving global macroeconomic conditions," Vinod Nair, head of research at Geojit Investments, said in a note. Friday, the Nifty 50 ended at 24175.65 points, up 0.4%. The Sensex ended at 77264.51 points, up 0.4%. Moves in the broader market were slightly positive.
The Nifty 50 has been moving lower for three straight weeks now and any rise could potentially trigger more selling pressure, an analyst at Axis Securities said. While sectoral rotations have helped the benchmarks remain stable, the overall momentum is still tilted towards the negative, the analyst said. If the Nifty 50 slips below 24000 points, there could be some panic selling and the index could be pushed further down to 23850–23800 levels.
Selling pressure is noticeable in the stocks of public-sector lenders. No directional trend can be pointed out for the Nifty PSU Bank index, Rupak De, a senior technical analyst at LKP Securities, said. The index tracking key public-sector banks fell for the third week in a row. A breakout above 58000 points for the Nifty Bank index or a breakdown below 57000 points could trigger a meaningful trend, Sudeep Shah, head of technical and derivatives research at SBI Securities, said in a note. (Ruchira Kagita)
Equity Alert: Nifty 50 Sept ends at premium of 173.35 points to spot index
MUMBAI--1600 IST--The September futures contract of the Nifty 50 closed at a premium of 173.35 points to the spot index. Open interest in the contract rose nearly 3% from Thursday to around 15.45 million, according to provisional data.
--Nifty 50 closed at 24175.65 points, up 84.80 points or 0.4% vs Thursday
--Nifty 50 September closed at 24349.00 points, up 67.10 points or 0.3% vs Thursday
Nifty 50 options, expiring Tue, with maximum change in open interest:
Call: 24100, Put: 24100
Nifty 50 options, expiring Tue, with maximum open interest:
Call: 24300, Put: 24000
(Eshitva Prakash)
Equity Alert: Indices end higher; tech stocks outperform, TCS ends 4% up
MUMBAI--1544 IST--The benchmark indices ended higher Friday after closing lower for two consecutive sessions even as US President Donald Trump said he was in no hurry to schedule peace talks with Iran and crude oil prices remained high. Major stocks in the information technology sector supported the Nifty 50 index as they mimicked the rise in US markets overnight.
"Nvidia's strong Q2 (May-Jul) results and upbeat revenue outlook reinforced optimism around global AI (artificial intelligence) spending," Siddhartha Khemka, head of research, wealth management, at Motilal Oswal Financial Services, said in a note. On the flip side, stocks in the consumer space came under pressure.
The Nifty 50 was at 24142.45 points, up 0.2% from Thursday, at the end of the continuous trading session at 1515 IST, and the BSE Sensex was at 77194.59 points, up 0.3%. After the closing auction session, the Nifty 50 ended at 24175.65 points, up 0.4%, and the Sensex at 77264.51 points, up 0.4%. Moves in the broader market were slightly positive. Barring the Nifty Midcap 150 and Nifty Smallcap 50 indices, all the others closed higher.
On a weekly basis, the Nifty 50 and the BSE Sensex ended lower for the third time in a row. Stocks in the banking and financial sector added some negativity to market sentiment. These stocks have displayed sideways to negative moves in the recent past and kept benchmarks range-bound, Rupak De, a senior technical analyst at LKP Securities, said.
Friday, shares of technology giant Tata Consultancy Services closed 4% higher, followed closely by peer Tech Mahindra, which ended 3.5% higher. Infosys, HCL Technologies, and Wipro closed around 3% higher each. Most key financial stocks in the 50-stock index fell, but shares of HDFC Bank lent the most support to the index. The lender's stock ended around 1% higher. Meanwhile, shares of ICICI Bank and Shriram Finance fell the most.
On the sectoral front, the Nifty IT index emerged as the clear winner in the last trading session of the week. The index outperformed its peers by a significant margin and closed 3.5% higher. All the constituents of the technology index gained. Coforge, which closed nearly 6% up, was the top gainer in the sectoral index and the Nifty 200 as well. The second-best index Friday was the Nifty Metal, which ended the day 0.8% higher. (Ruchira Kagita)
Equity Alert: Nuvama ups Piramal Finance target price 12%, retains 'hold'
MUMBAI--1529 IST--Nuvama Institutional Equities retained its 'hold' recommendation on Piramal Finance and raised its target price on the stock by 12% to INR 2,500. The revision follows a meeting between the brokerage and the lender's Managing Director and Chief Executive Officer Jairam Sridharan. On Friday, Pirmal Finance shares closed at INR 2,278.40, up 2.2%. The brokerage's revised target price implies nearly 10% upside from Friday's closing price.
The brokerage said that the non-banking finance company has outgrown its legacy issues and has built a diversified portfolio, targeting growth of around 22% in its assets under management to INR 1.5 trillion by 2027-28 (Apr-Mar). Given management's plans to scale up lending in gold, microfinance, and business segments, along with a recent rating upgrade to 'AA+', the brokerage expects a structural fall in the lender's cost of funds by 30 basis points and ensuing margin support.
Further, despite a slight deterioration in the lender's asset quality in the June quarter due to seasonal stress on the mortgage book, the brokerage underscored management's belief that asset quality would remain steady going ahead.
The lender's business transformation and return to profitability over the past two years triggered a meaningful re-rating over the past year, the brokerage said. Going forward, it sees the lender's return on assets under management improving to 2.1–2.8% over financial years 2027-28 and 2028-29, driven by better margins and operating leverage. Taking into account the recent earnings upgrade and capital raise, the brokerage raised the target price to 1.6 times the adjusted book value estimate for September 2028.
However, the brokerage maintained its "hold" recommendation and underscored that a further re-rating would hinge on the lender sustaining strong growth momentum in its assets under management and showing a meaningful improvement in return ratios closer to peers' levels. (Shruti Nair)
Equity Alert: European markets up; investors await US Fed chair's speech
MUMBAI--1505 IST--Major European equity indices rose Friday after declining Thursday. Investors now await US Federal Reserve Chair Kevin Warsh's speech in Wyoming later Friday. The pan-European Stoxx Europe 600 was up 0.5%. Automobile and utilities stocks led gains in the region, with Stoxx Europe 600 Automobiles & Parts and Stoxx Europe 600 Utilities gaining over 1?ch.
Analysts see this year's Jackson Hole conference as "one of the more meaningful" in a while, as inflation remains above the US Federal Reserve's target and fears that Warsh may be inclined to lower interest rates, according to Catalyst Funds, cited in a Dow Jones Newswire report.
Italy's FTSE MIB Index and France's CAC 40 were the region's top gainers, adding around 1?ch. On a weekly basis, most indices are headed for a gain, with the German Dax Performance Index adding nearly 1.5%. Luxury stocks were up in France, with Hermes International gaining over 3%. Basic resources and mining stocks were up, with the Stoxx Europe 600 Basic Resources gaining over 1%. Heavyweights Boliden, Anglo American, and Antofagasta were up around 2?ch.
The following are the levels of key indices in the region at 1445 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
108016.27 | 0.2 |
|
CAC 40 |
8405.37 | 1.0 |
|
MIB INDEX |
52740.14 | 0.9 |
|
DAX PERFORMANCE-INDEX |
26519.53 | 0.6 |
|
SLI |
2314.48 | 0.2 |
(Vidhi Thacker)
Equity Alert: Indices remain flat as fincl svcs shrs drag; ICICI Bank dn 1%
MUMBAI--1440 IST--The benchmark indices remained largely flat as financial services stocks continued to be a drag, particularly on the Nifty 50, with heavyweight constituent ICICI Bank. The bank's shares fell over 1%. Information technology stocks firmed up their position as top gainers in the 50-stock index. At 1424 IST, the Nifty 50 was at 24110.25, up nearly 0.1% from Thursday. The BSE Sensex was at 77100.08, up 166.49 points or 0.2%.
Tata Consultancy Services continued to be over 4% higher. HCL Technologies, Infosys, Wipro, and Tech Mahindra were up nearly 3%. The tech stocks rose tracking gains in US indices following the robust June quarter earnings of artificial intelligence giant Nvidia. Axis Bank opened lower in the day but gathered pace and was 0.4% higher. Asian Paints, ITC, UltraTech Cement, Shriram Finance, and SBI Life Insurance Co. were the laggards, trading over 1% lower.
Broader market indices were mostly up with the Nifty Smallcap 250 0.3% higher. The Nifty Smallcap 50 was down 0.1%, the only broader market index to be in the red. Among sectoral indices, Nifty India Defence and Nifty FMCG were down nearly 1%. The Nifty IT remained in positive territory, up nearly 3%.
Coforge was the top gainer in the sectoral index and the Nifty 200, up more than 5%. Friday, the company announced expansion of its partnership with the US-based Pegasystems Inc. for enterprise AI transformation. Its IT peer LTM rose nearly 5%.
Container Corp. of India and Steel Authority of India rose nearly 5% and 4%, respectively. TVS Motor Co. shares were down nearly 3?ter the company announced that its Chief Executive Officer K.N. Radhakrishnan is stepping down after serving in the position since October 2018. Shares of Billionbrains Garage Ventures, Adani Energy Solutions, and Bharat Dynamics were down around 3?ch.
In the Nifty 500, NMDC Steel and Newgen Software Technologies rose over 9?ch to be the top performers. Shares of Tejas Networks, IFCI, Ather Energy, and PTC Industries were also up 7–9%. Devyani International fell further and was down over 4% to be the worst-hit stock in the Nifty 500. (Utthara E. S.)
Equity Alert: Jefferies says 'buy' SBI Funds Mgmt, target price INR 710
MUMBAI--1435 IST--Global brokerage Jefferies has initiated coverage on SBI Funds Management with a "buy" recommendation and a target price of INR 710, implying an upside of more than 26% from the current market price. The brokerage has based its target price at 40 times the estimated operating profit after tax for the September quarter 2028. It expects SBI Funds' mutual fund assets under management to grow at a 16% compounded annual growth rate by financial year 2028-29 (Apr-Mar) over FY26 and equity assets under management at 18% over the same period.
Jefferies said SBI Funds is the largest asset management company in India with INR 12.5 trillion of mutual fund assets, and differs from peers due to its exclusive association with the largest public sector bank, State Bank of India. SBI Funds' market leadership in faster-growing lower-tier markets well-diversified mix of schemes also differentiates it from other large asset management companies.
SBI accounts for 35% of SBI Funds' equity assets under management, offering expansion opportunities and lower cost of distribution. The affinity of the bank's customers for SBI Funds' schemes could reduce performance-related risks to growth, Jefferies said. The brokerage sees revenues growing at a 14% compounded annual growth rate by FY29. The company plans to introduce products in portfolio management services, alternative investment funds, and specialised investment funds to expand into affluent customers. "In the near-term, it plans to enter the "Mutual Fund-only PMS" category (lowered ticket size of Rs2.5mn (INR 2.5 million)) with the intention to scale it up meaningfully," it said.
At 1447 IST, shares of SBI Funds Management traded flat at INR 563.80. More than 1.3 million shares of the company have changed hands on NSE so far in the day, slightly higher than 1.2 million at the same time Thursday. The stock has fallen over 2% in the last 30 days. (Ashutosh Pati)
Equity Alert: Markets in Asia end mixed as investors await Warsh's speech
MUMBAI--1430 IST--Major Asian indices ended mixed as investors await US Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium for cues on the central bank's view on the trajectory of benchmark lending rates. South Korea's Kospi was the worst-hit index, closing nearly 2% lower.
"Markets are on edge for any signal (from Warsh) on the (interest) rate path, with bond yields already rising in anticipation of a potentially hawkish tone," Dow Jones Newswires cited Commerzbank Research analysts saying in a report. Uncertainty over the US Federal Reserve's interest rate view and elevated crude oil prices have pushed bond yields higher globally, a key negative for equities. Yields on government bonds rose in Asia, with Japan's 10-year government bond yield rising 3.5 basis points to 2.925%, according to the Dow Jones report.
Japan's broader market index, Topix, was the top gainer in the region, ending 0.7% higher. Japan's Nikkei 225 Day index ended 0.4% higher after technology stocks rose, tracking overnight gains in US peers. Advantest Corp. was up nearly 2% while Fujitsu ended 4% higher. Security software company Trend Micro was the top gainer in the index, ending nearly 6% higher from Thursday. Meanwhile, SK Hynix and Samsung Electronics closed over 4% and 3% lower, respectively, weighing on the Kospi.
At 1421 IST, the October futures contract of Brent Crude was down nearly 1% from Thursday at $88.94 per barrel on the Intercontinental Exchange. Thursday, the value of the futures contract had risen, following reports that the US government has repeatedly told mediators it has no interest in going back to the terms of the memorandum of understanding it reached with Iran in June.
Following were the levels of key indices in the region at 1405 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66405.56 | 0.4 |
|
TOPIX FIRST SECTION |
4146.71 | 0.7 |
|
S&P/ASX 200 Index |
9092.3 | 0.6 |
|
KOSPI Index |
6788.88 | (-)1.8 |
|
Hang Seng Index |
25584.79 | 0.1 |
|
CSI 300 Index |
4609.18 | (-)0.5 |
|
FTSE Singapore Strait Times |
5680.73 | (-)0.1 |
(Vidhi Thacker)
Equity Alert: Nifty 50 flat, Sensex off highs after auto, metal cos fall
MUMBAI--1403 IST--The Nifty 50 index turned flat as automobile and metal companies came off highs, and financial services stocks remained down. Information technology stocks maintained their gains.
At 1324 IST, the Nifty 50 was at 24108.30, up 0.1%. The BSE Sensex was at 77077.77, up 144 points or 0.2% higher. Earlier, the benchmark indices had risen as much as 0.4-0.6%.
Major financial constituents remained lower with Shriram Finance and ICICI Bank hit the most, and both fell over 1%. Shares of Shriram Finance were down for the third consecutive session in a row, falling nearly 5% during the period. Among other financial stocks, Bajaj Finserv, Bajaj Finance, and SBI Life Insurance each fell around 1%.
Large-cap metal companies such as Tata Steel and JSW Steel were down nearly 1?ch as compared with slight gains in the morning. However, the Nifty Metal index was still up slightly amid gains in APL Apollo Tubes, Steel Authority of India, Vendanta--which were up 2-3%. Some of the automobile companies fell with Eicher Motors, Maruti Suzuki India, and Mahindra & Mahindra down 0.3-0.8%.
On the flip side, information technology constituents remained top gainers on the Nifty 50. Tata Consultancy Services rose over 4% outperforming its peers. Wipro, Infosys, and Tech Mahindra rose over 2?ch. After falling for three consecutive sessions, HCL technologies rose over 3%. The Nifty IT index was up over 3%.
Among the broader market indices, small-cap indices rose 0.2-0.4% and the mid-cap indices rose 0.1-0.2%. Tejas Networks remained the top gainer in the Nifty 500 index. Shares of Tejas Networks were up over 8.5% and those of Ather Energy and Newgen Software Technologies rose over 7?ch. (Deesha Jadhav)
Equity Alert: Most IT stocks rise tracking US peers; TCS, LTM up 4?ch
MUMBAI--1325 IST--Most domestic information technology stocks rose Friday, with the Nifty IT index gaining 4%. The stocks rose tracking overnight gains in their US peers following better-than-expected earnings and robust guidance from chip giant Nvidia and software company Salesforce that reassured optimism around demand for artificial intelligence infrastructure and related investments. The rise in domestic IT stocks was despite persisting concerns over the sector's growth outlook, analysts said.
Technology stocks in the US rose overnight after Nvidia's stronger-than-expected revenue forecast boosted confidence in the sustainability of the AI-led growth cycle. The chipmaker guided for a 70% revenue growth in 2028, far higher than the 44% expected by analysts, CNBC reported. "AI has reached its inflection point," Nvidia Chief Executive Officer Jensen Huang said. "It's doing useful work. Its tokens are productive and profitable."
Stronger-than-expected earnings by software company Salesforce had also reinforced the tech rally. The company is "seeing incredible demand for our AI and data products" and that it's "turning AI into customer success at an unprecedented scale," its Chief Executive Officer Marc Benioff said.
While concern over AI-led revenue deflation for domestic IT players persist, some analysts believe that they will ultimately benefit from growing adoption of AI going forward, as these companies are crucial for the adoption of AI by enterprises. At 1305 IST, the Nifty IT index was up over 3% at 31,230.30, with all of its constituents trading in the green, up 1.8-5.0%. Mid-cap IT stocks Coforge and Persistent Systems led the pack, gaining 5% and 4%. This was followed by large-cap players LTM and Tata Consultancy Services, which rose 4?ch. Among other large-cap players, HCL Technologies, Infosys, and Wipro were up around 3?ch. (Arya S. Biju)
Equity Alert: Tata Power dn for 11th session, JM Fincl cuts price aim 5%
MUMBAI--1320 IST--Shares of Tata Power fell for the 11th straight session, having shed 8% during the period. Brokerage JM Financial cut the target price on the stock by 5% to INR 422, but retained its "buy" recommendation on the stock. Thursday, the stock had hit its lowest level in seven months at INR 348.10 after the Singapore International Commercial Court's dismissal of the company's appeal against an arbitral award worth $490 million towards Kleros Capital. Friday, the stock shed nearly 1% to hit an intraday low of INR 349.25.
In September 2023, the Singapore International Arbitration Centre held Tata Power liable for breaching certain provisions under its non-disclosure agreements with Kleros and directed it to pay $490 million in damages for loss of opportunity, the brokerage highlighted in its report.
Based on legal advice suggesting a high probability of a favourable outcome, Tata Power had filed an application before the Singapore International Commercial Court in October 2025 seeking to set aside the arbitration tribunal's decision. "Accordingly, the company has not recognised any provision in its financial statements," the brokerage said in its report. The company would require provisions worth $650 million or INR 60 billion for the claim, JM Financial estimates. The quantum represents 4–5% of the brokerage's target valuation.
At 1326 IST, shares of the company were at INR 351.45, down 0.2%. Nearly 2.9 million shares of the company have changed hands on the exchange so far, which is 79% lower than the 12.62 million shares traded until the same time Thursday. (Shruti Nair)
Equity Alert: HSBC says 'buy' Manipal Health, sets target price at INR 1,000
MUMBAI--1131 IST--HSBC Securities initiated coverage on Manipal Health Enterprises with a "buy" recommendation and a target price of INR 1,000. The target price implies an over 25% upside from the stock's closing price Thursday. The brokerage expects the company's net profit to jump threefold to INR 22.5 billion between financial year 2025-26 (Apr-Jun) and FY29 at a compounded annual rate as the company increases its focus on profitability after doubling its bed capacity since FY23.
At 1151 IST, shares of the company traded slightly higher at INR 800.60 apiece on the National Stock Exchange. Over 813,000 shares of the company changed hands on the bourse, similar to the same time Thursday. The stock has risen around 20% since it listed on the NSE.
HSBC expects the company's revenue and earnings before interest, tax, depreciation, and amortisation to grow at a compounded annual rate of 17.9% and 19.3%, respectively. The brokerage expects the company's revenue to grow on the back of EBITDA margin improvement of its recently acquired Sahyadri Hospitals and the addition of 2,500 beds over FY27-30. Greater operating leverage, a better hospital network, and a healthier balance sheet are also seen supporting profitability. An improvement in the profitability of Sahyadri Hospitals could trigger a re-rating for the stock.
Manipal Health plans to use a significant portion of its proceeds from its initial public offer to pay off its debt. Its debt before its public offer stood at INR 128.60 billion, HSBC noted. The brokerage expects the company's net debt-to-EBITDA to improve to 0.7 times in FY27 from 3.7 times before the initial public offer. Going ahead, its return on capital employed to 13.1% by FY29 from 12.6% in FY26.
Tougher competition, slow improvement in the profitability of Sahyadri Hospitals, a delay in launching new beds, and any intervention made by the government in the pricing of healthcare services are some of the key risks to the company's growth, HSBC said. (Deesha Jadhav)
Equity Alert: Benchmark indices rise slightly as IT cos gains; Infosys up 3%
MUMBAI--1130 IST--Benchmark indices extended intial gains slightly with information technology stocks as the top gainers in the Nifty 50 index. At 1114 IST, the Nifty 50 was at 24165.20, up 74.35 points or 0.3%. The BSE Sensex was 0.4% higher at 77256.13.
Information technology behemoths Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, and Wipro were up 2-3%. The Nifty IT index was up 3%, and the sectoral index rose after falling for two consecutive sessions. During the period, the index shed nearly 2%. All the constituents in the index traded higher, with LTM rising nearly 5%. Coforge, Persistent Systems, Oracle Financial Services, and Mphasis gained 2-4%.
UltraTech Cement fell 2% and was the top underperformer in the Nifty 50. ICICI Bank, a major index heavyweight stock, traded nearly 1% lower. Grasim Industries, Shriram Finance, Asian Paints, Bajaj Finserv, JSW Steel, and Cipla and Eternal traded nearly 1% lower. Shares of Asian Paints declined amid a rise in crude oil prices. The company utilises crude oil as a key raw material to make paints.
The broader markets remained in the green with smallcap indices rising 0.2-0.5% and the midcap indices rising 0.2-0.4%. Among the sectoral indices, Nifty India Defence fell 0.6% to be the major laggard.
LTM and Container Corp. of India were the top gainers in the 200-stock index, which traded nearly 4% higher. Tata Consultancy Services and Exide Industries followed the list by trading over 3.5% higher. The major laggards in the index were Bharat Dynamics and Premier Energies, which traded over 2% lower. However, Nuvama Institutional Equities was positive on the sector on a robust order pipeline. "Defence spending remains on an upward trajectory, with INR 12tn-plus (over INR 12 trillion)...," Nuvama said. The brokerage said that this supported a healthy order pipeline for defence companies.
Shares of Ather Energy rose further and were up nearly 8%. The stock gained after HeroMoto Corp. Thursday decided to buy more stake in the electric-two wheeler maker for INR 17.58 billion. With this acquisition, the Splendor maker's stake in Ather Energy will rise to 32.8%. Physicswallah and Whirlpool Of India traded around 3% lower, being the laggards in the Nifty 500 index. (Utthara E. S.)
Equity Alert: CLSA ups Bajaj Auto price target 12%, retains 'outperform'
MUMBAI--1047 IST--CLSA raised its target price on Bajaj Auto by 12% to INR 13,466 from INR 12,068 on the back of demand boost owing to cuts in goods and services tax. The revised target price is the second highest among the 49 analysts tracked by Bloomberg, NDTV Profit reported. CLSA raised the company's earnings per share estimates for the financial year 2026–27 (Apr-Mar) and FY28 by 3–4% and maintained an "outperform" recommendation.
At 1026 IST, shares of the company were up 1.6% at INR 11,905 apiece on the National Stock Exchange. CLSA's target price implies an over 13% upside from its current market price. Nearly 85,700 shares of the company were traded so far on the NSE, higher than nearly 54,000 witnessed at the same time Thursday.
The brokerage expects GST cuts from September to accelerate demand for the two-wheeler market and help the company post better growth than its peers. The company will also benefit from the GST structure in the 125 cubic capacity segment of its business, as it plans the launch of two new products in this segment and a series of new variants in the festive period. The brokerage expects these launches to support the company's market share.
"Exports could continue to benefit; beneficiary of weaker INR (rupee)," NDTV Profit quoted CLSA as saying. The company's domestic portfolio is tilted towards the premium segment, which will support growth in its domestic market. (Vidhi Thacker)
Equity Alert: Tejas Networks jumps 13% on INR-15.4-bln order from TCS
MUMBAI--1045 IST--Shares of Tejas Networks rose around 13% to an over one-month high of INR 576.85 per share after the company late Thursday said it has received an order worth INR 15.37 billion from Tata Consultancy Services. The order is to supply radio access network equipment, accessories and installation materials for 18,685 sites of Bharat Sanchar Nigam's fourth generation mobile network, according to an exchange filing.
The contract value exceeds the company's 2025-26 (Apr-Mar) revenue of around INR 11 billion, making it financially significant, Ventura Securities said in a note. The development is positive for the stock in the short to medium term, SBI Securities said. Analayts now await further details of the order including the execution timeline.
At 1041 IST, the stock was up 9.3% at INR 558.85 on the National Stock Exchange and was the top gaining Nifty 500 stock. The stock is up for the third straight session in which it gained nearly 11%. Over the month, the stock has gained around 9%, outperforming most of its peers. So far in the day, nearly 27 million shares of Tejas Network changed hands on the NSE, compared with 273,446 shares traded till the same time Thursday. (Arya S. Biju)
Equity Alert: Tempsens Instruments lists at 111% premium at INR 634 on NSE
MUMBAI--1007 IST--Shares of Tempsens Instruments (India) listed at INR 634 on the National Stock Exchange, a premium of 111% to its issue price of INR 300. On BSE, the scrip listed at INR 631.20, more than two times the issue price. At 1036 IST, shares of the company came off earlier highs and were trading at INR 591.45, up 97% from the issue price on the NSE.
The company's initial public offering was subscribed 184.07 times on the final day with bids received for 2.79 billion shares against 15.18 million shares on offer. Prior to the offer opening, the company had raised INR 1.95 billion from anchor investors.
Tempsens Instruments is a thermal engineering and specialised cable manufacturer engaged in the design and manufacture of customised temperature sensing solutions, electrical heating solutions, and specialised cables. For 2025-26 (Apr-Mar), it reported a consolidated net profit of INR 673.48 million on revenues of INR 4.45 billion. (Shruti Nair)
Equity Alert: Mkts up at open despite higher oil prices; tech cos gain most
MUMBAI--0941 IST--Benchmark indices opened higher Friday with information technology companies being the top gainers in the indices. On the other hand, financial services stocks were the major laggards at the start of the day. Indices opened in green despite a rise in crude oil after US President Donald Trump said he was not willing to have a ceasefire deal with Iran. At 0939 IST, the Nifty 50 was at 24137, up 46.15 points or 0.2%, and the BSE Sensex was at 77197.68, up 264.09 points or 0.3%
Tech Mahindra, Tata Consultancy Services, Infosys, HCL Technologies, and Wipro rose 2-3% to be the top gainers in the Nifty 50. Power Grid Corp. of India, Bharti Airtel, Bajaj Auto, Larsen & Toubro, Hindalco Industries, and Tata Steel gained around 1?ch. On other hand, financial services companies Bajaj Finance, Bajaj Finserv, Shriram Finance, and SBI Life Insurance Co. fell around 1?ch. Zomato-owner Eternal and UltraTech Cement fell around 1?ch.
Among the sectoral indices, Nifty IT rose nearly 3% and was the best performer. All the constituents in the index traded higher. In contrast, Nifty Private Bank, Nifty Financial Services, and Nifty Bank fell 0.2?ch to be the underperformers among sectoral indices. All the broader market indices opened higher. Smallcap indices were 0.2-0.4% higher and midcap indices were 0.2% up each.
In the Nifty 200 space, IT players KPIT Technologies, LTM, Coforge, and Tata Consultancy Services were the top gainers, up around 4?ch. Meanwhile, Adani Energy Solutions, Billionbrains Garage Ventures, Premier Energies, and CG Power and Industrial Solutions fell around 2?ch. In the Nifty 500, Tejas Networks rose over 10?ter the company received a supply order worth INR 15.37 billion from Tata Consultancy Services. (Adhithya Aji)
Equity Alert: Macquarie retains 'outperform' on HDFC Bk amid CEO uncertainty
MUMBAI--0930 IST--Global brokerage Macquarie Group has retained its 'outperform' call on HDFC Bank with a target price of INR 1,150, according to a social media post by NDTV Profit News. This comes after the Nifty 50 heavyweight stock fell 2% Thursday and hit its lowest level in over a year at INR 710 following reports that a lawsuit was filed against the bank and its executives in the US on the grounds of violating US securities laws through misleading disclosures and lapses in governance. Macquarie's target price is 62% higher than the stock's closing price on Thursday. At 0925 IST, the bank's shares were up 0.5% at INR 714.55.
The brokerage underscored that uncertainty remains regarding the appointment of the lender's chief executive officer, with the incumbent Sashidhar Jagdishan's tenure slated to end in late October. The brokerage expects the bank to either extend Jagdishan's term by six months or by a full three-year tenure. In the former scenario, the brokerage believes the messaging would be that the bank is looking for new candidates for the CEO post, and wants time from the Reserve Bank of India to recommend a new list. This could lead to a further fall in HDFC Bank's share price, the brokerage said.
The latter scenario would end the uncertainty around the CEO's tenure and could result in the bank's stock finding bottom support at current levels, Macquarie said. Currently, both the options are equally probable, according to the brokerage, which expects future performance to be driven by an improvement in fundamentals. (Shruti Nair)
Equity Alert: Indices to start subdued as crude rises after Trump remarks
MUMBAI--0850 IST--Equity indices are expected to kick off the day on a subdued note amid a rise in crude oil prices after US President Donald Trump said he is not willing to agree to a ceasefire deal with Iran. This suggests the war in West Asia is likely to continue, raising concerns about energy supplies. For India, a net importer of crude, higher energy prices will remain a major overhang for the markets. Most Asian indices opened higher Friday and Wall Street indices ended higher.
"Going forward, a decisive close below 24,000 spot levels could drag it toward 23,800, followed by 23,600," Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market, said. Sustained trading above 24200 could lead it back toward the upper band of the range at 24380–24400, he added.
Crude oil prices rose after a Wall Street Journal report said Trump told mediators he was not interested in a ceasefire deal on terms similar to those agreed in June. In June, the US and Iran signed a memorandum of understanding for a 60-day ceasefire deal, which ended in July. At 0730 IST, October Brent crude futures were at $89.18 per barrel. It had risen over 2% to a high of $89.70. Market experts believe the current crude oil level offers no relief. Equity markets are expected to see a positive trigger when crude oil prices ease to around $75–$80 per barrel, according to an analyst.
India's GDP growth for the June quarter is expected to be 7.5%, "underscoring resilient growth momentum despite multiple economic risks," ANZ Research said. This figure is slower than the previous quarter but stronger than the growth recorded in the previous quarter. "Aggregate private consumption growth appears to be rebounding, but the performance is uneven," ANZ Research said. This growth resilience should give the Reserve Bank of India room to normalise monetary policy, the research firm added. (Adhithya Aji)
Equity Alert: Major Asian indices rise amid rally in select tech stocks
MUMBAI--0820 IST--Major Asian indices rose during early trade Friday on the back of a rally in technology stocks post Nvidia's July quarter earnings. Crude oil prices were lower around $89 per barrel and were set for a decline of around 5% on a weekly basis. Hopes of the Strait of Hormuz reopening were limited as the US administration said they have no intention of returning to the terms of the memorandum of understanding reached with Iran in June, according to a Wall Street Journal report.
Japan's Nikkei 225 was up nearly 1% and was among the top gainers in the region. Index heavyweights Tokyo Electron and Advantest Corp. were up around 2?ch. The South Korean Kospi was the worst performer in the region, pulled down by its heavyweight constituents SK Hynix and Samsung Electronics, which shed more than 1% and 2%, respectively. On a weekly basis, indices will be mixed with Japan's broader-market Topix being the top gainer, adding more than 2%.
Global investors await US Federal Reserve Chair Kevin Warsh's speech at the regulator's annual symposium in Jackson Hole, Wyoming. They will watch for signals about where interest rates could go, according to a CNBC report. "Investors have very little history with how he talks. New chairs use this stage to set the frame for their tenure, and whatever language he establishes Friday gets applied to every data print for the next year," Natalia Lojevsky, managing director at CIFC Asset Management, told CNBC.
Following are the levels of key indices in the region at 0750:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
66691.07 | 0.9 |
|
TOPIX FIRST SECTION |
4149.09 | 0.8 |
|
S&P/ASX 200 Index |
9063.60 | 0.3 |
|
KOSPI Index |
6839.31 | (-)1.1 |
|
Hang Seng Index |
25587.19 | 0.1 |
|
CSI 300 Index |
4634.67 | 0.1 |
|
FTSE Singapore Strait Times |
5695.01 | 0.2 |
(Vidhi Thacker)
Equity Alert: US markets gain after Nvidia's earnings; tech stocks rise
MUMBAI--0715 IST--Major US indices ended higher Thursday after chipmaker Nvidia's better-than-expected July-quarter earnings lifted technology stocks. The tech-heavy Nasdaq Composite was the top gainer, adding nearly 2%. Crude oil prices rose around $2 per barrel after the US administration told mediators that it does not intend to return to the terms of the memorandum of understanding reached with Iran in June, according to a Wall Street Journal report.
Nvidia's shares ended nearly 9% higher after the company reported its earnings, reinforcing the view that technology stocks can continue to grow as companies focused on artificial intelligence continue to report strong growth, according to a Reuters report. "Nvidia's results show that the AI boom is not running out of demand... while delivering that growth is becoming more expensive and capital-intensive," Lale Akoner, global market strategist at eToro, told Reuters. Nvidia has warned that a shortage of memory components could slow the industry's growth, the Reuters report added.
Semiconductor industry stocks closed higher, with Broadcom and Intel Corp. gaining over 4?ch. The VanEck Semiconductor ETF was up over 3%. The S&P 500 Information Technology index ended more than 3% higher, the top gainer among the 11 sectoral components of the S&P 500, most of which ended in the red. Meanwhile, the Dow Jones Industrial Average and S&P 500 ended in the green, gaining 0.2% and 0.7% respectively.
Chipmaker Salesforce ended nearly 23% higher after its quarterly earnings beat expectations for the second quarter. Software stocks were also up in the region, with Adobe and Autodesk gaining around 6?ch.
The following are the ending levels of key indices in the region:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
53569.44 | 0.2 |
|
NASDAQ Composite |
26541.35 | 1.6 |
|
S&P 500 |
7730.99 | 0.7 |
(Vidhi Thacker)
US$1 = INR 95.37
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.
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.
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