Equity Alert
Nomura says 'buy' Sterlite Tech, target price at INR 1,350
This story was originally published at 14:23 IST on 6 October 2026
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Equity Alert: Nomura says 'buy' Sterlite Tech, target price at INR 1,350
MUMBAI--1405 IST--Nomura has initiated coverage on Sterlite Technologies with a "buy" recommendation and a target price of INR 1,350 per share. The target implies a 35% upside from the stock's closing price on Monday. Demand for Sterlite Technologies' optical fibres is expected to grow at a 14% compounded annual rate between 2025 and 2030 in North America and Europe. The optical fibres industry is driven by strong capital expenditure in data centres, the brokerage said.
At 1404 IST, shares were up 1% at INR 1,012.30 apiece on the NSE. Almost three million shares have changed hands on the exchange so far, higher than the three-month average of daily volumes traded.
There is a persistent deficit in the optical fibres segment due to limited glass preform capacity, raw material bottlenecks, and limited capacity excluding China, Nomura said in its report. Owing to this, hyperscalers have inked multi-year supply agreements and growth opportunities open up for companies like Sterlite Technologies. The company has bagged major hyperscaler contracts, and it had a 9% share in the global optical fibre cables market, ex-China, in the September quarter. Sterlite Technologies' share in the data centre market is currently in the low single-digits, and it could increase to high single-digits, the broking firm said.
Nomura expects the company's revenue from data centres to rise from 1% in 2025-26 (Apr-Mar) to 40% in FY29. This shift is expected to lead to an expansion in the company's earnings before interest, tax, depreciation, and amortisation margin from 12% in FY26 to 24% by FY29. The company plans to invest INR 30 billion between FY27 and FY29 to expand capacity by 50% and despite this capital expenditure, it is seen having positive free cash flow. Slowing capital expenditure in data centres, faster-than-expected commissioning of industry capacity, and weaker-than-anticipated execution pose some risks to the company's growth, the brokerage said. (Ruchira Kagita)
Equity Alert: Headline indices rise more as select bank stocks extend gains
MUMBAI--1330 IST--The benchmark indices rose more as select bank stocks extended gains and heavyweights Reliance Industries and HDFC Bank remained in the green. At 1316 IST, the Nifty 50 was at 22713.45 points, up 0.7%, and the Sensex was at 72910.12 points, also up 0.7%.
Among the Nifty 50 stocks, Trent rose more and continued to be the top performer in the index. Its shares were up more than 12%. Banking stocks such as Kotak Mahindra Bank and ICICI Bank also rose more and were up over 4% and almost 1%, respectively. Shares of Reliance Industries, Eternal, and Axis Bank remained higher with each gaining over 2%. HDFC Bank was up over 1%.
Shares of Tech Mahindra and Coal India were the top losers in the index, down more than 2% and 3%, respectively. Coal India extended its fall. The stock was earlier down over 2%. Major information technology companies such as Tata Consultancy Services and Infosys were down over 1?ch. Infosys was the biggest drag among Nifty 50 stocks.
The broader market indices continued to outperform the benchmarks, with mid-cap indices up 0.7-0.9% and small-cap indices up 0.8-1.0%. Among sectoral indices, Nifty Private Bank was the top gainer, rising for the fourth session. The rise in shares of Kotak Mahindra Bank, Axis Bank, and IndusInd Bank pushed the sectoral index higher. Nifty IT was the top loser, falling for a second session.
Honasa Consumer rose over 8?ter the company said its net sales for the September quarter are expected to grow in the "early 30s" on year in value terms. On the other hand, Phoenix Mills continues to be the biggest underperformer in the Nifty 200 and Nifty 500 indices. Its shares were down almost 4%. (Ayush Jaiswal)
Equity Alert: Meesho up 6%; co posts 152% YoY gain in net merchandise value
MUMBAI--1255 IST--Meesho shares rose over 6% to an intraday high of INR 240.50 after it reported a 152% on-year growth in its net merchandise value through its content commerce ecosystem. This was supported by over 160,000 active creators over the last 12 months across India.
The expectation of a potential inclusion in the Morgan Stanley Capital International index in November also aided the stock, NDTV Profit reported. Further, Jefferies retained its "buy" rating with an INR 240 target price. Meesho expects a 25% compounded annual growth in net merchandise value over the next five years, supported by user growth, higher order frequency, and logistics efficiencies. The brokerage said improving contribution margins, financial-services optionality, and higher-value categories support its profitable growth.
At 1241 IST, shares of Meesho were up almost 6% at INR 239.27. So far in the day, around 22 million shares have changed hands on NSE. Of the two brokerage reports available with Informist on the company, one has a "buy" recommendation with a target price of INR 240, while one has a "sell" recommendation on the stock. (Diksha Singh)
Equity Alert: BSE up 3% on reports SEBI likely to tweak F&O settlement rules
MUMBAI--1245 IST--Shares of several capital market companies traded higher amid media reports that the Securities and Exchange Board of India is likely to stop using closing auctions to calculate settlement prices of equity derivatives for at least a year. This comes after the regulator in August implemented the closing auction session for stocks that have futures and options contracts linked to them.
At 1232 IST, shares of BSE were up over 3% to be among the top gainers in the Nifty 50 index. Multi Commodity Exchange of India and trading platform Groww's parent Billionbrains Garage Ventures were up 3–4%. Shares of the newly-listed NSE were up over 1% on the BSE. During the closing auction session, a short auction at the end of the trading day helps determine the closing price of a stock. The process mirrors one used in other markets, including the US and Hong Kong, and has led to sharp swings in derivatives prices on expiry days, prompting the regulator to review it, according to a Reuters report.
In a post on social media platform X over the weekend, SEBI said it had received 20,000 suggestions to tweak the rules in response to a consultation paper issued last month on the closing auction session. Instead, the regulator will use the volume-weighted average price of the last 30 minutes of trading to determine derivatives pricing, according to Reuters. For underlying stocks in the less liquid cash market, a closing auction will still be used to determine the end-of-day price, the news agency reported citing anonymous sources.
SEBI is expected to implement the changes by the end of this month. The new approach would align India more closely with US and European markets, where derivatives settlement is often determined using dedicated pricing mechanisms, including volume-weighted average prices over set trading periods, rather than a single closing auction. SEBI has already proposed stopping posting the indicative value of an index and publishing only the indicative prices of individual stocks during the 10-minute closing auction session window, arguing that the index value was still being determined.
Global brokerage Jefferies said issues related to the closing auction session appear to be settling, according to an Economic Times report. The brokerage noted that options volumes improved in September after a sharp drop in August. The brokerage said the industry-wide September index options premium average daily turnover stood at INR 681 billion, broadly similar to July levels before the closing auction session was implemented. (Shruti Nair)
Equity Alert: Godrej Cons rises 3%; co sees Q2 revenue up in high-teens despite uneven monsoon
MUMBAI--1237 IST--Shares of Godrej Consumer rose nearly 4% to an intraday high of INR 866.70 per share on the NSE. The company said it expects its consolidated and standalone revenues for the September quarter to grow in the high-teens on year. It expects its volume growth to be in high single digit despite demand being impacted by uneven monsoon rains and inflationary pressures across several commodity-linked input items. Godrej Consumer expects its earnings before interest, taxes, depreciation, and amortisation to grow in double digits.
The company expects an impact of 1.0-1.5% in its growth trajectory due to a correction in trade inventory. Its standalone business for the September quarter is to be supported by a healthy growth in personal care and home care portfolios, the company said. The company's management expects to meet the guidance for the financial year 2026-27 (Apr-Mar). It also said that certain operating metrics could exceed the guidance levels.
The stock snapped its losing streak for five-straight sessions. It fell nearly 5% during that period. At 1234 IST, Godrej Consumer shares were up nearly 3% at INR 859.85 apiece on the exchange. So far, over 1 million shares of the company changed hands on the exchange, over four times the number of shares traded at the same time Monday. The stock has fallen over 2% so far in the last 30 days and fell nearly 30% in this calendar year. Of the 14 brokerage reports on the company available with Informist, 13 have a "buy" or equivalent recommendation with an average target price of INR 1,234, which is nearly 44% higher than the current market price, while only one brokerage has a "hold" or equivalent recommendation. (Durgesh Nandan)
Equity Alert: Trent jumps 13% on healthy Q2 update, sales rise 23% on year
MUMBAI--1220 IST--Shares of Trent jumped nearly 13% to their one-month high at INR 2,909 apiece. It was the top gainer in the Nifty 50, Nifty 200, and Nifty 500 after the company released its business update Monday. The company reported a double-digit revenue growth for both the September quarter and the first half of 2026–27 (Apr-Mar).
For the September quarter, the company said its revenue from operations was INR 57.88 billion, up 23% on year. Its revenue from merchandise sales, excluding other income, also grew 23% on year. The company's revenue from operations for Apr-Sept rose 21% on year to INR 114.54 billion and revenue from merchandise sales also rose 21%. The company reported the addition of 11 Westside and 36 Zudio stores into its portfolio. Trent outpaced Motilal Oswal Financial Services' estimate of 18% revenue growth. The company's revenue per store declined around 1% on year and this indicates that the impact of cannibalisation eased, the brokerage said.
At 1130 IST, shares of Trent traded over 11% higher at INR 2,869 apiece on the National Stock Exchange. Over 4 million shares of the company have changed hands on the exchange so far, four times higher than the three-month average of daily volumes traded. All 10 brokerage reports on the company available with Informist, have a "buy" recommendation on the stock with an average target price of INR 3,488 apiece, which is 22% higher than the stock's current market price. (Utthara E. S.)
Equity Alert: SRIT India lists at 14% premium, hits upper circuit
MUMBAI--1215 IST--Shares of SRIT India reported a strong debut on the bourses. The stock was listed at INR 148 per share on the National Stock Exchange, a premium of nearly 14% to its issue price of INR 130. The stock hit its upper circuit soon after trading began. On the BSE, the stock debuted at INR 139.80 per share, an over 7% premium to the issue price. At 1200 IST, it was 19% higher at INR 155.09 on the NSE. Nearly 5 million shares of the company changed hands on the NSE so far, which was nearly 15 times the number of shares traded on the BSE.
The company's initial public offering was solely a fresh issue of up to 16.8 million shares. Ahead of the offer, it raised INR 655.20 million from nine anchor investors. The company has set the issue price at INR 130 per share, the upper end of its initial public offering price band. The public issue, which closed Wednesday, was subscribed 125.16 times, with bids placed for 1.47 billion shares against 11.76 million on offer.
SRIT India is an information technology and IT-enabled services solutions company offering digital solutions and automation of systems through custom application development and integration services. For the financial year 2025–26 (Apr-Mar), the company had reported a consolidated net profit of INR 433 million on revenue of INR 4.5 billion. (Durgesh Nandan)
Equity Alert: Shah Investors Home lists at 2% premium to issue price
MUMBAI--1213 IST--Shares of Shah Investors Home listed at INR 171 on the National Stock Exchange, a premium of more than 2% to the issue price of INR 167. The scrip listed at the same price on BSE. At 1124 IST, the stock was trading nearly 6% higher at INR 177 apiece on the NSE. Over 2 million shares of the company have traded on the exchange so far in the session, which is eight times the number in shares traded on the BSE.
The company's public issue closed Wednesday and was subscribed 38.12 times, with bids placed for 144.06 million shares against 3.78 million shares on offer. It's initial public offering comprised only a fresh issue of shares worth up to INR 902 million. Ahead of the offer, the company raised INR 270.50 million from anchor investors by allocating 1.62 million shares at INR 167 apiece.
Shah Investor's Home is a retail brokering company that offers services covering the equity and derivatives market. For the financial year 2025-26 (Apr-Mar), it reported a consolidated net profit of INR 132 million on revenues of INR 715 million. (Vidhi Thacker)
Equity Alert: Benchmarks extend gains, broader market indices up 1?ch
MUMBAI--1210 IST--Benchmark indices extended their gains from earlier in the day even though the Nifty 50 remained below 22700 points. Broader market indices continued to outperform the headline indices with the small-cap and mid-cap trackers advancing a percentage each. The advance-decline ratio remained tilted towards the gainers and the India VIX cooled off more compared with the early trade.
At 1206 IST, the Nifty 50 was at 22689.75 points, up 0.6% from Monday, and the BSE Sensex was at 72839.51 points, also up 0.6%. The India VIX was down almost 5% at 14.0575 points. While Reliance Industries and Kotak Mahindra Bank lent the most support, Infosys and ITC continued to be the key drags on the 50-stock index.
On the sectoral front, Nifty IT was the top laggard, down over 1%. All constituents of the index fell, with Tech Mahindra down over 2% and Coforge, Infosys, and Tata Consultancy Services down around 1?ch. Shares of several public sector banks declined after rising significantly Monday. Bank of India fell almost 1?ter closing around 3% higher in the previous session and Indian Bank was down intraday after posting 2% gains Monday. The Nifty Realty had slipped into the positive territory but could not sustain those gains. Losses in Phoenix Mills, which was down 3%, weighed on the index.
Among others, PB Fintech snapped its seven-session losing streak. It rose 4.5% and was among the top gainers in the Nifty 200. The stock has been under selling pressure ever since the Insurance Regulatory and Development Authority proposed new commission norms and over these seven trading days, the stock has declined as much as over 48%. PB Fintech had touched its lowest level since Feb. 16, 2024, Monday.
In some other news, Bondada Engineering was up nearly 3?ter it received an engineering, procurement, and construction order worth INR 11.54 billion for a 270 megawatt-peak ground-mounted solar photovoltaic project. Meanwhile, Physicswallah shed close to 3?ter closing over 9% higher Monday. (Ruchira Kagita)
Equity Alert: Kotak Bank gains as advances rise 25% YoY as of Sept 30
MUMBAI--1150 IST--Kotak Mahindra Bank rose more than 4% to an intraday high of INR 434.40 apiece after the bank reported that its net advances as of Sept. 30 rose nearly 25% on year and 13% sequentially to INR 5.77 trillion. Its total deposits were up 23% on year at INR 6.51 trillion, while its current account savings account gained over 11% on year to INR 2.49 trillion. The stock of the lender was among the key index movers.
Post this, Goldman Sachs raised its target price on the stock to INR 540 from INR 509, and retained a 'buy' recommendation. The target price is nearly 30% higher than the stock's closing price Monday. The brokerage highlighted the bank's strong 19% on-year organic loan growth and strong mobilisation of foreign currency non-resident (banks) deposits. Strong deposit growth was also highlighted by the brokerage. The brokerage raised the bank's earnings estimates based on these factors, according to an NDTV Profit report.
Citi also retained its "buy" call on the stock with a target price of INR 465 on account of the growth in advances. The brokerage said the growth was supported by continued strength in corporate banking, small and medium enterprises, loan against property, and microfinance institute segments. Foreign currency non-resident (banks) deposits also added to the lender's growth.
At 1039 IST, Kotak Mahindra Bank's shares traded nearly 4% higher at INR 431.50 apiece. More than 15 million shares of the bank were traded on the NSE so far, slightly higher than its three-month average daily traded volume. (Vidhi Thacker)
Equity Alert: Honasa Consumer up 11.5%; co sees high Q2 net sales value growth
MUMBAI--1130 IST--Shares of Honasa Consumer jumped over 11.5% to an intraday high of INR 493 apiece after the company said it expects September quarter net sales to grow in the "early 30s" on year in value terms. In the June quarter, the company posted a 27% on-year rise in its net sales, while in the September quarter of financial year 2025-26 (Apr-Mar), it reported a 16.5% on-year rise in its net sales. For the September quarter, the company also sees operating margin in early double digits.
Further, the company's flagship brand, Mamaearth, which has sustained its growth momentum over the past few quarters, is likely to see "high-teens" on-year growth during the September quarter. The growth in the brand is expected to be on the back of an expanding offline presence. Other younger brands, such as The Derma Co., Aqualogica, and BBlunt, are expected to show sharp on-year growth to around mid-40s, the company said.
Additionally, the company said its offline presence continues to lead growth, with general and modern trade expected to report strong growth, backed by deeper direct distribution in general trade and sharper execution at the point of sale. Meanwhile, online sales are expected to see continued growth. The company said it continues to achieve goals set for improvement in earnings before interest, tax, depreciation, and amortisation margin. Operating margin is expected to grow in early double digits.
At 1127 IST, shares of Honasa Consumer traded over 10.5% higher at INR 488.30 apiece on the National Stock Exchange. Over 14 million shares of the company have changed hands on the exchange so far, which is over 41 times the volume traded at the same time Monday. In a week, the stock has gained over 13%. All five research reports on the company available with Informist have a "buy" call on the stock with an average target price of INR 571 apiece, which is nearly 17% higher than the current market price. (Deesha Jadhav)
Equity Alert: Select NBFCs to benefit in rate hike cycle, says Jefferies
MUMBAI--1028 IST--Global brokerage Jefferies believes select non-banking financial companies could actually benefit from the cumulative 50-basis-point rate hike expected in calendar year 2026, believing the recent sell-off in the sector has already lowered valuations, according to a news report by NDTV Profit. The brokerage believes the overall risk-reward ratio to be favourable for several notable players in the sector, citing Bajaj Finance, Aditya Birla Capital, Cholamandalam Investment and Finance, and Shriram Finance among its top picks.
Over the past 90 days, the Nifty Financial Services index shed nearly 8%, faring worse than the Nifty Bank index which shed nearly 6% during the period. Valuations for NBFCs are near lows, excluding the COVID-19 period, even as growth remains strong and resilient asset quality, NDTV Profit cited the views of Jefferies analysts, Bhaskar Basu, Prakhar Sharma and Kamal Mulchandani. At 1028 IST, the Nifty Financial Services index was up nearly 1% at 24850.30 points, with the majority of its constituents seeing gains.
With the Reserve Bank of India's bi-monthly policy announcement due Wednesday, the brokerage's views rest on the behaviour of NBFC stocks in previous rate hike cycles. The brokerage studied India's three rate-hike cycles over the past 15 years. Its analysis indicated valuation multiples typically compress before the first rate hike as bond yields rise, and believes additional derating after the tightening cycle begins would be limited.
Multiples also tend to recover as interest rates approach their peak, according to the brokerage. It highlighted that during the six months following the first rate hike, NBFCs outperformed the benchmark Nifty index in two of the three cycles studied by Jefferies. That historical pattern makes the recent correction particularly important for investors assessing what a potential cumulative 50-bps hike could mean for NBFC stocks. However, the brokerage noted that the impact of a rate hike could vary from lender to lender. Housing finance companies with largely floating-rate assets and a higher proportion of fixed-rate liabilities are expected to benefit, while auto financiers could potentially face declining margins.
On the earnings front, the brokerage believes growth remains strong, and asset quality is benign so far. Credit costs could also positively surprise in select segments, such as unsecured lending, thereby cushioning the impact of weaker margins. (Shruti Nair)
Equity Alert: Benchmarks higher for 2nd session, broader markets fare better
MUMBAI--0938 IST--Indices opened higher for the second session in a row, with the Nifty 50 breaking above resistance at 22600 points and hovering near 22615. Broader markets outperformed the benchmarks, particularly the small-cap gauges. Ahead of Tuesday's weekly expiry of Nifty 50 contracts, the India VIX was slightly lower in early trade.
At 0953 IST, the Nifty 50 was at 22630.95 points, 0.3% higher from Monday, and the BSE Sensex was at 72622.89 points, up 0.3%. Small-cap indices were up about 1%, and mid-cap indices rose 0.6%. For the Nifty 50, Kotak Mahindra Bank and Trent lent the most support, while ITC and Infosys were the key drags.
Several stocks were buzzing on earnings updates. Nifty-50 constituent Trent hit a 10% upper circuit at INR 2,838 on the National Stock Exchange after it said its sales for the September quarter rose 23% year-on-year to INR 57.88 billion and 21% during Apr-Sept. Trent was the top gainer in the Nifty 50, Nifty 200, and the Nifty 500. The stock breached its upper circuit and later rose around 11%. Kotak Mahindra Bank, which gained around 3.5%, was the second-best performer in the Nifty 50. The lender reported that its net advances as of Sept. 30 were up almost 25% year on year and 13% sequentially at INR 5.77 trillion.
Among others, Honasa Consumer rose almost 7% and was among the top gainers in the Nifty 500. The rise came after the company said that it sees its net sales value for the quarter ended September growing in the "early thirties" on a yearly basis. Godrej Consumer Products rose almost 3% after it said it expects consolidated and standalone revenues for the September quarter to grow in the high-teens year on year, along with single-digit volume growth.
On the sectoral front, the Nifty IT index was the top laggard, down 0.6%. The Nifty Private Bank was the top gainer, supported by Kotak Mahindra Bank and Axis Bank. (Ruchira Kagita)
Equity Alert: Most Asian indices up, tracking overnight Wall Street gains
MUMBAI--0845 IST--Most Asian equity indices opened higher Tuesday, tracking gains in the US markets. The rise comes despite elevated global bond yields and crude oil prices. Hong Kong's Hang Seng Index and Australia's S&P/ASX 200 were the region's top gainers, adding nearly 1?ch. Meanwhile, the South Korean Kospi fell marginally.
Yields on the US 10-year and 30-year Treasury bonds rose three basis points each and remained near decade highs. Japan's 10-year bond yield rose 2.5 bps, while New Zealand's 10-year bond yield was up 4.5 bps. Australia's 10-year yield rose more than 9 bps, Dow Jones reported. "While the US's September nonfarm payrolls report weakened the case for an October Fed rate hike, softer employment data may not provide sustained relief for the US Treasury market," Mitsubishi UFJ Financial Group's Lloyd Chan told Dow Jones.
On the stocks front, Japan's Nikkei 225 gained marginally, supported by gains in electronics and financial stocks. Semiconductor majors Advantest Corp. and Murata Manufacturing Co. rose 2?ch, while Kioxia Holdings Corp. fell around 3%. In the Hang Seng, heavyweights Alibaba Group Holding gained nearly 3%, while Tencent Holdings and Xiaomi Corp. rose around 1?ch.
The following are the levels of key Asian indices at 0753 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
70140.85 | 0.3 |
|
TOPIX FIRST SECTION |
4163.75 | 0.5 |
|
S&P/ASX 200 Index |
8745.60 | 0.7 |
|
KOSPI Index |
6977.14 | (-)0.4 |
|
Hang Seng Index |
24241.54 | 0.8 |
|
CSI 300 Index |
4357.62 | 0.3 |
|
FTSE Singapore Strait Times |
5645.78 | (-)0.3 |
(Vidhi Thacker)
Equity Alert: Indices seen moving in range; stock-specific gains likely
MUMBAI--0840 IST--The domestic equity market is expected to move in a range after benchmark indices snapped their four-session losing streak to end higher on Monday. Favourable global cues such as limited movement in the crude oil futures and early gains seen in Asian markets may drive positive movement. However, the broader sentiment in the market remains cautious ahead of the Reserve Bank of India's policy announcement Wednesday, though stock-specific gains could be expected.
For a meaningful trend reversal, the external triggers remain key, according to a senior analyst at a top broking firm. An appreciable fall in crude oil prices, a decline in US Treasury yields, and a slowdown in selling by foreign institutional investors are among the factors that could drive decisive momentum in domestic equities, the analyst opined. At 0840 IST, December futures of Brent Crude Oil were close to $101 per barrel.
Monday, the Nifty 50 ended 0.6% higher at 22555.75 points and the BSE Sensex ended 0.7% higher at 72382.47 points. Stocks of several banks and fast-moving consumer goods companies were the top performers during the session following positive quarterly business updates. GIFT Nifty contracts suggest the Nifty 50 index may see some gains at open. At 0840 IST, the GIFT Nifty October futures were largely unchanged at 22646.50 points, but was up nearly 100 points from the Nifty 50 close on Monday.
From a technical perspective, the Nifty 50 has shown signs of a relief recovery after testing the crucial long-term support zone around 22400–22600 points, according to Ajit Mishra, senior vice president of research at Religare Broking Ltd. Going ahead, the 22650–22800 zone is likely to act as the immediate resistance, followed by 23000–23200. Despite the recent recovery, the market remains oversold and the broader trend continues to remain cautious, he said. A sustained move beyond the 22800–23000 zone would be required for a meaningful improvement in the near-term structure, according to the analyst. "Until then, the current rebound should be approached selectively, with a preference for stock-specific opportunities rather than aggressive index-level exposure," according to the analyst. (Shruti Nair)
Equity Alert: US mkts end higher as tech, AI cos gain; Nasdaq at record high
MUMBAI--0730 IST--Major US indices closed higher Monday as technology and artificial intelligence-linked stocks gained. The technology-heavy Nasdaq Composite closed at a fresh all-time high of 27544.06 points despite rising US treasury bond yields. While the Nasdaq gained for the fourth consecutive session, the Dow Jones Industrial Average and the S&P 500 advanced for the third straight session.
Nasdaq ended 1.05% higher, emerging as the top gainer among its peers, driven by gains in several AI-linked stocks. Shares of SpaceX rose nearly 8%, while Nvidia Corp and Tesla ended 2% higher each. Microsoft and Meta Platforms ended 1 and 2% higher, respectively. Technology stocks have served as a kind of safe haven since the pandemic, citing the sector's high earnings-related growth and relatively low sensitivity to interest rates, Jay Hatfield, founder and CEO of Infrastructure Capital Advisors, told CNBC. "It's buy tech, sell everything else, and so it's kind of an unstoppable juggernaut," he said.
Among others, shares of Taiwan Semiconductor Manufacturing Co. gained nearly 3% on the Nasdaq and reached a 52-week high after Elon Musk said that Terafab will be partnering with the company. Intel Corp. lost 3% on the back of this.
On the macroecnomic front, the Institute for Supply Management's report showed that the Purchasing Managers Index for services in September was at 54.9%, which is in line with expectations but lower than 55.4% for August. Yields on the US 10-year treasury bond and 30-year treasury bond were up 3 basis points each. Both had risen to decade highs in recent times.
Following are the closing levels of key US indices Monday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
51267.90 | 0.2 |
|
NASDAQ Composite |
27477.31 | 1.1 |
|
S&P 500 |
7773.95 | 0.7 |
(Vidhi Thacker)
US$1 = INR 96.38
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Shubhayan Bhattacharya
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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