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Informist, Wednesday, Oct. 7, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Benchmarks off lows post MPC outcome, fincl cos lend support

 

MUMBAI--1054 IST--Benchmark indices came off lows after the Reserve Bank of India's Monetary Policy Committee Wednesday unanimously raised the policy repo rate for the first time in over three years by 25-basis-point to 5.50%. The central bank changed its stance to calibrated tightening. The committee had earlier in June retained its neutral stance. Stocks in the financial sector, which were earlier in the red, rose.

 

The RBI raised its outlook for India's GDP growth for the financial year 2026-27 (Apr-Mar) by 40 bps to 7.1% as the domestic economic activity remained resilient despite global headwinds. On the other hand, it raised its outlook on headline inflation for FY27 by 20 basis points to 5.2%. The central bank expects core inflation for the current fiscal year to be 4.4%.

 

At 1035 IST, the Nifty 50 was down 0.5% at 22645.60 points and the BSE Sensex was 0.3% down at 72825.82 points. Volatility in the market also tapered down slightly. The India VIX was only a tad higher at 13.8325 points. Before RBI Governor Sanjay Malhotra's speech commenced, the India VIX hovered above the 14 level. Small-cap indices, which were flat before, climbed marginally, but mid-cap indices remained in the red.

 

In the Nifty 50, Kotak Mahindra Bank, up almost 2%, overtook Dr. Reddy's Laboratories as the top gainer, and ICICI Bank and Axis Bank moved into the green, while HDFC Bank was around 1% lower and continued to drag down the index. Public sector lending giant State Bank of India had risen sharply during the RBI governor's speech, but it failed to sustain those gains. 

 

Notwithstanding, the Nifty PSU Bank was among the top gainers on the sectoral front. Union Bank of India and Canara Bank rose over 1?ch while Bank of Maharashtra, Punjab National Bank, and Indian Bank were up. In the private banking space, Bandhan Bank and Federal Bank gained over 1?ch. Both these stocks were in the red earlier in the session. The key banking index, Nifty Bank, struggled to hold to gains due to the fall in heavyweight HDFC Bank.

 

The Nifty Financial Services index, which comprises non-banking financial services majors too, had turned green during Sanjay Malhotra's speech, but it pared those gains quite soon. Bajaj Finance was the non-banking finance company in the Nifty 50 trading higher. The Nifty Media continued to be the top gainer among sectoral indices and the Nifty Auto index replaced the Nifty Consumer Durables index as the top laggard.  (Ruchira Kagita)

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Equity Alert: Titan Co dn 4%; JPMorgan cuts price aim after Q2 sales update

 

MUMBAI--0956 IST--Shares of Titan Co. tumbled 4% during early trade after the company detailed its September quarter business updates post-market hours Tuesday. Subsequently, global brokerage JPMorgan cut its target price on the stock, adopting a cautious tone on the stock's near-term performance, according to media reports.

 

At 0954 IST, shares of the company were trading at INR 4,365.50, down over 4%. The stock was the worst performer in the Nifty 50 index. For the September quarter, the jewellery maker reported revenue from its consumer business grew 25% on year, led by international operations. Revenue from the jewellery business grew 21% year-on-year, led by Caratlane. Caratlane's revenue grew 32% year-on-year, and that of Tanishq, Mia, Zoya, and beYon collectively grew 20% year-on-year.

 

JPMorgan cut its target price on the stock by nearly 2% to INR 5,540, according to a report by NDTV Profit. The brokerage expected the stock's reaction to be negative in the near-term after the company's September revenue missed its estimates, although it highlighted the supportive impact of product mix on margins. The brokerage believes the next key share price catalyst will be the company's September quarter earnings. Management commentary on festive demand trends, initiatives to drive buyer growth amid elevated gold price volatility, and margin delivery and outlook would also be in focus, according to the brokerage.

 

Brokerage Nomura underscored that while the company's jewellery sales came in below estimates, it expects margins in the September quarter to be better on improved mix.(Shruti Nair)

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Equity Alert: Indices open significantly lower, most Nifty 50 stocks fall 

 

MUMBAI--0942 IST--Indices opened significantly lower after closing higher for two straight sessions. The Nifty 50 hovered slightly above 22600 points in early trade as most stocks in the key index moved in the red. Broader markets were, however, mixed; the small-cap indices were flat and mid-cap trackers were slightly down. Sentiment across sectors was weak, with all barring the media index, in negative territory. Market participants will closely track RBI Governor Sanjay Malhotra's commentary even as they have digested the probability of the Reserve Bank of India's Monetary Policy Committee hiking the policy repo rate by 25 basis points.

 

At 0925 IST, the Nifty 50 was down 0.7% from Tuesday at 22619.30 points and the BSE Sensex was 0.6% lower at 72630.96 points. While the small-cap indices were flat, they oscillated between gains and losses and the mid-cap indices were down around 0.4?ch. The fear gauge, India VIX, was higher at 14.0950 points.

 

The immediate support for the Nifty 50 sits at 22600 and a breach below this level could trigger a move towards 22300 points, Hemang Gor, senior research analyst of derivatives technical research at Axis Direct, said in a note. If the index manages to cross 23000 points, the next resistance lies at the 23200 level. "A hawkish surprise with firm crude could renew selling; a measured tone could extend the recovery," he said.

 

Only five constituents of the 50-stock index were in the green. Dr. Reddy's Laboratories, Bajaj Finance, and Coal India were up around 1?ch. Jio Financial Services and Eternal moved between positive and negative territories. HDFC Bank, Titan, and ICICI Bank were the stocks dragging down the Nifty 50. Titan, down 3.5%, was the top loser in the index.

 

The fall in Titan came after the company said sales from its jewellery vertical rose 21% on year, lower than analysts' estimates. The retail major's consumer businesses delivered 25% on-year growth. The stock was the top loser in the Nifty 200 and Nifty 500 indices. On the flip side, Kalyan Jewellers gained over 2% and was among the top gainers in the Nifty 200 space. The move came after the jewellery major reported a 26% rise in overall consolidated sales and a 27% increase in India revenues. 

 

On the sectoral front, the Nifty Consumer Durables index was the top laggard, down 1.4%, and was followed by the Nifty Metal, down 1.3%. The Nifty Media, which was the sole gainer, was supported by gains in PVR Inox.  (Ruchira Kagita)

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Equity Alert: Kotak Securities downgrades Urban Co to sell, ups target price

 

MUMBAI--0924 IST--Kotak Securities downgraded its recommendation on Urban Company to "sell" from "add" and raised the target price to INR 155 from INR 150. The brokerage downgraded the rating, saying the company's stock is overvalued, as it is trading at 36 times its adjusted earnings before interest, tax, depreciation, and amortisation forecast for 2030-31 (Apr-Mar).

 

The brokerage expects the company's core business to improve and losses in Instahelp to increase, NDTV Profit reported, citing the brokerage. Instahelp is the company's quick-service home assistance feature that delivers trained housekeeping professionals to homes. The losses in the company's feature are expected to stay high due to well-funded competition. Urban Co's international business is expanding, and its domestic business is looking to expand and diversify its product base, according to Kotak Securities.

 

At 0916 IST, Urban Co shares traded over 1% lower at INR 171.41. Over 590,564 shares have exchanged hands so far, more than eight times the volume traded at the same time on Tuesday but 16 times below the three-month average.

 

Of the three brokerage reports available on the company with Informist, one has a "buy" recommendation, with an average target price of INR 190, which is nearly 11% higher than the current market price. Of the remaining two brokerages, one has a "hold" recommendation, and the other has a "sell" recommendation.  (Utthara E. S.)

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Equity Alert: Mkts to open lower as oil prices rise; RBI commentary in focus

 

MUMBAI--0825 IST--Benchmark indices are expected to open lower, primarily due to a rise in crude oil prices. Market participants will focus on the Reserve Bank of India's bi-monthly policy meeting scheduled for later in the day. The central bank is expected to raise benchmark lending rates by 25-basis points. Markets have already pencilled in the rate hike but some analysts believe that hawkish commentary by the central bank will likely trigger volatility in the market.

 

At 0814 IST, December futures of Brent crude oil were up nearly 1% at $101.47 per barrel on the Intercontinental Exchange, up nearly 40% from before the beginning of the US-Iran war. Oil prices rose amid concern over potential supply disruptions from a storm moving towards US oil-producing areas and attacks by Yemen's Iran-backed Houthis on Saudi Arabia, according to media reports.

 

Tuesday, the benchmark indices ended higher for the second session in a row, with the Nifty 50 and the BSE Sensex ending around 1% higher each at 22776.10 points and 73067.81 points, respectively. At 0826 IST, GIFT Nifty October futures were at 22683 points, down 93.1 points from Nifty 50's close Tuesday. The technical chart structure remains negative as long as the index trades below the 22850–23000 zone, according to analysts. The 22450-22560 zone will serve as crucial support for the index.

 

Wednesday, the RBI's Monetary Policy Committee is expected to raise the policy repo rate for the first time in more than three years amid sustained price pressures. Out of the 19 economists and market participants polled by Informist, 15 expect the panel to hike the repo rate by 25 basis points to 5.50%. The remaining four participants in the poll expect the panel to keep the repo rate unchanged at this meeting, but anticipate a hike in December.

 

Stocks of banks and other lenders will be in focus Wednesday in light of the RBI's decision on benchmark policy rates. Among individual stocks, shares of Titan Co. and Kalyan Jewellers will likely see some traction following their business updates for the September quarter. (Shruti Nair)

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Equity Alert: Asian mkts weak amid high oil prices; Nikkei, Kospi down 1%

 

MUMBAI--0820 IST--Major Asian equity indices fell Wednesday, with Japanese and South Korean indices among the worst hit in the region amid higher crude oil prices. Brent crude futures for December delivery rose Wednesday and hovered near $101 per barrel as Yemen's Houthi rebels attacked Saudi Arabia, raising fresh concerns about crude oil supplies from West Asia. Asian markets failed to track record gains in US equities. Stock markets in mainland China remained closed Wednesday for the Golden Week.

 

"The sustained ability of the Houthis in Yemen to target oil facilities hundreds of kilometres from the border keeps the risks of a renewed large-scale crude supply disruption present and high, and these risks could worsen if the Houthis feel the need to apply more pressure as a result of losing more territory," CNBC quoted Samer Hasn, senior market analyst at Forex trading platform, as saying. 

 

Japan's Nikkei 225 fell nearly 1% as financial services stocks fell. Shares of Resona Holdings and Rakuten Bank fell more than 3% and nearly 2%, respectively, while Mitsubishi UFJ Financial Group was down 1%. Shares of electronics and machinery majors helped limit losses, with Hitachi and Mitsubishi Heavy Industries up more than 1% and nearly 2%, respectively. The broader Topix First Section fell marginally. The South Korean Kospi and Hong Kong's Hang Seng fell nearly 1?ch. Kospi heavyweights SK Square and SK Hynix fell about 2?ch. The Kospi fell for the second consecutive session.

 

The following are the levels of key Asian indices at 0745 IST: 

 

Index	Level	Change in %
Nikkei 225 Day	70128.84	(-)0.79
TOPIX FIRST SECTION	4170.22	(-)0.32
S&P/ASX 200 Index	8734.30	(-)0.02
KOSPI Index	6884.71	(-)0.82
Hang Seng Index	24106.48	(-)0.72
FTSE Singapore Strait Times	5633.18	(-)1.20

 

(Vidhi Thacker)

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Equity Alert: Tech rally continues on Wall St; Nasdaq, S&P 500 hit new highs

 

MUMBAI--0730 IST--Major US indices closed higher Tuesday with the S&P 500 and Nasdaq Composite hitting fresh highs during the session. The rise was supported by gains in key technology stocks. The Dow Jones Industrial Average also closed higher. Indices performed well even as the December futures contract for Brent crude oil remained near $100 per barrel.

 

Semiconductor stocks Advanced Micro Devices and Marvell Technology gained nearly 3% and nearly 6%, respectively. Marvell Technology rose after the company provided long-term revenue guidance, expecting revenues of $20 billion in 2027-28, well above analysts' expectations of $18.17 billion, CNBC reported.     

 

"Everyone's like markets are up. AI is the place to be," Stephen Kolano, chief investment officer at Integrated Financial Partners, told CNBC. "Investors are looking through the inflation concerns right now, especially as it relates to oil, diesel, etc. It's like, 'Okay, that's something that potentially gets resolved in the future,'" he added. 

 

On the macroeconomic front, US trade deficit grew more than expected in August to $105.6 billion from $92.8 billion in July, the highest level in 17 months. Analysts expected it to be around $102 billion. "The administration's trade policies have largely been a failure, trade tariffs have done nothing to reduce America's reliance on the import of foreign-produced goods," Christopher Rupkey, chief economist at FWDBONDS, told Reuters.   

 

Following are the ending levels of key US indices Tuesday:  

 

Index	Level	Change in %
Dow Jones Industrial Average	51521.28	0.5
NASDAQ Composite	27599.792	0.5
S&P 500	7818.93	0.6

 

(Vidhi Thacker)

 

US$1 = INR 96.63

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

 

Edited by Himanshi Gupta

 

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

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