Equity Alert
HDFC Bank falls 2% as brokerages cut target prices on stock
This story was originally published at 12:11 IST on 19 October 2026
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Equity Alert: HDFC Bank falls 2% as brokerages cut target prices on stock
MUMBAI--1102 IST--Shares of HDFC Bank fell over 2% as multiple brokerages cut their target price on the bank. Citi cut its target price on the bank by 9% to INR 880 from INR 970 but maintained its "buy" call on the stock, according to media reports. The brokerage believes its liquidity coverage ratio and constrained foreign currency non-resident (banks) deposit mobilisation could cap the bank's growth upside.
Further, global brokerage JPMorgan also trimmed its target price by 2% to INR 970 from INR 990 and maintained its "overweight" call on the stock, according to a note by NDTV Profit. Meanwhile, Nuvama Institutional Equities maintained its "buy" call on the stock with a price target of INR 950. "We believe HDFC Bank remains fundamentally sound with management stability and strategic recalibration key to unlocking its potential," Nuvama said.
Additionally, Elara Securities maintained its "buy" recommendation on the stock with a price target of INR 923. HDFC Bank is regaining momentum, supported by improving loan growth, stable asset quality, and a potential margin tailwind, Elara Securities (India) said. The bank expects the recent 25-basis-point hike in the policy repo rate to boost its margins from the December quarter. This is more likely to be gradual as funding costs remain high, the brokerage said. For the September quarter, HDFC Bank's net interest margin on interest-earning assets narrowed to about 3.3% from 3.4% a quarter ago.
HDFC Bank's net profit for the September quarter grew 5% on year to INR 195.1 billion and its total income came in at INR 972.58 billion, up nearly 7% on year. The bank reported its earnings Saturday. At 1056 IST, shares of HDFC Bank traded over 2% lower at INR 713 apiece on the National Stock Exchange. Over 13 million shares of the company have changed hands on the exchange so far, which is over 56% lower than the three-month average daily volume traded. (Deesha Jadhav)
Equity Alert: PNB rises 8% to hit 8-month high; Q2 PAT beats estimates
MUMBAI--1100 IST--Shares of Punjab National Bank hit an over 8-month high Monday, climbing 8% to INR 125.22 apiece, after the bank posted its September quarter earnings Friday. PNB's net profit for the quarter was at INR 55.32 billion, up 13% on year and 5% sequentially. It beat analysts' expectations of INR-50.93-billion bottomline. The bank's net interest income rose 11% on year to INR 116 billion while its global business grew 12% on year to INR 31.18 trillion.
The bank's domestic net interest margin rose to 2.74% in Jul-Sept from 2.64% in Apr-Jun, while its global margin increased to 2.58% from 2.50%. "We expect this positive trajectory to strengthen further in the coming quarters, supported by disciplined balance sheet optimisation," Managing Director and Chief Executive Officer Ashok Chandra said in a post-earnings press conference Friday. He also expects the global net interest margin to reach around 2.7% by the end of the financial year 2026-27 (Apr-Mar).
Major brokerages remain positive on the bank's earnings. Nirmal Bang Institutional Equities has upgraded its recommendation on the stock to a "buy" from "hold" and also revised its target price to INR 137 per share from INR 115. The brokerage is positive on the bank's loan growth momentum and expects margin improvement to continue aided by rate hikes and an improved mix in favour of higher yield loans. However, it expects the lender's credit cost to normalise from very low levels. For the quarter, the bank's credit cost was unchanged at 0.25%.
Motilal Oswal Financial Services raised its earnings target for the company by 1% for the financial year 2026-27 (Apr-Mar) and 1.4% for FY28. The brokerage reaffirmed a "buy" recommendation on the stock and revised the target price to INR 140 apiece. Elara Capital also reiterated its "buy" recommendation as it expects the bank's improving margins stemming from rate hikes to support its core operating performance. However, recoveries from written-off accounts are likely to provide lower incremental support to earnings, according to the brokerage.
At 1114 IST, shares of Punjab National Bank traded over 5% higher at INR 122.35 apiece on the National Stock Exchange. More than 58 million shares of the bank were traded so far, nearly four times its three month average volume. (Vidhi Thacker)
Equity Alert: Headline indices slip into the red; Nifty 50 holds above 23000
MUMBAI--1045 IST--Headline indices slipped into the red as losses in banking heavyweights exerted downward pressure. However, the Nifty 50 managed to hold above 23000 but struggled to breach 23100 points. Market participants continued to be selective in a choppy session and the advance-decline ratio was heavily tilted towards the losers on the National Stock Exchange. Broader markets also fell by a similar quantum as the benchmarks.
At 1044 IST, the Nifty 50 was at 23049.55 points, down 0.4% and the BSE Sensex fell 0.5% to 74387.21 points. Volatility was slightly higher in early hours of trade, with the fear gauge, India VIX up 3.3% at 14.54 points.
Ahead of earnings, UltraTech Cement was up over 2% and the top gainer in the Nifty 50 index. India's leading cement player is expected to report a 32% on-year rise in its consolidated net profit for Jul-Sept to INR 16.2 billion, as per the average of 18 estimates available with Informist. On the flip side, Bajaj Finance was down almost 1%. The non-banking financial company's net profit is seen rising 36% on year and 11% on quarter to INR 66.45 billion.
In the 50-stock index, private sector banks continued to be the key drags. Axis Bank, down 4%, remained the top laggard and was followed by HDFC Bank, which declined over 2%. ICICI Bank reversed its earlier gains and fell almost 1%. Concerns about the trajectory of the banks' net interest margins likely soured sentiment for these stocks.
On the sectoral front, Nifty PSU Bank retained its spot as the top gainer, up over 2% and Nifty Private Bank shed the most, down over 1%. Nifty IT snapped its four-session gaining streak and fell slightly. Persistent Systems recovered from its Friday post-earnings fall and was up 1.5% to be the best performer in the sectoral index. Meanwhile, Infosys fell 1.5% and Oracle Financial Services Software and LTM fell about a percentage point each. (Ruchira Kagita)
Equity Alert: Brokerages retain 'buy' on Axis Bk despite lender's Q2 PAT miss
MUMBAI--1033 IST--Axis Bank reported a mixed September quarter with the bottom-line missing analysts' expectations. However, brokerages remain bullish as the bank expects its results to improve from the December quarter of the ongoing financial year.
At 1030 IST, shares of Axis Bank traded nearly 4% lower at INR 1,243.50 apiece. Over 5 million shares of the bank have changed hands on the exchange so far in the session, which is over two times the volume traded until the same time Friday and nearly 16% lower than the three-month average daily volume traded.
Axis Bank reported a net profit of INR 70.03 billion, up nearly 38% on year on a total income of INR 429.49 billion, up 14% on year for the September quarter. The bank's bottom-line missed the analysts' estimate of INR 71.38 billion. The miss was due to lower other income and higher operating expenses, partly offset by lower provisions. The bank's net provisions fell nearly 52% on year to INR 16.94 billion. Its net interest margin for the quarter fell to 3.36% from 3.46% in the June quarter.
The bank's management expects the deployment of low-cost foreign currency non-resident deposits, yield pass-on for a higher floating rate book, and rate hikes to help improve the net interest margin from the December quarter, brokerages highlighted. The bank also expects no material impact from either the initial transition or subsequent flow requirements on the expected credit loss transition. The bank's retail growth is expected to improve in the next few quarters, supporting margin expansion.
Nuvama Institutional Equities, Emkay Global Financial Services, and Prabhudas Lilladher Capital retained their "buy" recommendations on the stock. Nuvama's target price is at INR 1,650 a piece, as the brokerage believes strong credit momentum along with improving margins will increase the stock's return on assets and return on equity. Emkay Global retained its target price at INR 1,600 apiece and believes improving margins, operating efficiency, and credit costs will increase the stock's return on assets to 1.4-1.5% over 2026-27(Apr-Mar)- FY29.
Prabhudas Lilladher raised its target price on the stock to INR 1,600 from INR 1,550 apiece. "While core earnings quality remains weaker to peers due to sharper NIM (net interest margin) decline and one-offs, asset quality is a silver lining that continues to improve," the brokerage underscored in its report. Elara Securities also retained a "buy" recommendation on the stock but lowered the target price to INR 1,572 from INR 1,629. Among key risk factors, the brokerage cited higher sensitivity on the fee income front due to the Insurance Regulatory and Development Authority of India's consultation paper on commission caps. (Utthara E. S.)
Equity Alert: Just Dial up over 12% ahead of Q2 earnings, PAT seen rising
MUMBAI--1032 IST--Shares of Just Dial rose over 12% ahead of its September quarter earnings, scheduled later in the day. The hyperlocal listings platform is expected to report a healthy on-year increase in its net profit for the September quarter with a growth in paid campaigns and realisation gains.
The company's net profit is expected at INR 1.26 billion, according to Kotak Securities Ltd. ICICI Securities Ltd. expects the company's net profit to rise to INR 1.50 billion. The company's paid campaigns are expected to grow 4% on year with a net addition of 25,000 campaigns, ICICI Securities said. Kotak Securities estimated the company's revenue for the quarter at INR 3.33 billion, while ICICI Securities estimated the top line at INR 3.37 billion.
The brokerage also expects the company's earnings before interest, tax, depreciation, and amortisation to grow marginally to INR 874 million. Just Dial's EBITDA margin is expected to go down by 10 basis points to 26.6% on quarter due to higher expenses and its other income remaining volatile, Kotak said.
At 1028 IST, shares of the company traded at INR 795.15 apiece on the National Stock Exchange, up over 11% from Friday. The stock has risen more than 17% since the company announced its June quarter results on Jul. 11.
All three brokerage reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 975 per share. This is roughly 23% higher than the stock's current market price. (Aman Gupta)
Equity Alert: UltraTech up ahead of Q2 earnings; PAT seen up on high volumes
MUMBAI--1002 IST--Shares of UltraTech Cement rose over 2% ahead of its earnings for the September quarter. The company's consolidated net profit is expected to rise 32% on year to INR 16.2 billion for the September quarter, according to the average of estimates from 18 brokerages. India's largest cement manufacturer's revenue is expected to rise over 15% to INR 226.3 billion.
The company's sales volume is expected to increase over 14% on year, boosted by strong growth across the northern, western, and southern regions of India, according to Nirmal Bang Institutional Equities. The brokerage expects blended realisations to improve sequentially, supported by price hikes, higher volumes of white cement, and a marginal increase in sales of ready-to-mix concrete. An increase in overseas realisations, a longer construction window created by a delayed monsoon, and increased premium segment sales are also expected to support earnings.
At 0938 IST, shares of UltraTech Cement traded roughly 2% higher at INR 11,095 apiece on the National Stock Exchange. Over 36,000 shares of the company changed hands on the exchange so far, which is 87% lower than the three-month daily average volume traded. The stock was up for the fifth straight session, and it gained as much as 6% in this period. On the sectoral front, Nifty Cement was up almost 1%, supported by gains in UltraTech Cement.
Of the 17 brokerage reports on UltraTech Cement available with Informist, 16 have a "buy" call on the stock with an average target price of INR 14,062 per share, 26% higher than the current market price. One brokerage has a "hold" recommendation with a target price of INR 12,138. (Deesha Jadhav)
Equity Alert: Bajaj Fin down ahead of Q2 earnings; PAT seen rising on year
MUMBAI--1000 IST--Shares of Bajaj Finance traded nearly 1% lower ahead of its September quarter earnings. Bajaj Finance is expected to report a 36% on-year rise in its net profit for Jul-Sept at INR 66.45 billion, according to the average of estimates from 10 brokerages. The net interest income of the non-bank financier is seen at INR 133.55 billion, up 6.2% sequentially.
For the September quarter, Emkay Global Financial Services expects the company's assets under management to grow around 26% on year to INR 5.85 trillion. Kotak Securities also estimates a 26% on-year rise in the metric while Motilal Oswal Financial Services Ltd. expects the asset book to rise 25% on year and 5.6% sequentially.
At 0938 IST, Bajaj Finance traded slightly lower at INR 981.45 apiece on the National Stock Exchange. Over 1 million shares of the lender changed hands on the exchange so far, which is over 81% lower than the three-month daily average volume traded. Of the 16 brokerage reports on the company available with Informist, 14 have a "buy" recommendation on the stock with an average target price of INR 1,201 per share. This is 22% higher than the current market price. One brokerage has a "hold" rating, while one has a "sell" rating on the stock. (Deesha Jadhav)
Equity Alert: Brokerages retain "buy" call on ICICI Bk after bk's Q2 results
MUMBAI--0957 IST--Multiple brokerages maintained their "buy" recommendation on the stock of ICICI Bank after the lender detailed its September quarter earnings Saturday. For Jul-Sept, the lender's net profit grew over 20% on year to INR 148.43 billion and was above analyst estimates. Brokerages broadly expect the bank to sustain its strong earnings trajectory, supported by robust credit growth, and the prospect of a recovery in its net interest margin from the March quarter of the ongoing financial year.
At 0955 IST, shares of the bank were at INR 1,394.60, marginally lower. Brokerage Prabhudas Lilladher Capital reiterated its "buy" rating on the stock and raised its target price nearly 3% to INR 1,900, which represents an upside of over 36%. Despite being net interest margin dilutive, the lender garnered sizable money from foreign currency non-resident bank deposits. This helped the bank gain a strategic advantage, as substantial fixed-rate funding was mobilised to support future growth amid a rate hike cycle, the brokerage highlighted in its report. Further, due to better loan growth, the brokerage raised its estimates for the lender's core profit after tax for financial year 2026-27 (Apr-Mar) and FY28 by around 5%. For the September quarter, the lender's net interest margin slipped to 4.18% from 4.36% a quarter ago, however, the management believes that the margin will improve from the March quarter of FY27.
Brokerage Nirmal Bang Institutional Equities also retained its "buy" call on the lender's stock and raised its target price 1% to INR 1,840, which is nearly 32% higher than the current market price. The brokerage believes the lender will sustain a strong earnings trajectory on the back of robust credit growth and healthy fee-income momentum, among other favourable factors. The brokerage valued the standalone bank at INR 1,600 or 2.5 times the adjusted book value estimates for September 2028 and valued its subsidiaries at INR 240 per share.
IDBI Capital, like its aforementioned peers, reiterated its "buy" rating on the stock, setting the target price at INR 1,730, which is 24% higher than the current market price of the stock. The brokerage underscored the lender's robust balance-sheet growth, healthy core profitability, and further asset-quality improvement in the September quarter. Among global brokerages, JPMorgan raised its price aim on ICICI Bank's stock 3.7% to INR 1,800, which is over 29% higher than the current market price. (Shruti Nair)
Equity Alert: Headline indices choppy in early trade, banking majors drag
MUMBAI--0940 IST--The benchmark indices opened flat Monday, quickly turning red before jumping into the green again. The choppy move came after banking majors HDFC Bank, Axis Bank, and ICICI Bank reported their earnings for the September quarter over the weekend. A fall in HDFC Bank and Axis Bank dragged the Nifty 50 down, but ICICI Bank lent support to the index. In the broader market, small-cap and mid-cap indices mirrored the benchmarks. Concerns about high crude oil prices continued to dampen sentiment.
At 0938 IST, the Nifty 50 was at 23162.05 points, up 0.1% from Friday. The BSE Sensex was at 74771.26 points, up 0.1% as well. In the broader market, the small-cap and mid-cap indices fell 0.3–0.5%.
Ten attacks were reported in the Strait of Hormuz in the week ending Oct. 16, the UK's Maritime Trade Operation said. However, it added that it could not accurately report the number of attacks as many vessels had refused to report attacks to it. Meanwhile, Ukraine targeted Russia's energy facilities in an attack using over 1,000 drones. Brent crude oil futures hovered near $108 per barrel.
"Global uncertainty and the upcoming earnings announcements may keep stock-specific movements prominent, with follow-through buying needed to sustain the recent upward momentum," Hitesh Tailor, technical research analyst at Choice Broking, said in a note.
ICICI Bank reported strong growth in its loan book. Its total advances were up 30% on year at INR 18.32 trillion as of Sept. 30. and its net interest income rose to INR 253.39 billion during the September quarter from INR 215.29 billion a year ago, beating estimates. The stock rose nearly 1% in early trade.
For Axis Bank and HDFC Bank, concerns over expansion of their net interest margins remain a key overhang. Axis Bank, down 4%, was the top laggard in the Nifty 50 and the Nifty 200, while HDFC Bank fell almost 2% to be the second-worst performer in the 50-stock index. Both Axis Bank and HDFC Bank had reported a healthy rise in their net interest incomes.
While stocks of private-sector lenders fell, those of public sector lenders performed well. Shares of Punjab National Bank, Canara Bank, and Union Bank of India gained 3–6%. PNB was up 6%, the best performer in the Nifty 200. Managing Director and Chief Executive Officer Ashok Chandra said in a post-earnings press conference Friday that the bank's net interest margin is expected to improve by 6–7 basis points in the December quarter. PNB had reported a domestic net interest margin of 2.74% for the September quarter, up 10 basis points sequentially.
On the sectoral front, the Nifty Private Bank fell over 1% and was the top laggard. The Nifty Bank was down slightly, weighed down by Axis Bank and HDFC Bank. The Nifty PSU Bank index, on the other hand, rose 2.5% to be the top gainer. (Ruchira Kagita)
Equity Alert: Indices set to open flat; IT, banking stocks in focus
MUMBAI--0842 IST--The Nifty 50 is expected to trade in range Monday amid mixed global cues. High crude oil prices are likely to put pressure on the headline index--especially on companies dependent on crude-linked derivatives. Meanwhile, a rotation away from the crowded artificial intelligence trade to the domestic equity market is likely to support gains. Friday marked the first time in 16 sessions that foreign investors turned net buyers in domestic equities, having bought shares worth INR 11.66 billion.
The December futures contract of Brent Crude on the Intercontinental Exchange eased from the high touched Friday following US President Donald Trump's waiver of sanctions and tariffs on purchasers of Russian energy. Monday, however, the contract rose to as much as $109.65 per barrel after Ukraine Sunday launched a barrage of drone strikes that caused fires at an oil terminal and depot in St. Petersburg, Russia. At 0803 IST, the December futures contract of Brent Crude was down about 2% at $108 per barrel but still higher than Friday's level.
After ending Friday with weekly gains of 3.5%, the Nifty 50 is expected to open nearly flat. Friday, the benchmark index had closed at 23146.15 points, up 148.80 points or 0.7%. The BSE Sensex had ended at 74729.27 points, up 413.66 points or 0.6%. Resistance for the 50-stock index is pegged at 23270-23390 points while support is seen at 23020-22910 points. At 0833 IST, the October futures contract of GIFT Nifty was at 23122 points, up 24.15 points from the Nifty 50's Friday close. "The near-term recovery trend is likely to remain intact as long as the index holds above 22500 support level," according to technical analysts.
Amid persistent concern over the enormous funding required by AI companies, nearly all Asian indices were in the red in early trade. With more than 70 S&P 500 companies set to report quarterly earnings this week, including technology players Tesla and Meta Platforms, AI stocks will remain in focus. Japan's Nikkei 225 was the worst hit among peers, down over 1%, followed by South Korea's Kospi, which was nearly 1% lower. The growing risk-off sentiment towards global AI stocks could be an opportunity for stocks in the Indian IT sector as investors look to diversify their risks, according to sector analysts. Opinions, however, remain divided on the extent to which the sector could benefit from this change in sentiment.
Banking stocks will be in focus after sector giants ICICI Bank, HDFC Bank, and Axis Bank detailed their earnings Saturday. While ICICI Bank and HDFC Bank comfortably beat the Street's view on their bottom line, Axis Bank fell slightly short. Shares of UltraTech Cement, Bajaj Finance, and Union Bank of India will also be in focus ahead of their September quarter earnings. (Shruti Nair)
Equity Alert: Asian indices fall, tracking losses in US tech peers
MUMBAI--0820 IST--Most Asian indices fell Monday as technology companies fell tracking US peers. Elevated Brent crude oil futures also put pressure on the indices. Oil prices hovered around $108 per barrel amid Iran's intensified attacks in the Strait of Hormuz. Japan's Nikkei was the worst hit in Asia, falling more than 1%. Hong Kong markets remained closed for a national holiday.
Iran had drawn up a new military response strategy for the possibility of further US-Israeli strikes, a senior Iranian security official Sunday said as reports of multiple attacks on commercial ships in the Strait of Hormuz emerged. "Iran's armed forces have prepared a response to any new act of adventurism that would be far more devastating than the 12-day and 40-day wars," Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said in a post on X.
On the stocks front, Nikkei heavyweights dragged down the index with SoftBank Group Corp. falling nearly 5%. Shares of Tokyo Electron and Advantest Corp fell over 2?ch. The fall in technology stocks reflects concerns over the sustainability of artificial intelligence-linked investments. Shares of technology majors Lasertec Corp. and Taiyo Yuden Co. fell nearly 5% and 7%, respectively. Japan's broader Topix First Section fell marginally.
Kospi major SK Hynix fell over 3% while SK Square was down nearly 4%. Shares of Samsung Electronics Co. fell marginally. In China, the CSI 300 fell marginally. "Investors have long worried that AI revenues won't be sufficient to recoup the massive upfront investment, while AI infrastructure may need to be written down as it ages and depreciates in the meantime, which lowers book value massively," My Bui, economist at fund manager AMP, told Reuters.
Following are the levels of key Asian indices at 0745 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
64577.82 | (-)1.1 |
|
TOPIX FIRST SECTION |
4048.66 | (-)0.4 |
|
KOSPI Index |
5627.44 | (-)0.7 |
|
CSI 300 Index |
4153.12 | (-)0.4 |
|
FTSE Singapore Strait Times |
5419.19 | 0.1 |
|
S&P/ASX 200 Index |
8823.20 | 0.2 |
(Vidhi Thacker)
Equity Alert: HDFC Bk Q2 in line, NIM likely to stabilise soon, analysts say
MUMBAI--0745 IST--HDFC Bank, India's largest private lender, posted a largely in-line set of earnings for the September quarter. While the bank's net interest margin contracted slightly, it is seen stabilising in the near future. The appointment of Anup Bagchi as managing director and chief executive officer is seen as a positive and is expected to give the banking giant's earnings trajectory a leg-up, according to analysts. The stock also appears well-placed on the valuation front, making it more attractive, they said.
HDFC Bank's credit growth of 16% on an annual basis for the September quarter and return on assets at 1.8% met expectations, Nuvama Institutional Equities said. The bank's provision coverage ratio was lower, at 67%, while, excluding the agriculture portfolio, it was at 70%, the brokerage noted. However, given that the bank has strong contingent and other provision buffers, no material one-time hit is likely on transitioning to the expected credit loss framework, Nuvama said.
"We believe HDFC Bank remains fundamentally sound with management stability and strategic recalibration key to unlocking its potential," Nuvama said. Bagchi moving from ICICI Life Insurance to become managing director at HDFC Bank and deputy managing director Kaizad Bharucha seeking early retirement signals the beginning of attrition in the middle and top management, the brokerage added. Nuvama maintained its "buy" call on the stock with a price target of INR 950.
HDFC Bank is regaining momentum, supported by improving loan growth, stable asset quality, and a potential margin tailwind, Elara Securities (India) said. While the bank itself expects the recent 25 bp hike in the policy repo rate to boost its margins from the December quarter, this is more likely to be gradual as funding costs remain high, the brokerage said. For the September quarter, HDFC Bank's net interest margin on interest-earning assets narrowed to about 3.3% from 3.4% a quarter ago.
The worst may be over for the bank but margin recovery could take a while longer, Elara Securities said. Bagchi's role in elevating the bank's core earnings and margin improvement will be key to watch, it said. Elara Securities maintained its "buy" recommendation on the stock with a price target of INR 923.
The bank's foreign currency non-resident (banks) deposits weighed on its net interest margin slightly, but the repo rate hike should provide some support, Emkay Global Financial Services said. Net interest margin is expected to stabilise in the current quarter and the appointment of the new managing director and chief executive officer should help to resolve the succession overhang and restore confidence among investors, it said. Emkay Global reiterated its "buy" stance on HDFC Bank with an unchanged price target of INR 1,050.
However, the liquidity coverage ratio and constrained FCNR(B) mobilisation could cap the bank's growth upside, Citi said. The brokerage trimmed its revenue estimates for the period from the financial year 2026-27 (Apr-Mar) to FY29 by 2-4%. Citi also trimmed its price target by 9% to INR 880 while maintaining its "buy" stance. "Looking ahead, repo rate hike, accelerated momentum in retail/SME (small and medium enterprises) and unsecured advances offer critical NIM levers from a trough," Citi said. The lender's net interest margin is seen at 3.4-3.6% over FY27-FY29, the brokerage said.
HDFC Bank's net profit for the September quarter grew 5% on year to INR 195.1 billion and its total income came in at INR 972.58 billion, up nearly 7% on year. The bank reported its earnings Saturday. Friday, its stock had closed at INR 728.85 on the National Stock Exchange, up slightly from Thursday. (Ruchira Kagita)
Equity Alert: US mkts fall as tech selloff persists, crude oil hits $110/bbl
MUMBAI--0730 IST--Major US indices ended lower Friday and most posted losses on a weekly basis as investors moved away from technology and artificial intelligence-linked stocks. Brent crude oil futures rose to $110 per barrel for the first time since May as Iran increased attacks in the Strait of Hormuz, Yemen's Houthis fired missiles at Saudi Arabia, and Ukraine vowed to continue striking Russian refineries. Around nine tankers and cargo ships have been under attack in the Strait of Hormuz since Sunday.
Among key indices, the Nasdaq Composite was the worst hit among its peers, ending more than 2% lower. The S&P 500 fell more than 1% and the Dow Jones Industrial Average fell slightly. On a weekly basis, the Nasdaq composite was down over 4%. Semiconductor stocks fell in the region with Sandisk Corp. falling nearly 7% and Advanced Micro Devices and Micron Technology 6?ch, and VanEck Semiconductor falling more than 3%.
Technology stocks fell as investors were worried that companies are borrowing too much for the artificial intelligence buildout. Shares of CoreWeave fell nearly 12% as its total debt rose to more than $51 billion. The stock fell 25% during the week, according to CNBC. "The question is: Is this a systemic issue? Obviously, increased debt issuance is something to observe and continue to watch and be concerned about if it continues to get to levels of excessiveness. But we're not remotely close to that right now," Michael Rosen, chief investment officer at Angeles told CNBC.
Investors assessed the probability of an interest rate hike by the US Federal Reserve after higher than expected inflation data amid elevated energy prices. Markets priced in a more than 77% chance of a rate hike at the Fed's December meeting, according to the CME FedWatch Tool.
Following are the closing levels of key US indices on Friday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52002.41 | (-)0.3 |
|
NASDAQ Composite |
26140.03 | (-)2.1 |
|
S&P 500 |
7659.44 | (-)1.1 |
(Vidhi Thacker)
US$1 = INR 94.75
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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.
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