Equity Alert
Asian markets end mixed; major indices come off lows
This story was originally published at 14:57 IST on 4 November 2026
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Equity Alert: Asian mkts end mixed; major indices come off lows
MUMBAI--1400 IST--Indices in Asia ended mixed as semiconductor and artificial intelligence-linked stocks fell. Investors assessed the results of the US mid-term elections as Democrats took control of the Senate as well as the House of Representatives. Some investors worried that the Democrats' win would lower investments in AI infrastructure, which would hurt technology stocks. However, South Korea's Kospi came off the day's lows and ended nearly 1% higher while Japan's Nikkei 225 Day erased most of its intraday losses to close just 1% lower.
This could be a "combination of dip-buying and investors reassessing the initial knee-jerk reaction to the U.S. election results. As U.S. futures recover, some of that relief is spilling into Asian technology stocks," Charu Chanana, chief investment strategist at Saxo, told Dow Jones Newswires.
Semiconductor and metal stocks fell the most in Japan, with the Nikkei 225 hitting an over-five-month low. The broader Topix First Section fell nearly 1%. Semiconductor major Kioxia Holdings Corp. fell over 5% while peers Advantest Corp. and Tokyo Electron fell around 3?ch. Sumitomo Electric Industries also dragged the index down, falling 7%. Metal and mining majors Mitsui Kinzoku Co. and JX Advanced Metals Corp. fell over 5% and 3%, respectively.
In South Korea, technology majors recovered most losses, with Samsung Electronics Co. ending nearly 1% lower and SK Hynix ending marginally lower. China's CSI 300 Index rose over 2% while Hong Kong's Hang Seng Index ended nearly 2% higher. Hang Seng heavyweights HSBC Holdings and AIA Group rose over 1%.
Analysts warned against reading too much into the markets' knee-jerk reactions to the US election results. "The election result may affect the path of fiscal negotiations and generate near-term volatility, but economic growth, corporate earnings, AI investment, inflation, and interest rates should remain more important market drivers," Mark Haefele, global wealth management chief investment officer at UBS Switzerland, told Dow Jones.
Following were the levels of key Asian indices at 1335 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
62188.63 | (-)1.4 |
|
TOPIX FIRST SECTION |
3895.38 | (-)0.9 |
|
S&P/ASX 200 Index |
8834.50 | (-)0.6 |
|
KOSPI Index |
5683.80 | 0.6 |
|
Hang Seng Index |
23919.50 | 1.7 |
|
CSI 300 Index |
4101.34 | 2.3 |
|
FTSE Singapore Strait Times |
5273.74 | 0.1 |
(Vidhi Thacker)
Equity Alert: Zydus Life falls 5?ter Q2 EBITDA margin narrows 890 bps YoY
MUMBAI--1358 IST--Shares of Zydus Lifesciences fell nearly 5% to INR 1,182.40 apiece after the company detailed its September quarter earnings. The company's earnings before interest, tax, depreciation, and amortisation margin for the September quarter fell 6% on year to INR 18.95 billion. Its EBITDA margin contracted to 24% from 32.9% in the year-ago quarter.
At 1352 IST, shares of Zydus Lifesciences traded at INR 1,202 apiece, down over 3%. The stock was among the top laggards in the Nifty 200. Over four million shares of the company changed hands on the exchange so far, which is over three times the volume traded until the same time Tuesday and nearly three times the three-month average daily volume traded. The stock was trading higher before the earnings were out and earlier in the day, it had touched its near 15-month high of INR 1,266.60.
Zydus Lifesciences reported a consolidated net profit of INR 9.26 billion, down nearly 27% on year, and a revenue of INR 79.10 billion, up 29% on year. The company's revenue growth was hit by a faster pace of growth in total expenses. (Utthara E. S.)
Equity Alert: Headline indices remain flat, broader markets perform better
MUMBAI--1300 IST--Benchmark indices remained flat as losses in information technology majors continued to weigh. While financial services companies were mixed, HDFC Bank provided some relief to the Nifty 50. Adani Enterprises stayed the top gainer in the 50-stock index. Shares of companies in the fast-moving consumer goods sector also performed well. Small-cap and mid-cap indices were up over 1?ch.
At 1257 IST, the Nifty 50 index was up 0.5% at 23823.65 and the BSE Sensex was flat at 76936.57 points. The fear gauge, India VIX, continued to cool off through the day and was marginally lower at 15.69 points. On the sectoral front, Nifty Realty and Nifty Media were the top gainers, up over 2?ch. Nifty IT was down 2% and was the top sectoral laggard. Barring Oracle Financial Services Software, all stocks in this index were trading lower. While Nifty Private Bank was also in the red, the fall was marginal.
In the Nifty 50, Adani Enterprises and Bharat Electronics were up over 3?ch and were the top gainers in the index. Financial services provider companies Bajaj Finance, Bajaj Finserv, HDFC Life Insurance Co., and SBI Life Insurance Co. were up 1-2%, preventing a further fall in the index. A 2% rise in Titan also provided some support to the gains in the index. Information technology remained major laggards in the 50-stock index, with Tata Consultancy Services, Infosys, and HCL Technologies down 2-3%.
In some other news, shares of Saregama India rose nearly 10% to touch an over two-year high of INR 616.85. The stock rose after the company reported a 48% on-year jump in its net profit to INR 646 million. Zydus Lifesciences fell more than 3?ter the company detailed its quarterly results. Its consolidated earnings before interest, taxes, depreciation, and amortisation margin narrowed 890 basis points on year to 24% for Jul-Sept. Before the earnings were out, the stock of the pharmaceutical major was up around 1%.
Meanwhile, Reliance Home Finance snapped its five-session gaining run after the Enforcement Directorate seized more assets worth INR 5.1 billion. These include two aircraft, six land parcels, and one office premise as part of an alleged bank fraud-linked money laundering investigation against the Reliance Anil Ambani group. (Deesha Jadhav)
Equity Alert: Apollo Hospitals shares hit 1-mo high ahead of co's Q2 results
MUMBAI--1245 IST--Shares of Apollo Hospitals Enterprises rose nearly 2% to hit their highest level in over a month at INR 8,575 ahead of the company's Jul-Sept earnings, scheduled later in the day. The company is expected to report healthy earnings growth for the September quarter led by improved bed occupancy in the hospital business and a steady growth in its pharmacy and clinics segment, according to brokerages tracking the company.
At 1235 IST, shares of the healthcare major were at INR 8,515.50, up nearly 1% on the National Stock Exchange. Over 319,000 shares of the company have traded hands so far in the session, roughly in line with the number of shares traded until the same time Tuesday. For Jul-Sept, the company is expected to report a consolidated net profit of INR 6.3 billion, up nearly 33% on year, according to an average of estimates from 11 brokerages. The company's net sales are expected to rise 19% on year to nearly INR 74.8 billion, the estimates showed.
Of the 11 brokerage reports available on the exchange with Informist, eight have a "buy" or equivalent call on the stock with an average target price of INR 10,047, which is over 23% higher than the current market price of the stock. Two brokerages have a "hold" recommendation on the stock with the target price ranging from INR 7,570-INR 9,354. (Shruti Nair)
Equity Alert: BSE down 2% ahead of Q2 earnings; PAT, sales seen down on qtr
MUMBAI--1108 IST--Shares of BSE fell over 2% to hit an intraday low of INR 3,576.80, ahead of the exchange's Jul-Sept earnings slated for release later in the day. For Jul-Sept, a fall in F&O volumes is expected to drag down the revenue and net profit of BSE Ltd. on a sequential basis.
At 1220 IST, shares of BSE traded at INR 3,590.20, down 2%, on the National Stock Exchange. Nearly 2.8 million shares of BSE have been traded thus far in the session, sharply lower than the 23.45 million shares traded until the same time Tuesday. For Jul-Sept, BSE is expected to report a 17% on-quarter fall in consolidated net profit to INR 7.22 billion, according to an average of estimates from seven brokerages. The consolidated revenue of BSE is expected to fall 11% on quarter to INR 13.87 billion.
Of the eight brokerage reports available on the exchange with Informist, six have a "buy" or equivalent call on the stock with an average target price of INR 3,778, which is over 5% higher than the current market price of the stock. Two brokerages have a "hold" recommendation on the stock with the target price ranging from INR 3,240-INR 3,530. (Shruti Nair)
Equity Alert: HEG rises 11?ter Q2 sales more than double QoQ
MUMBAI--1148 IST--Shares of HEG Advanced Materials rose almost 11% to their highest level in nearly two months of INR 266.85 apiece on the NSE, after the company detailed its September quarter results late Tuesday. The company's net profit for the quarter declined over 29% on year despite an 11% increase in its revenue. On a sequential basis, the company's net profit rose a little over 19% and revenues more than doubled.
The company reported a net profit of INR 1.33 billion on revenues of INR 75.9 million for the reporting quarter. The company's growth was mainly supported by an on-year decline of 49% in its total expenses. However, its total expenses were more than its revenues and were reported at INR 115.3 million.
At 1130 IST, its shares traded at INR 260.01 on the stock exchange, up nearly 8%. So far, nearly 9 million shares of the company changed hands on the exchange, around 17 times the number of shares that changed hands at the same time Tuesday. The stock has risen over 9% so far this month and nearly 17% this year. (Durgesh Nandan)
Equity Alert: C.E. Info Systems up 2% ahead of September quarter earnings
MUMBAI--1147 IST--Shares of C.E. Info Systems rose 2% to an intraday high of INR 868 on the National Stock Exchange ahead of the company's September-quarter results, due later in the day. Analysts expect the company's bottom line for the reporting quarter to more than double on year but fall on a sequential basis.
Anand Rathi estimates the consolidated net profit at INR 446 million and JM Financial pegs it at INR 405 million. They estimate the top line at INR 1.31 billion and INR 1.29 billion, respectively. For the June quarter, C.E. Info Systems had reported a consolidated net profit of INR 497.7 million on revenues of INR 1.40 million.
Of the two research reports on C.E. Info Systems available with Informist, one has a 'buy' and one 'sell' recommendations on the stock with a target price of INR 2,273 and INR 1,040, respectively.
At 1147 IST, shares of the C.E. Info Systems traded at INR 862.85 apiece on NSE, up 1.4%. About 24,067 shares of the company have exchanged hands so far on NSE, slightly below the 26,673 shares traded till the same time Tuesday. (Shakshi Jain)
Equity Alert: Benchmark indices turn flat; HDFC Bank helps cap losses
MUMBAI--1111 IST--Benchmark indices turned flat as private banks slipped into the red, but HDFC Bank continued to lend support to the Nifty 50 index. Broader markets performed better than the headline gauges. The advance-decline ratio leaned strongly towards the gainers, with the number of winners increasing sharply from earlier. Earnings-driven moves continued to dominate the stock market.
At 1101 IST, the Nifty 50 index and BSE Sensex were flat at 23808 points and 76922.02 points, respectively. The fear gauge, India VIX, was lower from earlier levels, up only 1% at 15.88. On the sectoral front, Nifty Realty was the top gainer, up nearly 2%. Gains in Lodha Developers, which was up over 4%, contributed the most to the rise in this index. Nifty Private Bank and Nifty IT were the only sectoral laggards. Nifty Private Bank and Nifty IT were down 0.2% and 1.6%, respectively.
In the Nifty 50, Adani Enterprises rose over 3% and was the top gainer in the index. Bajaj Finserv and ITC were up nearly 3?ch to be among the top gainers in the index. Pharmaceutical majors Max Healthcare Institute, Sun Pharmaceutical Industries, and Apollo Hospitals Enterprise also contributed to the gains in the Nifty 50, rising 1-3%.
Meanwhile, Eternal and BSE were the major laggards in the index, down around 2?ch. Information technology stocks continued to weigh on the index, with Tech Mahindra, Infosys, HCL Technologies, and Tata Consultancy Services falling 1–2%. Kotak Mahindra Bank, Axis Bank, and ICICI Bank were down 0.1-1%.
Shares of Bharat Heavy Electricals rose 6?ter receiving four project orders worth INR 50 billion to INR 70 billion each from Adani Power. BHEL will supply boilers, turbines and generators along with auxiliaries. The signed deal of four projects comprises two 800 megawatts each, with agreed services.
Among others, Equitas Small Finance Bank rose as much as 9?ter the lender and its board approved the appointment of Balaji Nuthalapadi as the interim chief executive officer. He will be replacing P.N. Vasudevan, who resigned from the position. On the other hand, AIA Engineering continued its fall for the second session and fell 5% to touch a one-year low of INR 3,210. The shares declined after the company reported a 10% on-year fall in its net profit for the September quarter Tuesday. (Deesha Jadhav)
Equity Alert: BHEL rises 6?ter getting four orders from Adani Power
MUMBAI--1100 IST--Shares of Bharat Heavy Electricals rose over 6% to an intraday high of INR 425.30 after the company received four project orders from Adani Power. Each project was worth INR 50 billion to INR 70 billion. BHEL will supply boilers, turbines, generators, and auxiliaries to Adani Power. Each project is of 2X800 megawatts capacity.
Shares of the company rose for the third consecutive session, having gained over 9% during the period. At 1055 IST, its shares traded nearly 6% higher at INR 422.65 on the National Stock Exchange. Over 10 million shares of the company have traded so far, up 10% from its three-month daily traded average. (Vidhi Thacker)
Equity Alert: Equitas Small Fin Bank rises 9% on appointment of interim CEO
MUMBAI--1037 IST--Shares of Equitas Small Finance Bank rose nearly 9% to an intraday high of INR 57.25 apiece after the bank's board approved the appointment of Balaji Nuthalapadi as the interim chief executive officer. This was after P.N. Vasudevan resigned from the position. The appointment will take effect after the Reserve Bank of India's approval or any other date as may be decided by the central bank.
Vasudevan has had to explain that there was no "conflict of interest" arising from his daughter's role as co-promoter of a non-banking finance company. Vasudevan's daughter, Varshini Vasudevan Pathangi, founded Unico Housing Finance, an unlisted non-banking finance company, in 2023. "In spite of my explaining the above to investors, the perception of conflict continues to persist," he told analysts in a post-earnings conference call at the end of October.
Since Vasudevan announced his resignation during market hours Oct. 29, the stock has fallen over 19% till Tuesday. At 1023 IST, shares of the bank traded 7% higher at INR 56.34 apiece on the National Stock Exchange. Over 21 million shares of the company had traded on the NSE, over three times its three-month daily average traded volume. (Vidhi Thacker)
Equity Alert: HUDCO up nearly 3% ahead of its Jul-Sept earnings
MUMBAI--1036 IST--Shares of Housing and Urban Development Corp. rose nearly 3% ahead of the company's September quarter earnings scheduled to be announced later in the day. The company is expected to post a strong net profit growth for the reporting quarter.
Nirmal Bang Equities Pvt. Ltd. expects the state-owned company to report a net profit of INR 9.31 billion, while Mirae Asset Sharekhan Ltd. sees a net profit of INR 9.06 billion for the September quarter. The company had reported a net profit of around INR 7.10 billion in the year-ago quarter.
Meanwhile, Nirmal Bang expects its net interest income for the September quarter to be at INR 12.43 billion, while Mirae Asset expects net interest income to be at INR 12.23 billion.
As per Mirae Asset Sharekhan, Housing Urban Development Corp. and other affordable housing finance providers are likely to maintain healthy disbursement momentum. Nirmal Bang expects the lender's loan book to grow to INR 1.81 trillion, up nearly 26% on year. It expects net interest margin at 2.8%, up 4 basis points sequentially, but down 22 bps on year.
At 1033 IST, the stock was over 2% higher at INR 147.95 apiece on the National Stock Exchange. The stock is nearly 27% lower since the bank reported its June quarter earnings. Of the four brokerage reports on the company available with Informist, two have a "buy" recommendation for the stock with an average target price of 248. One has a "hold" recommendation of the stock at a target price of INR 165, and one has a "sell" call at a target price of INR 155. (Mahima)
Equity Alert: SBI up 2%; brokerages retain "buy" call post bank's Q2 results
MUMBAI--1030 IST--Shares of State Bank of India rose nearly 2% to an intraday high of INR 988, after multiple brokerages retained their "buy" call on the stock following the lender's Jul-Sept earnings detailed Tuesday. The bank's net profit for the September quarter rose 14% on year to INR 230.38 billion on the back of higher net interest income and gains from the sale of its stake in SBI Funds Management Ltd. Its net interest income for the period came at INR 491.43 billion, up nearly 15% on year.
At 1027 IST, shares of SBI were trading at INR 973, up 0.3%. Over 6 million shares of the company had changed hands on the exchange so far against the 4.1 million traded until the same time Tuesday.
Prabhudas Lilladher Capital maintained its "buy" call on the lender's stock with a target price of INR 1,200 per share, which is over 23% from the current market price. The lender retained its domestic net interest margin guidance of at least 3% in its post-earnings conference call with analysts. However, the brokerage believes the margin can come in higher supported by a full impact of repo rate hike and repricing in the marginal cost of funds based lending rate. Further, the impact on cost of funds may be limited due to liquidity buffer, the brokerage noted. For Jul-Sept, the SBI repoted a domestic net interest margin of 3.11% up from 3.00% in the June quarter.
Nirmal Bang Institutional Equities also maintained its "buy" rating on the stock with an unchanged target price of INR 1,275, up 31% from the current target price of the stock. The brokerage expects the lender to sustain healthy earnings, supported by robust credit growth, an improving margin trajectory, and benign asset quality, among other favourable factors.
Brokerage Nuvama Institutional Equities also maintained its "buy" call on the lender's stock but trimmed its target price estimate to INR 1,225 from INR 1,300. The brokerage factored in elevated macroeconomic uncertainty and higher risk-free rates, according to its report. (Shruti Nair)
Equity Alert: Niva Bupa Health Insurance up 4% ahead of Jul-Sept earnings
MUMBAI--1027 IST--Shares of Niva Bupa Health Insurance Co. rose over 4% ahead of the company's September quarter earnings scheduled to be announced later in the day. The company is expected to post a net profit in the quarter from a net loss in the year-ago period.
Motilal Oswal Financial Services expects the company to report a net profit of INR 1.10 billion during the quarter while Nomura Equity Research sees the net profit at INR 884 million. The health insurer had reported a net loss of around INR 353 million a year ago. It had posted a net profit of INR 1.38 billion in the June quarter. Motilal Oswal Financial and Nomura estimate the company's net premium income at INR 25.76 billion and INR 24.90 billion, respectively.
The company's premium growth momentum is expected to maintain a strong double-digit trajectory. Its combined ratio is likely to improve on year, backed by operational efficiency, said Motilal Oswal Financial.
Analysts will watch out for management commentary on possible commission regulations and expenses of management, especially in the broking and bancassurance channel.
At 1025 IST, the stock was nearly 4% higher at INR 76.27 apiece on the National Stock Exchange. The stock is down over 12% since the bank reported its June quarter earnings. All four brokerage reports on the company available with Informist have a "buy" recommendation for the stock with an average target price of INR 99. (Mahima)
Equity Alert: M.K. Sons lists at 5.5% premium to issue price on NSE
MUMBAI--1017 IST--Shares of M. K. Sons Fine Jewels listed at INR 171 apiece on the NSE, a premium of 5.5% to its issue price of INR 162. On the BSE, the stock listed at INR 171.60 apiece, with a premium of 6%. At 1014 IST, its shares traded at INR 165.60 apiece on NSE, up over 2%. So far, nearly 12 million shares have changed hands on the exchange, nearly 12 times the number of shares traded on the BSE.
The company's initial public offering was subscribed over five times as on its final day of bidding, with bids received for 60.63 million shares against 11.90 million shares on offer. Non-institutional investors showed more interest in bidding. The company had raised INR 826 million from anchor investors ahead of the issue. The public issue comprises a fresh issue of up to 13.60 million shares and an offer for sale of up to 3.40 million shares.
The company sells gold and diamond jewellery through its own retail showrooms. It has three showrooms in Mumbai and two in Ahmedabad. For the June quarter, it had reported a net profit of INR 150.16 million on revenues of INR 1.01 billion. (Utthara E. S.)
Equity Alert: Benchmarks open tad lower but pare losses; gains in banks aid
MUMBAI--0945 IST--Headline indices opened slightly lower but soon pared their losses. Private banks continued to support the gains in the headline indices for the second session. Broader market indices also posted similar gains as the benchmarks. Democrats making early gains in the US mid-term elections and the January futures of brent crude oil falling nearly 1% to $102.80 per barrel supported positive sentiment. Volatility was only slightly higher during early trade and market breadth leaned towards the laggards.
At 0943 IST, the Nifty 50 was up 0.5% at 23923 points and the BSE Sensex was up 0.5% at 77278.86 points. The fear gauge, India VIX was up over 2% at 16.07. On the National Stock Exchange, 40% of stocks were trading in the green while over 52% stocks were in the red. All broader market indices were in the green, with small-cap indices rising 0.4-0.5% and mid-cap indices up 0.4-0.7%.
On the sectoral front, Nifty FMCG was the top gainer for the second consecutive session, up over 1%. Nifty Financial Services and Nifty Healthcare were among other sectoral gainers, up around 1?ch. Nifty IT was the worst hit, down nearly 1%. Among other sectoral laggards, Nifty Media and Nifty Metal were down marginally. Thematic index Nifty India Defence was also a major sectoral laggard, down around 1%.
In the Nifty 50, Max Healthcare was up over 3% and was the top gainer in the index. Among other gainers, fast-moving consumer goods major ITC and government-run Bharat Electronics were up nearly 3% and 2%, respectively. Shares of Bharat Electronics rose after the defence company said it is eyeing big opportunities in the drone business, in a post-earnings conference call. Apollo Hospitals Enterprise, which will also report its earnings for the September quarter, rose over 1%. The pharmaceutical major is expected to report consolidated net profit of INR 6.3 billion, up nearly 33% on year, according to the average of estimates from 11 brokerages. Net sales are expected to rise 19% on year to nearly INR 74.8 billion.
Private banks HDFC Bank, ICICI Bank, and Axis Bank rose 0.4-1%, supporting the gains in the index. Nifty Bank was up nearly 1%. The public sector bank, State Bank of India, was up over 1% after the public sector bank released its quarterly results Tuesday. The stock had closed nearly 2% lower in the previous session.
Meanwhile, shares of BSE fell nearly 2% ahead of its September quarter earnings. The stock exchange is expected to report a 17% sequential decline in consolidated net profit to INR 7.22 billion in the September quarter, according to an average of estimates from seven brokerages. Information technology behemoths, Infosys, HCL Technologies, and Tata Consultancy Services were down around 1?ch, limiting the gains in the index.
In some other major stock movements, shares of Multi Commodity Exchange fell over 5% after touching a lifetime high Tuesday. The commodity exchange's consolidated net profit rose 130% on year to INR 4.55 billion in the September quarter. Its income from operations increased 114% on year to INR 8.00 billion. Sequentially, the company's net profit rose 10% and income rose 14%.
On the flip side, shares of HEG Advanced Materials rose over 10% and touched a near-two-month high of INR 266. The shares rose after the company's net profit for the September quarter declined 29.2% on year to INR 1.33 billion, while its revenue from operations for the quarter rose 10.8% to INR 75.9 million. Sequentially, the net profit rose 19.2% and revenue rose over twofold. (Deesha Jadhav)
Equity Alert: Positive market sentiment seen sustaining as oil prices fall
MUMBAI--0850 IST--Positive sentiment towards Indian equities is expected to continue on Wednesday as Democrats make early gains in races for the House of Representatives and the Senate in the US midterm elections. A Democratic victory could make it difficult for Trump to escalate the war in West Asia, analysts said. Meanwhile, Brent crude oil futures slipped to around $103 per barrel after US President Donald Trump said he had no plans to strike Iran and that the US would stop providing $4 billion in annual aid to Israel.
At 0751 IST, GIFT Nifty November futures were at 23708, down 0.5% from the previous Nifty 50 closing level. Analysts said buying is expected to be selective, not broad-based. Tuesday, the Nifty 50 ended at 23810.85, up 370.05 points or 1.6%, while the Sensex closed at 76917.85, up 1255.07 points, or 1.6%.
Wednesday, Nifty 50 constituent Apollo Hospitals Enterprise will report its earnings for the September quarter. The company is expected to report consolidated net profit of INR 6.3 billion, up nearly 33% on year, according to the average of estimates from 11 brokerages. Net sales are expected to rise 19% on year to nearly INR 74.8 billion. Growth is expected to be driven by higher average revenue per patient and rising occupancy levels. Tuesday, the company's shares ended at INR 8,440 on the National Stock Exchange, down 0.2% from the previous close.
BSE will also report its quarterly earnings Wednesday. The stock exchange is expected to report a 17% sequential decline in consolidated net profit to INR 7.22 billion in the September quarter, according to an average of estimates from seven brokerages. Tuesday, BSE shares ended at INR 3,665.70 on the NSE, up 5.0% from the previous close.
Pharmaceutical major Lupin reported its quarterly results early Wednesday. The company's consolidated net profit beat the Street's estimates. The company's US revenues were $317 million, beating the Street's view. Several brokerages expected the company's quarterly US revenue to be between $250 million and $280 million. (Ruchira Kagita)
Equity Alert: Asian markets fall; investors see Democratic win in US midterms
MUMBAI--0800 IST--Major indices in Asia fell Wednesday as key technology stocks declined amid early indications of a Democratic win in the US midterm elections that could slow down artificial intelligence spending in Asia's tech-heavy markets. Among indices, Japan's Nikkei 225 fell the most and was down over 3% while the broader Topix First Section fell nearly 2%.
"The scale of any Democratic victory, or a surprise Republican Senate win, could trigger significant repositioning," Chris Weston, head of research at Pepperstone, told the Dow Jones Newswire. In Japan, semiconductor-linked stocks fell, with Kioxia Holdings Corp. and Advantest Corp. down over 11% and nearly 8%, respectively, while shares of Tokyo Electron fell nearly 6%.
South Korea's Kospi index reversed opening gains and fell nearly 2% as key technology stocks fell. Kospi heavyweights Samsung Electronics and SK Hynix fell nearly 2% and over 3%, respectively. "Asia's AI infrastructure players are heavily exposed to US-led AI investment. If Democrats gain control of both the chambers of Congress, demand for greater oversight of AI could intensify, creating uncertainty over the timelines for data-center expansion," iM Securities Analyst Yang Hyun-kyung told Dow Jones.
China's CSI 300 and Hong Kong's Hang Seng Index fell marginally. Technology stocks fell in Hong Kong, with the sectoral Hang Seng TECH Index down over 1%. Shares of Hang Seng majors Alibaba Group Holding and Xiaomi Corp. fell over 2?ch. In Australia, the S&P ASX 200 Index fell marginally. On the macroeconomic front, the country's household spending increased 0.6% sequentially in September, recovering from a fall of 0.1% in August. Spending improved for clothing, health, and recreation.
Following are the levels of key Asian indices at 0735 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
61140.43 | (-)3.1 |
|
TOPIX FIRST SECTION |
3857.10 | (-)1.9 |
|
S&P/ASX 200 Index |
8860.60 | (-)0.3 |
|
KOSPI Index |
5560.23 | (-)1.6 |
|
Hang Seng Index |
23457.40 | (-)0.3 |
|
CSI 300 Index |
4003.18 | (-)0.1 |
|
FTSE Singapore Strait Times |
5210.31 | (-)1.1 |
(Vidhi Thacker)
Equity Alert: US mkts mixed ahead of US midterm poll results; tech cos up
MUMBAI--0725 IST--US equity indices ended mixed on Tuesday, even as major technology stocks rose after declining on Monday. Investors await the US midterm election results later in the day, with early trends showing Democrats were heading for majority control in the House of Representatives and possibly the Senate. Among indices, the technology-heavy Nasdaq Composite ended nearly 1% higher after falling for three consecutive sessions, while the Dow Jones Industrial Average closed marginally lower.
Major semiconductor companies gained, with Advanced Micro Devices and Broadcom up nearly 4% and 3%, respectively. Shares of Micron Technology and Nvidia Corp. gained around 2?ch. Meanwhile, Apple shares fell nearly 2% as the company's iPad sales for the September quarter were below expectations. Even though semiconductors and other companies linked to artificial intelligence rose on Tuesday, investors believe concerns regarding the heavy spending on AI infrastructure are not over.
"The concerns about the cost of capital and the level of debt financing necessary [are] going to persist for quite some time. But the trade that relies on the artificial intelligence buildout could be getting close to oversold territory. Maybe there's a little bit more downside, 4% or 5%, but eventually, if there's not a recession associated with these drawdowns, normally that's kind of where it stops," Shawn Snyder of Potomac Fund Management told CNBC.
Following are the ending levels of key indices in the US Tuesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
51786.72 | (-)0.4 |
|
NASDAQ Composite |
25372.01 | 0.8 |
|
S&P 500 |
7568.92 | 0.4 |
(Vidhi Thacker)
US$1 = INR 94.65
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.
NSE: National Stock Exchange
NYSE: New York Stock Exchange
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India
Internet links:
Securities and Exchange Board of India - https://www.sebi.gov.in
Bombay Stock Exchange - https://www.bseindia.com
National Stock Exchange of India - https://www.nseindia.com
Directory of Indian government websites - https://igod.gov.in/
Indian Ministry of Finance - https://igod.gov.in/organization/Ic4zv3QBGZk0jujBKgGW
Reserve Bank of India - https://rbi.org.in
Controller General of Accounts, Government of India - https://cga.gov.in/
Government's Press Information Bureau - https://www.pib.gov.in
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