Stock Market Crash Live: GIFT Nifty Points To Negative Open For Nifty, Sensex; Brent Crude Holds Near $84 A Barrel

• UPL Corporation Chief Executive Officer Mike Frank will leave the company on Aug. 31, 2026.
• Frank has spent 4.5 years with the company.

Jefferies cut its target price on UPL after flagging soft operational performance and higher working capital during the June quarter.

Jefferies

• Maintain Buy
• Target price cut to Rs 715 from Rs 810.
• Revenue growth was driven entirely by forex.
• Ebitda growth was soft despite inventory gains in UPL SAS.
• Working capital expanded while net debt remained flat.
• UPL guided for revenue growth of 7–11% and Ebitda growth of 10–14% in FY27.
• The stock has corrected 21% in YTDCY26.

• The 24,200 strike holds the maximum Put open interest on the Nifty ahead of Tuesday's trading session.
• The level represents the largest concentration of Put positions in the available derivatives data.

• Options data show that the 25,000 strike holds the maximum Call open interest for the Nifty.
• The concentration of Call OI makes 25,000 a key derivatives level to track during Tuesday's session.

HSBC raised its target price on Glenmark Pharmaceuticals as it expects an improving outlook for the company's US business.

HSBC

• Maintain Buy
• Target price raised to Rs 2,590 from Rs 2,575.
• Q1 was operationally in line with its forecast, supported by healthy sales growth in India and the US.
• A pick-up in gFlovent inhaler, other respiratory launches and supplies from Monroe could drive US sales growth.
• The next catalyst will be the IND filing to start human trials for ISB 2301.

KEI Industries approved an expansion of its wires and cables capacity at Salarpur in Rajasthan.

The company plans to invest Rs 700 crore in the project, which is expected to become operational by September 2028.

The board also approved the reappointment of Akshit Diviaj Gupta as whole-time director for five years.

KEI Industries reported its June-quarter earnings, with revenue, Ebitda and net profit increasing from a year earlier.

KEI Industries (Q1, Consolidated YoY)

• Ebitda margin at 12.4% versus 10%.
• Ebitda up 53.4% at Rs 396 crore versus Rs 258 crore.
• Revenue up 23% at Rs 3,185 crore versus Rs 2,590 crore.
• Net profit up 40.1% at Rs 274 crore versus Rs 196 crore.

Brokerages maintained opposing views on Exide Industries after its June-quarter performance and as investors assess the company's lithium-ion investments.

Kotak Securities

• Maintain Sell
• Target price raised to Rs 325 from Rs 300.
• Lead-acid business performance remained strong.
• Expects steady performance in the lead-acid business.
• Exide is positioned to benefit from growing lithium-ion battery demand.
• Profitability and return ratios could remain under pressure.
• Kotak cited high capex requirements, the commoditised and B2B nature of the business and dependence on a partner for technical know-how.

Citi

• Maintain Buy
• Target price raised to Rs 510 from Rs 410.
• Management outlook remained optimistic after Q1FY27.
• Citi sees strong demand across rural and urban markets.
• The lithium-ion cell plant is approaching commercialisation.
• Citi awaits further details on customer wins and revenue from the lithium-ion cell business.

Great Eastern Shipping reported its June-quarter earnings, with revenue, Ebitda and net profit increasing from a year earlier.

Great Eastern Shipping (Q1, Consolidated YoY)

• Net profit at Rs 1,309 crore versus Rs 505 crore.
• Revenue up 66.9% at Rs 2,005 crore versus Rs 1,201 crore.
• Ebitda at Rs 1,338 crore versus Rs 642 crore.
• Margin at 66.7% versus 53.5%.
• Interim dividend of Rs 14.40 per share.

Macquarie maintained its Outperform rating on Adani Green Energy, citing increased contracted capacity and improved cash-flow visibility.

Macquarie

• Maintain Outperform
• Target price: Rs 1,800
• 82% of run-rate Ebitda is now rated AA- or better versus nil in April 2019.
• The contracted framework enables higher leverage at a lower cost of capital.
• The framework supports a Rs 2.4 lakh crore capex programme through 2030E.
• Almost all operational capacity is contracted, reducing merchant price sensitivity.
• Counterparties rated AA or better have increased to 86% from 68% before the tie-up.

DLF reported its June-quarter earnings, with revenue and Ebitda declining while net profit increased from a year earlier.

DLF (Q1, Consolidated YoY)

• Net profit up 4.1% at Rs 794 crore versus Rs 763 crore.
• Revenue down 52.9% at Rs 1,280 crore versus Rs 2,717 crore.
• Ebitda down 58.9% at Rs 150 crore versus Rs 364 crore.
• Margin at 11.7% versus 13.4%.
• Other income at Rs 325 crore versus Rs 264 crore.

Jefferies raised its target price on Torrent Power after the company's June-quarter earnings and expects renewable energy to drive earnings growth.

Jefferies

• Maintain Buy
• Target price raised to Rs 1,780 from Rs 1,700.
• Lower gas PLFs YoY were on expected lines.
• Renewable energy capacity is expected to rise at least threefold by FY30E.
• Reported ROE is expected to remain at 12–13% over FY26–30E.
• Transmission infrastructure unavailability is delaying commissioning timelines.
• Jefferies expects 13% Ebitda CAGR over FY26–30E, led by 36% CAGR in renewable energy Ebitda.

Torrent Power reported its June-quarter earnings, with revenue and Ebitda rising while profit declined year on year.

Torrent Power (Q1, Consolidated YoY)

• Profit down 12.7% at Rs 639 crore versus Rs 731 crore.
• Revenue up 2.8% at Rs 8,124 crore versus Rs 7,906 crore.
• Ebitda up 3.7% at Rs 1,538 crore versus Rs 1,483 crore.
• Margin at 18.9% versus 18.8%.

Banks are on the brokerage radar as analysts assess the distribution of FCNR-B inflows across private, public-sector and foreign lenders.

Morgan Stanley

• Foreign banks' incremental FCNR-B share stood at 29.9% versus their total deposit market share of 4.5–5%.
• Private banks accounted for 38.3% versus a 35.7% deposit market share.
• PSU banks accounted for 31.6% versus a 58.2% deposit market share.
• ICICI Bank, Kotak Mahindra Bank, Axis Bank, HSBC and Standard Chartered had higher incremental FCNR-B shares.

Citi

• Private banks mobilised $10.7 billion, or 38.3% of net inflows.
• Foreign banks contributed $8.4 billion, led by HSBC and Standard Chartered.
• PSU banks captured 31.6% of net inflows.
• ICICI Bank, Kotak Mahindra Bank, YES Bank and RBL Bank outperformed relative to market share, while HDFC Bank, SBI, Bank of Baroda, Bank of India, Union Bank, Federal Bank and IDFC lagged.
• Citi expects mobilisation velocity to accelerate with two months remaining.

Jefferies

• Banks have mobilised more than $40 billion through FCNR-B and other lines halfway through the timeline.
• Gross FCNR-B inflow stands at $37 billion, while the net addition to deposits is $28 billion.
• HSBC, SBI, Standard Chartered and ICICI Bank lead, while HDFC Bank has lagged.
• Jefferies said the sector can target $80–100 billion of inflows.
• Improving liquidity could benefit NBFCs and smaller private banks more.

DLF drew brokerage attention after weak pre-sales and a lack of launches during the June quarter, while cash generation continued.

Jefferies

• Maintain Buy
• Target price: Rs 815
• Pre-sales remained very low because of a lack of launches.
• Cash collections declined 15% YoY.
• Free cash flow generation stood at Rs 1,050 crore.
• DCCDL lease income rose 9% YoY, in line with estimates, and continued to support profitability.

Morgan Stanley

• Maintain Equal-weight
• Target price: Rs 730
• Q1 was weaker than expected.
• Pre-sales stood at Rs 660 crore versus its estimate of Rs 1,000 crore.

Life Insurance Corporation of India will be in focus as the government's offer for sale opens for non-retail investors on Tuesday.

The Government of India plans to divest up to a 6.50% stake in LIC. The base offer comprises 31.62 crore shares, representing a 2.5% stake, with an oversubscription option of 50.60 crore shares, or another 4% stake.

The floor price has been fixed at Rs 382 per share. Retail investors will receive a discount of Rs 10 per share. Non-retail bidding will take place on Aug. 4, while the retail portion will open on Aug. 5.

• Brent crude traded near $84 per barrel after falling almost 5% on Monday, its steepest decline in a week. West Texas Intermediate held near $81.
• Traders assessed the possibility of more shipping returning to the Strait of Hormuz.

• South Korea’s Kospi fell 2.12%, while Japan’s Nikkei 225 declined 1.10%. Australia’s ASX 200 rose 0.70%.
• Investors assessed US-Iran developments after US President Donald Trump warned Tehran that it had a final opportunity to reach an agreement.

The GIFT Nifty, an early indicator of Nifty 50's performance, traded at24,630, compared to Monday's index close of 24,774.30.