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GIFT Nifty indicates gap-down open, trading at 24,217 and down 124.90 points, as investors prepare for a volatile start to the week amid a sell-off in Asian equities and renewed geopolitical concerns.
All eyes will be on HDFC Bank after Managing Director and CEO Sashidhar Jagdishan decided not to seek reappointment and will step down at the close of business on Oct. 26, 2026.
The lender informed the exchanges of Jagdishan's decision on Saturday. The board has also decided to fast-track the process of selecting and appointing his successor.
"Sashidhar Jagdishan has conveyed today, his decision to not seek his re-appointment as the Managing Director & Chief Executive Officer (MD&CEO) of the Bank," HDFC Bank said in its exchange filing.
"Despite persuasion, Mr. Jagdishan reiterated his decision to not seek reappointment. Accordingly, he shall retire from the services of the Bank upon the close of business hours on October 26, 2026," the filing said.
Global Cues
The domestic market faces weaker global cues after Asian equities declined on Monday. South Korea's Kospi led the regional sell-off, falling 3.06%, while Japan's Nikkei 225 dropped 2.07%. The Topix declined 0.7%, while Australia's S&P/ASX 200 was little changed.
The selling followed hawkish remarks from Federal Reserve Chair Kevin Warsh, which reinforced expectations of an interest-rate increase next month.
Oil prices also rose after the U.S. struck Iranian rocket launchers at Larak Island in the Strait of Hormuz, reviving concerns over a potential escalation in the conflict after weeks of relative calm. Brent crude gained 1.4% to $89.30 a barrel.
The U.S. military said it targeted Iranian rocket launchers that were preparing to send mines into the Strait of Hormuz, bringing geopolitical risks back into focus.
The dollar held on to recent gains as Warsh's comments strengthened expectations of a possible Federal Reserve rate increase next month. U.S. stock futures also traded lower in early Asian hours, with Dow Jones Industrial Average futures down 85 points, or 0.16%, while S&P 500 and Nasdaq-100 futures each fell 0.2%.
On Friday, the Nifty 50 ended 84.80 points, or 0.35%, higher at 24,175.65, gaining 33.20 points from its provisional close. The Sensex rose 330.92 points, or 0.43%, to close at 77,264.51, up 69.92 points from its provisional close.
Both benchmarks, however, fell 0.5% for the week, extending their losing streak to three consecutive weeks.
Wall Street had a strong August, led by technology shares. The Dow rose 2.1% for the month and was on track for a fifth consecutive monthly gain, while the S&P 500 and Nasdaq Composite were headed for their first monthly advances since May, up 3% and 4%, respectively. Both the S&P 500 and the Dow had also touched record highs earlier in August before geopolitical and monetary-policy concerns returned to focus.
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• Maintain Buy.
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• Maintain Overweight.
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• Says Konarc marks Ather's entry into the mass EV segment.
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Stock Market Live: Brokerages Assess HDFC Bank CEO Transition
Brokerages broadly retained positive ratings on HDFC Bank but flagged succession and the speed of the transition as key factors for the stock.
Citi
• Maintain Buy with target price of Rs 970.
• Says the CEO appointment represents a binary catalyst with near-term risk and medium-to-long-term re-rating potential.
• Says current valuations offer a reasonable margin of safety.
Morgan Stanley
• Maintain Overweight with target price of Rs 1,025.
• Says the reappointment issue had been an overhang on the stock.
• Says a timely conclusion will be key to returning investor focus to fundamentals.
Nuvama
• Maintain Buy with target price of Rs 875.
• Says credible succession and a smooth transition will be key for re-rating.
• Flags both internal and external succession possibilities.
JPMorgan
• Maintain Overweight with target price of Rs 990.
• Says the transition adds near-term uncertainty but sees limited de-rating risk at current levels.
• Says NII growth revival remains critical for investor confidence.
Kotak Securities
• Maintain Buy with target price of Rs 1,050.
• Says the next CEO must combine execution capabilities with a credible roadmap to improve margins and profitability.
• Expects leadership uncertainty to keep valuation multiples below historical levels in the near term.
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The Dow and S&P 500 touched record highs earlier in August before geopolitical and monetary policy concerns returned to focus.
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Stock Market Live: Asian Markets Fall After Fed Chair Signals Rate Increase
South Korea’s Kospi fell 3.06%, while Japan’s Nikkei 225 declined 2.07%. Australia’s S&P/ASX 200 was little changed.
The declines followed Federal Reserve Chair Kevin Warsh’s remarks, which strengthened expectations of an interest-rate increase next month.
Stock Market Live: HDFC Bank CEO Sashidhar Jagdishan To Step Down On Oct. 26
HDFC Bank Managing Director and CEO Sashidhar Jagdishan has decided not to seek reappointment and will retire at the close of business on Oct. 26, 2026. The bank’s board will fast-track the selection and appointment of his successor.
Stock Market Live: GIFT Nifty Signals Gap-Down Opening
GIFT Nifty traded at 24,217, down 124.90 points, indicating a gap-down start for Indian equities. Asian markets declined as investors tracked geopolitical concerns.
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