Stock Market Crash Live: GIFT Nifty Points To Gap-Down Open For Nifty, Sensex; Brent Crude Advances Above $89 A Barrel

HSBC and BofA initiated coverage on SBI Funds with Buy ratings, highlighting the asset manager's distribution franchise and financialisation opportunity.

HSBC

• Initiate Buy with target price of Rs 660.
• Says strong distribution capabilities could mitigate pressure from AUM market share losses.
• Expects 17% EPS CAGR over FY26-29.

BofA

• Initiate Buy with target price of Rs 685.
• Says the franchise strength is yet to be fully monetised.
• Expects 18% PAT CAGR over FY26-29.

Alpha Wave Ventures entities sold a combined 2.95 crore shares of Lenskart Solutions at Rs 630 per share, with several institutional investors among the buyers.

Hero MotoCorp bought 1.19 crore shares of Ather Energy at Rs 1,480 per share from the Government of Singapore in a significant block deal.

Several companies have scheduled board meetings for important corporate actions, including fundraising and a possible buyback.

• Apollo Pipes: To decide on fundraising.
• PVR INOX: To consider a buyback of equity shares having face value of Rs 10.
• Virtuoso Optoelectronics: To consider fundraising through equity shares or a preferential issue.
• Kiri Industries: To decide on fundraising.
• Can Fin Homes: To consider fundraising through debentures on a private placement basis.

Fresh equity and institutional fundraising developments could keep Gujarat Themis Biosyn and Piramal Finance in focus after both companies completed major capital-raising exercises.

Oil and gas ancillary stocks could be in focus after ONGC explored a drillship acquisition or joint venture to build deepwater capacity under Samudra Manthan.

Power cable companies could draw attention after Gujarat outlined plans to remove overhead electricity wires in urban areas and shift them underground by 2030.

Clean Max Enviro signed a term sheet with Envision Energy to procure 1,550 MW of wind power projects.

Tata Chemicals arm TCNA signed contracts with SVM for soda ash worth $21.26 million.

The US FDA completed an inspection of Apitoria Pharma's Unit-IV in Andhra Pradesh and issued three procedural observations in Form 483.

The US FDA classified its inspection of three Cipla manufacturing units in New York as Voluntary Action Indicated, while the regulator also withdrew an order on the company's arm following a Bombay High Court decision.

SpiceJet temporarily halted Boeing 737 MAX operations because of certain leasing disputes, creating an operational trigger for the airline.

Canara Bank approved the sale of its 70% stake in Vidvedaa for Rs 80.5 crore.

Can Fin Homes approved raising up to Rs 5,000 crore through NCDs, providing a significant funding update for the housing finance company.

Aster DM Healthcare arm Chemistry Intermediate Holdings acquired STS Holdings for $44.1 million in Bangladesh.

Power Grid acquired Fatehgarh II Transmission for Rs 19.11 crore, expanding its transmission portfolio.

AXISCADES Technologies plans to acquire a 90% stake in Cloud Wave Technologies for Rs 234 crore.

Waaree Energies plans capital expenditure of $37 million for a US facility and is also consolidating its domestic plants.

Avantel received an order worth Rs 118 crore from DRDO and the Defence Ministry, putting the defence electronics company in focus.

Ashoka Buildcon received an order worth Rs 602 crore from Rail Vikas Nigam, adding to its order pipeline.

Oil India arm Oil Green Energy signed an MoU with the Haryana government for four integrated waste-to-clean-energy projects.

Citi maintained its Buy rating on IGL after the CNG price increase, saying the move could help arrest margin erosion.

• Maintain Buy.
• Target price at Rs 180.
• Says the increase could lift blended realisations by Rs 1.8 per scm.
• Says all three CGDs have implemented cumulative CNG price hikes of 15-16%.
• Notes near-term gas costs may remain elevated.

Indraprastha Gas increased CNG prices by Rs 3.89 per kg, making the pricing move a key development for margins and demand.

Ola Electric secured Rs 95.8 crore under the PLI-Auto scheme, providing a fresh policy-linked development for the EV maker.

Gujarat Themis Biosyn closed its QIP and approved the allotment of 2.1 crore shares at Rs 354 per share.

Piramal Finance closed its QIP and allotted 99.5 lakh shares at Rs 2,110 per share, raising fresh capital through the institutional placement.

Max Estates plans to acquire a land parcel in Delhi with a gross development value of more than Rs 10,000 crore to Rs 12,000 crore and issue shares worth Rs 420 crore at Rs 597.5 per share.

Sterlite Technologies signed a long-term contract worth $288 million with a leading hyperscaler, adding a significant order development for the company.

State Bank of India and its arm plan to dilute up to a 1% stake in NSE through a public offer, creating a fresh capital-market trigger.

JPMorgan maintained an Overweight rating on Ather Energy and raised its target price to Rs 1,850 from Rs 1,570, citing the company's expansion into the mass EV segment and new technology initiatives.

• Maintain Overweight.
• Target price raised to Rs 1,850 from Rs 1,570.
• Says Konarc marks Ather's entry into the mass EV segment.
• Highlights Bedrock battery technology, Ather True Health and new ownership features.

Hero MotoCorp completed the acquisition of 1.19 lakh shares of Ather Energy for Rs 1,758 crore, strengthening its investment in the electric two-wheeler maker.

Knowledge Realty Trust has launched an offer for sale worth Rs 12,000 crore, marking a major capital-market development for the day.

Reliance Industries could remain in focus after Jio Platforms received SEBI's observation letter on the DRHP filed for its proposed IPO.

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.

The Dow was on track for a fifth straight monthly gain, rising 2.1% in August. The S&P 500 gained 3%, while the Nasdaq Composite advanced 4%, with both indices heading for their first monthly gains since May.

The Dow and S&P 500 touched record highs earlier in August before geopolitical and monetary policy concerns returned to focus.

Brent crude rose 1.4% to $89.30 a barrel after the US struck Iranian rocket launchers on Larak Island in the Strait of Hormuz. The action renewed concerns over an escalation in the conflict after weeks of relative calm.

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.

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.

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.