Stock Market Live Updates: GIFT Nifty Hints At Positive Opening; TCS, HCLTech, Mazagon Dock Shares In Focus

• Citi maintains a Neutral rating and raises the target price to Rs 1,700 from Rs 1,670.

• Q3 performance and deal TCV were better than expected.

• Forward-looking indicators remain stronger than peers.

• Management is focused on identifying and tapping new spending areas.

• Citi has raised FY27 and FY28 earnings estimates by 2% each.

• The brokerage maintains a cautious stance on the IT services sector.

Kotak Securities on HCLTech

• Kotak Securities maintains a Reduce rating and raises the target price to Rs 1,680 from Rs 1,500.

• The quarter was solid overall, driven by the products segment.

• Services performance was moderately better than expected.

• Net-new bookings were strong, supported by a large deal win.

• The brokerage sees limited scope for meaningful EBIT margin expansion.

• A cost takeout-led demand environment continues to cap margin upside.

• Valuations remain rich, with the stock trading at a premium to peers.

In the wake of HCLTech's Q3 earnings, a slew of brokerages came out with a positive note on the IT giant, with the likes of Morgan Stanley, Citi and Kotak Securities hiking target price on the counter.

Morgan Stanley on HCLTech

• Morgan Stanley maintains an Equal-weight rating and raises the target price to Rs 1,760 from Rs 1,680.

• Q3 performance surprised positively, prompting an upgrade to the full-year outlook.

• Growth visibility into FY27 appears slightly better than earlier.

• Margins are expected to normalise around an 18% base next year.

• Consensus estimates are likely to move higher.

• Strong recent performance is already reflected in premium valuations.

• The brokerage sees limited upside from current levels.

Jefferies says crop protection innovators are heading into another year of muted growth in 2026, with pricing pressure persisting despite improving volumes, while refrigerant gas exports remain a rare bright spot for Indian chemical companies.

The brokerage notes that innovators are guiding for 0–2% revenue growth in 2026, as mid-single-digit volume growth is offset by continued pricing pressure led by aggressive Chinese supplies. Chinese crop-protection export volumes are up 16%, with prices still near nine-year lows.

From a technical standpoint, the 50-Double Exponential Moving Average at 25,900 is expected to serve as an intermediate hurdle, followed by a strong resistance level at the 26,000 mark, which coincides with the 20-DEMA, Osho Krishan, chief manager of technical and derivative research at Angel One, said.

A decisive breakthrough above these levels could only reignite bullish sentiment in the upcoming session.

On the downside, 25,650 and 25,600 would act as key support zones, while 25,900-25,950 could serve as immediate resistance areas for the bulls, said Shrikant Chouhan, head of equity research at Kotak Securities.