Stock Market Live Updates: GIFT Nifty Hints At Positive Start; Axis Bank, Asian Paints, Vodafone Idea Shares In Focus

Macquarie on Coforge

• Retains outperformance with TP of Rs. 2230
• No QIP, taking $550 million loan instead
• Mgt confident of continued growth in core sectors
• Liked that mgt is taking the loan approach instead of QIP

CLSA on Coforge

• Maintains High conviction outperform raises to Rs 2,426 vs Rs 2,411
• Broader execution remains strong
• Encora acquisition on track around its closing timelines
• Coforge reported another quarter of strong deal wins
• Revenue growth and stable Ebit margins given the impact of wage hikes during the quarter
• Successful integration of Encora will likely be the next re-rating catalyst.

Goldman Sachs on Cipla

• Maintain our Sell rating lowers TP to Rs1,275 (from Rs1,385)
• We see multiple headwinds ahead: gRevlimid absence in 2026 impacting profitability
• Inferior product mix as well as higher R&D costs leading to FY27 showing a tepid EBITDA growth despite a favorable base
• We cut our FY26-28E EPS estimates by 2-15% to factor in the Q3 miss

HSBC on Cipla

• Downgrade to Hold; cut TP to Rs 1,285 (from Rs 1,610)
• Diminished gRevlimid sales in 3Q led to a big dip in profitability;
• FY26 EBITDA margin guidance cut to 21% (from 22.75-24%
• Execution remains key for Cipla to tackle challenges

Bofa on Cipla

• Reiterate Underperform reduces TP to Rs 1325 (vs. Rs 1420)
• Weak 3Q as US decline weighs on margins
• Pipeline execution remains key
• The lower revenue along with higher R&D cost led to the large EBITDA miss in the qtr
• We expect the earnings downgrade to continue post the qtr with the US pipeline monetization being key for recovery in margins from current levels

Macquarie on Cipla

• Maintains Outperform with TP of Rs 1490
• Management lowered its FY26E EBITDA margin guidance to 21%
• Mgt signaled a downgrade to FY27E US revenue guidance
• We believe the recent stock- price correction already reflects the near-term headwinds.

Jefferies on Paytm

• Maintains buy, cuts TP to Rs 1450 vs 1600 earlier
• Non-Renewal of PIDF Scheme Drags Profits;
• Core Business on Strong Footing
• Change in incentive structure drive Adj. EBITDA change of 8-14% and leads to cut in PT
• Paytm is seeing good traction

Goldman Sachs on Urban Company

• Maintain Neutral; Cut TP to Rs 139 from Rs 140
• Q3 review: Another strong quarter
• Elevated, broad-based revenue growth, and improving profitability
• Company sounded constructive on long-term growth outlook
• See sustained traction in core services, and early momentum in InstaHelp
• Losses could remain elevated in the near-term
• Management's new guidance of consolidated adjusted EBITDA reaching breakeven by Q3FY28 is slightly behind expectation

Morgan Stanley on Urban Company

• Maintain Underweight with TP of Rs 120
• Steady core but elevated investments in Insta
• Core India consumer services ex Insta and international profitability tracking ahead of expectations
• Outlook of consolidated adjusted EBITDA breakeven by Q3FY28 appears conservative
• Aspiration of consolidated adjusted EBITDA of Rs 1000 cr by FY31 should be reassuring
• Growth/profitability surprises on the upside in International
• Investments in Insta accelerating dragging consol profitability but opening up large TAM

Shares of auto companies will be in focus heading into trade on Monday as India and the European Union look to finalise the Free Trade Agreement framework before the Union Budget 2026. A key part of the talks between the EU and India revolves around the Indian government potentially cutting car import tariffs for EU carmakers.

Over the weekend, Reuters reported that India is planning a major cut in import tariffs, marking the biggest ever easing in the country's tightly-protected automobile market. The import tariffs for EU carmakers could be slashed from 110% to 40%, thus offering greater market access for European companies to one of the fastest-growing automobile markets in the world.

Given that the EU is already home to some of the biggest car brands in the world, including the likes of Ferrari, BMW, Mercedes, Audi, Volkswagen and Lamborghini, among others, the move could have serious implications for India's premium automobile market.

Read full story: Tata Motors, Hyundai And Other Auto Stocks In Focus As India Mulls Tariff Cut For EU Carmakers

• Nifty Jan futures is down -1.06 to 25,080 at a premium of 32 points.
• Nifty Options 27th Jan Expiry: Maximum Call open interest at 25,500 and Maximum Put open interest at 24,000.                      
• Securities in ban period: SAMMAANCAP

• The US Dollar index is up 0.02% at 96.910.
• Euro was down 0.03% at 1.1876.
• Pound was down 0.05% at 1.3676.
• Yen was up 0.08% at 154.28.

Asian stocks slipped as renewed tariff worries emerged after President Donald Trump signaled he may increase duties on South Korean products. The yen maintained its recent strength. South Korea's Kospi Index — among the strongest global performers this year — declined 0.9%, and the won retreated after four consecutive sessions of gains. Japanese equities also fell for a second straight day, pressured by the firmer yen, reports Bloomberg.

US stock and bond markets posted modest gains, but those moves were eclipsed by sharp swings in energy, commodity, and currency markets as the week began. The US dollar slipped to its lowest level since 2022, gold surged past $5,000, and natural gas prices spiked nearly 30% as severe cold weather spread across much of the United States.

Good morning readers.

The GIFT Nifty was trading near 25,200 early on Tuesday. The futures contract based on the benchmark Nifty 50 rose 0.32% at 25,169.5 as of 6:42 a.m. indicating a positive start for the Indian markets.

In the previous session on Friday, the benchmark ended in red. The Nifty ended 25,048.65 points or 0.95% lower at 25,048.65 and Sensex ended 769.67 points or 0.94% lower at 81,537.70.