Stock Market Live Updates: Nifty Below 25,200, Sensex Falls Nearly 600 Points; ICICI Bank, Maruti Suzuki Lead Decline

>>

>>

Over 7.16 million shares of Sunteck Realty were traded via block deal on Thursday. The share of Sunteck Realty rose as much as 3.57% to Rs 387.55 apiece.

Over 1.22 million shares of Hindustan Zinc were traded via block deal on Thursday. The share of Hindustan Zinc rose as much as 1.52% to Rs 719 apiece.

Shares of Garden Reach Shipbuilders Ltd. have surged more than 4% after the company reported its third-quarter earnings for the financial year ending March 2026. The stock is currently trading at Rs 2,574, accounting for gains of more than 2% compared to Wednesday's closing price of Rs 2,518.

This comes on the back of third-quarter earnings that saw the company post a net profit of Rs 171 crore in the quarter ended December, up nearly 75% as compared to Rs 98.2 crore in the year-ago period, according to the financial results declared by the company on Wednesday.

>>

Bharat Electronics Ltd said it expects a strong pickup in defence orders in the January–March quarter, led by a near-term decision on a major missile air defence programme and several electronic warfare and aircraft-related contracts, according to its top management.

The state-run defence electronics company said it is “more than 90% confident” of securing the Quick Reaction Surface-to-Air Missile, or QRSAM, order before the end of the financial year, with only a small possibility of the decision slipping into the next quarter.

“QRSAM itself we are hopeful that we may get by this year itself, means by Q4 itself,” Chairman and Managing Director Manoj Jain said on the earnings call on Wednesday after the results announcement earler in the day, adding that there was “some few percent chance only to spill over to Q1 of next year”. 

READ MORE: Bharat Electronics Signals Q4 Defence Order Push Led By Missile Shield Deal

Macquarie on TVS Motor

• Macquarie maintains an Outperform rating with a target price of Rs 4,234.
• The company continues to deliver on all fronts.
• Margins remain solid, with a constructive demand outlook.
• The launch and traction of the Norton motorcycle will be a key monitorable.

Morgan Stanley on TVS Motor

• Morgan Stanley maintains an Overweight rating and hikes the target price to Rs 4,280 from Rs 4,022.
• Q3 performance was impressive, with a strong outlook.
• Forex tailwinds, product mix, operating leverage, and pricing are expected to offset commodity headwinds.
• Margins have further headroom to expand.

Jefferies on TVS Motor

• Jefferies maintains a Buy rating and cuts the target price to Rs 4,500 from Rs 4,650.
• Growth momentum remains strong.
• The brokerage is positive on two-wheeler demand and TVS' domestic and export franchise.
• Metal price volatility could pressure margins near term.
• Despite EPS cuts of ~4% for FY27–28, Jefferies expects a 24% EPS CAGR over FY26–28.

Jefferies on BEL

• Jefferies maintains a Buy rating and hikes the target price to Rs 565 from Rs 510.
• Order flow visibility remains strong.
• Confidence in delivering 15% FY26E revenue growth has been reiterated.
• Management noted the India–EU deal could aid R&D and ordering, with clarity expected in 3–6 months.
• Management remains confident on medium-term prospects.

Macquarie on BEL

• Macquarie maintains an Outperform rating and hikes the target price to Rs 490 from Rs 480.
• Q3 performance was robust, backed by execution strength.
• Favourable product mix and lower provisions drove a margin surprise.
• Order pipeline remains strong, with a mix of large and mid-sized orders.
• BEL is expected to comfortably exceed FY26 guidance.
• The brokerage sees BEL as a key beneficiary of India's multi-year defence opportunity.

Citi on BEL

• Citi maintains a Buy rating with a target price of Rs 525.
• Q3 performance remained strong.
• Near- and medium-term order inflow pipeline is healthy, helping smooth historical cyclicality.
• BEL continues to move up the value chain toward system integration.
• Export momentum remains a wildcard but is seen as a potential tailwind.

Citi on Maruti

• Citi maintains a Buy rating and cuts the target price to Rs 18,200 from Rs 19,000.
• Q3 results missed estimates, amplified by one-offs.
• Near-term outlook remains buoyant.
• Operating leverage should offset metal price inflation, making volume growth critical.

Jefferies on Maruti

• Jefferies maintains a Hold rating and cuts the target price to Rs 16,000 from Rs 17,500.
• Growth remains healthy, but Q3 EBIT missed expectations.
• The brokerage is positive on PV demand and exports but sceptical on margin expansion.
• FY26–28 EPS estimates are cut by 3–5%.

Morgan Stanley on Maruti

• Morgan Stanley maintains an Overweight rating and cuts the target price to Rs 17,804.
• Q3 EBIT was 4% below estimates.
• Earnings are trimmed to factor in commodity headwinds.
• Strong volume growth and attractive valuations keep the brokerage Overweight.

The US Federal Reserve kept interest rates steady in the range of 3.5-3.75%, for the first time since July 2025, a sharp pivot from the recent trend that has seen the Fed lower the benchmark rates three times in a row. The decision comes at a time of growing tension between the US Federal Government and the US Fed, with President Donald Trump openly looking to replace Fed Chair Jerome Powell.

Needless to say, Indian markets will be a key focus area as market participants closely monitor the spillover effect of the US Fed rate action on emerging economies.

An early indicator is usually the GIFT Nifty, which is trading with cuts of around 0.14% early morning. GIFT Nifty trading flat with a slight negative bias suggests the markets could be set for a flat open on Thursday. 

Read more: US Fed Rate Decision: What Does It Mean For Indian Markets?

Silver rose as much as 2.3% to a record above $119.40 an ounce, its sixth straight day of gains. In China - where prices have ballooned beyond international benchmarks - the only pure-play silver fund turned away new investors while local authorities in Shenzhen set up a task force to oversee the operations of a gold-trading platform.

Source: Bloomberg

Gold jumped to a record high above $5,500 an ounce, extending a breakneck rally fueled by US dollar weakness and investor flight from sovereign bonds and currencies.

Bullion jumped as much as 3.2%, building on a 4.6% leap in the previous session - the biggest one-day gain since the height of the Covid-19 pandemic in March 2020. Gold rose 1.1% to $5,477.36 an ounce as of 9:05 a.m. in Singapore, having earlier hit an all-time high of $5,588.71.

Gold Surges Above $5,500 As Debasement Trade Fuels Record Rally

• Nifty Jan futures is up 0.29%  to 25,456 at a premium of 114 points.
• Nifty Options 3rd Feb Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 23,300.

The Bloomberg Dollar Spot Index fell 0.2%, retracing some of the gains made after Treasury Secretary Scott Bessent said the US hadn’t intervened to support the yen and reiterated a strong dollar policy.

The US Dollar index is down 0.07% at 95.110.
Euro was up 0.08% at 1.1963.
Pound was up 0.02% at 1.3809.
Yen was down 0.13% at 153.24.

Asia-Pacific stocks delivered a mixed performance on Thursday. In Japan, the Nikkei 225 inched up 0.18%, while the broader Topix index fell 0.57%. South Korea's markets were stronger, with the Kospi rising 1.09% and the tech-heavy Kosdaq gaining 2.69%. Samsung Electronics' shares climbed 1.6% after the company reported that its fourth-quarter profit had more than tripled, supported by tight supplies in memory chips and robust demand for servers used in artificial intelligence. Futures for Hong Kong's Hang Seng Index were trading at 27,565, below the benchmark's previous close of 27,826.91.

US stock futures slipped in early trading as uneven results from major technology companies prompted renewed doubts about the strength of the AI-driven rally.

Good morning readers.

The GIFT Nifty was trading below 25,400 early on Thursday. The futures contract based on the benchmark Nifty 50 fell 0.22% at 25,390 as of 6:50 a.m. indicating a negative start for the Indian markets.

In the previous session on Wednesday, the benchmark extended its gaining streak to the second day. The Nifty ended 167.35 points or 0.66% higher at 25,342.75 and Sensex ended 487.20 points or 0.60% higher at 82,344.68.