Stock Market Live: GIFT Nifty Points Towards Flat-To-Negative Open For Nifty, Sensex; Brent Surges Past $91 A Barrel

Goldman Sachs said Syngene's operational turnaround and pipeline conversion remain central to its medium-term outlook.

GS on Syngene

• Maintain Buy with TP of Rs 450.
• Focus remains on turning around the operations.
• Commercial engine reset and pipeline conversion are top priorities.
• Delivery engine being fixed, especially in discovery services.
• Operationalising Unit 3 and Bayview is central to the medium-term growth agenda.
• Large molecules and complex modalities could materially alter the growth trajectory.
• Cost management is being balanced against long-term capability build-out.
• AI is emerging as an innovation productivity lever, but remains early.

Jefferies sees premiumisation, brand relaunches and backward integration supporting Allied Blenders' medium-term growth and margins.

Jefferies on Allied Blenders

• Maintain Buy with TP of Rs 780.
• Evolving from a turnaround story into a premiumisation-led growth story.
• Management remains confident of sustaining strong momentum in ICONiQ White.
• Relaunch of legacy brands & new launches in premium whisky & Deluxe Vodka should support incremental growth.
• Company expects strong double-digit P&A volume growth over the medium term.
• See meaningful margin expansion over FY26-28e driven by premiumisation & the benefit of backward integration.

Goldman Sachs expects Hyundai to benefit from industry growth and new product launches, including a compact electric vehicle.

GS on Hyundai

• Maintain Buy with TP of Rs 2640.
• Expect H2FY27 industry growth on high base margin levers.
• To launch compact EV in Q4 and compete in the Nexon segment.
• All Hyundai EV model will be PLI compliant from day one.
• New Mid Size SUV expected to be in the Creta category but will be a technology first/Software Defined Vehicle, to be launched.

Kotak Securities retained its Sell rating on Tata Motors PV, citing structural pressure at JLR and limited support from India operations.

Kotak Securities on Tata Motors PV

• Maintain Sell; Cut TP to Rs 285 from Rs 310.
• Structural pressure at JLR; India offers limited cushion.
• Rising BEV mix intensifies competition for JLR.
• US pivot is strategically sound, but execution remains the key challenge.
• Mix has peaked, margin recovery will be gradual.

Jefferies expects Nippon AMC's operating processes and expansion into smaller markets to support sustainable fund-flow gains.

Jefferies on Nippon AMC

• Maintain Buy with TP of Rs 1320.
• Reinforcing the Case for Sustainable Flow Market Share Gains.
• NAM's funds have consistently been within top/upper mid-tiers.
• Company attributed this to processes reducing key man dependence and prioritizing long-term returns.
• NAM is also expanding focus to smaller markets with one-man ops and digital channel investments.

UBS raised its target on IDFC First Bank as it sees an improving earnings and asset-quality outlook, although cost-to-income remains a constraint.

UBS on IDFC First

• Upgrade to Neutral from Sell; Hike TP to Rs 92 from Rs 78.
• Improving earnings outlook.
• Asset quality outlook improving, but high C/I ratio limits RoA expansion.
• Branch expansion to support loan growth; margins to remain stable.
• Asset quality improving, but likely already priced in.
• Expect growth to pick up gradually in the high yielding book, though it is likely to lag overall loan growth.
• Consequently, NIMs are likely to remain stable at 5.8% over FY27-29.

Goldman Sachs expects loan growth and deposit mobilisation to support ICICI Bank's earnings, while domestic margins could moderate in the near term.

GS on ICICI Bank

• Maintain Buy with TP of Rs 1935.
• Management highlighted that loan growth remains strong, helped by MSME segment and pickup in secured as well as unsecured retail loans.
• Bank has sustained strong market share in FCNR (B) deposit mobilization which is expected to be earnings accretive.
• Overseas NIM will moderate given self-funded FCNR (B) deposit-related loans.
• Domestic NIMs will see slight moderation for three months given the lag in deploying FCNR related deposits.
• Cost optimization continues, and revenue growth will outperform operating costs at least over next few years.
• Asset quality trends remain benign and competitive intensity with respect to underwriting remains largely disciplined for the system.

UBS expects private banks to continue gaining deposit and credit market share as branch expansion supports their franchises.

UBS on Banks

• HDFC Bank – Maintain Buy with TP of Rs 1000.
• ICICI Bank – Maintain Buy with TP of Rs 1800.
• Axis Bank – Maintain Buy with TP of Rs 1670.

Expanding reach, growing share.

Branch expansion key to building deposit and lending franchise.

ICICI Bank, Axis Bank and HDFC Bank have led branch additions over the past 3-4 years.

Believe this creates a structural advantage in deposit mobilisation, supports stronger business banking growth and reinforces market share gains.

As cyclical tailwinds for PSU banks fade, private banks are well positioned to continue gaining share in both deposits and credit.

Current valuations do not fully reflect this structural growth premium.

ICICI is our top pick; HDFC has asymmetric upside risk-reward.

HSBC lowered its view on HDFC Bank, citing challenges around loan growth, margins and return on assets.

HSBC on HDFC Bank

• Downgrade to Hold from Buy; Cut TP to Rs 830 from Rs 990.
• No ‘mean reversion’ without a meaningful reversion.
• Any new CEO will not have it easy either.
• Any new CEO will still have to fix issues of loan growth, margins and ROA, while contending with the past issues as well.
• Least preferred among large PVBs.

Jefferies retained its positive view on Reliance Industries, citing refining margins and firm petrochemical spreads as earnings drivers.

Jefferies on RIL

• Maintain Buy; Hike TP to Rs 1710 from Rs 1705.
• O2C Strength Supports FY27 Earnings.
• 4% of global refinery throughput has been lost due to conflicts resulting in diesel and gasoline inventories falling to 5-year lows.
• Singapore GRM prevails near life-high as a result.
• The tightness could last through CY2026.
• Petchem spreads remain firm supporting O2C earnings growth in FY27E.
• Stock trades below long term average suggesting favorable risk-reward.
• Project 10% Ebitda Cagr over FY26-29.

Morgan Stanley said weather conditions and renewed geopolitical tensions could put pressure on government finances through revenue and subsidy channels.

MS on GDP

• July Fiscal Deficit at Six-Month Low.
• Remain watchful of the impact of weather conditions on agri output and yields.
• It may weigh on revenue collections and warrant higher food subsidies.
• Renewed geopolitical tensions, which could keep commodity prices elevated, adding to fiscal expenditure pressures.

UBS said India's growth remained resilient despite energy and weather risks, prompting a shift in its rate outlook.

UBS on GDP

• India’s GDP growth remain resilient at 7.8%YoY in June quarter.
• FY27 growth revised up to 6.9%YoY.
• India's growth has held up despite energy and weather risks.
• Bringing rate hikes back on the table; 50 bps rate hike from FY28 to FY27.
• By expenditure: investment and net exports drive growth; consumption softens.
• By production: Manufacturing strengthens, services remain supportive.

Kotak Securities raised its growth estimate after India's June-quarter GDP beat expectations, while flagging softer consumption and nominal GDP growth.

Kotak Securities on GDP

• Q1FY27 GDP: Resilient despite West Asia crisis.
• Driven by strong growth in exports and investments.
• Private and government consumption growth remained tepid.
• Nominal GDP growth at 10.3% surprised on the downside.
• Revise FY27E real GDP growth up to 7.2% with risks evenly balanced.

Citi expects India's resilient growth to reduce concerns around a potential growth sacrifice if the RBI considers a rate hike.

Citi on GDP

• Growth Resilience Removes Obstacle for Rate Normalization.
• Revise up FY27 real GDP forecast by 40 bps to 7.3% YoY.
• H2FY27 could witness a slightly slower pace because of unfavorable base effects, the impact of El Nino, and the diminishing effect of last year’s policy stimulus.
• Lower-than-expected GDP deflator prompts us to revise down our FY27 nominal GDP forecast to 11.5% (12.5% earlier).
• Q1FY27 GDP print ensures that the October MPC will not have to be too worried about the risks of a growth sacrifice if they are considering a rate hike.

Bank of America expects India's growth to remain above 7% and sees stronger growth potentially giving the RBI room to focus more on inflation.

BofA on GDP

• Q2CY26 GDP strong at 7.8% yoy, shrugging off the oil shock.
• FY27 GDP growth poised to be above 7%.
• RBI to lean more towards a hawkish stance in October.
• Given the revised inflation projections, the real rate would turn negative in Q3FY27 and remain so until Q1FY28.
• Coupled with robust growth outlook, we retain our call for 50 bps of hikes in FY27, starting in December MPC.

• Agriculture maintained positive growth in the June quarter, while mining remained one of the weaker segments of the economy.
• Agriculture expanded 3.6% in Q1 FY27.
• Mining contracted 2.4%.

• Continued growth across trade and services supported India's economic expansion during the June quarter.
• Trade, hotels, transport, communication and services-related activities grew 8.5% in Q1 FY27.
• Public administration, defence and other services grew 7.5%.

Financial, real estate and professional services recorded the strongest growth among major sectors in the June quarter.

Financial, real estate and professional services expanded 12.1% in Q1 FY27.

Gross Value Added growth outpaced the market estimate, pointing to continued momentum across India's economic activity.

GVA grew 8.2% in Q1 FY27, above the 7.3% market estimate and the 7.9% growth recorded in the previous quarter.

Manufacturing emerged as one of the strongest contributors to India's 7.8% real GDP growth in the June quarter.

Manufacturing expanded 9.2% during Q1 FY27.

Power, gas, water supply and other utilities grew 8.9%, while construction expanded 7.7%.

A renewed escalation in the Middle East pushed crude higher, adding an energy-cost risk to the market's assessment of India's growth outlook.

Brent crude rose above $91 a barrel in early Asian trading as concerns increased over energy supplies and shipping through the Strait of Hormuz.

India's stronger-than-expected economic growth provides a key domestic cue for markets amid renewed geopolitical and oil-price risks.

Real GDP grew 7.8% in Q1 FY27, matching the revised growth recorded in the previous quarter and exceeding the 7.3% market estimate.

Nominal GDP increased 10.3% during the quarter.

GIFT Nifty pointed to a softer opening for Indian equities, with investors also assessing stronger-than-expected domestic growth and renewed Middle East tensions.

GIFT Nifty traded at 24,204.50, down 46.90 points.