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The Nifty 50 fell 44.65 points, or 0.19%, to 24,035.75 at the opening bell. The Sensex declined 89.89 points, or 0.12%, to 76,867.38.
Investors will track oil prices, geopolitical developments and global market cues through the session. India's stronger-than-expected GDP growth of 7.8% in the first quarter of FY27 will also remain in focus.
Asian Markets Lower
Asian equities traded lower on Tuesday. Hong Kong's Hang Seng Index fell 0.93%, South Korea's Kospi declined 0.58% and Japan's Nikkei 225 slipped 0.39%.
Australia's S&P/ASX 200 dropped 0.35%, while the Shanghai Composite was down 0.17%.
The declines followed renewed military exchanges between the US and Iran after a period of relative calm. US forces struck an island in the Strait of Hormuz, while Iran responded with attacks targeting the United Arab Emirates and Jordan.
Oil Prices Rise
Brent crude climbed above $91 a barrel in early Asian trading as the latest escalation raised concerns about energy supplies and shipping through the Strait of Hormuz.
The rise in oil prices adds to the factors investors are monitoring after global equities posted gains in August.
GDP Growth at 7.8%
India's real GDP expanded 7.8% in the first quarter of FY27, exceeding the market estimate of 7.3%. Growth was in line with the revised 7.8% recorded in the previous quarter.
Nominal GDP increased 10.3% during the quarter, while GVA growth stood at 8.2%, above the 7.3% market estimate and the 7.9% growth recorded in the previous quarter.
Manufacturing grew 9.2%, while financial, real estate and professional services expanded 12.1%. Trade, hotels, transport, communication and services-related activities grew 8.5%.
Power, gas, water supply and other utilities increased 8.9%, while construction grew 7.7%. Public administration, defence and other services expanded 7.5%.
Agriculture grew 3.6%, while mining contracted 2.4%.
Sensex, Nifty End Lower
The BSE Sensex ended Monday at 76,597.27, down 307.24 points, or 0.40%. The Nifty50 closed at 24,080.40, falling 95.25 points, or 0.39%.
Metal and IT stocks weighed on the benchmarks. The Nifty Metal index, along with IT, PSU Bank, Realty and Media, declined by up to 3%. Sun Pharma and ICICI Bank were among the top gainers on the BSE.
Broader markets ended mixed. The Nifty SmallCap 100 fell 0.74%, while the Nifty MidCap 100 gained 0.24%.
Wall Street Cues
US stock futures were little changed after Wall Street ended Monday lower, although the main benchmarks still recorded gains in August.
Dow Jones Industrial Average futures rose 48 points, while S&P 500 futures gained less than 0.1%. Nasdaq-100 futures were broadly unchanged. The S&P 500 gained 2.6% in August, while the Nasdaq Composite advanced 3.9%. The Dow rose 1.3%, marking its fifth consecutive monthly gain.
Investors are now assessing whether renewed geopolitical risks and higher oil prices could weigh on markets after the strong performance in August.
Stock Market Live: Tata Group Stocks Trade Mixed; Indian Hotels Falls 3.2%
Tata Motors rose 1.46%, while Tata Elxsi and Tejas Networks gained 0.60% and 0.55%, respectively.
Indian Hotels fell 3.19%, while Tata Consultancy Services and Tata Motors DVR declined 2.18% and 1.51%, respectively.
Stock Market Live: Travel Stocks Trade Mixed After Modi’s Foreign Travel Appeal
Yatra Online rose 5.99%, while Easy Trip and IRCTC gained 0.33% and 0.32%, respectively.
Thomas Cook (India) fell 1.08%, while TBO Tek declined 0.47%. Prime Minister Narendra Modi had urged citizens to reduce foreign travel and support domestic spending.
Stock Market Live: Jewellery Stocks Trade Mixed After PM Modi’s Gold Appeal
Tribhovandas Bhimji Zaveri rose 19.99%, while Vaibhav Global, Renaissance Global and Senco Gold gained between 1.55% and 2.35%.
Sky Gold fell 3.36%, Kalyan Jewellers declined 2.78% and Titan lost 1.15%. The moves followed Prime Minister Narendra Modi’s call for citizens to avoid buying gold unless necessary.
Stock Market Live: Oil Marketing Stocks Fall; BPCL Drops 1.8%
Bharat Petroleum fell 1.81%, while Indian Oil Corporation declined 1.61%. Hindustan Petroleum traded 0.82% lower.
Stock Market Live: Hy-Tech Engineers Settles 42% Above Issue Price On NSE
Hy-Tech Engineers settled at Rs 75 on the NSE, a premium of 41.51% to its issue price of Rs 53. The stock closed at Rs 72 on the BSE, up 35.85% from the issue price.
Stock Market Live: Skyways Air Services Settles Below Issue Price
Skyways Air Services’ listing price was discovered at Rs 124 on the NSE, a discount of 10.14% to its issue price of Rs 138. The listing price was set at Rs 124.50 on the BSE, a discount of 9.78%.
Stock Market Live: Symbiotec Pharmalab Sees Listing Price At Rs 988 On NSE
Symbiotec Pharmalab’s listing price was discovered at Rs 988 on the NSE, unchanged from its issue price. The listing price was set at Rs 978.20 on the BSE, a discount of 0.99%.
Stock Market Live: Goldilocks Sees Nifty Support At 23,800–24,000
Goldilocks Global Research’s Gautam Shah told NDTV Profit that the 23,800–24,000 range remains important support for the Nifty 50. He said Indian equities favour a stock-specific approach as broader markets continue to perform.
Shah prefers real estate, financial and technology stocks. He is also positive on pharmaceuticals, capital goods and select metal companies.
Stock Market Live: BofA Raises Bajaj Auto Target Price To Rs 13,700
Bank of America retained its ‘buy’ rating on Bajaj Auto and raised the target price to Rs 13,700 from Rs 12,600.
The brokerage said Latin America had become as large as Africa for the company’s exports and expects the stock’s valuation re-rating to continue.
Stock Market Live: Ravindra Energy Associate Signs MoU For 500 Electric Trucks
Energy In Motion, an associate company of Ravindra Energy, signed an agreement with Oil Field Warehouse and Radiance Green to deploy 500 electric heavy commercial vehicles, according to an exchange filing.
Stock Market Live: Escorts Kubota August Sales Rise 19%
- Escorts Kubota’s total sales rose 19.1% from a year earlier to 10,072 units in August.
- Domestic sales increased 20.5% to 9,523 units, while exports declined 0.9% to 549 units, according to an exchange filing.
Stock Market Live: Happiest Minds Falls 7%, ITC Rises 3% On Merger Plan
- Happiest Minds Technologies fell 7.02% to Rs 378.40, while ITC rose 3.13% to Rs 263.50 after the companies announced a proposed merger involving ITC Infotech.
- Happiest Minds shareholders will receive 25 ITC Infotech shares for every 81 shares held. The transaction also includes a promoter stake sale of 22.1% for Rs 1,329.7 crore.
Stock Market Live: Mahindra August Auto Sales Rise 50%, Miss Estimate
Mahindra & Mahindra’s auto sales rose 50% from a year earlier to 59,257 units in August, below the estimate of 62,000 units. Commercial vehicle sales increased 28% to 42,337 units, while exports rose 71% to 6,054 units.
Tractor sales grew 5% to 29,507 units, above the estimate of 28,950 units. Domestic sales rose 5% to 27,595 units, while exports stood at 1,912 units against 1,916 units a year earlier.
Stock Market Live: Nifty FMCG Leads Gains, Realty Falls 1.8%
- Nifty FMCG rose 0.82%, while Nifty Metal and Nifty Media gained 0.63% and 0.53%, respectively.
- Nifty Realty fell 1.75%, while Nifty Pharma and Nifty Bank declined 1.20% and 1%, respectively.
Stock Market Live: Bharti Airtel, Reliance Support Nifty 50
- Bharti Airtel and Reliance Industries contributed 27.84 points and 27.82 points, respectively, to the Nifty 50. ITC added 18.77 points.
- Axis Bank was the largest drag, pulling the index down by 19.83 points. HDFC Bank and ICICI Bank reduced it by 15.44 points and 13.91 points, respectively.
Stock Market Live: Nifty, Sensex Open Lower
The Nifty 50 fell 44.65 points, or 0.19%, to 24,035.75 at the opening bell. The Sensex declined 89.89 points, or 0.12%, to 76,867.38.
Stock Market Live: Nephrocare Faces Rs 14.79 Crore Uzbekistan Tax Demand
- Nephrohealthcare disclosed a tax assessment and penalty in Uzbekistan, with the company planning to challenge the order.
- Uzbekistan's tax department raised a Rs 14.79 crore assessment and penalty on NCA for 2023-25.
- The company plans to appeal.
Stock Market Live: Avenue Supermarts Gets AAA Rating For Rs 1,000 Crore NCDs
- Avenue Supermarts received the highest domestic credit rating for its proposed non-convertible debentures, adding a funding-market development to the stock's news flow.
- Crisil assigned a AAA/Stable rating to Avenue Supermarts' Rs. 1,000 crore non-convertible debentures.
Stock Market Live: Nifty Flat, Sensex Rises In Pre-Market Trade
The Nifty 50 fell 2.85 points, or 0.01%, to 24,077.55 in pre-market trade. The Sensex gained 36.84 points, or 0.05%, to 76,994.11.
Stock Market Live: Rupee Opens 16 Paise Higher At 95 Against US Dollar
The rupee opened at 95 against the US dollar on September 1, compared with its previous close of 95.16.
Stock Market Live: Lodha Developers Acquires Remaining Stake In Subsidiary
- Lodha Developers has consolidated its holding in Bellissimo Infratech through the acquisition of the remaining stake.
- The company acquired the remaining 20% stake in Bellissimo Infratech.
Stock Market Live: Welspun Corp Sets Up New Subsidiary With 26% Holding
- Welspun Corp has added a new subsidiary structure, with the company retaining a minority stake in the newly incorporated entity.
- Welspun Slagexcel Private Limited was incorporated on August 31, 2026.
- Welspun Corp holds a 26% stake in the entity.
Stock Market Live: SML Mahindra August Sales Rise 40%
- SML Mahindra’s total sales rose 40% from a year earlier to 1,175 units in August.
- Cargo vehicle sales increased 53% to 492 units, while passenger vehicle sales grew 31% to 683 units.
Stock Market Live: Welspun Corp Cancels Clean Max Dhyuthi Stake Sale
- Welspun Corp cancelled its proposed sale of a 26% stake in Clean Max Dhyuthi to promoter group company Welspun Living.
- The proposed transaction was valued at Rs 7.6 crore.
- The transaction will not proceed due to current power demand-supply considerations.
Stock Market Live: ICICI Bank Prices $500 Million Senior Notes
- ICICI Bank priced a $500 million senior unsecured notes issue, adding a funding-market development to the banking sector's news flow.
- ICICI Bank priced USD 500 million senior unsecured notes at 5.308%, maturing September 3, 2029.
Stock Market Live: Wall Street Futures Remain Mixed After August Gains
US stock futures were largely subdued after Wall Street ended Monday lower, with all three major benchmarks still recording monthly gains in August.
- Dow Jones Industrial Average futures rose 48 points.
- S&P 500 futures gained less than 0.1%.
- Nasdaq-100 futures were broadly unchanged.
- The S&P 500 rose 2.6% in August, while the Nasdaq Composite gained 3.9%.
- The Dow advanced 1.3%, marking its fifth consecutive monthly gain.
Stock Market Live: Asia Stocks Fall As Middle East Fighting Escalates
- Asian equities opened lower as renewed military exchanges in the Middle East increased risk aversion and lifted concerns over energy supplies.
- Japan's Nikkei 225 fell 0.49%, South Korea's Kospi declined 0.42% and Australia's S&P/ASX 200 slipped 0.31%.
Stock Market Live: Leap India Q1 Revenue Rises 19.2% YoY
Leap India reported year-on-year growth across revenue, EBITDA and net profit in its first-quarter consolidated results.
Leap India (Q1, Consolidated YoY)
- Revenue up 19.2% to Rs. 203 cr versus Rs. 171 cr.
- Net Profit up 30.7% to Rs. 25 cr versus Rs. 19 cr.
- EBITDA up 22.4% to Rs. 104 cr versus Rs. 85 cr.
- EBITDA Margin at 51.1% versus 49.8%, up 134 bps YoY.
Stock Market Live: MilkyMist Q1 Revenue Rises 43.6% YoY
MilkyMist reported strong year-on-year growth in its first-quarter financials, with revenue, EBITDA and net profit all higher.
MilkyMist (Q1, Consolidated YoY)
- Revenue up 43.6% to Rs. 973 cr versus Rs. 678 cr.
- Net Profit up 890.4% to Rs. 65 cr versus Rs. 7 cr.
- EBITDA up 77% to Rs. 144 cr versus Rs. 81 cr.
- EBITDA Margin at 14.8% versus 12%, up 279 bps YoY.
Stock Market Live: Rays Of Belief IPO Opens On September 1
- Rays of Belief's Mom's Belief unit is opening its public issue today, bringing a fresh IPO to the market.
- The total issue size is Rs. 125 crores.
- The issue is entirely a fresh issue of 52.30 lakh shares of Rs. 125.00 crore.
- It opens for subscription on Sep 1, 2026 and closes on Sep 3, 2026.
Stock Market Live: Deepa Jewellers IPO Opens For Subscription Today
- Deepa Jewellers' public issue opens on September 1, adding a fresh primary-market opportunity to the day's trading calendar.
- The total issue size is Rs. 460 crores.
- The issue comprises a fresh issue of 1.41 crore shares aggregating to Rs. 250.00 crores and an offer for sale of 1.18 crore shares aggregating to Rs. 209.72 crores.
- The issue opens for subscription on Sep 1, 2026 and closes on Sep 3, 2026.
Stock Market Live: Four Stocks Excluded From ASM Framework
Four securities were excluded from the Additional Surveillance Measure framework, changing their surveillance status from September 1.
- Allcargo Logistics Limited
- Bajaj Hindusthan Sugar Limited
- DCM Shriram Industries Limited
- TechNVision Ventures Limited
Stock Market Live: Four Stocks Added To Short-Term ASM Framework
Four securities were shortlisted under Stage I of the short-term Additional Surveillance Measure framework, adding a trading-related monitoring trigger.
- Bodal Chemicals Limited
- Federal-Mogul Goetze (India) Limited
- Omaxe Limited
- Syncom Formulations (India) Limited
Stock Market Live: LIC Housing Finance, SAIL In F&O Ban
- LIC Housing Finance and SAIL entered the derivatives ban period, making them key stocks to track in the F&O segment.
- Securities in ban period: LICHSGFIN, SAIL.
Stock Market Live: Nifty Options Show 24,500 Call, 24,000 Put Walls
- The September 1 Nifty options setup showed the highest open interest at 24,500 on the Call side and 24,000 on the Put side.
- Nifty Options 1st Sep Expiry: Maximum Call open interest at 24,500 & Maximum Put open interest at 24,000.
Stock Market Live: Nifty September Futures Trade At 165-Point Premium
- Nifty futures indicated a premium to the cash market, pointing to the key derivatives setup ahead of trading.
- Nifty September futures were up 0.4% at 24,245, at a premium of 165 points.
Stock Market Live: Great Eastern Shipping Approves Rs 900 Crore Buyback
- Great Eastern Shipping has approved an open-market buyback, adding a significant capital-allocation development to the day's corporate news flow.
- The company approved a Rs 900 crore open-market buyback on August 27, 2026.
Stock Market Live: Wheels India Revises Preferential Issue Price To Rs 1,461
- Wheels India revised the price of its preferential issue following NSE observations, while keeping the planned fund raise unchanged.
- The preferential issue price was revised to Rs 1,461/share from Rs 1,418/share.
- Total fundraise remains Rs 180 crore, with a corresponding reduction in shares to be allotted.
Stock Market Live: Kiri Industries Board Approves Rs 289 Crore Warrant Issue
- Kiri Industries' board approved a preferential warrant issue to promoters, creating a fresh fund-raising trigger.
- The board approved issue of 60.83 lakh warrants to promoters at Rs 475 each.
Stock Market Live: PNB Housing To Consider NCD Fund Raise On September 7
- PNB Housing Finance will consider raising funds through privately placed non-convertible debentures at its upcoming board meeting.
- The board will meet on September 7, 2026, to consider NCD fund raising via private placement.
Stock Market Live: Unimech Shareholders Approve QIP Fund Raise
- Unimech Aerospace and Manufacturing shareholders approved a proposal to raise funds through a Qualified Institutions Placement.
- Shareholders approved raising funds through a Qualified Institutions Placement.
Stock Market Live: Cipla Signs Exclusive HER2 ADC Licensing Deal
- Cipla has entered an exclusive licensing agreement covering development and supply of a HER2 antibody-drug conjugate across multiple markets.
- Cipla signed an exclusive licence to develop and supply Rolditamig Deuderuxtecan with SBP Group.
- The agreement covers India, South Africa and five other markets.
Stock Market Live: PNB Raises 3-Month MCLR By 5 Bps
- Punjab National Bank revised its three-month marginal cost of funds-based lending rate from September 1, while leaving other key rates unchanged.
- 3-month MCLR was raised by 5 bps to 8.50% effective Sept. 1.
- Overnight, 1-month, 6-month, 1-year and 3-year MCLR unchanged.
- RLLR remains at 8.10% and Base Rate at 9.50%.
Stock Market Live: Brigade Enterprises Enters Coimbatore With Rs 600 Crore Project
- Brigade Enterprises has entered Coimbatore through a residential joint development agreement, expanding its project pipeline.
- The company entered Coimbatore with a 5.4-acre residential JDA project.
- The project has a gross development value of about Rs600 crore.
Stock Market Live: Indo Tech Transformers Wins Rs 55 Crore Order
- Indo Tech Transformers secured an order from Waaree Renewable Technologies for five transformers, with execution scheduled through April 2027.
- The order is worth Rs55 crore.
- The five transformers are to be executed by April 2027.
Stock Market Live: NCC Bags Rs 430 Crore Buildings Orders In August
- NCC received three orders for its Buildings Division during August, providing a fresh order-flow update.
- NCC received three orders worth Rs 430.19 crore, excluding GST, during August 2026.
Stock Market Live: Time Technoplast Wins Rs 87.53 Crore CNG Order
- Time Technoplast secured an order from a PSU joint venture involving two Maharatna PSUs, adding a fresh order-flow trigger.
- The order is worth approximately Rs 87.53 crore.
- It covers supply of Type IV Composite CNG Mobile Storage Cascades for the CNG and CGD network.
- Execution is scheduled within one year.
Stock Market Live: NLC Renewables Forms Odisha Green Energy JV
- NLC India Renewables has incorporated a joint venture with Odisha Renewable Energy Development Agency to develop green-energy power plants.
- The wholly owned subsidiary incorporated NIRL OREDA Renewables with OREDA in a 51:49 ratio.
Stock Market Live: NLC India Gets Telangana LOIs For Mineral Blocks
- NLC India received Letters of Intent from Telangana for three mineral blocks after emerging as the preferred bidder.
- NLC India received Letters of Intent from the Telangana government for Composite Licences of the Govindpur and Parvathapur Vanadium, Titanium & Aluminous Laterite blocks.
Stock Market Live: GRT Jewellers Launches Rs 431 Crore Open Offer For TBZ
- GRT Jewellers has launched an open offer for a 25.88% stake in Tribhovandas Bhimji Zaveri following the promoter stake transaction.
- GRT Jewellers launched an open offer to acquire up to 1.73 crore shares, or 25.88% stake, at Rs 249.61/share.
- Total offer size is up to Rs 431.1 crore.
- Promoters sell 74.12% stake to GRT Jewellers at up to Rs209/share.
Stock Market Live: PVR INOX Approves Rs 300 Crore Share Buyback
- PVR INOX approved a Rs 300 crore buyback, with the record date set for September 4, 2026.
- PVR INOX approved a Rs300 crore buyback of 20.69 lakh shares at Rs1,450 each.
- Record date: September 4, 2026.
Stock Market Live: Happiest Minds, ITC Infotech Approve Merger Plan
- Happiest Minds and ITC announced a proposed merger alongside a promoter stake sale, creating a major corporate restructuring trigger.
- Promoters to sell 22.1% stake for Rs1,329.7 crore.
- Board also approved merger with ITC Infotech, with Happiest Minds shareholders to receive 25 ITC Infotech shares for every 81 Happiest Minds shares.
Stock Market Live: E2E Networks Signs Rs 1,000 Crore AI Cloud Deal
- E2E Networks has signed a binding term sheet for supplying NVIDIA Blackwell cloud GPUs and allied services, marking a major contract announcement.
- The agreement is with an India-based sovereign AI company and has a contract value of approximately Rs 1,000 crore.
- The agreement is valid through June 2029.
Stock Market Live: Muthoot Finance Approves Muthoot Money Amalgamation
- Muthoot Finance's board approved a scheme to merge its wholly owned subsidiary Muthoot Money with the company, simplifying the group's structure.
- The board approved the scheme of amalgamation of WOS Muthoot Money with Muthoot Finance.
Stock Market Live: Morgan Stanley Retains Overweight On Muthoot Finance
Morgan Stanley retained its positive view after Muthoot Finance announced the merger of its gold-loan subsidiary with the standalone business.
MS on Muthoot Finance
- Maintain Overweight with TP of Rs 3705.
- Announced merger of gold loan subsidiary with standalone.
- Stated aim of the merger is simplifying the group structure.
- Muthoot Money contributes 5% to SOTP valuation.
- It is valued at an implied FY28e P/BV of 2x vs. 2.5x for the standalone business.
Stock Market Live: HSBC Retains Buy On Airtel At Rs 2,500
HSBC expects Airtel's key growth drivers to remain intact, including mobile ARPU and home broadband expansion.
HSBC on Airtel
- Maintain Buy with TP of Rs 2500.
- Growth levers are intact: rising mobile ARPU, expanding home broadband subs, rising FCF, and growth in dividends.
Stock Market Live: Kotak Sees Oil Palm Upside At Godrej Agrovet
Kotak Securities retained its Buy rating on Godrej Agrovet, highlighting the oil palm business as a potential growth driver.
Kotak Securities on Godrej Agrovet
- Maintain Buy with TP of Rs 1010.
- Oil palm segment deep dive: A hidden gem.
- Long runway for growth.
- Substantial room for improvement in margins – off already healthy levels.
- Oil palm alone could be worth more than Godrej Agrovet’s current market cap.
Stock Market Live: Goldman Sachs Keeps Buy On SJS Enterprises At Rs 3,080
Goldman Sachs expects SJS Enterprises to expand its printing expertise into higher-value cover glass applications while retaining strong margins.
GS on SJS Enterprises
- Maintain Buy with TP of Rs 3080.
- Printing moat to scale up in higher value cover glass segment.
- Maintains 27-30% EBITDA margins compared to average auto ancillary margins of low teens.
- Plans to extend its 20 years of dial printing expertise.
Stock Market Live: Goldman Sachs Retains Buy On Syngene At Rs 450
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.
Stock Market Live: Jefferies Retains Buy On Allied Blenders At Rs 780
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.
Stock Market Live: Goldman Sachs Keeps Buy On Hyundai At Rs 2,640
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.
Stock Market Live: Kotak Cuts Tata Motors PV Target To Rs 285
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.
Stock Market Live: Jefferies Retains Buy On Nippon AMC At Rs 1,320
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.
Stock Market Live: UBS Upgrades IDFC First Bank To Neutral, Raises TP
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.
Stock Market Live: Goldman Sachs Keeps Buy On ICICI Bank At Rs 1,935
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.
Stock Market Live: UBS Retains Buy On HDFC, ICICI And Axis Banks
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.
Stock Market Live: HSBC Downgrades HDFC Bank, Cuts Target To Rs 830
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.
Stock Market Live: Jefferies Raises RIL Target Price To Rs 1,710
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.
Stock Market Live: Morgan Stanley Flags Fiscal Risks From Weather And Oil
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.
Stock Market Live: UBS Brings Rate Hikes Back Into View After GDP Data
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.
Stock Market Live: Kotak Raises FY27 GDP Growth Forecast To 7.2%
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.
Stock Market Live: Citi Raises FY27 GDP Forecast To 7.3%
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.
Stock Market Live: BofA Raises FY27 GDP View, Sees Rate Hikes Returning
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.
Stock Market Live: Agriculture Grows 3.6%, Mining Contracts 2.4%
- 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%.
Stock Market Live: Services Activity Remains Strong In Q1 FY27
- 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%.
Stock Market Live: Financial Services Growth Hits 12.1% In Q1 FY27
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.
Stock Market Live: GVA Growth Hits 8.2% 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.
Stock Market Live: Manufacturing Growth Accelerates To 9.2% In Q1 FY27
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%.
Stock Market Live: Brent Crude Rises Above $91 On Middle East Tensions
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.
Stock Market Live: India GDP Growth Beats Estimates At 7.8% In Q1 FY27
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.
Stock Market Live: GIFT Nifty Signals Lower Start For Indian Equities
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.
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