Stock Market Live: GIFT Nifty Indicates Positive Open; Brent Crude Falls Near $87 A Barrel
GIFT Nifty, an early indicator of the Nifty 50's performance, traded at 24,554.54 on Wednesday, pointing to a positive start for Indian equities after benchmark indices returned to gains in the previous session.
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GIFT Nifty, an early indicator of the Nifty 50's performance, traded at 24,554.54 on Wednesday, pointing to a positive start for Indian equities after benchmark indices returned to gains in the previous session.
The Nifty 50 rose 115.50 points, or 0.48%, to close at 24,334.55, while the Sensex gained 286.98 points, or 0.37%, to end at 77,656.09. The gains came after the benchmarks fell on Monday and as monthly futures and options contracts expired.
Asian equities traded in mixed directions on Wednesday as investors awaited Nvidia's quarterly earnings and tracked a continued decline in crude oil prices.
Australia's S&P/ASX 200 rose 0.53%, while South Korea's Kospi gained 0.24%. Japan's Nikkei 225 fell 0.35%, and China's Shanghai Composite edged 0.01% lower.
Investors are awaiting Nvidia's second-quarter results, due after the U.S. market closes on Wednesday. Wall Street expects the chipmaker to report earnings of $2.09 per share on revenue of $92.28 billion, according to FactSet.
Nvidia's results could have implications for broader equity markets because the company is the largest constituent of the S&P 500, with a market capitalisation of more than $5 trillion.
Oil prices fell for a third consecutive session after Iran and Oman discussed an "interim framework" aimed at facilitating the return of shipping through the Strait of Hormuz.
Brent crude dropped below $87 a barrel, taking its losses for the week to about 8%, while West Texas Intermediate traded near $81 a barrel.
U.S. stock futures were largely steady. S&P 500 futures were little changed, while Nasdaq-100 futures rose nearly 0.1%.
Markets are also looking ahead to Federal Reserve Chairman Kevin Warsh's speech at the Fed's annual Jackson Hole symposium in Wyoming on Friday. Some investors expect Warsh to provide limited guidance on monetary policy as the Fed's September decision approaches.
Stock Market Live: HEG Demerger Takes Effect From September 1
HEG's demerger will become effective from September 1, with September 7 fixed as the record date. Shareholders will receive one share for every one share held, while the company also announced leadership roles for the demerged businesses.
Stock Market Live: Fedbank Financial Approves Rs 2,500 Crore Fund Raise
Fedbank Financial Services approved fundraising of up to Rs 2,500 crore through NCDs. The company also increased its borrowing limit to Rs 23,000 crore.
Stock Market Live: Honasa Calls Off Fluence Pharma Stake Acquisition
Honasa Consumer has called off its proposed acquisition of a 58% stake in Fluence Pharma after closing conditions were not fulfilled. The decision ends the proposed transaction and removes the acquisition from the company's immediate plans.
Stock Market Live: GMR Airports NCD Rating Upgraded By CARE Ratings
GMR Airports received a rating upgrade from CARE Ratings on its Rs 1,500 crore NCDs and long-term bank facilities. The rating moved to CARE AA-; Stable from CARE A ; Positive.
Stock Market Live: GMR Airports Gets Buy Call After Hyderabad Tariff Order
Jefferies maintained its Buy rating on GMR Airports with a target price of Rs 135 after AERA approved the Hyderabad airport's FY27-31 tariff order. The brokerage said tariff recovery remains intact, though the timing of recovery from major capacity expansion will shift towards FY30-31.
Stock Market Live: Cyient Draws Divergent Brokerage Views On Transformation
Cyient's transformation strategy received contrasting assessments from JPMorgan and Morgan Stanley.
JPMorgan
- Rating: Overweight
- Target price: Rs 1,050
- Key reason: The brokerage expects FY27 to be a year of transformation and FY28 to focus on scaling, with management targeting industry-leading growth and margins above 16%.
Morgan Stanley
- Rating: Underweight
- Target price: Rs 820
- Key reason: The brokerage said execution remains crucial and is not building in a material near-term improvement in the business outlook.
Stock Market Live: Varun Beverages Gets Two Overweight Calls On Alcobev Plans
Varun Beverages attracted separate Overweight views from JPMorgan and Morgan Stanley as investors assess its expansion into alcoholic beverages.
JPMorgan
- Rating: Overweight
- Target price: Rs 530
- Key reason: The alcobev initiatives could diversify the portfolio and create medium-term growth avenues, while domestic growth recovery remains the key near-term catalyst.
Morgan Stanley
- Rating: Overweight
- Target price: Rs 557
- Key reason: The proposed subsidiary continues management's commentary on expansion into RTD and alcoholic beverages, though details of the strategy remain awaited.
Stock Market Live: Federal Bank And Jana Deal Speculation Draws Citi View
Citi maintained its Neutral rating on Federal Bank with a target price of Rs 360 after reports around a potential transaction involving Jana. The brokerage said Jana could potentially add 14% to Federal Bank's advances and 11% to its deposits, while offering funding cost arbitrage, a granular secured franchise and access to underpenetrated markets.
Stock Market Live: Cipla Gets Seven FDA Observations At Pithampur Plant
Cipla disclosed that the US FDA inspected its Pithampur facility from August 17 to August 25 and issued seven observations in Form 483. The regulatory observations put the pharmaceutical company's manufacturing facility under investor focus.
Stock Market Live: Hindustan Copper OFS Expands To 6% Stake
Hindustan Copper will remain in focus after the government exercised its oversubscription option, increasing the OFS size to 5.8 crore shares, or a 6% stake. The non-retail portion was subscribed 3.41 times as of 3:45 pm.
Stock Market Live: Urban Company Downgraded By BofA After 30% Rally
BofA downgraded Urban Company to Underperform from Neutral and set a target price of Rs 155 after the stock rallied 30% since its Q1 results. The brokerage said competition remains intense in InstaHelp and losses remain high, even as core business momentum stays strong.
Stock Market Live: Metro Brands Upgraded To Add By Kotak Securities
Kotak Securities upgraded Metro Brands to Add from Reduce, citing a better entry point despite cutting its target price to Rs 1,000 from Rs 1,050. The brokerage said listed footwear players have seen growth improve after the GST cut, while normalising footwear imports could signal faster sales and advertising acceleration for Metro Brands. It also identified the value format Walkway as a potential long-term growth driver.
Stock Market Live: US Stock Futures Trade Flat
S&P 500 futures were little changed, while Nasdaq-100 futures rose nearly 0.1%.
Stock Market Live: Brent Crude Falls Below $87 As Hormuz Talks Progress
Brent crude declined for a third session, falling below $87 a barrel and extending its weekly loss to about 8%. West Texas Intermediate traded near $81.
The decline followed discussions between Iran and Oman on an interim framework aimed at restoring shipping through the Strait of Hormuz.
Stock Market Live: Asian Markets Trade Mixed; ASX 200 Gains 0.5%
Australia’s S&P/ASX 200 rose 0.53%, while South Korea’s Kospi gained 0.24%.
Japan’s Nikkei 225 fell 0.35%, while China’s Shanghai Composite edged 0.01% lower.
Stock Market Live: GIFT Nifty At 24,554.54 Signals Positive Start
GIFT Nifty traded at 24,554.54 on Wednesday, indicating a positive start for Indian equities after the benchmarks returned to gains in the previous session.
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