Equity Alert
Analysts turn bearish on mkt; seen entering consolidation phase
This story was originally published at 17:11 IST on 8 October 2025
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Equity Alert: Analysts turn bearish on mkt; seen entering consolidation phase
MUMBAI--1646 IST--Analysts have turned bearish on the direction of benchmark indices in the near term as the market witnessed profit booking Wednesday after rallying for four days and as the Nifty 50 has reached near the crucial support zone of 24900. Technical and derivatives analysts said that the market is likely to enter a consolidation phase ahead of the September quarter earnings.
"The Nifty 50 index will face strong resistance around 25300-25350 levels, indicating consolidation between a range of 24850 and 25300," said Rahil Vora, derivative and technical analyst at Axis Securities. On Wednesday, the Nifty 50 index ended 0.3% lower at 25046.15 points and the BSE Sensex index closed 0.2% lower at 81773.66 points.
Vora expects the Nifty IT index to remain as the sole gainer amidst an overall negative sentiment in the market. The Nifty IT index, which ended 1.5% higher at 35232.20 points on Wednesday, may find support around 34900 and encounter resistance around 35650-35800 levels.
"We believe that as long as the market is trading below 25150 points, the weak sentiment is likely to continue on the downside, with potential slips to 25000-24950. Further downside may also persist, which could drag the market down to 24,850 points," Shrikant Chouhan, head of equity research at Kotak Securities, said in a note. (P. Madhu Kumar)
Equity Alert: Mkt snaps 4-day winning streak on profit booking across sectors
MUMBAI--1536 IST--Benchmark equity indices ended lower Wednesday after struggling to stay in the positive territory despite managing to post brief gains in early trade. Profit selling was seen across indices and automobile and financial services stocks being the worst hit. Tata Motors declined nearly 3% and was the worst-hit stock in the Nifty 50 index. The Nifty 50 fell 0.3% at 25046.15 points and the BSE Sensex was down 0.2% at 81773.66 points. The 50-stock index snapped a four-day winning streak.
Titan Co. emerged as the biggest winner in the Nifty 50 index, gaining over 4%. The company posted its quarterly business update, which showed its business growing 20% on year in the September quarter and its domestic sales growth at 18%. Most information technology stocks were up ahead of the September quarter earnings. Infosys, Tata Consultancy Services, and HCL Technologies gained 2-3% and were the top performers among Nifty 50 stocks.
Among sectoral indices, most realty stocks fell with Nifty Realty down 1.5%. Anant Raj and Oberoi Realty declined 5% and 2.5%, respectively. Capital inflows into India's real estate sector fell 9% year-on-year to $4.3 billion in the first nine months of the year, as investors adopted a cautious approach amid global trade uncertainties, Business Standard reported, citing Colliers India. Nifty IT and Nifty Consumer Durables were the only sectoral indices that ended higher and the indices closed 1.5% and 0.7% higher, respectively.
Among the Nifty 500 stocks, ITI was the biggest gainer and ended over 10% higher. Aster DM Healthcare and Sonata Software ended over 5% higher. RHI Magnesita India was the worst hit in the pack and fell over 6%. Aditya Birla Lifestyle Brands and Kaynes Technology India fell 5?ch. (P. Madhu Kumar)
Equity Alert: Heavyweights drag down Nifty 50; Nifty IT gains in weak market
MUMBAI--1418 IST--Benchmark indices fell, dragged down by losses in heavyweights such as HDFC Bank, ICICI Bank and Reliance Industries. Information technology stocks gained amid a weak market, whereas automobile, media and realty stocks witnessed the most selling pressure.
At 1451 IST, the Nifty 50 index was at 25053.05 points, down 55.25 points or 0.2% and the BSE Sensex index was at 81806.35 points, down 120.40 points or 0.2%. IT stocks were the major index movers Wednesday with Infosys, Tata Consultancy Services, Tech Mahindra, and HCL Technologies leading the gains in the Nifty 50, up 1-2%.
Shares of Titan surged 4?ter the company's business update for the September quarter showed 20% growth in its consumer business. The shares of the company rose to an intraday high of INR 3,580, its highest level in over three weeks. The stock led the Nifty Consumer Durables index.
In the Nifty 50 index, auto stocks felt the highest selling pressure, with the Nifty Auto dropping over 1%. Shares of Tata Motors were down 2?ter the company announced that wholesale sales of its UK-based subsidiary Jaguar Land Rover fell 24% on year. Mahindra and Mahindra was down nearly 2%, snapping a two-day winning streak. Shares of Mariti Suzuki India and Eicher Motors were slightly negative. All the broader indices were in the red with the Nifty Midcap 100 and Nifty Midcap 150 down 0.5?ch, falling more than their benchmark peers.
On the sectoral front, only Nifty IT and Nifty Consumer Durables were in the green. RHI Magnesita India was the worst hit in the Nifty 500, down 5% on likely profit booking after the stock rose nearly 11% Tuesday. Oberoi Realty was down nearly 3% and was the worst hit in the Nifty 200. (Adhithya Aji)
Equity Alert: European indices up led by steel cos; auto cos limit gains
MUMBAI--1405 IST--European indices were up early Wednesday, with steel stocks gaining sharply after the European Union Tuesday proposed a steep increase in import tariffs on steel to protect the bloc's steel industry from Chinese competition. However, the rise of the indices was limited because of weakness in shares of automobile companies due to concerns that the high steel import tariff would drive up prices for vehicle manufacturers.
Swedish steel producer SSAB rose over 4%, Germany's Thyssenkrupp rose by more than 5%, and Luxembourg-based ArcelorMittal advanced over 4%. Among automobile stocks, Germany's Mercedes-Benz Group was down nearly 3% and Porsche was 2.5% lower. Shares of France's Renault were 1% lower. Shares of BMW were down 8?ter the carmaker trimmed its margin guidance due to weak sales in China, a report by CNBC said.
"We do not contest the need for some level of protection for a commodity industry like steel, but we feel that the parameters as proposed by the Commission go too far in ring-fencing the European market... we need to find a better balance between the needs of European producers and users of steel in this measure," Sigrid de Vries, director general of the European Automobile Manufacturers' Association, was quoted as saying by CNBC.
Germany's industrial output fell much more than expected in August mainly due to a sharp decline in car production. The industrial production fell by 4.3% from the previous month, while analysts polled by Reuters had predicted a fall of 1%. "Even if there might be some one-off factors at play, we fear that the sharp drop in industrial production also heavily reflects the end of US front loading," Carsten Brzeski, global head of macro at ING, was quoted as saying by Reuters.
Shares of Swiss engineering company ABB rose over 1.4?ter Japan's SoftBank Group Monday said it had agreed to buy its robotics division for $5.4 billion, according to media reports.
Following were the levels of major European indices at 1407 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
9515.68 |
0.34 |
|
CAC 40 |
8033.93 |
0.74 |
|
MIB INDEX |
43432.94 |
0.84 |
|
DAX PERFORMANCE-INDEX |
24453.13 |
0.28 |
|
SLI |
2043.71 |
0.51 |
(Eshitva Prakash)
Equity Alert: Most Asian indices down; tech stocks drag Hong Kong mkts lower
MUMBAI--1325 IST--Most indices in Asia ended lower Wednesday, tracking overnight losses in the US market. Uncertainty over a prolonged US government shutdown and political turmoil in France and Japan dampened sentiment. Markets in Hong Kong closed lower amid growing concern about the artificial-intelligence boom, according to media reports. Markets in mainland China and South Korea were closed for holidays.
Hong Kong's Hang Seng Index led the fall in the region with shares of search-engine giant Baidu falling over 3% and food-delivery service provider Meituan declining more than 2%. E-commerce giant Alibaba Group Holding and its peer JD.com both closed nearly 2% lower. "Artificial intelligence bubble risk is rising as sentiment overheats," South China Morning Post quoted Charu Chanana, chief investment strategist with Saxo Bank, as saying. Bulls see a lasting productivity boom, with early profits and capital expenditure visibility supporting lofty valuations, while bears warn that returns may lag the hype and infrastructure growth could outstrip monetisation, Chanana said.
Japan's benchmark Nikkei 225 Day closed almost 0.5% lower after successive record highs in previous sessions, while the broader TOPIX index closed 0.2% higher. Real wages in the country fell for the eighth straight month in August, according to a Reuters report. The inflation-adjusted wages fell 1.4% in August on year. "What is striking is that underlying wage growth hasn't been more resilient, even after three years of annual wage negotiations producing strong results. Stumbling pay growth plus sticky inflation will make it hard to justify raising rates near term," Stefan Angrick, Moody's Analytics, was quoted by Dow Jones Newswires as saying.
Following were the levels of key Asian indices at 1325 IST:
|
Index |
Level |
Change in % |
|
Hang Seng Index |
26763.51 |
(-)0.72 |
|
Nikkei 225 Day |
47734.99 |
(-)0.45 |
|
TOPIX FIRST SECTION |
3235.66 |
0.24 |
|
FTSE Singapore Strait Times |
4452.29 |
(-)0.45 |
|
S&P/ASX 200 Index |
8947.60 |
(-)0.10 |
(Eshitva Prakash)
Equity Alert: Good Q2 for AMCs, cautious on fin svcs cos - Prabhudas Lilladher
MUMBAI--1145 IST--Brokerage firm Prabhudas Lilladher has a positive outlook for asset management companies and a cautious stance on financial services companies for the September quarter earnings. For AMCs, the brokerage expects a good quarter, driven by healthy equity growth, with industry equity quarterly average assets under management likely to see a 7-8% on quarter growth. The brokerage has a more cautious view on financial services companies, citing a slowdown in industrial production and weak capacity utilisation. They prefer diversified auto financiers like Cholamandalam Investment and Finance and Shriram Finance over pure-play auto financiers, expecting net interest margin improvement.
Prabhudas Lilladher expects AMCs under its coverage to see average QAAuM growth of 7.4% on-quarter and 13.2% year-on-year. HDFC Asset Management Co. and Nippon Life India Asset Management Co. could see equity QAAuM growth of 7.6% and 8.8% on quarter, and 14.2% and 16.8% on year, respectively. Citing a pickup in equity flows, the brokerage has upgraded its 2025-26 (Apr-Mar) industry equity closing assets under management estimate by around 4% and they've upgraded core profit after tax estimates for HDFC Asset Management Co. and Nippon Life India Asset Management Co. by 5.4% and 4.2% for FY26, and 4.5% and 2.9% for FY27, respectively.
On the financial services front, the brokerage said a slowdown persists despite improvement in net interest margin. Industrial production slowdown, weak capacity utilisation and disruptions due to excess rain are likely to hamper growth for auto financiers in the September quarter, Prabhudas Liladher added. However, the festive season is expected to drive volume growth in the second half of FY26, aided by a goods and services tax cut by the government. The brokerage prefers diversified auto financiers like Cholamandalam Investment and Finance Company and Shriram Finance over pure-play auto financiers.
Prabhudas Lilladher expects net interest margin of the financial services companies under its coverage to improve in the September quarter with lower cost of funds, benefiting from accelerated rate cuts by the Reserve Bank of India. However, operating expenses are expected to remain high as players invest in digital transformation and new business verticals. (P.Madhu Kumar)
Equity Alert: Titan's business update beats Nomura, JM Financial estimates
MUMBAI--1105 IST--The figures reported by Titan Co. for its Jul-Sept business performance were much better than estimated. The company's jewellery sales grew 19% on year in the quarter, higher than the 12% estimate of Nomura Global Markets Research and JM Financial. This was also higher than the 15% consensus estimate. At 1105 IST, the stock was 4.2% higher at INR 3,562.80, the top gainer in the Nifty 50.
The company's studded jewellery in Tanishq, Mia, and Zoya collectively grew in mid-teens, outpacing plain gold jewellery growth. Nomura has a 'buy' rating on the stock with a target price of INR 4,275, which implies over 25% upside to the stock's Tuesday close.
JM Financial expects the jewellery business' EBIT margin to be 11.1%, which is 30 basis points lower than the year-ago number. Overall, the broking firm estimates the company's standalone EBITDA to grow 48% on year and net profit to rise 53% year-on-year.
The brokerage firm has maintained its 'add' rating on the stock with a target price of INR 3,700, implying an over 8% upside to the stock's previous close. JM Financial has largely maintained its earnings estimates for the company for 2025-26 and FY27, projecting an 18% rise in revenue, 19% growth in EBITDA, and 24% rise in net profit. (Simran Rede)
Equity Alert: Om Freight lists at nearly 40% discount to INR 135 issue price
MUMBAI--1055 IST--Om Freight Forwarders' shares Wednesday listed at INR 81.50 on the NSE, a discount of 40% to the issue price of INR 135. At 1053, the company's shares were trading at INR 85.57, down nearly 37%. Nearly 2 million of shares of the company changed hands so far.
The initial public offering of the company, which ended Friday, was subscribed 3.87 times with investors bidding for 30.61 million shares against the 7.92 million shares on offer.
Om Freight is a third-party logistics provider that offers services such as international freight forwarding, customs clearance, vessel agency services, transportation services, warehousing, and distribution. The company reported a consolidated net profit of INR 219.90 million for 2024-25 (Apr-Mar) on a revenue of INR 4.90 billion. (Adhithya Aji)
Equity Alert: Advance Agrolife lists at INR 114, 14% premium to issue price
MUMBAI--1040 IST--Shares of Advance Agrolife listed at INR 114 apiece on the National Stock Exchange, a 14% premium to the issue price of INR 100. At 1034 IST, shares of the company traded at INR 108.30, over 8% higher than the issue price. Over 8 million shares of the company have changed hands on the NSE so far.
The company's initial public offering, which closed Friday, was subscribed nearly 56.85 times, with the company receiving bids for 768.04 million shares out of 13.51 million shares on offer, according to data from BSE's website. Ahead of the public offer, the company had raised INR 577.67 million through anchor investors.
Advance Agrolife manufactures agrochemical products that support crop lifecycles. Its products include insecticides, herbicides, fungicides and plant growth regulators. The company had reported a net profit of INR 256.38 million for 2024-25 (Apr-Mar) on a revenue of INR 5.02 billion. (Durva A. Shivalkar)
Equity Alert: Titan rises 4?ter business update shows healthy growth Q2
MUMBAI--0957 IST--Shares of Titan Co. surged in early trade Wednesday after the company reported its quarterly business updates post market hours Tuesday. The stock was up after falling for two previous sessions, logging more than 1% loss over this period. At 0950 IST, shares of the company traded at INR 3,561.20, up 4.2%. The stock led the pack of Nifty 50, Nifty 200, and Nifty Consumer Durables. So far Wednesday, 1.95 million shares of the company changed hands on the NSE, higher than 173,382 shares traded during the same period on Tuesday.
The company said its consumer business grew 20% on year in the September quarter, of which the domestic sales were up 18%, driven by a double-digit rise in its jewellery, watches, eyecare, and other emerging businesses. Of the domestic sales, the company's income from the sale of jewellery rose 19% on year in Jul-Sept, backed by an early onset of the festival season in September along with significant investment in consumer promotions, the company said.
The marginal on-year fall in buyer count was offset by the surge in gold prices, which also led to a sharp rise in its ticket size, it said. The company's international operations grew 86% on year, led by Tanishq enhancing its business in the US market and achieving strong double-digit growth in the Global Capability Centre market. Titan net added 54 stores in India during the quarter and one overseas, taking the aggregate number of stores to 3,377.
Of the 15 brokerage reports on the stock available with Informist, 12 have a 'buy' or equivalent rating on the stock and three have a 'sell' or equivalent rating. The 'buy' recommendations have an average target price of INR 4,041, which implies an over 18% upside to the stock's Tuesday close. (Simran Rede)
Equity Alert: Indices gain after weak start Wednesday, Titan up 4%
MUMBAI--0945 IST--Benchmark equity indices quickly recovered from losses incurred during opening and traded with gains within minutes, suported by information technology and some consumer durables stocks. Titan Co. rose over 4%, and the stock was the biggest gainer in the Nifty 50 index. The company's consumer business grew 20% on year in the September quarter and its domestic sales grew 18%, supported by double-digit rise in its jewellery, watches, eyecare, and other emerging businesses. Tech Mahindra, Infosys and Tata Consultancy Services gained over 2?ch.
At 0937 IST, the Nifty 50 index was up 0.2% at 25169.60 points and the BSE Sensex index was up 0.3% at 82184.38 points. Among the losers in the 50-stock index, Bajaj Auto lost nearly 1%, followed by Sun Pharmaceutical Industries and Cipla, down 0.7?ch.
Sectoral indices were mixed, with the Nifty IT and Nifty Consumer Durables up over 1?ch. Nifty Metal and Nifty Oil & Gas rose 0.2?ch. Nifty Realty snapped a two-day winning streak and fell 0.5%. Nifty PSU Bank declined for the second consecutive session and was down 0.4%. All broader indices gained, recovering from marginal losses.
Hyundai Motor India rose over 3?ter trading in negative territory for five sessions. Hitachi Energy India gained nearly 3?ter it fell for three consecutive sessions. Both stocks were among the top gainers in the Nifty 200 index. Gainers in the Nifty 500 index were ITI and MMTC, which rose 9% and 7%, respectively.
Waaree Energies and FSN-E commerece Ventures fell over 2?ch. Both stocks were the biggest losers in the Nifty 200 index. Metropolis Healthcare and Anant Raj were the top losers in the Nifty 500 index, falling 4-3?ch. (P. Madhu Kumar)
Equity Alert: Nomura sees gas cos saving 13% on lower Gujarat tax implication
MUMBAI--0915 IST--Nomura Global Markets Research sees 13% savings for city gas distribution companies Indraprastha Gas and Mahanagar Gas on the cost of gas sourced from Gujarat. This follows a report by CNBC-TV18 Tuesday, which stated citing sources, that the tax implication on gas sourced from Gujarat has been revised to a 2?ntral sales tax from a 15% value added tax, effective Oct. 1.
The brokerage expects the move to benefit the earnings before interest, tax, depreciation and amortisation of Indraprastha Gas and Mahanagar Gas by 22% and 4%, respectively, assuming that they can retain all the benefits from the lower tax.
Earlier, city gas distribution companies that purchased domestic gas - both Administered Price Mechanism gas and New Well gas - from Gujarat were levied a 15% value added tax that was refundable if the gas was consumed in the state, the report said. Indraprastha Gas sources 45% of its total administered price mechanism gas from Gujarat compared to around 12% for Mahanagar Gas, Nomura said in the report.
The brokerage has maintained its 'buy' rating on Mahanagar Gas with a target price of INR 1,580, indicating an over 20% upside to Tuesday's close. It has also reaffirmed its 'neutral' rating on Indraprastha Gas with a target price of INR 225, a 2% upside to Tuesday's close. (Arya S. Biju)
Equity Alert: Nuvama says Dabur, Godrej Consumer Q2 update on expected lines
MUMBAI--0840 IST--Nuvama Institutional Equities said Tuesday that the business update of Dabur India and Godrej Consumer for the September quarter were in line with estimates. The brokerage was bullish on both the companies and said both of them are likely to report robust growth in their domestic and international businesses.
Dabur India's revenue is expeced to grow 5.4% year-on-year and its earnings before interest, tax, depreciation, and amortisation, may rise 5.5% on year in the September quarter, Nuvama said in a report. The brokerage expects the company's home and personal care segment to deliver strong performance driven by double-digit growth in both Red toothpaste and Meswak. Dabur Honey, Honitus, Hajmola franchise and health juices are likely to grow in double digits, enhancing the healthcare portfolio of the company. Nuvama said that Dabur's international business is likely to grow in mid single digits in both INR and constant currency terms backed by key geographies such as the Middle East and North Africa region, Turkey, and Bangladesh but Nepal business must have been affected due to the political unrest.
Godrej Consumer's revenue is likely to grow 6% on year but the brokerage said its earnings before interest, tax, depreciation, and amortisation may decline 3% year-on-year owing to the new goods and services tax rates rolled out by the government. There will be a short-term impact on one third of the company's India business due to the new GST reforms. "Domestic business: To report mid-single digit value growth and low-single digit underlying volume growth (in line with volume growth estimate of 1% YoY). Home Care is likely to report high-single digit value growth while Personal Care would report a low-single digit decline, mainly in soaps," the brokerage said.
Nuvama said that the company's Indonesia business witnessed competitive pricing pressure and a high base is likely to impact value growth, resulting in low single digit decline. India soap volumes are likely to face pressure due to grammage cuts flowing in the September quarter.
Talking about the impact of new GST reforms, Nuvama said there might be a short-term impact on Godrej Consumer's trade channel and inventory liquidation, which will impact sales and profitability. The company will pass on the GST benefits to the consumers. After the GST cuts, 85% of Dabur India's portfolio is at the 5% GST rate and 60% of the company's India business is likely to benefit from the reforms. (P. Madhu Kumar)
Equity Alert: Most Asian mkt indices fall tracking overnight losses in US
MUMBAI--0830 IST--Most indices in Asia were lower in early trade Wednesday, tracking overnight losses in the US markets despite the World Bank raising the region's growth forecast Tuesday. Traders grappled with political crises in France and Japan and a prolonged US government shutdown. Markets in South Korea remained be closed for the Chuseok Holiday and those in mainland China were closed for National Day Golden Week holiday.
The Hang Seng index fell 0.7% and was down for three straight sessions. Meanwhile, shares of Chinese pharmaceutical company, CF PharmTech, jumped 224% in their Hong Kong trading debut. CF PharmTech's listing comes amid a resurgence in Hong Kong's initial public offering market that has raised about $14.1 billion in the first half of this year, a CNBC report said.
Japan's benchmark Nikkei 225 index was slightly higher amid choppy trade and the broader Topix index gained 0.6% and was up for the fourth straight session. Business confidence in Japan's auto sector fell sharply, according to the Reuters Tankan poll. Firms grappled with US tariffs, rising costs and weak overseas demand. The monthly poll showed the manufacturers' index dropped to plus 8 in October from plus 13 in September, the lowest reading since July. Japan's real wages fell 1.4% on year in August, Reuters reported citing labour ministry data.
Australia's S&P/ASX 200 fell 0.1% and was down for the third straight session. The Reserve Bank of New Zealand cut its benchmark interest rate by 50 basis points to 2.5%. "Economic activity through the middle of 2025 was weak. In part, this reflects domestic constraints on the supply of goods and services in some industries, and the impact of global economic policy uncertainty," the bank was quoted by CNBC as saying.
Following were the levels of key Asian indices at 0810 IST:
| Index | Level | Change in % |
| Hang Seng Index | 26750.04 | (-)0.77 |
| Nikkei 225 Day | 48000.98 | 0.10 |
| TOPIX FIRST SECTION | 3249.58 | 0.67 |
| FTSE Singapore Strait Times | 4457.20 | (-)0.34 |
| S&P/ASX 200 Index | 8948.10 | (-)0.10 |
(Eshitva Prakash)
Equity Alert: Indices seen marginally up; Nifty 50 may hit 25500 in near term
MUMBAI--0824 IST--Benchmark indices are likely to start the day with muted gains Wednesday after the Nifty 50 closed above its 25000 level for the second session Tuesday. The index is likely to test the 25500 mark in the near term, analysts said. They believe the market will maintain its positive momentum in the near future as the technical and fundamental factors suggest a bullish bias, analysts said.
The derivatives contract of the GIFT Nifty indicates the market may rise slightly at the open Wednesday. At 0819 IST, the October contract of the GIFT Nifty was at 25226 points, over 117 points higher than the Nifty 50's previous close. After the 2% rally in the market since the Reserve Bank of India's monetary policy on Oct. 1, some analysts are cautious and believe that the bull may take a pause in the near term. The Nifty 50 is likely to consolidate following a profit booking at higher levels Wednesday, analysts said. Technical analysts expect the Nifty 50 to find immediate support at 24950 points and face immediate resistance at 25290 points. However, they expect the 50-stock to be in a range of 24400-25400 points this month.
The RBI's measures to support growth have driven the rally in the banking and financial services stocks, which supported the rise in the market. Going ahead, investors are expected to buy at lower levels in these stocks, according to technical analysts. Market participants will assess the September quarter earnings and management comments of information technology companies, with IT major Tata Consultancy Services giving its quarterly results Thursday.
Among individual stocks, Titan Co. will be in focus after the company declared its quarterly business update. The company said its consumer business grew 20% on year in the September quarter and its domestic sales grew 18%, supported by a double-digit rise in its jewellery, watches, eyecare, and other emerging businesses. While its core domestic jewellery sales grew 19% on year mainly due to the early onset of the festival season, its international business reported an 86% growth during the period. (Simran Rede)
Equity Alert: US mkts end down on worry over low spending, high inflation view
MUMBAI--0746 IST--Indices in the US closed lower Tuesday and the S&P 500 index snapped its seven-session winning streak. Market participants focussed on consumer expectations survey from the New York Federal Reserve which showed rising inflation projections and a deterioration in future expectations. Shares of Oracle fell on media reports that its cloud business margins were sharply lower than the company's overall margins.
The New York Fed consumer expectations survey found that as of September, households reported a cutback in future spending expectations due to mixed views on earnings and income levels. The expected level of inflation a year from now stands at 3.4%, the report said. The report was given importance amid a data blackout from the US government, which extended its shutdown to the seventh day.
"The New York Fed report probably gave traders an excuse to take some profits, since the S&P had been up for seven days in a row...there is an awful lot of uncertainty the longer the government remains shut down because of the absence of any economic data," Sam Stovall, chief investment strategist of CFRA Research in New York, was quoted by Reuters as saying.
Shares of Oracle fell 2.5% and the company led the decline in technology stocks. The Information reported that Oracle is generating much lower margins on its cloud business than analysts currently estimate and that it was losing money on some of its deals for rental of Nvidia chips. A fall in shares of index heavyweights Nvidia, Microsoft, Apple, and Meta Platforms pulled the S&P 500 down.
Shares of Tesla fell 4.5?ter the electric carmaker unveiled its low-cost Model Y, which will be priced under $40,0000. Shares of Advanced Micro Devices extended their previous session gains and advanced almost 4?ter the brokerage Jefferies upgraded the stock rating to 'buy' and other brokerages hiked their price targets the day after the chipmaker's supply deal with OpenAI bolstered the tech rally, a Reuters report said.
US Senate for a fifth time, Monday, failed to pass a bill that would have funded the government through Nov. 21. The uncertainty around the government shutdown drove investors to hedge on riskier bets and move into safe-haven assets, leading gold futures to hit $4,000 per ounce for the first time, a CNBC report said.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6714.59 |
(-)0.38 |
|
NASDAQ Composite |
22788.36 |
(-)0.67 |
|
Dow Jones Industrial Average |
46602.98 |
(-)0.2 |
(Eshitva Prakash)
End
US$1 = INR 88.80
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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