Market Highlights

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September 26, 2025

• Daily Morning Report             Date: 26.09.2025
• NIFTY OUTLOOK: 25056.90 FII -4995.42 cr DII 5103.01 cr
• As discussed yesterday, market behaviour remained on expected lines. Nifty respected our resistance of 25097 (high of 25092.7) but failed to sustain, drifting down to 24878 and closing near support at 24901, i.e. 24890.85.
• A consecutive bearish candle on the daily chart suggests continuation of the bearish trend. On a decisive breakdown of 24850, Nifty may slide to 24809–24768, and if supply intensifies, it may test 24727.
• No signs of reversal yet, but after a sharp correction, the Put-Call ratio has reached the oversold zone, which may trigger a bounce to 24933–24973. Sustaining above these levels could extend the move to 25013–25055.
• Bank nifty Day SMA Analysis:
• Bank nifty is trading above 4 out of 8 SMA’s (20, 30,150, 200 Day).
• Bank nifty is trading below 4 out of 8 SMA’s. (5, 10, 50,100 Day)
• No candlestick Pattern was identified in bank nifty.
• Macros.
• 1. Dollar index is @ 98.035
• 2. S&P 500 Vix is @ 16.53
• 3. Brent crude @ 69.18
• 4. US 10 years bond yield is @ 4.185
• Bank Nifty OUTLOOK:
• SPOT: 54976.20 Pcr: 0.76 Max CE OI: 56000 Max PE OI: 54000
• On 25th September 2025, Bank Nifty closed at 54976.20 (-145.30, -0.26%). The index moved 373.35 points during the session, making a high of 55276.65 and a low of 54903.30.
• Technical View:
• Support and resistance are placed at 54375 and 55750 respectively.
• Intraday support and resistance are at 54873 and 55078 respectively.
• Intraday Strategy:
• Go long above 55078 with SL 55044, target 55181.
• Go short below 54873 with SL 54907, target 54770.
• RSI for Bank Nifty stands at 48.80. Below 30 is oversold and above 70 overbought.
• Note:
• US weekly jobless claims fell, but the labour market continues to soften amid weak hiring. Initial claims dropped by 14,000 to a seasonally adjusted 218,000 for the week ended 20th September, compared to economists’ forecast of 235,000, according to the US Labor Department.
• In India, the RBI Monetary Policy Committee (MPC) will hold its fourth meeting of FY26 from 29th September to 1st October, with Governor Sanjay Malhotra announcing the outcome on the final day. The RBI is expected to keep the key interest rate unchanged at 5.50% for the rest of the year, as per a Reuters poll of economists, while it assesses the impact of past rate cuts.
• India’s economy grew 7.8% y-o-y last quarter, supported by strong government spending. However, private investment remains subdued, suggesting RBI’s easing measures have yet to fully transmit into the economy.
• --------------------------------------------------------------------------
• Contributed by
• Ashok bhandari : INH000019549
• -------------------------------------xxxxxxx-------------------------------------------------------------------xxxxxxx---------------------------------
• Trump to impose 100% tariff on branded/patented pharma imports from Oct 1, 2025, unless firms build plants in U.S.
• Impact: India esported $13 billion last year—95% of its exports to U.S. are generics. Biggest blow to Ireland, Switzerland & Germany, major hubs of patented drugs. U.S. patients may suffer the most with immediate price hikes.
• President Trump just announced a bunch of new tariffs
• - 25% on all “Heavy (Big!) Trucks
• - 30% Tariff on Upholstered Furniture
• - 50% Tariff on all Kitchen Cabinets, Bathroom Vanities, and associated products
• - 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America
• Trump Unveils Tariff from Oct 1
• 100% tariff on branded pharmaceuticals (with exemptions for firms building US plants)
• 50% tariff on kitchen cabinets & bathroom vanities
• 30% tariff on upholstered furniture
• 25% tariff on heavy trucks
• Bharat Forge, Ramkrishna Forgings, Sona BLW : No major impact as exports are largely auto components and parts and not trucks
• US puts 25% Tariff on all Heavy Trucks
• Stanley : US puts 30% Tariff on Upholstered Furniture.
• JPMorgan on Aegis Logistics
• Target Price ₹895
• Recommendation Overweight
• LPG imports rising swiftly
• GAIL's pipeline capacity expansion news is a positive
• Oil/gas logistics story is underappreciated
• CLSA Price Action - Laurence Balanco
• Outlook for the Nifty remains unchanged as price action continues to consolidate above the support
• As long as price action holds above this critical support level, there is a case for continuing to favour the upside
• Targeting the breakout's measured move from the February-April basing pattern at 26,333
• JPMorgan on Godrej Consumer
• Target Price ₹1365
• Recommendation Overweight
• ption may weigh on GST-led trade disruption Q2, full-year revenue outlook maintained
• Rising palm oil prices pose a risk to the pace of margin recovery in H2
• Indonesia - macro headwinds cause near-term uncertainty
• Capital allocation will remain a priority for India
• JPMorgan on Jubilant Food
• Target Price ₹745
• Recommendation Neutral
• Revenue growth stays prioritized
• But balancing it with improving margin ahead
• Doubling down on technology/digital capabilities
• Popeyes - Ready for a faster scale-up
• Nomura on Titan
• Target Price ₹4275
• Recommendation Buy
• Demand to remain steady; staple in the discretionary category
• Organized players to continue to grow 1.5x faster than industry at mid-teens+
• Headwinds largely behind; sales growth and margins reset to new normal levels
• Investec on Accenture Results Impact on Indian IT
• Accenture print suggests nothing negative for Indian IT
• Results and commentary only highlight an acceleration in demand versus the prior year
• Lower end of the guidance assumes a deterioration in discretionary spends while the upper end assumes no change
• GS on Accenture Results Impact on Indian IT
• Accenture's results indicate discretionary demand environment unchanged expectation
• For India IT, revenue growth expectation for 12m ending Sep '26 at 3.6% is not meaningfully different vs Accenture's FY26 guidance
• FY27 full year revenue growth estimate of 6.1% YoY could be at risk if there is no discretionary demand improvement
• Accenture's top end of its FY26 guidance assumes no change in discretionary demand environment
• Citi on ICICI Bank
• Target Price ₹ 1700
• Recommendation Buy
• Profitable growth focus aligns advances growth to industry average
• HL/PL disbursements reviving a tad; SME to sustain traction, though will moderate from 30% levels
• Yield repricing is partially offset by SA/TD rate cuts, LDR expansion, bulk/wholesale deposit run-downs, and the absence of seasonal KCC slippage drag
• Nomura on HAL
• Target Price ₹6100
• Recommendation Buy
• Robust order book bolstered even further
• Estimate order book to amount to Rs 2.45 lakh crore by the end of Q2
• Commencement of the supply of engines by GE is a significant positive
• Delivery of LCA Mk1A aircraft should start getting streamlined going forward
• UBS on APL Apollo
• Target Price ₹2000
• Recommendation Buy
• APL's strategy of launching 'SG Premium', a brand to take competition head on, is a step in the right direction
• Narrowing price gap versus peers while leveraging its deep connects with the dealer network can impact peers offtake
• This strategy can help to keep not only competitive intensity in check but also impact expansion plans of peers
• U.s Stocks close lower for a third day as once-hot AI play Oracle falls, yields increase
• PHARMA STOCKS ; US President Donald Trump announced a 100 per cent tariff on imports of branded or patented pharmaceutical products from October 1, a move that could have major repercussions for key Indian drugmakers.
• “Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America,”: TRUMP
• Dabur, Patanjali, Kerala Ayurveda, Emami : FSSAI launches dedicated licensing window for Ayurveda Aahara products
• Waaree Energies : US Customs & Border Protection is probing whether Indian solar panel maker Waaree Energies & its American arm evaded anti-dumping and countervailing duties on solar cells from China and other Southeast Asian nations - Bloomberg
• ATHER ENERGY: DEFERS PM E-DRIVE INCENTIVE CLAIMS OF ₹262.5 CR DUE TO RARE EARTH MAGNET SUPPLY DISRUPTION
• China’s export ban on heavy rare earth magnets has impacted traction motor supply.
• Submission of demand incentive claims for up to 52,500 vehicles under PM E-Drive scheme has been deferred.
• Ather has developed Heavy Rare Earth Free (HREF) motors, received CMVR approval, and secured PM E-Drive eligibility for multiple models.
• Shift to HREF motors reduces import dependency and aligns with Make in India.
• Karur Vysya Bank : To Lower Base Rate & Benchmark Prime Lending Rate By 70 BPS Effective Sept 27
• Aurum PropTech : To Acquire 100% Stake In PropTiger Marketing Services For ₹86.5 Cr
• Carysil Clarifies : No Plan For Fresh QIP For Kitchen Appliances Line At Bhavnagar Facility
• INCRED ASSET MGMT Says See Some Impact On Sun Pharma & Wockhardt Due To US Tariffs On Branded Pharma Products - CNBCTV 18
• Approx 20% Of Sun Pharma's Rev Came From Specialty Pdts In FY25, 70-80% Was From US
• 'Branded' Label Could Potentially Have Some Biosimilars As Well, Biocon Could Be At Risk
• Will Not Touch Pharma Biz As An Investor Till Clarity Emerges On Tariffs
• L&T TECH: LTTS PARTNERS WITH SIEMENS FOR AI-LED SMART MANUFACTURING AND PROCESS ENGINEERING
• Collaboration will focus on machine and line simulation, IIoT technology, and automation to improve decision-making.
• Partnership expands LTTS’ sustainability offerings in process engineering, discrete manufacturing, and industrial products.
• Solutions will target automotive, transportation, industrial products, and plant engineering sectors.
• Integration of Siemens’ TIA Portal, Industrial Edge, and Tecnomatix with LTTS’ AI expertise aims to accelerate digital adoption.
• STOVEKRAFT Management says Do Not See Any Impact Due To Tariffs - NDTV PROFIT
• Not In The Kitchen Cabinet Business, Do Not Export In The Category
• HAL Management says Already Received 3 GE Engines & Expect 9 More In This Fiscal - CNBCTV18
• Expect GE to deliver 20 engines next year and HAL will be able to produce more than 12 aircraft from next year
• Will Be Able To Deliver One Tejas Mark-1A This Month And A Total Of 3 Jets By October End
• STANLEY Management says Nil impact for Stanley or any other listed furniture company in India - NDTV PROFIT
• Don't see any Indian company having major cabinetry or upholstered furniture export to US
• India mostly exports handicrafts, carpets and small furniture with under 1 billion $ to the US
• China, Vietnam & Malaysia exports about 125 billion $ globally
• Italy & Spain exports 30 billion $ globally
• Indian government must speed up QCO and block furniture import into India immediately to protect Indian Furniture industry
• US tariffs can end up China and other countries dumping in India
• HAL Management says Have Invested Close To ₹2,000 Cr In Creating Capacity For Tejas With 3 Production Lines
• With Pvt Sector Putting Up A Fourth Line, We Should Be Able To Raise Capacity To 30 Jets By 2027
• Orderbook At ₹2.7 Lk Cr
• PARAS DEFENCE: BAGS $3.8M (₹34 CR) EXPORT ORDER FROM ELBIT, ISRAEL FOR ELECTRO-OPTICS SUPPLY
• Order placed by Elbit Security Systems Ltd, Israel, for electro-optics equipment.
• Contract value is about $3.8 million (₹34 crore) with deliveries scheduled between February and November 2026.
• Deal adds to Paras Defence’s export book and expands its international defence client base.
• HAL Management says Already eoncluded financial negotiations for additional 113 engines from GE
• HAL says Total Orders For Tejas Now Stand At 188 And HAL Will Complete Deliveries By FY32
• AURUM PROPTECH: ACQUIRES 100% STAKE IN PROPTIGER FOR ₹86.45 CR VIA SHARE SWAP
• Aurum issued 42.42 lakh equity shares at ₹203.77 each to REA India Pte Ltd, Singapore.
• Transaction valued at ₹86.45 crore was completed through a share-swap with no cash outflow.
• PropTiger reported FY25 turnover of ₹85.35 crore from consultancy, advisory, and marketing services in real estate.
• REA India will hold 5.54 percent stake in Aurum post-allotment.
• JD CABLES: BAGS ₹98 CR WORK ORDER FOR 400 KM XLPE AB CABLES FROM MAA MANASA VYAPAAR
• Order valued at ₹98 crore plus GST awarded by Maa Manasa Vyapaar, Siliguri.
• Scope includes manufacturing, testing, supply, and delivery of 400 km XLPE AB cables.
• Deal strengthens JD Cables’ presence in the domestic power cable market and adds to revenue visibility.
• NIFTY TO OPEN 72 PTS GAP DOWN
• RITES: WINS $18M (₹150 CR) EXPORT ORDER FROM TALIS LOGISTICS, SOUTH AFRICA
• Order involves supply and commissioning of overhauled Cape Gauge ALCO Diesel Electric Locomotives.
• Contract is valued at USD 18 million (about ₹150 crore) on CIF basis.
• Deliveries are scheduled to be completed within 6 to 8 months from advance payment.
• PHARMA STOCKS FALLS AFTER FRESH TARIFFS ANNOUNCEMENT BY TRUMP
• VODA IDEA: AGR CASE : Supreme Court To Hear Plea Today
• SEACOAST SHIPPING: SEBI BARS COMPANY AND PROMOTERS FOR 5 YEARS OVER FUND DIVERSION AND ACCOUNT MANIPULATION
• SEBI found diversion of funds and manipulation of accounts in the company’s operations.
• The regulator dismissed promoters’ claim of fund transfers being linked to a ‘kidnap ransom’ defence.
• Ban applies to Seacoast Shipping and its promoters for a period of five years. -CNBCTV18
• CARYSIL: CLARIFIES NO NEW QIP FOR KITCHEN APPLIANCES CAPACITY EXPANSION
• Company confirmed there is no plan to raise a new QIP for Bhavnagar facility expansion.
• Funding will be met through earlier QIP proceeds raised in July 2024 and internal accruals.
• Expansion project will continue as planned without additional equity dilution.
• Voda Idea Plea Being Heard Today In SC Is On ₹9,500 Cr Of AGR Demand : IIFL CAPITAL
• CARYSIL Down 5 % After Trump To Impose 50% tariff on kitchen cabinets & bathroom vanities
• SUN PHARMA DOWN 5 %
• Market opens with minor cuts, pharma stocks under pressure on TrumpTariffs, Nifty above 24,800
• TITAN ; 0.7 % EQUITY EXCHANGED VIA BLOCK DEAL
• TITAN ; 62 Lk Shares (0.70% Eq) Worth ₹2,050 Cr Change Hands At ₹3,306/Sh Via Block Deals
• PHARMA INDEX DOWN 2 % , IT INDEX DOWN 1 %
• VIP ; 90 LKH SHARES EXCHANGED VIA BLOCK DEAL