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October 06, 2025

Daily Morning Report Date: 06.10.2025
NIFTY OUTLOOK: 24894.25 FII -1583.37 cr DII 489.76 cr
(6th – 10th October 2025)
As discussed in the previous report dated 29th September 2025, market behaviour remained on expected lines during the week. Nifty began the week with a bearish tone but buyers regained control in the second half, taking it up to the resistance of 24913, making a high of 24904.80.
A small bullish candle with a lower shadow following a long bearish candle on the weekly chart indicates weakening selling momentum and buyers emerging from support levels. This shift has turned short-term sentiment bullish. If Nifty breaks out decisively above 25017, it may rally to 25140–25275, with stronger demand possibly extending gains to 25384.
On the downside, support lies at 24771–24650. A break below these levels may drag Nifty down to 24527–24404.
Bank Nifty OUTLOOK:
SPOT: 55589.25 PCR: 1.12 Max CE OI: 57000 Max PE OI: 55000
On October 3rd, 2025, the Bank Nifty index closed at 55589.25 (+241.30 / +0.44%). The total movement in the index was 439.45 points during the session. It made a high of 55616.45 and a low of 55177.00.
Technical View:
Important support and resistance levels for Bank Nifty are 55200 and 55970 respectively.
Intraday support and resistance are 55468 and 55710 respectively.
Today’s Intraday Technical Strategy:
Go long above 55710 with a stop loss of 55669 and target 55830.
Go short below 55468 with a stop loss of 55508 and target 55347.
The Relative Strength Index (RSI) for the Bank Nifty stands at 58.10. Below 30 is considered oversold, and above 70 is overbought.
Bank nifty Day SMA Analysis:
Bank nifty is trading above 7 out of 8 SMA’s (5, 10, 20, 30, 50, 150, 200 Day).
Bank nifty is trading below 1 out of 8 SMA’s. (100, Day)
One bullish candlestick Pattern was identified in bank nifty.
• Marubozu Uptrend
Macros:
1. Dollar index is @ 97.70
2. S&P 500 vix is @ 16.65
3. Brent crude is @ 65.44
4. US 10 years bond yield is @ 4.147
Note: UK PM Starmer will visit India on 8th–9th October, as confirmed by the Indian Foreign Ministry. Britain and India signed a free trade agreement in July during PM Modi’s visit, finalising a deal to cut tariffs on goods ranging from textiles to whisky and cars, and providing greater market access for businesses.
On the commodities front, gold and silver once again hit all-time highs, while crude prices inched higher after OPEC announced lower-than-expected output.
All data remain stable; however, FIIs continue to stay in selling mode, though their pace has moderated.
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Contributed by
Ashok bhandari : INH000019549
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NYKAA Q2 BIZ ; Nykaa Reports Strong Q2 FY26 Momentum; GMV Growth Nearing 30% Driven by Beauty & Fashion
Robust Growth: Consolidated GMV growth expected close to 30% YoY, led by strong traction in Beauty and Fashion verticals.
Beauty Vertical: Continues strong double-digit growth with support from brands like Dot & Key, Kay Beauty, and Nykaa Cosmetics.
Fashion Vertical: NSV growth in higher mid-20s, net revenue growth improving to low 20s on better brand assortment and customer acquisition.
Overall Revenue: Consolidated net revenue growth projected in mid-20s, marking over 10 consecutive quarters of sustained growth.
Festive Boost: Early festive season start aiding Q2 performance; government’s GST reforms expected to further support discretionary demand.
TechEra Engineering ; Co Wins ₹4.66 Crore Order from PSU for Aviation MRO Equipment Supply
Order Value: ₹4.66 crore (including taxes) from a renowned PSU for supply of MRO-related ground support & maintenance equipment for aviation applications.
Execution Period: 60 days — short-cycle commercial order, quick revenue realization.
Domestic Order: Strengthens company’s presence in India’s aviation & defence-support ecosystem.
Management View: CMD Nimesh Desai said the order validates TechEra’s technical capabilities and will reinforce its position as a reliable partner to PSUs.
Outlook: Company reported strong H1 FY26 performance with higher margins and better execution efficiency.
HCL Infosystems : Co Wins Arbitration Case Against UIDAI Worth ₹102.81 Crore
Arbitration Award: HCL Infosystems received final order granting ₹102.81 crore (plus 10% annual interest) in its favour from UIDAI.
Dispute Background: Case related to recovery of dues for MSP services provided between Aug 2019 – Aug 2021.
UIDAI Counterclaim: UIDAI’s ₹72.71 crore counterclaim fully disallowed by the arbitrator.
Financial Impact: Positive inflow expected once recovered; strengthens liquidity and balance sheet.
Impact: Positive — boosts cash position, morale, and legal credibility of the company.
UTKARSH SFB Q2 BIZ UPDATE
Gross Loan Portfolio: ₹18,655 Cr, down 2.3% YoY and 3% QoQ due to JLG contraction.
JLG Loan Portfolio: Fell 28.4% YoY to ₹7,613 Cr — decline in microfinance lending.
Non-JLG Loans: Strong growth of 30.3% YoY to ₹11,042 Cr — retail, SME & secured lending gaining share.
Total Deposits: Stable at ₹21,447 Cr, up 11.8% YoY; QoQ flat.
CASA Deposits: Up 17.3% YoY to ₹4,471 Cr; CASA ratio improves to 20.9% (vs 19.6% YoY).
CASA + Retail Term Deposit Share: Rises to 78% (vs 68.4% YoY) — healthy deposit mix.
Liquidity Coverage Ratio: Comfortable at 219%.
INTERGLOBE , SPICEJET: Directorate General of Civil Aviation (DGCA) reviews airfare trends ahead of festive season rush
Proactively asks airlines to augment flight capacities by deploying additional flights
In response, airlines informed that they are adding the following additional flights:-
IndiGo: Deployment of approx. 730 additional flights across 42 sectors
AirIndia & AirIndia Express: Deployment of approx. 486 additional flights across 20 sectors
SpiceJet: Deployment of approx. 546 additional flights across 38 sectors
JPMORGAN ON AVENUE SUPERMARTS
MAINTAIN NEUTRAL
TARGET PRICE: ₹4,350
Q2 Rev Growth Of 15% Το Weigh On Near-term Stock Performance
Revenue Growth Is 2% Below Street Expectations
Pace Of Store Expansion Has Stayed Steady
BERNSTEIN ON HDFC BANK
(CMP: ₹965.15)
MAINTAIN OUTPERFORM
TARGET PRICE: ₹1,150
Strong Loan Growth & Weak Deposit Growth In Q2
Improvement In Loan Growth +ve In A Growth-starved Environment
Weak Deposit Growth Could Help Margin In Q2
CLSA on Nykaa Q2
Nykaa expects consolidated net revenue growth to be in mid-twenties, with GMV growth close to thirties.
This is ahead of our expectation of 25.1% consolidated GMCV growth but in line with our NSV growth assumption of 23.8%
Fashion revenue growth of low twenties is also ahead of our expectation of 11.7%.
We maintain our O-PF rating on Nykaa with an unchanged target price of Rs260.
CLSA ON MARICO
Maintains 'Underperform' With Target Price Of ₹490
Q2 Update Reveals Price Driven Sales But Margin Pressure
See Modest Operating Profit Growth, Significantly Below Expectation
See Input Cost Led Gross Margin Contraction & Sustained A&P Spends
JPMORGAN ON AVENUE SUPERMARTS
MAINTAIN NEUTRAL
TARGET PRICE: ₹4,350
Q2 Rev Growth Of 15% Το Weigh On Near-term Stock Performance
Revenue Growth Is 2% Below Street Expectations
Pace Of Store Expansion Has Stayed Steady
CITI ON AU SFB
Gross advances rose 5.3% QoQ and 22.4% YoY, ahead of Citi's estimates
AUM growth moderated to 4.5% QoQ and 17% YoY (vs Citi estimate of 16%)
Absence of treasury gains and elevated credit costs expected to weigh on RoA
Slippages seen moderating from elevated Q1 levels
Citi estimates credit cost near 1.8%, with normalization likely in 2HFY26
GS ON AVENUE SUPERMARTS
MAINTAIN SELL
TARGET PRICE: ₹3,370
(Previous Target: ₹3,450)
Weaker-than-expected Sales Growth Despite Low Base
Standalone Sales Growth At 15.4% YoY
No Meaningful Acceleration In Store Growth Yet
Moderate FY26 Sales Growth Expectations To 18% From 20%
FY26-28 EPS Estimates Are Cut By 2%
MOSL ON MARICO
Target Price: ₹850, Maintain Buy
Revenue expected to rise 30% YoY, led by Parachute price hike amid copra inflation
Parachute volumes may dip in low single digits, but ml-adjusted volumes remain flat after a 60% YoY price increase
VAHO expected to grow 18% YoY (vs initial 10% YoY estimate)
International business likely to rise 23% YoY in CC terms (vs initial 16% estimate)
Saffola franchise projected to grow 24% YoY, in line with estimates
Gross margin pressures expected to ease from H2FY26 onwards
CITI ON PNB
Gross advances grew 10.3% YoY and 3.6% QoQ, in line with Citi's estimates
RAM segments expected to remain the key growth driver
Deposits up 10.9% YoY and 1.7% QoQ, slightly below Citi's 2.7% QoQ estimate
Citi builds in ~1% QoQ decline in NII and 6 bps QoQ fall in NIMS
Credit cost expected at 25 bps in Q2, with RoA between 0.9-1%
Management guidance: Loan growth 11-12%, Deposit growth 9-10%, NIM 2.8-2.9% for FY26
CITI ON INTERGLOBE AVIATION
Maintains BUY rating; revises Target Price to ₹7,100/share from ₹6,500 earlier
TP of ₹7,100/share based on 2.8x FY27E (Mar'27E) EV/Sales
2.8x target multiple represents a 20% premium to IndiGo's 5-year average of ~2.3x
Premium valuation reflects strong demand, healthy pricing, steady market share, and significant route expansion
Goldman Sachs On Earnings
Earnings sentiment firmed up heading into results
Earnings sentiment for BSE 200 turned positive after 1 year
This implies there were more upgrades than downgrades
Across sectors, Energy, Consumer Discretionary and IT saw the strongest sentiment
The earnings cycle that has been in a down-cycle over the past year may be at its bottom
Earnings were upgraded in consumer discretionary (ex-autos), IT and commodity cyclicals over the past week
CITI ON L&T FINANCE
Retail disbursements (ex-gold loans) stood at ₹15,000 crore, up 12% QoQ and 18% YoY
Retail AUM share improved to over 98%
Citi building in 2.6% credit cost (post buffer utilization)
Expects management to utilize ₹150-200 crore overlay buffer for incremental MFI stress
MFI DPD trends likely to ease in Q2, with normalcy by Q3-Q4
Opex growth expected to moderate further, aiding operating leverage
CITI ON RBL BANK
Advances grew 14% YoY and 6% QoQ, beating Citi's estimates
Secured retail loans rose 29% YoY, while wholesale advances jumped 20% YoY, driving overall growth
Citi expects core RoA >0.55%, with visibility toward >1% by Q4
NIMs likely bottomed out in Q1, expected to inch pup in Q2
Slippages projected to moderate to 3.6%, with credit cost near 1.8%
IEX: Q2 FY26 POWER VOLUME UP 16% YOY AS LOWER PRICES BOOST MARKET LIQUIDITY
Total power traded stood at 35,217 MU (ex-TRAS), up 16.1 percent YoY.
Real-Time Market surged 39.1 percent YoY to 14,925 MU, contributing 37 percent of total volume.
Green Market rose 17.7 percent YoY to 3,040 MU, while TRAS volumes jumped to 603 MU from 16.9 MU YoY.
Average DAM price declined 12.5 percent YoY to ₹3.93 per unit, indicating improved supply conditions.
@Beatthestreetnews
PATEL RETAIL: APPOINTS SANJEEV KUMAR NIGAM AS CEO OF ‘INDIAN CHASKA’ BRAND
Mr. Nigam brings over 24 years of FMCG experience across Rasna, Emami, Dabur, Keya Foods, and Cloud 9.
He will lead Indian Chaska’s pan-India expansion and strengthen its position in the spices and QSR segment.
Appointment effective October 5, 2025, following Patel Retail’s IPO listing in August 2025.
@Beatthestreetnews
KALYAN JEWELLERS: REPORTS ~30% REVENUE GROWTH IN Q2 FY26 ON STRONG FESTIVE AND WEDDING DEMAND
India operations rose 31 percent YoY with ~16 percent same-store-sales growth.
International revenue grew 17 percent YoY, led by 10 percent growth in the Middle East.
Candere platform surged 127 percent YoY; 32 new showrooms opened during the quarter.
Company also progressed on debt reduction and plans 15 new showrooms before Diwali.
@Beatthestreetnews
ANGEL ONE Q2 FY26 – BUSINESS UPDATE
Angel One shows steady quarterly growth; client funding book & market share rise despite YoY softness in orders.
Client base rose to 34.1 mn, +1.5% MoM / +24% YoY.
Gross client acquisition: 0.55 mn (MoM +0.6%, YoY -42%).
Avg client funding book: ₹55.5 bn (+4.9% MoM / +35.8% YoY).
Orders: 127.6 mn (+16% MoM / -18.6% YoY).
Overall ADTO (notional): ₹48.2 tn (+5% MoM / +0.5% YoY).
Option premium turnover: ₹1.59 tn (+9.6% MoM / +76% YoY).
Commodity ADTO: ₹1.39 tn (+10.6% MoM / +109% YoY).
Cash ADTO: ₹76 bn (+9.8% MoM / -16% YoY).
Market Share (Q2 FY26 vs Q1 FY26):
Equity (F&O) – 21.7% (↑ 72 bps QoQ).
Overall Equity – 20.5% (↑ 71 bps QoQ).
Cash Turnover – 18.7% (↑ 72 bps QoQ).
Commodity Turnover – 65.1% (↑ 815 bps QoQ).
CUBE HIGHWAYS : LARGE TRADE NSE
360 ONE PRIME LIMITED BOUGHT 67.25 LKH SHARES @ ₹ 134 /SHARE
360 ONE REAL ASSETS ADVANTAGE FUND BOUGHT 74.75 LKH SHARES @ ₹ 134 /SHARE
TRUALT BIOENERGY : DAY 1 LARGE TRADE NSE
L7 HITECH PRIVATE LIMITED BOUGHT 5.36 LKH SHARES @ ₹ 538.83 /SHARE
L7 SECURITIES PRIVATE LIMITED BOUGHT 7.85 LKH SHARES @ ₹ 532.62 /SHARE
SINGULARITY EQUITY FUND I BOUGHT 4.75 LKH SHARES @ ₹ 533.80 /SHARE
SAMMAAN CAPITAL : LARGE TRADE NSE
BNP PARIBAS FINANCIAL MARKETS BOUGHT 58.97 LKH SHARES ( 0.71 % STAKE ) @ ₹ 164.42 /SHARE
VEDANTA Q2 BIZ ; Aluminium Production Up 1% YoY & Up 2% QoQ At 617 kt
Zinc Saleable Metal Production Down 6% YoY & Down 1% QoQ At 246 kt
Zinc International Production Of 60 kt, Up 38% YoY & Up 6% QoQ
Silver Production Down 22% YoY & Down 4% QoQ At 144 kt
ETERNAL : LARGE TRADE NSE
GOLDMAN SACHS BANK EUROPE SE - ODI SOLD 1.08 CR SHARES ( 0.12 % STAKES) @ ₹ 329 /SHARE
BOFA SECURITIES EUROPE SA BOUGHT 1.08 CR SHARES ( 0.12 % STAKES ) @ ₹ 329 /SHARE
JOHN COCKERILL INDIA : LARGE TRADE BSE
RAMDOOT REALTORS PVT LTD BOUGHT 0.063 LKH SHARES ( 0.12 % STAKE ) @ ₹ 6481.80 /SHARE
JUBILANT FOODWORKS – Q2 FY26 BUSINESS UPDATE ????????
Revenue up 20% YoY; 93 new stores added, strong growth in India ops
Consolidated revenue: ₹2,340 Cr (+19.7% YoY)
Standalone revenue (India): ₹1,699 Cr (+15.8% YoY)
Domino’s India LFL growth: +9.1%
Domino’s Turkey LFL: +5.6%
Total stores: 3,480 | Net addition: +93 (81 in India)
JTL Industries : Co. Posts Highest-Ever H1 Volumes at 1.82 Lakh MT Despite Flood Impact ????
Record Performance:
H1 FY26 volumes at 1,82,210 MT, up 3.5% YoY vs 1,76,091 MT in H1 FY25 — highest ever for the company.
Resilience Amid Floods:
Operations at Derabassi and Mandi (Punjab) plants disrupted by 20–25% due to August–September floods, yet company maintained steady growth.
Export Surge:
Export share doubled to 12% in Q2 FY26 (from 6% in Q1 FY26) — reflecting global demand and superior product quality.
Sector Tailwinds:
Growth driven by strong structural steel demand, supported by infrastructure projects and private capex uptick.
Capacity Strength:
Total manufacturing capacity stands at 9.36 lakh MTPA, with 3 lakh MTPA in backward integration — ensuring cost efficiency and scale.
Management Commentary:
“Despite one-off disruption, performance remained strong; future growth metrics unaffected".
FORTIS HEALTHCARE : SEBI APPROVAL FOR IHH OPEN OFFER
SEBI clears IHH Healthcare’s open offer for Fortis & Fortis Malar — long-pending deal back on track.
SEBI approval received (dated Oct 1 2025) for IHH Healthcare’s open offer to acquire:
26.1% stake in Fortis Healthcare Ltd (≈197 mn shares)
26.1% stake in Fortis Malar Hospitals Ltd (≈4.9 mn shares)
IHH had earlier subscribed to 235.3 mn shares of Fortis via preferential allotment.
The approval resolves a 7-year regulatory overhang since 2018, when the deal was frozen pending legal clearance.
Fortis to update exchanges as further developments occur.
Impact:
Positive: Clears a major regulatory hurdle, boosts investor confidence, likely triggers valuation re-rating.
Neutral: Actual tender/open-offer price details awaited.
POONAWALLA FINCORP — Q2FY26 BUSINESS UPDATE
AUM: ₹47,625 Cr, +67.7% YoY / +15.4% QoQ
Liquidity: ₹6,200 Cr as of Sep 30, 2025
Focus: Continues “risk-first” approach with strong risk systems & diversified asset base
Outlook: Aims for long-term sustainable & profitable growth
TATA CHEMICALS, TATA INVESTMENT; Govt to take stock of Tata tensions; ministers to meet group leaders over infighting, Tata Sons' listing plans - PTI
MUTHOOT, MANAPPURAM ,CSB BANK ; GOLD HITS $ 3900 MARK FOR 1ST TIME
ETERNAL : LARGE TRADE
81 Lk Shares Change Hands In A Pre-Market Large Trade
ADITYA BIRLA LIFESTYLE : LARGE TRADE
7.3 Cr Shares Change Hands In A Pre-Market Large Trade
PB FINTECH, INSURANCE; Significant rise in customer enquiries & insurance policy sales in the first week after GST changes - CNBCTV18
Policybazaar Data (Between September 22–28, 2025, YoY)
-61% rise in insyrance enquiries
-56% rise in average daily leads
September Insurance business data expected to be strong
JUBILANT FOODWORKS Q2 BIZ ; DOMINOS LFL GROWTH OF 9.1 % IN Q2 V 2.8 % GROWTH LAST YEAR... V 11.6 % GTOWTH IN LAST QUARTER
NIFTY TO OPEN 22 PTS GAP UP OPENING
TANFAC IND ; Tanfac Industries Limited Announces Successful Commissioning of its second phase of 5,000 TPA (AHF Basis) High Purity Solar Grade DHF Plant
BANK OF MAHARASHTRA Q2 BIZ
Global Business: Rises 14.2% YoY to ₹5.64 lakh crore as of Sept 30, 2025.
Total Deposits: Grow 12.1% YoY to ₹3.10 lakh crore.
CASA Deposits: Up 14.6% YoY to ₹1.56 lakh crore; CASA ratio improves to 50.35% from 49.29%.
Global Advances: Surge 16.9% YoY to ₹2.54 lakh crore, led by strong growth in:
Retail Advances: +37.4% YoY
Corporate Advances: +16.6% YoY
CD Ratio: Improved to 82.05% (vs 78.72% last year), reflecting stronger credit growth.
HOSPITAL STOCKS : Centre revises rate structure for nearly 2,000 medical procedures
CGHS hospitals must accept new rates by Oct 13
YATHARTH ; The Central Government Health Scheme (CGHS) rate hike, effective October 13, 2025, is projected to increase procedure rates by an average of 25–30%.
This first major revision since 2014 is expected to boost private hospitals' revenue by around 2.5% and EBITDA by approximately 10%
AB LIFESTYLE SURGE 9 % AFTER BLOCK DEAL
Motilal Oswal upgrades Max Financial to BUY, Target Rs 2,000
(25% potential upside)
MAX Financials (MAXF) | UPGRADE TO BUY | TP ₹2,000
AXIS MAX LIFE is outgrowing the industry with 15% APE & 32% VNB growth led by strong banca traction and a scaling agency engine
Axis Max Life product mix tilted toward high-margin non-par & protection (now 56% of APE) driving VNB margin expansion (+260bps YoY)
Structural catalyst – the reverse merger with Max Life could unlock synergies, simplify structure & trigger a valuation re-rating.
- Expect industry-beating APE/VNB CAGR of 18%/21% (FY25–28)

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