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September 29, 2025

Daily Morning Report Date: 29.09.2025
NIFTY OUTLOOK: 25056.90 FII -5687.58 cr DII 5843.21 cr
(29th September – 3rd October 2025)
As discussed in the previous report dated 22nd September, market behaviour remained on expected lines last week as daily RSI turned down from the overbought zone, leading to heavy selling that dragged Nifty to 24629.45.
A long bearish candle on both daily and weekly charts indicates continued selling pressure. Immediate support lies at 24525, followed by a key level at 24396, near the previous swing low and multiple supports respected since 12th May 2025. A breakdown below this may weaken Nifty further towards 24267–24138.
On the upside, 24784–24913 will act as immediate resistance. A sustained move above these may push Nifty towards 25043–25171.
Bank Nifty OUTLOOK:
SPOT: 54389.35 Pcr: 0.63 Max CE OI: 56000 Max PE OI: 54000
On 26th September 2025, Bank Nifty closed at 54389.35 (-586.85, -1.07%) with a movement of 586.05 points. It made a high of 54897.00 and a low of 54310.95.
Technical View:
Support and resistance levels are 54104 and 55043 respectively.
Intraday support and resistance are 54228 and 54550 respectively.
Intraday Technical Strategy:
Go long above 54550 with stop loss 54495, target 54711.
Go short below 54225 with stop loss 54228, target 54067.
The RSI for Bank Nifty is at 40.90. Below 30 is oversold and above 70 is overbought.
Bank nifty Day SMA Analysis:
Bank nifty is trading above 2 out of 8 SMA’s (150, 200 Day).
Bank nifty is trading below 5 out of 8 SMA’s. (5, 10, 50,100,150 Day)
No candlestick Pattern was identified in bank nifty.
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Contributed by
Ashok bhandari : INH000019549
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JPMorgan on Pidilite
Target Price ₹1700
Recommendation Overweight
Positive demand narrative
A resilient diversified portfolio at play
Double digit growth aspiration intact in FY26
Multiple levers in place to strengthen diversified portfolio
MS on IT Stocks
Q2 preview: Lack of clarity on FY27 outlook to prevail
Key investors concerns include a lack of any growth acceleration in FY27 and de-rating of tech services globally
Think Q2 could help confirm business stability, but believe it may be too early to get firm signals for FY27
Near-term growth trends expected to be stable, with limited clarity around acceleration
Revenue guidance band could be tightened
BofA on HUL
Target Price ₹2840
Recommendation Neutral
GST transition impact near-term
Gradual recovery likely thereafter
Unexciting quarter; Commentary key
BofA on United Spirits
Target Price ₹1630
Recommendation Buy
Finding opportunity in adversity
Recent concerns seem overdone
Negatives adequately priced in; Fundamentals good
Future-proofing the business with many bottom-up efforts
JPMorgan on Marico
Target Price ₹800
Recommendation Overweight
Future proofing with active portfolio diversification
Stable demand trends prior to Sep
Digital brands scaling up well
Foods - attractive long runway for growth
JPMorgan on Vishal Mega Mart
Target Price ₹158
Recommendation Overweight
CEO meeting reassures on sustaining high growth delivery with disciplined operational approach
Robust revenue growth outlook
Aggressive but disciplined store expansion strategy
Private brands are central to growth strategy
HUL : Cons Q2 growth seen near flat-to-low-single digit, to be seen in Oct too
Recovery expected from November as prices stabilise
Distributors and retailers disrupted while clearing inventory at old prices
Orders postponed as buyers await lower-priced inventory
Pantry purchases delayed, demand muted across portfolio
September sales impacted due to inventory adjustment
LUPIN : CO. ACQUIRES VISUFARMA B.V. FOR €190 MN, STRENGTHENS OPHTHALMOLOGY FRANCHISE
Acquisition Deal: Nanomi B.V. (Lupin’s subsidiary) to acquire 100% stake in VISUfarma B.V., Netherlands, for €190 Mn in cash.
Business Focus: VISUfarma is a specialty ophthalmology company with 60+ branded products in dry eye, glaucoma, retinal health & nutraceuticals.
Geographic Reach: Strong commercial presence across Italy, UK, Spain, Germany & France.
Financials: FY24 turnover €48.1 Mn; expected FY25 turnover ~€54 Mn with ~30% EBITDA margin post-integration.
Strategic Fit: Expands Lupin’s specialty portfolio & EU footprint, cornerstone for its global ophthalmology operations.
RAILTEL : CO. BAGS ₹50.62 CR BIHAR EDUCATION PROJECT ORDER
Client – Bihar Education Project Council (BEPC) .
Project Scope – Establishment & operationalization of Virtual Education Systems (VEs) in government secondary & senior secondary schools under Samagra Shiksha.
Execution Timeline – To be completed by 31 Dec 2025.
TCS : Co. confirms onboarding for over 600 delayed lateral hires
Sanghi Industries+Ambuja Cement : NCLT approve amalgamation of Sanghi Industries Limited with Ambuja Cements Limited
CHAMBAL FERTILIZERS : Patna GST authority levies penalty of Rs 527 cr
Power Grid : Board approves investment of Rs 700cr in 2 projects
Brigade Ent : Co. signs pact to sell land in Telangana for `110 cr to arm
BofA on Delhivery
Target Price ₹500
Recommendation Neutral
Strong momentum heading into festive season
Lower competition also helps
Delhivery momentum strong; 3PL competition now lower
Express yields: Stable in near-term; to inch up going ahead
MS on Oil & Gas
Government focus on improving market caps for the energy SOEs was clear
Policy direction is less interventionist with heightened focus on quality of capex and unlocking value
Management term are being looked at to be more medium- to long-term
Cross-holding reduction among SOEs
Stable fuel pricing; cooking gas in recovery
MS on Indusind Bank
Target Price ₹785
Earlier Target ₹750
Recommendation Equal-weight
Stock trades at 0.8x FY27e book value, which is fair in the context of good CET-1 and strong LCR
There is management clarity post new CEO appointment
Expect coverage build-up in FY26 driving EPS cut
RoA outlook is unchanged at 0.85%/1.0% in FY27/28 vs. 0.3% in FY26
MS on Paints
Demand trends in Q2 to the second week of September were weak, affected by monsoons and floods in some regions
Part of western region has seen a pickup post Shraddh
Dealers, in general, are hopeful of a strong festive demand in October
Competitive intensity in paints is unchanged vs. last quarter
Higher discounts and increased competitive intensity are evident
JPMorgan On OMCs
MoPNG Pitched For Higher Valuations Of PSU Oil & Gas Cos At Investor Meet
Highlighted Govt Support, Profitability & Focus On Operational Excellence
Investor Confidence May Take Time, Diesel Crack Gains Lower Excise Duty Risk
Preference Order: BPCL > IOCL > HPCL
BAAZAR STYLE : CO. OPENS NEW STORE IN U.P.
New store launched at Phaphamau, Uttar Pradesh.
Total store count now reaches 250 outlets.
Strengthens retail footprint & market presence in North India.
Impact: Positive – Expansion signals steady growth and wider consumer reach.
Patel Retail : Co. Expands with 46th Store in Maharashtra
New Outlet Opened: KYD Patel’s R Mart launched at New ERA Yogi Dham, Kalyan East, Maharashtra.
Total Count: Store network now stands at 46 outlets across India.
Expansion Drive: Strengthens retail footprint in a key consumption market.
Impact: Positive – Supports growth momentum & wider consumer reach.**
NUVAMA ON ACME SOLAR
Target Price: Rs 360 (Maintain Buy)
Declared L1 at all-time low Solar + BESS tariff of INR 2.76/kWh for MP's RUMSL Unit-2 (220 MW)
Value-accretive project with mid/high-teens IRR under ideal conditions
Low capex on land and infrastructure (bundled with solar park)
Free night charging from MP; tariff unchanged on discharge o
Expected capacity CAGR of 40% and OCF CAGR of 57% over FY25-28E
Rising high-return FDRE/hybrid mix to reach 49% by FY28E
BoFA Sec on L&T
Downgrade to U-P from Buy, TP Rs 3700
Outperformance leaves little upside potential (STK up 10% in 2 Months)
Hyderabad metro exit: earnings/ROE accretive (upgrade FY26-28 earnings est. by 3-4%)
Going ahead, RoE expansion could be achieved through buybacks ($2.6bn of surplus cash) & continued margin/working capital improvements (tough incrementally)
Risk - Domestic capex losing steam & lower crude
EMKAY on Ethos
Buy, TP Rs 3500
Best play on Indian Luxury growth story
Key expansion roadblocks (people, capital, & real estate) are resolved
RoIC should improve, See scope for a 600bps increase over FY25-28E
Valuations at 40x/30x FY27E/28E EPS attractive
L&T , RAIL STOCKS ; Mumbai–Ahmedabad Bullet Train Progress: Surat–Bilimora by 2027, Full Corridor by 2029 says Rail Minister
First High-Speed Rail: Surat–Bilimora 50-km stretch to be operational by 2027.
Full Route: Mumbai–Ahmedabad corridor completion targeted by 2029.
Boost to Economy: Expected to connect major cities, cut travel time, and enhance regional growth.
Beneficiaries: Infra cos (L&T, IRCON, RVNL), rail EPC, cement & steel suppliers.
Impact: Positive – Supports infrastructure sector, long-term demand visibility.
CITI ON IT
Deal TCV is decent but skewed toward long-tenure and consolidation deals
TCS focus: demand and localization
Infosys focus: revenue guidance 1.8-3% yoy cc and steady margins
HCLT focus: revenue guidance 3-5% yoy cc and ER&D outlook
Wipro focus: 3Q guidance -0.5% to +1.5% qoq cc, margins, and potential buyback (~15%+ net cash)
TechM focus: growth and margins
LTIM valuations at 25.5x FY27E (30-45% premium vs peers)
are stretched despite management progress
Sustaining growth for LTIM may be challenging
Target Prices: Wipro Rs 225 (Maintain Sell), LTIM Rs 4,505 (Maintain Sell)
2QFY26 outlook is stable but sluggish
Top 5 IT companies expected cc revenue growth of +0.3% to +1.5% qoq (-3% to +4% yoy)
FY26 likely to be the 3rd weak year in a row (~2-4% cc growth)
US BFS segment holds up while autos and retail remain weaker
Currency acts as a tailwind for the sector
Demand commentary is key, but there is no clear recovery yet
NSEIT has underperformed NIFTY by ~25% CYTD
NSEIT trades at 22x forward PE (~10% premium), not cheap amid headwinds
Key watchpoints include guidance changes at Infosys and HCLT, which are unlikely to raise the high-end
Margins are impacted by wage hikes, localization, and currency benefits
Patel Retail : Co. Expands with 46th Store in Maharashtra
New Outlet Opened: KYD Patel’s R Mart launched at New ERA Yogi Dham, Kalyan East, Maharashtra.
Total Count: Store network now stands at 46 outlets across India.
Expansion Drive: Strengthens retail footprint in a key consumption market.
Impact: Positive – Supports growth momentum & wider consumer reach.**
BEL: Army issues ₹30,000 cr tender to co to buy 'Anant Shastra' Air Defence missile systems ; Reports
TECHERA ENGINEERING : LARGE TRADE NSE
MAHARASHTRA DEFENCE AND AEROSPACE VENTURE FUND SOLD 11.29 LKH SHARES ( 6.83 % STAKES) @ ₹ 243.85 /SHARE
BENGAL FINANCE & INVESTMENT PRIVATE LIMITED ( ASHISH KACHOLIA ) BOUGHT 4.22 LKH SHARES ( 2.55 % STAKES ) @ ₹ 243.85 /SHARE
SURYA VANSHI COMMOTRADE PVT. LTD BOUGHT 4.49 LKH SHARES ( 2.72 % STAKES ) @ ₹ 243.85 /SHARE
ALOK INDUSTRIES: DGTR LAUNCHES ANTI-DUMPING PROBE ON CALCIUM CARBONATE FILLER IMPORTS FROM VIETNAM
DGTR has initiated an anti-dumping investigation on imports of calcium carbonate filler masterbatch from Vietnam.
Alok Industries is the petitioner, alleging injury to domestic producers due to cheap imports.
If anti-dumping duties are imposed, imports from Vietnam may face higher levies.
NIFTY TO OPEN 74 PTS GAP UP
SEPC ; WINS RS 32.6 CR ORDER
ANDHRA PETROCHEMICALS: DGTR BEGINS ANTI-DUMPING PROBE ON N-BUTYL ALCOHOL IMPORTS FROM TAIWAN AND SAUDI ARABIA
DGTR has initiated an anti-dumping investigation on imports of Normal Butanol from Taiwan and Saudi Arabia.
The probe follows a petition alleging injury to domestic producers due to low-priced imports.
If duties are imposed, imports from these countries may attract higher levies.
SRF: DGTR LAUNCHES ANTI-DUMPING PROBE ON POLYESTER/NYLON BELTING FABRIC IMPORTS FROM CHINA
DGTR has initiated an anti-dumping investigation on imports of belting fabric with over 80 percent polyester or nylon content from China.
The petition alleges injury to domestic producers due to unfairly priced imports.
If duties are imposed, Chinese imports of belting fabric may face higher levies.
SEALMATIC INDIA ; BOARD MEET ON 3 OCT TO CONSIDER BONUS ISSUE
Market opens higher, Nifty above 24,700
IT STOCKS UP AFTER SELL OFF LAST WEEK
BEL UP 2 % ON RS 30000 CR TENDER REPORT
WHEELS INDIA ; Wheels India signs technical agreement with South Korean firm for Hydraulics Cylinder business
Anant Raj plans to scale up data centre business to $1 billion by 2031-32 - The Economic Times https://share.google/k4CMiK85NdGi3tRha
SUNTECH REALTY: Sunteck Realty launches ultra-luxury brand ‘Emaance’, to roll out ₹20,000 crore projects in Mumbai and Dubai : REPORTS
Kotak Inst Says Expect 8-9% Earnings Growth For Nifty Cos This Year
See 17% Earnings Growth For FY27
HDB ; 3 % EQUITY LOCK IN ENDS TODAY
VASCON ENGINEERS UP 10 % AFTER CO. SIGNED MOU WITH ADANI
MAZAGON DOCK, GARDEN REACH, COCHIN SHIPYARD, SCI ; Port Minister Says Expect ₹1.82 Lk Cr Investment In Shipbuilding & Maritime Sector - NDTV PROFIT
Wockhardt up 5% after White House says countries with existing trade deals with US are exempt from pharmatariffs
KILBURN ENG ; PROMOTER BOUGHT ADDITIONAL 0.01 % STAKE ON 26 SEPT VIA OPEN MARKET
KOTAK AMC Says Market mood slightly cautious amid persistent FII selling
Ongoing battle between FII fear and DII FOMO in the market
Earnings expected to drive India's long-term growth story
Q2 may see some impact from GST 2.0
Better earnings anticipated in H2 compared to H1
H2 should deliver stronger earnings, as GST rejig alone cannot drive consumption
RELIANCE POWER ; Reliance Power Sells Indonesian Coal Subsidiaries for $12M
Reliance Power signs share purchase agreement with Biotruster (Singapore) Pte Ltd.
Sale includes 100% equity in PT Avaneesh Coal Resources, PT Heramba Coal, PT Sumukha Coal Services & other step-down subsidiaries.
Consideration: USD 12 million (~₹100 crore) receivable on closing by Dec 30, 2025.
Contribution: Subsidiaries had no income; net worth only ₹16,909 lakh (0.53% of consolidated net worth).
Impact: Neutral-to-Positive – Monetisation of non-core assets improves cash flow, but small financial impact.
Choice International : Promoter buys 27 cr worth shares at 800 per share
KAYNES Management says Will Not Raise Any Capital From Market Going Ahead
FY30 Capex & Capital Allocation Plan Will Not Change Under New CEO
KAYNES MANAGEMENT Says New Leadership Will not affect Earlier Growth Plans
KAYNES Management says Preparing For Next Level Of Growth For Co
Will Announce New CEO At An Appropriate Time

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