Market View 19th September, 2025

View on market: Volatility persists, eagerly searching for growth:

Asian shares moved mixed after strong cues from the United States and other global markets following the latest interest-rate cut by the US Federal Reserve. Japanese stocks opened firmly higher, while South Korean shares moved slightly lower. Australian shares also gained in early trade. Futures on major US indices stayed positive and European index futures were steady. US markets extended their rally after the central bank reduced its benchmark rate for the first time this year and indicated it could cut again. All the main US equity gauges closed at new highs together for the first time in several years, marking a strong sign of investor confidence. Indian markets also finished higher for a third straight session, helped by the upbeat global mood. India’s commerce minister continues his visit to the UAE. Waaree Energies opens an offer for Indosolar shares. Tata Steel’s chairman will address an annual quality symposium.

Economic Calendar:

• USD: S&P Global Manufacturing PMI (Sep) on 23^rd September 2025.
• IND: Foreign Reserves (USD) on 19^th September 2025.
• USD: S&P Global Services PMI (Sep) on 23^rd September 2025.
• IND: S&P Global Manufacturing PMI (Sep) on 23^rd September 2025.

IPO Watch:

Brokerage Radar:

MORGAN STANLEY ON SBI:

Target Rs 885 Recommendation Equalweight, Reiterated loan growth of 11-12% in FY26, FY26 NIM exit guidance of ~3% supported by deposit repricing and the impact of the CRR rate cut in H2, Asset quality continues to remain robust.

MORGAN STANLEY ON AXIS BANK:

Target Rs 1325 Recommendation Overweight, Bank highlighted improving traction in deposit growth, Reiterated its guidance of gradual acceleration in loan growth to above system levels in FY26, Reiterated continued moderation in NIM for Q2; expects NIM to recover to 3.8% once the deposits reprice with a lag.

JEFFERIES ON JSW ENERGY:

Maintain buy target price: rs 700, Management Sees 4.4-4.9 GW Addition In FY26 Vs 3.1 GW Estimate, Strategy 3.0 Targets 2.8x Capacity Rise To 30 GW & Over 4x EBITDA Jump By FY30, Power Demand Expected To Normalise To 6% CAGR Over FY27-30, Co Poised To Deliver 42% EBITDA CAGR Over FY25-28.

MORGAN STANLEY ON ADANI POWER:

Initiate overweight target price: Rs 818, Co Is A Strong Example Of A Corporate Turnaround In India, Most Regulatory Issues Resolved & Value-Accretive Acquisitions Completed, Co Set To Deliver Strong Earnings Growth From Timely Projects And New PPAs, Capacity & EBITDA Forecast To Rise 2.5x & 3.0x By FY33, New Coal PPAs To Boost Investor Confidence In Earnings Power.

International Markets:

U.S & Europe:

*As per 19^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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