Market View 29th September, 2025

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

Asian stocks moved higher after giving up earlier losses, supported by a positive reading on inflation that boosted hopes the rally on Wall Street would continue. Gains were led by shares in Hong Kong, while Japanese shares slipped as companies went ex-dividend at the end of their financial year. Mainland Chinese shares also inched up, helped by stronger than expected economic figures released over the weekend. During Asian trading hours, futures linked to major European and United States indices advanced, signalling that investor optimism from the previous session could extend. Futures for the main US benchmarks rose after all three major American indices posted gains at the end of last week, breaking a short losing streak. However, Indian equity markets moved in the opposite direction. The key domestic benchmarks ended lower for a sixth session in a row, showing ongoing caution among local investors even as global markets displayed a more positive tone.

Economic Calendar:

• USD: House Price Index on 30^th September 2025.
• IND: Industrial Productions (Aug) on 29^th September 2025.
• USD: S&P Global Manufacturing PMI on 01^st October 2025.
• IND: Federal Fiscal Deficit (Aug) on 30^th September 2025.

IPO Watch:

Company	Open	Close	Price (Rs/-)	View
Glottis Ltd	Sept 29th	Oct 1st	120-129	May Review

Brokerage Radar:

JPMORGAN ON PIDILITE:

Target Rs 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.

JPMORGAN ON VISHAL MEGA MART:

Target Rs 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.

BOFA ON UNITED SPIRITS:

Target Rs 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.

MS ON JSW STEEL:

Target Rs 1300 Recommendation Overweight, SC upholds acquisition of BPSL; a positive development, Removes a major overhang for JSW Steel, Expect this development to support the stock price.

International Markets:

U.S & Europe:

*As per 29^th September.

Asian markets:

Particulars	29th  Sept	Chg.	Chg.(%)
GIFT Nifty	24,797.00	107.10	0.43
Nikkei	44,905.00	-449.99	-0.99
Straits Times	4,275.23	9.25	0.22
Hang Seng	26,518.00	389.80	1.49
Shanghai	3,832.77	4.66	0.12

Stocks strong on Chart:

Index	F&O	Cash
SBIN	HDFCAMC	RALLIS INDIA
AXISBANK	BRITANNIA	CEAT
ICICI BANK	DABUR	BEML
ULTRACEMCO	PFC	MAX ESTATE
HEROMOTOCO	ICICIGI	NIPPON AMC
BEL	RECLTD	MINDACORP

Commodities & Currency:

Particulars	Current Price	Chg.(%)
USD/INR	88.648	-0.01
Brent	68.81	-0.59
Gold	113,766	-0.02
Silver	142,147	0.18

FIIs & DIIs:

Particulars	26th Sept	25th Sept
FIIs	-5,687.58	-4,995.42
DIIs	5,843.21	5,103.01

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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