Market View 23rd September, 2025

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

Asian stock markets opened on a positive note following a strong finish on Wall Street. Gains were seen in major markets such as Japan, Australia and South Korea, while Hong Kong showed a slight decline. Futures trading in the United States stayed calm, whereas European futures showed mild strength during Asian hours. In the United States, shares ended higher for another session, supported mainly by technology companies. The rally helped the main indices reach fresh record levels after reversing an early dip. Comments from central bank officials also influenced investor sentiment by providing clues on the direction of interest rates. However, Indian shares moved in the opposite direction. Key domestic benchmarks slipped for a second day, reflecting profit booking and cautious trading. Both major indices closed lower after touching weaker levels earlier in the day. This divergence highlights mixed market mood, with global optimism offset by local selling pressure in India.

Economic Calendar:

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

JPMORGAN ON L&T:

Target Rs 4240 Recommendation Overweight, L&T continues to benefit from infrastructure spending by central, state and PSU entities, In the Middle East, L&T is capitalizing on sustained oil and gas capex, Expanding into high-growth sectors and new geographies, Strategic use of capital drives efficiency and future investments.

NOMURA ON HYUNDAI MOTOR:

Target Rs 2846 Recommendation Buy, Implications for India from Hyundai Motor Global investor day, Hyundai Motor India volumes to grow at 9% CAGR over CY25-30E; may need to raise capacity, Strong model pipeline with multiple launches ahead.

JEFFERIES ON PATANJALI:

Target Rs 695 Earlier Target Rs 670 Recommendation Buy, Company expects a gradual recovery through FY26 as headwinds in the edible oil and food business normalise, With GST rate cuts in Patanjali’s large categories, mgmt. expects demand trends to improve in H2.

JEFFERIES ON VISHAL MEGA MART:

Target Rs 175 Recommendation Buy, Vishal Mega Mart offers superior products at affordable prices on the back of scale, Despite soft industry demand environment, the company has been able to drive double digit SSSG, Visibility remains high on >80 store adds p.a.

International Markets:

U.S & Europe:

*As per 22^rd September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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