Market View 25th September, 2025

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

Asian shares moved in a narrow range at the start of trade as weakness from Wall Street carried over. The strong rally driven by artificial intelligence stocks showed signs of slowing. Markets in Japan and Australia inched higher while South Korea slipped. Hong Kong gained as investors looked for bargains after recent losses. US stock futures pointed slightly higher during Asian hours, while contracts tied to major European benchmarks were mostly steady. This followed another day of weakness on Wall Street where key indices lost ground for a second session as enthusiasm for new spending in artificial intelligence faded quickly. In India, benchmark equity indices extended their losing streak with a fourth straight day of declines. Investors remained cautious amid global market uncertainty and mixed signals from technology stocks. Overall, sentiment across major markets stayed muted as traders assessed whether the powerful rally in technology and artificial intelligence related shares still has room to run.

Economic Calendar:

• USD: GDP (QoQ) Data on 25^th September 2025.
• IND: Foreign Reserves USD on 26^th September 2025.
• USD: Initial and Continuing Jobless Claims Data on 25^th September 2025.
• IND: Bank Loan and Deposit Growth Rate on 26^th September 2025.

IPO Watch:

Brokerage Radar:

INVESTEC ON ICICI BANK:

Target Rs 1745 Recommendation Buy, Management anticipates a gradual pick up in loan growth, NIM compression is expected to be milder than anticipated, Funding costs have responded well to repo rate cuts, Bank remains selective in the aggressively priced wholesale lending segment.

AVENDUS SPARK ON NIVA BUPA:

Target Rs 90 Recommendation Add, Reported GDPI growth to be under pressure due to 1/N; however, it should remain strong on N basis, Higher exposure to benefit-based health or diversified book makes Niva Bupa GDPI growth less volatile, Calibrated porting should aid better growth.

CITI ON SBI:

Target Rs 1050 Recommendation Add, Continue to build in loan growth of 13-14% YoY, See NIMs at 2.8-2.9% and stable credit cost of 40-45 bps, Expect it to deliver ROA of 1% and ROE of 14-15% over FY26-27, SBI is preferred pick within the PSU banks coverage.

CLSA ON BHARTI AIRTEL:

Target Rs 2035 Recommendation Outperform, Nxtra to gain from data centre policy, Nxtra plans to double capacity to 400MW, Nxtra is a part of Bharti’s enterprise business, which is 15% of India operations as mobile business dominates, Although Nxtra is mere c10% of Airtel Business, it is growing rapidly.

International Markets:

U.S & Europe:

*As per 25^th September.

Asian markets:

Particulars	25th  Sept	Chg.	Chg.(%)
GIFT Nifty	25,075.00	-36.90	-0.15
Nikkei	45,690.00	59.69	0.13
Straits Times	4,282.51	-7.89	-0.18
Hang Seng	26,567.0	48.35	0.18
Shanghai	3,859.79	6.15	0.16

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	88.785	0.03
Brent	69.04	-0.39
Gold	112,550	00
Silver	133,950	-0.04

FIIs & DIIs:

Particulars	24th Sept	23rd Sept
FIIs	-2,425.75	-3,551.19
DIIs	1,211.68	2,670.87

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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