Market View 26th August, 2025

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

Asian equities were set to open lower on Tuesday after Wall Street slipped overnight, with investors turning cautious ahead of a key U.S. inflation report. The concern is that an unfavorable reading could slow the pace of Federal Reserve interest rate cuts, despite recent signals that easing may begin as soon as September. Futures in Japan, Hong Kong, and Australia retreated, while Chinese shares showed resilience, supported by gains in U.S.-listed Chinese companies. On Wall Street Monday, the major indexes pulled back. The S&P 500 fell as the rally that had pushed stocks close to record levels lost steam. The Dow dropped after its recent highs, and the Nasdaq also eased slightly, though Nvidia rose before its earnings and Alphabet touched a fresh record. Treasury yields edged higher, and the dollar strengthened. In India, both the Sensex and Nifty closed in positive territory, reflecting local optimism even as global investors stayed on edge.

Economic Calendar:

• USD: House Price Index (June) on 26^th August 2025.
• IND: Industrial Production (July) on 28^th August 2025.
• USD: Crude Oil Inventory on 27^th August 2025.
• IND: GDP Quarterly (Q2) on 29^th August 2025.

Brokerage Radar:

UBS ON EICHER MOTORS:

Target Rs 5900 Recommendation Neutral, All key brands of Eicher are at 349 cc91% of domestic volumes, Hence see tax rate at 18% vs 28% currently, Stock has been underperformer owing to GST confusion.

JPMORGAN ON TCS:

Target Rs 3,800, Upgrades to Overweight from Neutral Earlier Target Rs 3,650 Recommendation Overweight, Narrative should change to margin recovery, Think a 24-26% aspirational band would be achievable for TCS, Growth expectations have bottomed.

KOTAK INSTL EQ ON RELIANCE IND:

Maintain buy target price: Rs 1,555, Reliance Jio Turned FCF Positive In FY25 After 33% Drop In Capex, Overall Capex Flat YoY At ₹1.3 Lk Cr Due To Spend In Retail, O2C & New Energy, Capex Expected To Remain Stable; Profitability Of Core Businesses Improving, Positive On Consumer Businesses, Cautious On O2C Due To Lower Russian Crude Availability & Geopolitical Risks From US Tariffs.

HSBC ON TRENT:

Maintain buy target price: Rs 6,500, Zudio Has Low Store Overlap, Only 12 Of 235 Cities Have 10+ Stores, SSSg Assumed At 6% FY25-28 Vs Historical High Double Digits, Multiple Growth Levers Support SSSg Estimate.

International Markets:

U.S & Europe:

*As per 26^thAugust.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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