Market View 26th September, 2025

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

European stock futures moved up strongly in Asian trading while US futures stayed mostly unchanged. Asian shares opened weaker as strong economic signals from the US and mixed messages from Federal Reserve officials about future interest rate cuts created worries about high market valuations. Japan, Australia and South Korea all started lower. US shares extended their fall in the previous session after new economic data failed to revive buying interest. Investors are now waiting for an inflation reading that could influence the Federal Reserve’s next move. Major US indexes ended lower, with technology and industrial shares also slipping. Indian equity markets also closed weaker for a fifth straight day. Traders were cautious ahead of a key government and central bank meeting to decide on borrowing plans for the second half of the fiscal year. The central bank also announced a short-term liquidity operation and the coal ministry scheduled a roadshow to promote coal gasification.

Economic Calendar:

• USD: House Price Index on 30^th September 2025.
• IND: Foreign Reserves USD on 26^th September 2025.
• USD: S&P Global Manufacturing PMI on 01^st October 2025.
• IND: Bank Loan and Deposit Growth Rate on 26^th September 2025.

IPO Watch:

Brokerage Radar:

NOMURA ON TITAN:

Target Rs 4275 Recommendation Buy, Demand to remain steady; staple in the discretionary category, Organized players to continue to grow 1.5x faster than industry at mid-teens+, Headwinds largely behind; sales growth and margins reset to new normal levels.

JPMORGAN ON JUBILANT FOOD:

Target Rs 745 Recommendation Neutral, Revenue growth stays prioritized, But balancing it with improving margin ahead, Doubling down on technology/digital capabilities, Popeyes – Ready for a faster scale-up.

JPMORGAN ON GODREJ CONSUMER:

Target Rs 1365 Recommendation Overweight, GST-led trade disruption may weigh on Q2, full-year revenue outlook maintained, Rising palm oil prices pose a risk to the pace of margin recovery in H2, Indonesia – macro headwinds cause near-term uncertainty, Capital allocation will remain a priority for India.

UBS ON APL APOLLO:

Target Rs 2000 Recommendation Buy, APL’s strategy of launching ‘SG Premium’, a brand to take competition head on, is a step in the right direction, Narrowing price gap versus peers while leveraging its deep connects with the dealer network can impact peers offtake, This strategy can help to keep not only competitive intensity in check but also impact expansion plans of peers.

International Markets:

U.S & Europe:

*As per 26^th September.

Asian markets:

Particulars	26th  Sept	Chg.	Chg.(%)
GIFT Nifty	24,959.50	-8.20	-0.03
Nikkei	45,680.00	-74.93	-0.16
Straits Times	4,285.71	11.85	0.28
Hang Seng	26,280.00	-204.68	-0.77
Shanghai	3,845.72	-7.58	-0.20

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	88.795	0.06
Brent	69.69	0.39
Gold	112,650	0.02
Silver	137,025	-0.02

FIIs & DIIs:

Particulars	25th Sept	24th Sept
FIIs	-4,995.42	-2,425.75
DIIs	5,103.01	1,211.68

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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