Market View 30th September, 2025

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

Asian markets ended the day broadly higher, supported by gains in technology stocks and optimism that U.S. interest rates may be cut after softer inflation data. Investor sentiment was helped by Wall Street’s positive start to the week, though concerns about new tariffs, a possible U.S. government shutdown, and upcoming key economic releases kept traders cautious. China remained a weak spot as factory activity showed little improvement, while hedge funds reduced exposure to emerging Asian equities. Japan underperformed, weighed down by a stronger yen. European futures declined during Asian trading hours, and U.S. futures were mostly flat. On Wall Street, consumer and technology sectors led gains, with energy stocks falling on expectations of increased crude supply from OPEC+. Robinhood shares rose on optimism around trading volumes. In India, the benchmark indices closed slightly lower after a volatile session. Sectoral performance was mixed, though state-owned banks managed to post gains. Meanwhile, investors awaited fiscal deficit data for the April to August period.

Economic Calendar:

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

IPO Watch:

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

Brokerage Radar:

CLSA ON COFORGE:

Target Rs 2346 Recommendation Outperform, Able leadership, well incentivised with ESOPs and a strong track record, Derives two-thirds of its revenue from the financial services and travel verticals, Management’s strong execution by building strong domain expertise in these verticals.

JEFFERIES ON TATA MOTORS:

Target Rs 575 Recommendation Underperform, JLR is still recovering from the cyberattack, Strong uptick in PV bookings, Sanguine on India CV demand & margins, too.

NOMURA ON ANANT RAJ:

Target Rs 700 Recommendation Buy, Believe investors had strong interest in the data center theme in India, Liked the company’s early start in the DC segment and relatively lower capex cost, Concerns were more around competitive pressure, risks and technical capabilities.

MACQUARIE ON HDFC LIFE:

Target Rs 700 Recommendation Underperform, Bracing for a tough quarter, Q2 VNB margins could be under pressure, Seeing some early signs of better run rate in protection post GST cuts; impact on ULIPs is high, Focusing more on agency, dip in 13m persistency is not a worry.

International Markets:

U.S & Europe:

*As per 30^th September.

Asian markets:

Particulars	30th  Sept	Chg.	Chg.(%)
GIFT Nifty	24,695.00	10.00	0.04
Nikkei	44,969.00	-74.75	-0.17
Straits Times	4,278.98	9.00	0.21
Hang Seng	26,631.00	8.12	0.03
Shanghai	3,871.49	8.96	0.23

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	88.734	0.07
Brent	66.66	-0.64
Gold	115,452	00
Silver	143,120	0.01

FIIs & DIIs:

Particulars	29th Sept	26th Sept
FIIs	-2,831.59	-5,687.58
DIIs	3,845.87	5,843.21

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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