Indian Stock Market LIVE: GIFT Nifty Implies Negative Open; HDFC Bank, Muthoot Finance, RVNL Shares In Focus

The Indian stock market is expected to open on a negative note today, with the GIFT Nifty implying a lower start. The NSE Nifty 50 has breached the resistance level at 24,600, and the next resistance lies at 24,700. Once the index breaches this level, it may rally up to 25,000. Thursday is the weekly expiry for the NSE Nifty Bank futures, which may cause some volatility.

Global Market Cues

Gold prices advanced for three days in a row as the hope for rate cuts from the US Federal Reserve increased after an expected inflation rise. Bloomberg spot gold was trading 0.12% higher at $3,359.81 an ounce.

Oil prices consolidated in the Asia trade session after hitting a two-month low in the previous session. The oil prices declined as the International Energy Agency warned of an oversupply next year. The brent crude was trading 0.55% higher at $65.98 a barrel as of 8:00 a.m.

Bitcoin hit a record high Wednesday, moving in lockstep with a rally in US equities as investors pushed deeper into risk-taking territory across world markets. The cryptocurrency rose to $1,24,514 today, marking a fresh record high according to Bloomberg data. The previous high of $123,205.12 was hit on July 14.

Stocks in Focus

Maintain Buy and cut the target price to Rs 110 from Rs 120 for SAMIL. The company has reported a margin miss in the first quarter, but it is expanding its non-auto business well, especially in electronics. It expects margins to improve sequentially as cost optimization efforts in Europe bear fruit. Start-up costs at new plants are expected to fade with production ramp-up. The brokerage has cut FY26-28E EPS by 10-15%.

Maintain Buy and hike the target price to Rs 2,950 from Rs 2,660 for Muthoot Finance. The company has reported a solid quarter with strong AUM growth and NPA recoveries boosting profit. Gold price tailwind, headroom to lift LTV should support healthy loan growth. NIM should expand due to easing rates. With limited loan losses, it stays a defensive play amid rising broader stress. Expect 23% profit CAGR, ROE of 21%+ over FY26-28.

Market Outlook

The Indian stock market is expected to remain volatile in the short term due to the weekly expiry of NSE Nifty Bank futures. However, the long-term outlook remains positive, with the NSE Nifty 50 expected to breach the resistance level at 24,700 and rally up to 25,000.

Investors are advised to remain cautious and keep a close eye on the global market cues, especially the US Federal Reserve’s decision on interest rates. The Indian stock market is also expected to be influenced by the Q1 results of major companies, which will be announced in the coming weeks.

Conclusion

In conclusion, the Indian stock market is expected to open on a negative note today, with the GIFT Nifty implying a lower start. However, the long-term outlook remains positive, with the NSE Nifty 50 expected to breach the resistance level at 24,700 and rally up to 25,000. Investors are advised to remain cautious and keep a close eye on the global market cues and Q1 results of major companies.

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