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Trendlyne Marketwatch
26 Sep 2025, 03:56PM
Market closes lower, SC approves JSW Steel's Rs 19,700 crore acquisition of Bhushan Power
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,654.70 (-236.2, -1.0%) , BSE Sensex closed at 80,426.46 (-733.2, -0.9%) while the broader Nifty 500 closed at 22,713.15 (-309.3, -1.3%). Market breadth is moving down. Of the 2,551 stocks traded today, 406 were on the uptick, and 2,114 were down.

Indian indices closed lower, dragged down by pharma stocks after President Trump imposed a 100% tariff on drug imports, effective October 1. The Indian volatility index, Nifty VIX, rose 5.3% and closed at 11.4 points. Waaree Energies closed 7% in the red as the US government is reportedly investigating allegations that Waaree Energies mislabelled solar cells and panels made in China as Indian products to evade anti-dumping duties imposed on Chinese imports.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, tracking the benchmark index. Nifty India Digital and S&P BSE Telecom were among the worst-performing indices of the day. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the worst-performing sector of the day, with a fall of 3.7%.

European indices are trading higher, except the Netherlands’ AEX and Portugal’s PSI indices, which are trading flat and 0.2% lower, respectively. Major Asian indices closed with varied trends. US index futures are trading mixed, indicating a cautious start to the session as investors await the release of fresh inflation data later today.

  • Relative strength index (RSI) indicates that stocks like Hindustan Copper, Maruti Suzuki, Usha Martin, and Anant Raj are in the overbought zone.

  • Jindal Steel expands its Angul blast furnace capacity by 5 million tonnes per annum (MTPA) to 9 MTPA.

  • Larsen & Toubro rises as the Telangana government agrees to buy L&T’s share in the Hyderabad metro rail project. The state will pay Rs 2,100 crore to the company for equity investment and take over the project’s debt of around Rs 13,000 crore.

  • Ircon International bags a letter of award (LoA) worth Rs 224.5 crore from North East Frontier Railways (NFR). The order involves the construction and maintenance of infrastructure for Vande Bharat Express at the coaching complex, a GE Loco shed for housing 250 locos, and next-generation freight maintenance facilities.

  • Nuvoco Vistas Corp falls sharply as it receives a show-cause notice from the Central Goods and Services Tax (CGST), Raipur, for FY20 to September 2024. The notice alleges invoicing of cement without actual supply, with a total demand of Rs 112.5 crore.

  • ICICI Securities initiates coverage on Godrej Agrovet with a 'Buy' call and a target price of Rs 980 per share. This indicates a potential upside of 37.8%. The brokerage expects the company’s growth to pick up over the next 2–3 years, driven by CDMO recovery, strong rainfall and reservoir levels, dairy segment growth, and higher agrochemical demand. It expects the firm's revenue to grow at a CAGR of 9.8% over FY26-28.

  • Hatsun Agro Products' Chairman, RG Chandramogan, estimates its revenue to grow 15% in FY26, driven by GST cuts in butter and other dairy products. He notes that the GSt cuts are good for the country, but adds that opening up the dairy industry to the US will be detrimental to the farmers and the rural market.

  • The Global Trade Research Initiative (GTRI) states that European nations will be the worst hit by the new 100% US tariffs on branded or patented pharma imports, while India may see limited impact for now. In 2024, India exported $12.7 billion (approx. Rs 1.1 lakh crore) worth of largely generic drugs to the US. However, there is still uncertainty around how "branded generics" will be treated under the new policy.

  • Reports suggest that 62 lakh shares (0.7% stake) of Titan, worth Rs 2,050 crore, have changed hands in a block deal at an average price of Rs 3,306 per share.

  • JSW Steel touches its all-time high of Rs 1,167.9 per share as the Supreme Court (SC) approves its Rs 19,700 crore acquisition of Bhushan Power & Steel.

  • Vodafone falls sharply as the Supreme Court (SC) defers its AGR dues plea hearing to October 6 from today.

  • Motilal Oswal reiterates its 'Buy' rating on Grasim Industries with a target price of Rs 3,550. The brokerage notes the company's FY28 revenue target of Rs 10,000 crore from its paints business, with operating-level profitability. At this scale, it aims to become the No. 2 player in the decorative paints market. It adds that paints and B2B e-commerce have outperformed expectations, and their losses are expected to ease.

  • GHCL is falling as it temporarily shuts down its soda ash plant for planned maintenance from September 26 to October 12. The company expects a production shortfall of 22,000-25,000 tons.

  • Waaree Energies falls sharply as the US government reportedly investigates the company for tariff evasion. The US alleges that Waaree Energies mislabelled solar cells and panels made in China as Indian products to evade anti-dumping duties imposed on Chinese imports.

  • Saatvik Green Energy’s shares make a flat debut on the bourses at Rs 465. The Rs 900 crore IPO received bids for 6.6 times the total shares on offer.

  • CS Vigneshwar, President of FADA, is optimistic about India’s auto retail sector. He expects 10–15% YoY growth in FY26, driven by strong demand in entry-level two and four-wheeler segments. However, he warns that high inventory levels, around 50 to 55 days for passenger vehicles compared to the ideal 21 days, and liquidity pressures could limit overall gains.

  • GK Energy's shares debut on the bourses at an 11.8% discount to the issue price of Rs 153. The Rs 464.3 crore IPO received bids for 89.6 times the total shares on offer.

  • Railtel Corp of India rises as it bags a letter of award (LoA) worth Rs 970.1 crore from the Bihar Education Project Council (BEPC) to set up physics, chemistry and biology labs in government schools on a turnkey basis.

  • Bharat Heavy Electricals is falling as the Department of Investment and Public Asset Management (DIPAM) rejects the company's proposal for a merger with REC Power Development and Consultancy.

  • Nomura initiates coverage on Titan with a 'Buy' rating and a target price of Rs 4,275. The brokerage says the company's sales and margins have stabilised, supporting long-term growth. While Q2 may be relatively soft, Nomura views it as a good entry point, expecting a recovery in H2 driven by festive and wedding demand, as well as new store openings.

  • Exide Industries invests Rs 80 crore in its unit, Exide Energy Solutions, through a rights issue. The fund will be used to support the ongoing development of a greenfield lithium-ion battery cell plant in Bengaluru.

  • Rites rises sharply as it bags a letter of award (LoA) worth $18 million (~ Rs 159.7 crore) from Talis Logistics, South Africa, to supply and commission diesel electric locomotives.

  • Pharma stocks like Sun Pharmaceutical Industries, Divi's Laboratories, and Gland Pharma fall sharply as US President Donald Trump announces a 100% tariff on branded and patented drug imports. The tariff exempts companies with existing or under-construction plants in the US.

  • Ather Energy faces supply disruptions after China’s export ban on heavy rare earth magnets, impacting up to 52,500 vehicles under the PM E-DRIVE scheme. The company has deferred demand incentive claims worth Rs 26.3 crore.

  • Nifty 50 was trading at 24,816 (-74.9, -0.3%), BSE Sensex was trading at 80,956.01 (-203.7, -0.3%), while the broader Nifty 500 was trading at 22,916 (-106.4, -0.5%).

  • Market breadth is moving down. Of the 2,038 stocks traded today, 467 were gainers and 1,518 were losers.

Riding High:

Largecap and midcap gainers today include Larsen & Toubro Ltd. (3,729.50, 2.3%), Ipca Laboratories Ltd. (1,371.20, 1.5%) and Tata Motors Ltd. (672.90, 1.3%).

Downers:

Largecap and midcap losers today include Waaree Energies Ltd. (3,207.60, -6.9%), Biocon Ltd. (338.90, -4.8%) and JSW Infrastructure Ltd. (322.65, -4.6%).

Volume Shockers

18 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Godrej Agrovet Ltd. (715.80, 4.1%), Jupiter Wagons Ltd. (336.40, 3.9%) and Larsen & Toubro Ltd. (3,729.50, 2.3%).

Top high volume losers on BSE were Wockhardt Ltd. (1,336.50, -9.5%), Caplin Point Laboratories Ltd. (2,036.90, -6.7%) and Nuvoco Vistas Corporation Ltd. (419.90, -5.1%).

Rites Ltd. (248.31, -1.6%) was trading at 60.6 times of weekly average. Titan Company Ltd. (3,327.30, -1.5%) and Kirloskar Brothers Ltd. (1,954.20, -0.7%) were trading with volumes 6.1 and 5.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks hit their 52 week highs, while 11 stocks tanked below their 52 week lows.

Stocks touching their year highs included - JSW Steel Ltd. (1,130.80, -1.5%), Maruti Suzuki India Ltd. (16,286, 0.1%) and Usha Martin Ltd. (448.90, 0.0%).

Stocks making new 52 weeks lows included - IRB Infrastructure Developers Ltd. (41.01, -2.4%) and Petronet LNG Ltd. (266.90, -1.2%).

2 stocks climbed above their 200 day SMA including Kansai Nerolac Paints Ltd. (246.58, 0.6%) and Rites Ltd. (248.31, -1.6%). 47 stocks slipped below their 200 SMA including Wockhardt Ltd. (1,336.50, -9.5%) and Caplin Point Laboratories Ltd. (2,036.90, -6.7%).

 
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