The banking sector’s earnings growth has been increasingly driven by non-core treasury gains even as NII growth has decelerated significantly due to sharp loan repricing and elevated funding costs.

We recently met with Coforge’s management to discuss the company’s outlook on growth, margins, and cash flow conversion. The team highlighted that while industry-wide demand remains mixed, budgets are opening up for vendors that can deliver outcome-driven solutions.

Results and management commentaries of the key 25 companies across industrials, defense, and railways demonstrated sustained base ordering activity, along with a strong prospect pipeline for transmission, defense, and renewables, despite the absence of large orders during the quarter.

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Asian Markets were trading mixed as investors await the Bank of Korea's Policy decision and as attention turns towards India's markets, which reopen after Wednesday's holiday closure, coinciding with the implementation of US tariffs. The Nikkei and Shanghai Composite are up 0.39% and 0.11%

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USA Market: Wall Street closed lower on Monday as investors booked profits after Friday’s rally. The Dow Jones fell 349 points (0.8%), the S&P 500 slipped 0.4%, and the Nasdaq eased 0.2%. Optimism remains around a potential September Fed rate cut and Nvidia’s upcoming earnings, which could drive the tech-led “AI bull market.” Small-cap stocks are also seen as potential beneficiaries.

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End of day Summary