Equirus on TrentDowngrades To ‘Reduce’ From ‘Add’; Cuts Target Price To ₹4,474 From ₹5,759Premium To Fade As Growth Moderates; Signs Of Growth Fatigue Have Emerged SinceQ2 Is Poised To Be The Fifth Consecutive Quarter Of Sequential Moderation In Topline GrowthQ2 Standalone Revenue Growth Of 17% Marks Lowest Performance In The Past 18 QuartersExpectation Of 26% […]
Equity:
Nifty: 25,077 (+0.74%)
Sensex: 81,790 (+0.72%)
DIIs: Bought Rs. 5,036 cr
FIIs: Sold Rs. 313 cr
GIFT Nifty: 25,155 (as of 7:30 a.m.)
KRN HEAT EXCHANGER
Co acquires Sphere Refrigeration’s Bus Air-Conditioning division
Strategic acquisition through Business Transfer Agreement signed between KRN HVAC Products Pvt. Ltd. and Sphere Refrigeration Systems Pvt. Ltd.
All operations, assets, and employees of the bus AC business to be integrated with KRN’s HVAC division.
Strengthens KRN’s presence in automotive HVAC, expanding its mobility cooling portfolio.
Daily Morning Report Date: 07.10.2025
NIFTY OUTLOOK: 25077.65 FII: -313.77 cr DII: 5036.39 cr
As discussed yesterday, market behaviour remained on expected lines during the day, as the continuation of bullish momentum and strong demand took the Nifty rally up to 24995.95 on a successful breakout above 24940, and it closed near our projected level of 25077 at 25077.65.
A series of three consecutive bullish candles on the daily chart indicates strong momentum, suggesting the current uptrend is likely to continue. If Nifty sustains this northward move, then on a decisive breakout above 25124, it may rally further to 25171–25217, while stronger demand could extend gains up to 25263.
NYKAA Q2 BIZ
Nykaa Reports Strong Q2 FY26 Momentum; GMV Growth Nearing 30% Driven by Beauty & Fashion
Robust Growth: Consolidated GMV growth expected close to 30% YoY, led by strong traction in Beauty and Fashion verticals.
Beauty Vertical: Continues strong double-digit growth with support from brands like Dot & Key, Kay Beauty, and Nykaa Cosmetics.
Fashion Vertical: NSV growth in higher mid-20s, net revenue growth improving to low 20s on better brand assortment and customer acquisition.
JPMorgan on Avenue Supermarts – Maintain Neutral | Target ₹4,350
Q2 revenue growth of 15% may weigh on near-term stock performance; revenue 2% below street expectations. Store expansion pace steady.
As discussed in the previous report dated 29th September 2025, market behaviour remained on expected lines during the week. Nifty began the week with a bearish tone but buyers regained control in the second half, taking it up to the resistance of 24913, making a high of 24904.80.
ESAF Small Finance Bank – Q2 Business Update• Total deposits rose 5.93% YoY to ₹22,894 crore, up 0.86% QoQ• CASA deposits grew 13.67% YoY to ₹6,046 crore, lifting CASA ratio to 26.41% from 24.61% YoY• Gross advances increased 4.35% YoY to ₹19,137 crore, with 5% QoQ growth• Secured advances surged 62.31% YoY to ₹11,711 crore, […]
Jefferies on Cement Sector – Prices Hold as Intense Monsoon Ends
• Cement prices (ex-GST related changes) were marginally lower by 0.5% MoM
• YTD FY26 prices are tracking 5-6% higher YoY versus FY26 estimate of +4% YoY
• For Q2, prices (ex-GST) remained relatively steady with a 1-1.5% dip QoQ despite severe monsoons impacting demand
• GST rate cut from 28% to 18% has reflected in cement companies passing on the benefit
Data watch
1. FIIs net long at 6.7% (highly oversold)
2. VIX at 10.28 (-7.14%)
3. FIIs sold Rs.1,605 crore in the cash segment, Rs.128 crore in index futures, and Rs.307 crore in stock futures
4. PCR: Weekly 1.24, Monthly 1.03
5. Open interest position of Institutions & Retail:
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