ET NEWS

Benchmark Nifty can see further upside if the bullish momentum drives the index past 25,450–25,500 levels. Banking and consumption stocks look promising and could offer better opportunities in the near term, analysts said. On the downside, Nifty is expected to sustain above 24,900 this week.PRITESH MEHTA EXECUTIVE VICE PRESIDENT – RESEARCH, YES SECURITIESWhere is Nifty headed this week? The base of the index continues to shift higher, with immediate support around the 24,900 zone. This month, both the Financial Services and Bank Nifty indices have played a key role in driving the recent upmove. Relative strengths indicate potential outperformance. For the Nifty, a move above 25,440 would trigger a double-top buy signal, opening up the possibility of an upward move towards the next three-digit Gann number of 25,700 in the coming weeks. What should investors do? The Consumer Discretionary vs FMCG ratio chart has broken out after nearly two years of consolidation, signaling renewed strength and potential outperformance of discretionary names over the defensives. Our customised Tyres Index has also given a base breakout, indicating potential upside of 10–12% in Ceat and Apollo Tyres. In the financial space, the Bank Nifty has staged a bullish turtle breakout on the Point & Figure chart, with a follow-through to a bullish anchor column. The projection suggests a move towards 58,000. Within the banking space, Axis Bank, Kotak Bank, and Bank of Baroda are expected to outperform.RUCHIT JAIN HEAD TECHNICAL RESEARCH, MOTILAL OSWAL FINANCIAL SERVICESWhere is Nifty headed this week? Nifty has consolidated in a broad range of 1,000 points over the last few months, which seems to be a time-wise corrective phase. However, the Bank Nifty seems to have taken the leadership this time and has started showing relative outperformance. Thus, the near-term trend for Nifty appears sideways, with immediate hurdles seen in 25,400–25,500 range, and support at 24,900–24,800. A breakout above this range is required for a resumption of the positive trend. Index traders can look for buying opportunities in Bank Nifty on declines, as it has given a breakout from an ‘Inverted Head and Shoulders’ pattern, implying a positive trend. Support for the banking index is placed at 56,000–55,800, and any dips towards this range can be viewed as buying opportunities. What should investors do? Among sectoral indices, the Nifty PSU Bank index has outperformed and could continue to do so. Traders can look to buy stocks such as SBI, which is leading the momentum, and Punjab National Bank, which has given a breakout from a ‘Cup and Handle’ pattern on weekly chart. L&T is on the verge of a breakout from a significant consolidation, and CDSL looks bullish from a positional perspective.RUPAK DE SENIOR TECHNICAL ANALYST, LKP SECURITIESWhere is Nifty headed this week? Nifty posted two consecutive green candles on daily timeframe, indicating renewed buying interest from strong hands. The recent consolidation breakout has added momentum as the bulls begin to regain control. A hidden positive divergence in the daily RSI (14) has also provided support for the ongoing rally. However, the index is not yet out of the woods, as it continues to trade below the previous swing low, which could act as a crucial resistance level. Notably, Nifty has closed in the green in six out of the last seven sessions, clearly reflecting bullish dominance in the market. Additionally, a series of higher bottoms further underscores the improving buying sentiment. The next few days could be interesting as the bulls may attempt to push the index towards the 25,500–25,550 zone. It will be worth watching whether the bears can halt the advance around this level. If Nifty manages to move above 25,550, the next potential target could be around 25,850.Trading strategies for the week: As long as the index sustains above 25,000, the market may continue to offer buying opportunities. Sectoral plays such as banking, auto, metal, and consumption-themed stocks could deliver strong gains. Stocks such as Mahindra & Mahindra, Federal Bank, State Bank of India, Swiggy, and InterGlobe Aviation (IndiGo) may experience significant buying interest.

Mumbai: In the first ever departure from the Tata Group's retirement policy, the Tata Trusts approved a third executive term for N Chandrasekaran, chairman of Tata Sons, said people aware of the matter. Chandrasekaran will be 65 when he ends his second term in February 2027.Under group rules, executives are expected to step down from such roles at 65 although they can remain in non-executive capacities until 70. "For the sake of continuity in functioning, it was felt that executive leadership was necessary to see through critical projects like semiconductors, batteries for electric vehicles and Air India," said one of the persons. "The Trusts resolution was sent to Tata Sons, which will of course have to decide when approving a third term from 2027," the person said.Navigating a complex phaseHighly placed executives close to the matter said Noel Tata and Venu Srinivasan proposed a third five-year executive term for Chandrasekaran at the Tata Trusts meeting on September 11, citing the importance of continuity for the group’s ongoing business transformation. The resolution was unanimously approved.Tata Trusts did not comment. 124511456As per the rules, a new term is approved a year before it ends and accordingly the decision will be formalised next year in February by Tata Trusts, which controls 66% of Tata Sons, the holding company of the conglomerate. This also marks the first time a group executive will remain in an active executive role past the retirement threshold.The extension comes amid a rift within Tata Trusts on whether Tata Sons should remain private. A few trustees are now reconsidering a July resolution that Tata Sons should stay privately held. Against this backdrop, Chandrasekaran’s continued executive leadership is seen as crucial to steer the group through a complex phase.Extension not unexpectedKetan Dalal, managing director of consulting firm Katalyst Advisors, said the extension may appear unusual but is not entirely unexpected given the crucial juncture the group finds itself at.“Tata is an extraordinary and respected conglomerate, but it is currently navigating a complex landscape of internal and external challenges, from the Air India incident and rising geopolitical tensions to increasing market pressure around a potential Tata Sons IPO,” he said. “At the same time, the group is making bold bets on strategic growth areas such as semiconductors, defence and aviation.”Chandrasekaran was granted a second five-year term in February 2022. A Tata Consultancy Services (TCS) veteran, he had first joined the board of Tata Sons in October 2016 and was appointed chairman in January 2017.FinancialsUnder his helm, the Tata Group nearly doubled revenue and more than tripled net profit and market capitalisation over the past five years when it spent ₹5.5 lakh crore. Revenue from all listed and unlisted entities was ₹15.34 lakh crore in FY25 with net profit at ₹1.13 lakh crore.However, over the last year, the group’s market cap has fallen by nearly ₹6.9 lakh crore to ₹26.5 lakh crore as of October 10, 2025, dragged down by a near 30% decline in the share price of TCS, the largest company in the Tata stable.During his tenure, Tata Sons’ net worth has risen to ₹1.49 lakh crore from ₹43,252 crore in 2018. His leadership also saw the group set up new businesses to capitalise on key opportunities. These include Tata Electronics’ entry into electronics and semiconductor manufacturing, assembly and testing. Tata Digital has set up an omni-channel platform with digital app Tata Neu besides pushing ahead into electronics (Croma), grocery (BigBasket), pharmacy and diagnostics (Tata 1mg) and fashion (Tata Cliq).In addition, Air India returned to the Tata Group after 69 years. Vistara and AirAsia India were merged with Air India and Air India Express, respectively. The Tata Group also acquired Tejas Networks, is building an indigenous mobile network stack and setting up battery gigafactories in India and the UK.The Trusts’ decision signals an endorsement of Chandrasekaran’s leadership and a desire to ensure stability amid complex shareholder and structural shifts at the conglomerate. Noel Tata, for instance, stepped down from executive responsibilities at 65 but continues as non-executive chairman at various Tata entities—a norm now formally waived only for Chandrasekaran.

Mumbai: Investors in Tata Capital's Initial Public Offering-the largest domestic issue in 2025-must brace for a modest opening on Monday, said analysts. With the stock's unofficial grey market premium-the extra price investors are willing to pay over the IPO price in the unofficial market before listing-at about 2% above the issue price of ₹326, analysts are keeping their expectations of a listing pop low."Tata Capital's IPO is likely to list on a flat note, with limited immediate upside," said Raj Gaikar, research analyst at Samco Securities. "While the Tata brand adds credibility, the overall sentiment suggests that listing gains may be minimal, as investors who participated mainly for short-term returns are likely to exit post listing."Grey market prices indicate the stock could list at about ₹332-333.The ₹15,512-crore initial public offering (IPO) of the Tata group company, the largest since Hyundai Motor India's ₹27,870 crore issues last year, was priced between ₹310 and ₹326 apiece.The issue was subscribed 1.95 times, indicating moderate investor enthusiasm, Gaikar added.SPTulsian Investment Advisers' analyst Geetanjali Kedia, who had advised investors not to subscribe to the issue, is now recommending a sell on listing."Upon listing, if there are profits, we advise booking gains. Otherwise, investors would be compelled to hold the stock for the long term," she said.Analysts said investors keen on holding the shares must be willing to be patient, and fresh investors can wait for better opportunities to buy Tata Capital shares.“While near-term listing performance might be subdued, the stock has potential to deliver superior gains over time as its financial performance sustains. Hence, longterm investors should stay invested, using a buy-and-hold approach rather than focusing on shortterm volatility or modest listing movement,” said Gaikar. For new investors, Gaikar suggests a wait-and-watch stance. “Investors looking to add exposure to the NBFC space should closely track Tata Capital’s performance post-listing rather than rushing in,” he said. “Once the price stabilises, the stock could provide better clarity on a new entry point for those seeking longterm participation in the company’s growth story.” Kedia suggests new investors should avoid buying its shares, and can look for other more attractive opportunities in the BFSI space.

The Bombay High Court has granted an interim stay in a case challenging the levy of 18% goods and services tax (GST) on restaurant services located within hotels where the room tariff exceeds ₹7,500 per day. This follows a petition in the court's Aurangabad bench challenging the validity of the GST rate notification that links the tax on restaurant services to hotel room tariff.The high court has issued notices to the Centre, the Maharashtra government, GST Council, and other state authorities. The matter is slated to be heard next on November 19.Under the current GST structure, standalone restaurants are taxed at 5%. However, when the same restaurant operates within a hotel whose room tariffs cross ₹7,500, the applicable GST rate jumps to 18%. This differential treatment, according to the petitioner, is arbitrary, irrational and commercially unjustified, especially when the restaurant caters to walk-in customers who are not hotel guests.Appearing for the petitioner, advocate Abhishek A Rastogi, founder of Rastogi Chambers, argued that the rule results in "absurd and disproportionate consequences." "Even if the hotel's room tariff exceeds ₹7,500 for just one day in a year, the restaurant services within the premises are taxed at 18% for the entire year. This outcome was never intended by the GST Council," he told the court.Rastogi further submitted that restaurant services should be taxed based on their nature of service rather than their location within a hotel property. "Restaurants, whether standalone or inside hotels, provide the same kind of service. Linking the tax rate to room tariffs makes no legal or economic sense, particularly when many patrons are walk-in customers," he argued.The petition has drawn attention from across the hospitality sector, which has long raised concerns over the complexities of GST classifications and their impact on business viability. Industry experts have pointed out that dynamic pricing by online travel agents often causes the effective room rate to exceed ₹7,500, even if the hotel's direct tariff is lower.

A mass shooting at a crowded bar on an idyllic South Carolina island has left four people dead and at least 20 injured, officials say. The shooting occurred early Sunday at Willie's Bar and Grill on St. Helena Island, officials said. A large crowd was at the scene when sheriff's deputies arrived and found several people suffering from gunshot wounds. "Multiple victims and witnesses ran to the nearby businesses and properties seeking shelter from the gun shots," the Beaufort County Sheriff's Office said in a statement on the social media platform X. "This is a tragic and difficult incident for everyone. We ask for your patience as we continue to investigate this incident. Our thoughts are with all of the victims and their loved ones," the statement said. Four people were found dead at the scene, and at least 20 other people were injured. Among the injured, four were in critical condition at area hospitals. The victims' identities were not released.