TRADERS MAINTAIN PRICING IN A 90% CHANCE OF A DECEMBER FED HIKE

FITCH SAYS IF OIL SUPPLIES THROUGH THE HORMUZ STRAIT CONTINUE TO BE HAMPERED BEYOND 2027, THEN A HIGHER OIL PRICE SCENARIO THAN OUR BASE CASE WOULD MATERIALIZE.

U.S. CENTRAL COMMAND SAYS THAT OVER RECENT DAYS AND WEEKS, IRANIAN-CONTROLLED MEDIA HAVE REPORTED IRANIAN CLAIMS THAT COMMERCIAL VESSELS ARE HITTING SEA MINES WHILE TRANSITING THE STRAIT OF HORMUZ, AND THAT THESE CLAIMS ARE FALSE

U.S. CENTCOM SAYS ALL INTERNATIONALLY RECOGNIZED PRIMARY TRANSIT ROUTES THROUGH THE STRAIT OF HORMUZ HAVE BEEN CLEARED OF SEA MINES BY U.S. FORCES AND REMAIN SO, WITH THOUSANDS OF COMMERCIAL VESSELS SAFELY USING THE LANES

ARAB-LED PARTIES HOLD 19 SEATS, LEAVING NEITHER BLOC AT THE 61 NEEDED; THE OPPOSITION PLUS ARAB-LED PARTIES TOTAL 67, BUT WITH THE JOINT LIST OFFERING ONLY OUTSIDE SUPPORT, ANY ANTI-NETANYAHU GOVERNMENT WOULD BE A MINORITY OR CROSS-BLOC ARRANGEMENT

ISRAEL ELECTION OFFICIAL COUNT, WITH 88.6% COUNTED AND TURNOUT AT 77.7%, SHOWS THE NETANYAHU BLOC (LIKUD, SHAS, UTJ, RZP, OTZMA) ON 53 SEATS, 8 SHORT OF A MAJORITY, AND THE OPPOSITION BLOC (YASHAR, TOGETHER, DEMOCRATS, YB, RESERVISTS) ON 48, 13 SHORT

$GOOGL Google Q3 2026 Earnings

EPS $2.12, vs. $2.87 y/y
Rev. $127.58B, est. $127.93B
Google Services rev. $96.30B, est. $98.4B
Google Cloud rev. $30.71B, est. $29.1B
Google Search & Other rev. $63.35B, est. $64.85B
YouTube ads rev. $11.21B, est. $11.43B
Oper income $40.58B, est. $43.16B
Capex $51.36B, est. $55.78B

U.S. VP VANCE IS ENGAGING WITH ONE OF IRAN’S MOST POWERFUL HARD-LINERS TO REVIVE PEACE TALKS, HAVING SENT A LETTER TO THE SECRETARY OF IRAN’S TOP SECURITY BODY, WHO HAD BEEN THE LONGEST-SERVING COMMANDER OF THE IRGC

U.S. TREASURY SECRETARY BESSENT SAYS THE 10-YEAR YIELD NEVER LOOKED BACK AFTER THE SEPTEMBER 2024 FED CUT, AND THAT, AS WARSH SAID, BONDS HAVE DONE A LOT OF TIGHTENING FOR THE FED

U.S. TREASURY SECRETARY BESSENT REPEATS THAT THERE IS A BIG CORRELATION BETWEEN YIELDS AND OIL PRICES, AND SAYS “OPERATION OUTCAST” ON IRAN IS SUCCEEDING

U.S. TREASURY SECRETARY BESSENT SAYS IRAN IS NOT ABLE TO GET DOLLARS AND FUNDING FOR ITS PROXIES IS GOING DOWN

U.S. TREASURY SECRETARY BESSENT SAYS HE DOES NOT THINK AI BORROWING IS PROBLEMATIC AT ALL AND DOES NOT SEE WIDENING SPREADS ON AI-ISSUER DEBT AS PROBLEMATIC, ADDING THE U.S. IS STILL SEEING DEALS GET DONE AND THAT META IS FINANCING WITH EQUITY

U.S. TREASURY SECRETARY BESSENT SAYS FRANCE HAS A TOUGH HAND

FED'S WARSH: WE'VE DECIDED TO CHANGE FOMC SCHEDULE NEXT FALL

8 MEETINGS IS RIGHT NUMBER A YEAR

ONE MEETING WILL NOT HAVE A VOTE ON POLICY RATE

ONE MEETING WILL BE FOCUSED ON STRATEGY

FED'S WARSH: EXPECT IN 2028 TO HAVE 6 POLICY-SETTING MEETINGS

Sectors To Watch

Power Stocks-Power demand surges 21% YoY in October till 25th, aided by low base

DCM Shriram, Chemplast, DCW-Recommendation for Duty on PVC Resin Imports from China

Apollo Hospitals Medanta Max Healthcare Artemis HCG-(Negative)-NPPA revises prices of 543 anti-cancer drug formulations

Shakti Pumps, Tiger Logistics, Aurum PropTech-Promoter buying

Q2 Earnings-Good-Bandhan Bank, Satin Credit, Sudeep Pharma, Meesho, Gokul Agro, Gulf Oil, Aeroflex , IIFL Capital, TVS Holdings, Elantas Beck, OneEMI Tech, ACME Solar, Infobeans, RR Kabel

STOCKS WATCHLIST

POSITIVE

Titagarh Rail Systems-Rs 1,717 cr wagon order from Railways Ministry

Fortis Health-Acquires 110-bedded Bengaluru Hospital for Rs 277 Cr

Polycab-MSCI defers exclusion

Hexaware Tech- Vivek Jetley appointed CEO

Infosys- Order from Canada's UNI Financial

Subros-Sets up greenfield Mfg plant in Haryana

Awfis Space-Launches 1.45 Lk Sq Ft of premium workspace

EPACK Prefab Tech-Commences commercial production at Rajasthan

Shakti Pumps, Tiger Logistics, Aurum PropTech-Promoter buying

NEGATIVE

Apollo Hospitals, Medanta, Max Healthcare-Anti-cancer drug price cuts

HD Fire Protect-Maharashtra Pollution Control Board adverse ruling

A-one Steels, Moneyview, Armee Infotech-Lockin Expiry

CITI ON JSW ENERGY

• Rating: BUY | Target Price: ₹650

• Q2 EBITDA ↑21% YoY, beating estimates by 16%.

• Power generation ↑17% YoY.

• Strong merchant realisations continue to support profitability.

• Renewable capacity additions expected to drive future growth.

• Transmission constraints and higher interest costs remain key risks.

JEFFERIES ON CHOLA FINANCE

• Rating: BUY | Target Price: ₹1,960 (Earlier ₹2,100)

• Q2 PAT ₹1,630 Cr ↑41% YoY, beating estimates by 3%.

• AUM ₹2.48 lakh Cr ↑25% YoY.

• Improved asset quality supports the business outlook.

• Higher funding costs continue to pressure NIMs.

• FY27 AUM growth guidance retained at 22–23%.

NUVAMA ON ADANI PORTS

• Rating: BUY | Target Price: ₹2,170 (Earlier ₹2,000)

• Q2 Revenue ↑24% YoY, EBITDA ↑25% YoY and Adjusted PAT ↑13% YoY, beating estimates.

• International Ports EBITDA ↑236% YoY.

• Domestic Ports Revenue ↑13% YoY.

• EBITDA estimates raised by 4% for FY27 and 2% for FY28.

• Higher guidance and capacity expansion support future growth.

CITI ON TVS MOTOR

• Rating: SELL | Target Price: ₹3,600 (Earlier ₹3,500)

• Q2 Revenue ↑44% YoY; EBITDA ↑47% YoY, beating estimates.

• Higher realisations and PLI incentives offset rising operating costs.

• Potential consumer finance business demerger could unlock value.

• Elevated valuations remain a key concern despite strong earnings growth.

MACQUARIE ON TVS MOTOR

• Rating: OUTPERFORM | Target Price: ₹4,325

• Q2 EBITDA ₹2,220 Cr ↑47% YoY, beating estimates by 5%.

• EBITDA Margin expanded to 13% despite commodity cost pressures.

• Consumer finance business demerger expected to unlock value.

• Additional capacity expansion expected to support future growth.