Sensex Today | Stock Market LIVE Updates: GIFT Nifty signals a neagtive start; Asian shares trade lower

Hong Kong stocks are cheap but may miss out on the benefits of China’s economic support, analysts at Goldman Sachs said, while Morgan Stanley warned tensions and tariffs could hurt, as both brokerages downgraded market forecasts.

Goldman Sachs trimmed its recommendation on Hong Kong shares to “underweight” from “market weight”.

Honasa Consumer, the parent company of Mamaearth, has been downgraded to ‘SELL’ from a previous ‘BUY’ recommendation on Monday, with the brokerage Emkay Global sharply cutting its target price by 50% to Rs 300. This adjustment reflects mounting concerns about the company’s growth trajectory amid weak second quarter performance in fiscal 2025, significant distribution challenges, and waning demand in its key markets.

The brokerage cited a slower-than-expected recovery and challenges in Mamaearth’s offline and online segments as key reasons for the downgrade.

Enviro Infra Engineers has announced a price band of Rs 140-148 for its upcoming initial public offering (IPO), set to open for subscription on November 22 and close on November 26.

The IPO includes a fresh issue of 3.87 crore equity shares and an offer-for-sale of 52.68 lakh shares by the selling shareholders (promoters). At the upper end of the price band, the total value of the IPO is expected to be Rs 650.43 crore.

Neelam Linens and Garments made a strong debut on the NSE SME platform on Monday, listing at a premium of 66.9%. The stock opened at Rs 40.05, compared to its issue price of Rs 24. Ahead of the listing, the company’s shares were trading with a Grey Market Premium (GMP) of Rs 14.

The company plans to use the net proceeds from the public offer for capital expenditure, debt repayment, and general corporate purposes.

Shares of Anil Ambani-led Reliance Power are in the spotlight today following a showcause notice issued by the Solar Energy Corporation of India (SECI). The notice questioned why criminal action should not be taken against the company and its subsidiary for allegedly submitting fake bank guarantees.

Last week, Solar Energy Corporation of India barred Reliance Power and its arm Reliance NU BESS from participating in its tenders for submission of fake documents in its bids.

Hong Kong stocks are cheap but may miss out on the benefits of China’s efforts to support its economy, analysts at Goldman Sachs said, while downgrading their recommendation on the market.

“Although valuations are not demanding, Hong Kong does not offer much economic or earnings growth,” Goldman analysts said in an Asia-Pacific portfolio strategy note published on Sunday, which recommended an underweight allocation to Hong Kong.

Shares of Hero MotoCorp, India’s top two-wheeler manufacturer, will be in focus today after the company announced a 14% increase in its standalone net profit, reaching Rs 1,204 crore for the second quarter.

Revenue from operations for the period grew 11% year-on-year, totaling Rs 10,463 crore.

South Korean stocks rose 2% on Monday, as market heavyweight Samsung Electronics surged more than 7% after the chipmaker announced plans late on Friday to buy back shares. The won strengthened, while the benchmark bond yield fell.

The benchmark KOSPI was up 50.21 points, or 2.08%, at 2,467.07, as of 00:42 GMT.

Grasim Industries’ shares will be closely watched in Monday’s trading following the company’s report of a 66% decline in its consolidated net profit, which fell to Rs 389 crore for the second quarter.

However, the company posted a revenue of Rs 33,563 crore for Q2FY25, marking an 11% year-on-year increase, supported by strong performance across its diversified business segments.

Chinese ecommerce giant Alibaba Group has mandated investment banks to work on a multi-tranche dollar and offshore Chinese yuan bonds, according to the company’s filings and a term sheet reviewed by Reuters.

Alibaba is considering a 5.5-year, 10.5-year and 30-year dollar bond, the term sheet said.

The Indian rupee will rely on the central bank’s help to counter headwinds this week, as the possibility of slower Federal Reserve interest rate cuts and expectations surrounding Donald Trump’s policies boost the dollar and U.S. bond yields.

The rupee closed at 84.3950 on Thursday, after slipping to a record low of 84.4125 earlier in the week. Indian markets were closed on Friday for a holiday.

The dollar rose against the yen on Monday after Japan’s top central banker flagged further policy tightening ahead but left open the question of timing, leaving the market no clearer on whether a move would come next month.

Bank of Japan Governor Kazuo Ueda reiterated that interest rates would continue to rise gradually should the economy develop in line with the central bank’s outlook.

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed on markets.

Brent crude futures gained 20 cents, or 0.3%, to $71.24 a barrel by 0130 GMT, while U.S. West Texas Intermediate crude futures were at $67.11 a barrel, up 9 cents, or 0.1%.

• S&P 500 futures rose 0.1% as of 9:06 a.m. Tokyo time
• Hang Seng futures rose 0.2%
• Japan’s Topix fell 0.7%
• Australia’s S&P/ASX 200 fell 0.3%
• Euro Stoxx 50 futures fell 0.7%