Reliance Industries, Hindustan Unilever (HUL) and Maruti Suzuki India from the 30-share BSE Sensex hit their respective 52-week lows in Friday’s intra-day deals amid a subdued market trend. PB Fintech (Policy Bazaar), Tata Motors Passenger Vehicle (TMPV), Britannia Industries, Motherson Sumi Wiring India, India Cements, National Securities Depository (NSDL), Wipro, Tata Elxsi, UPL and Zensar Technologies were the notable stocks among a total of 24 stocks from the BSE 500 index to 52-week lows.
Indian benchmark indices ended sharply lower on Thursday amid weak global cues, as the US benchmark Treasury yield climbed to its highest level since 2007 while crude oil prices surged to $106 a barrel. The Nifty slipped to an intraday low of 23,046.15, breaching its June 11 low of 23,072.
On Friday, Nifty hit intraday low of 23,030. "Sometimes many negative news come together to spook the markets. This was what happened yesterday when rising US bond yields, spiking crude and concerns over IRDA’s proposals on insurance commissions spooked the Nifty by 383 points.
Even though crude has cooled off a bit, Brent remains high at $106. The US 10-year yield hovering around 5.2 per cent continues to be a strong headwind for equity markets globally and for India elevated crude would remain a big challenge if it remains high for too long,” said V K Vijayakumar, Chief Investment Strategist, Geojit Investments.
High crude and stubborn inflation have increased the probability of another rate hike by the Fed in October. In brief, the headwinds for the market are getting stronger, preempting possibilities for a strong rally. Only a sharp decline in crude prices can help the market rally now.
Therefore, watch out for developments on the crude front. Long-term investors can utilise the current weakness in the market to slowly accumulate fundamentally sound stocks, particularly the large-caps, now available at attractive valuations, added V K Vijaykumar.
Among individual stocks, PB Fintech, the parent of PolicyBazaar, slipped 8 per cent to ₹1,115.10, extending its previous day’s sharp fall after the regulator Insurance Regulatory and Development Authority of India (Irdai's) proposed changes to the insurance distribution framework.
In the past two trading days, the market price of fintech company tanked 41 per cent. The Irdai on Wednesday proposed a phased reduction in the expenses of management (EoM) limits for insurers, with life insurers required to bring company-level EoM down to 15 per cent of gross direct premium income (GDPI) within two years and 12.5 per cent within five years.
“The proposed commission caps pose a material earnings risk for PB Fintech, particularly in non-life, where management itself expects 25–33 per cent net premium value (NPV) erosion and FY28E to remain a transition year. The stock has already reacted sharply, falling 36 per cent in a single session and eroding ₹31,400 crore of market capitalisation, reflecting concerns around structurally lower take rates and weaker near-term profitability.
Importantly, these are still consultation proposals rather than final regulations, with comments open until October 25, 2026, leaving scope for changes before implementation,” ICICI Securities said in a note. In the July to September 2026 quarter, the stock price of Tata group’s automobile company slipped 18 per cent.
India passenger vehicle (PV) demand remained weak for the whole of FY25 and even in 1HFY26. Over a corrected base and GST 2.0, analysts at Axis Securities expect Tata Motors PV’s India PV business to see a 6 per cent volume compound annual growth rate (CAGR) (FY25-28E) where Tata Motors PV shall grow ahead of the industry in FY27.
The growth would be led by the benefit of new launches like Sierra and increased traction in compact/sub-compact SUV segments with its superior product portfolio. Hence, the brokerage firm expects steady market share gain, given the multi powertrain strategy of the company.
Despite Jaguar Land Rover (JLR) facing multiple headwinds such as demand weakness in key regions led by macro headwinds, rising variable market expenses, and supply issues, Q1 results were healthy. While volume recovery is to play out, analysts at Axis Securities expect margin recovery to be only gradual.
The launch of Freelander is expected to provide a key pivot for volume revival in CJLR, believes the brokerage. India PV business on the other hand is recovering with market share back at 14 per cent vs 13 per cent in FY25. The steep ramp-up of the Sierra holds the key, while other brands shall aid volumes, Axis Securities said in the Q1 result update.
Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.