External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Thematic (Sector/Industry)

<ul><li>Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.</li><li>The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.</li><li>In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the month of October 2026

Equity Bottom-Up

<ul><li>Secured Lending Strategy Continues to Drive Industry-Leading Momentum: CUB’s growth engine has been up and running, delivering strong growth (+25/1% YoY/QoQ in Q1).</li><li>The management reiterated its growth strategy, with continued focus on core MSME, Gold loans, and Secured Retail loans, targeting 2-3% above system growth.</li><li>Within the loan mix, management intends to broadly maintain gold loans at 31-32% of the book, MSME at 55-60%, while the balance would comprise secured retail lending. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Secured Lending Strategy Continues to Drive Industry-Leading Momentum: CUB’s growth engine has been up and running, delivering strong growth (+25/1% YoY/QoQ in Q1).The management reiterated its growth strategy, with continued focus on core MSME, Gold loans, and Secured Retail loans, targeting 2-3% above system growth.Within the loan mix, management intends to broadly maintain gold loans at 31-32% of the book, MSME at 55-60%, while the balance would comprise secured retail lending. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

City Union Bank Ltd. - Strong Quarter; Superior Profitability to Sustain!

<ul><li>IRDAI has released a consultation paper proposing a significant overhaul of insurance distribution economics.</li><li>The proposed framework reverses key aspects of the 2023 EoM reforms by reintroducing hard commission caps, tightening the EoM calculation methodology and consolidating the existing eight distributor categories into three: Insurance Distribution Entities (IDE), Insurance Distribution Persons (IDP) and Market Infrastructure Institutions for Insurance (MII).</li><li>The proposals could materially impact the P&amp;L structure of both insurers and distributors, with certain business models potentially requiring a meaningful reset in distribution economics.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IRDAI has released a consultation paper proposing a significant overhaul of insurance distribution economics.The proposed framework reverses key aspects of the 2023 EoM reforms by reintroducing hard commission caps, tightening the EoM calculation methodology and consolidating the existing eight distributor categories into three: Insurance Distribution Entities (IDE), Insurance Distribution Persons (IDP) and Market Infrastructure Institutions for Insurance (MII).The proposals could materially impact the P&amp;L structure of both insurers and distributors, with certain business models potentially requiring a meaningful reset in distribution economics.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks having mobilised $127.2 Bn in FCNR(B) deposits.</li><li>Including $5.3 Bn through OFCBs and $3.9 Bn through ECBs, the total foreigncurrency mobilisation stood at $136.4 Bn.</li><li>The FCNR (B) quantum has more than 2x the $52.3 Bn tally as of 13th August, 2026 and far exceeds market expectations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks having mobilised $127.2 Bn in FCNR(B) deposits.Including $5.3 Bn through OFCBs and $3.9 Bn through ECBs, the total foreigncurrency mobilisation stood at $136.4 Bn.The FCNR (B) quantum has more than 2x the $52.3 Bn tally as of 13th August, 2026 and far exceeds market expectations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sector Update - FCNR (B) Deposit Mobilisation Update

<ul><li>Market Performance - Broader Market Continues to Outperform:</li><li>Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.</li><li>Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Performance - Broader Market Continues to Outperform:Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the month of September 2026

India

City Union Bank Limited is an Indian private sector bank that offers a comprehensive range of banking and financial services, including personal, corporate, and NRI banking, as well as digital services and loans. The bank serves a diverse clientele, focusing on the MSME sector, retail traders, and agriculturalists. Headquartered in Kumbakonam, Tamil Nadu, India, the bank was founded on October 31, 1904.

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City Union Bank (CUBK IN)

Axis Top Picks for the month of October 2026

In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.

Axis Direct

City Union Bank Ltd. - Strong Quarter; Superior Profitability to Sustain!

Secured Lending Strategy Continues to Drive Industry-Leading Momentum: CUB’s growth engine has been up and running, delivering strong growth (+25...

Axis Direct

Sector Update: BFSI - Insurance

The proposals could materially impact the P&L structure of both insurers and distributors, with certain business models potentially requiring a...

Axis Direct

Sector Update - FCNR (B) Deposit Mobilisation Update

The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks...

Axis Direct

Axis Top Picks for the month of September 2026

Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.

Axis Direct

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