Price Action: Kotak Bank shares up 3% on MD, CEO appointment; IT stocks gain, autos slip

The latest market report highlights that Stock-specific action remained in focus on Dalal Street on October 1, with market participants reacting to corporate developments and key board appointment.

Chalet Hotels stock price declined 1% despite Jefferies retained Buy call with a target price of ₹965 per share, citing firm expansion visibility over the next five years from its existing pipeline and potential new additions/M&A. The existing pipeline implies around 9-10% keys CAGR, while Athiva is targeted to become a leading pan-India premium hospitality brand with 1,200-1,500 keys. The brokerage anticipates a elevated leisure mix and selective market expansion, while the high-margin commercial real estate portfolio is anticipated to provide recurring cash flows, supporting expansion and earnings stability.

Kotak Mahindra Bank stock price further noted more than 3 percent after Reserve Bank of India (RBI) has accorded its approval for the appointment of Mr. Anup Kumar Saha as the new Managing Director & CEO of the bank, for a period of three years, with effect from January 1, 2027.

On the sectoral front, the Nifty IT index advanced 2%, while Nifty Private Bank index rose 1%. Consumer Durables and PSU Bank indices further noted 0.5% each.

On the other hand, the Nifty Auto index declined more than 2%, while the Metal index eased 1%. Nifty FMCG, Infra, Media, Oil & Gas and Realty indices declined 0.5% each.

The broader market additionally traded softer, with the Nifty Midcap and Smallcap indices declining 0.2% each.

Market breadth on the BSE remained negative, with 1,357 shares advancing, 2,114 declining and 188 unchanged.