Stock Market Today (10 August 2026): Titan Hits 10-Year High, SBI Q1 Beats, Vodafone Idea Losses Widen

Earnings season hit full stride on Dalal Street today, with more than twenty companies reporting first-quarter numbers in a single session. Titan pulled the Nifty and Sensex higher as jewellery margins surprised on the upside, State Bank of India posted a headline beat that still left brokerages divided, and Vodafone Idea's operating improvement was overshadowed by a loss that pushed its net worth further into negative territory. Metals found support from Hindalco's record quarter, while PFC and REC slid on muted growth and target cuts, and Zee Entertainment's regulatory fight kept it in the spotlight for reasons that had little to do with its numbers.

Titan Hits a Decade High as Jewellery Margins Shine

Titan was the standout story of the day. The stock touched a ten-year high after the company reported a 65% jump in Q1 profit, with jewellery sales doing the heavy lifting. A large part of the margin boost came from customs duty cuts, which the company's CFO pegged at roughly ₹400 crore of one-off impact. Titan added close to ₹80,000 crore in value through the year and helped lift the Nifty past 24,550 during the session.

Brokerages leaned bullish, though not uniformly. HSBC kept a Buy with a ₹5,550 target citing resilient margins, and Citi raised its target to ₹5,700. Jefferies was more cautious, holding at ₹5,000 while still flagging jewellery growth as the key driver. Whether these duty-linked margins hold once the base normalizes is the question for the next few quarters.

SBI's Q1 Beat Meets a Split Street

State Bank of India delivered a strong quarter on net interest margins and loan growth. The stock rose as much as 2% early on before slipping later in the session on broader profit-booking. Nomura, Morgan Stanley, Citi, Macquarie and CLSA all raised or reiterated bullish targets ranging from roughly ₹980 to ₹1,370, with strong NIMs and loan growth the common thread across the notes.

SBI also crossed a lending milestone, topping disbursals under the ECLGS 5.0 credit guarantee scheme with more than ₹32,750 crore sanctioned, and raised $100 million via its London branch, listing the bonds on India INX.

Vodafone Idea: Margin Gains, Widening Losses

Vodafone Idea's quarter captures the telecom operator's core tension. Revenue rose ₹357 crore, EBITDA jumped to ₹50.3 billion, and margins improved to 43.2%. The subscriber base stood at 193.1 million, with 67% now on 4G or 5G, and ARPU rose 8.3% year-on-year.

None of that stopped the bottom line from staying deep in the red. The company posted a ₹3,754 crore loss, and net worth remains deeply negative at ₹38,327 crore. Operating metrics improving alongside a widening loss is not a contradiction investors should look past.

Bharat Forge Backs Capex and Defense Despite Profit Slip

Revenue rose 18% to ₹4,640 crore, beating estimates, but profit fell 5% to ₹358 crore on a restructuring loss at the company's German arm. Management used the call to lay out expansion plans rather than dwell on the miss: a ₹2,500 crore fundraise, ₹1,800 crore of capex, a new Malaysia semiconductor unit, and a ₹240 crore infusion into Kalyani Strategic Systems to grow the defense business. FY27 growth guidance stayed at 20-25%.

Hindalco Rides the Aluminium Rally to a Record Quarter

Hindalco posted its best-ever quarterly profit on higher aluminium prices. Management pointed to aluminium potentially reaching $3,400 a tonne by 2026, with Novelis margins expected to improve as debt at the unit comes down. Parent Aditya Birla Group will now charge Hindalco a royalty capped at ₹225 crore a year. Brokerages raised price targets broadly, treating the metals cycle as more than a one-quarter event.

Zee's Governance Fight Overshadows Weak Earnings

Zee Entertainment's numbers were soft across the board: profit fell 47% to ₹76 crore, EBITDA dropped 57%, and margins narrowed to 5.1%, even as revenue edged up around 5%, helped by ZEE5 crossing ₹4,571 million in revenue with positive EBITDA. The bigger overhang is regulatory — Zee and promoter Punit Goenka are appealing a SEBI ban on market access over governance lapses, with a Securities Appellate Tribunal hearing set for August 13.

PFC and REC Slide as Targets Come Down

Power Finance Corporation fell as much as 8% intraday after brokerages cut targets on muted quarterly growth, though CLSA kept an Outperform and Motilal Oswal recommended a Buy on the dip. REC also declined, with CLSA trimming its target to ₹420 on slower loan growth and prospective merger talk between the two PSU lenders. REC did declare dividends of ₹4.25 interim and ₹1.55 final, a partial cushion for income-focused holders.

Sector Watch: Pharma, Auto Ancillaries and FMCG

Pharma had a constructive day on the regulatory front. Lupin won US FDA approval for a generic of hyperkalemia drug Lokelma, opening access to a market estimated at $568 million, and reiterated a 25% margin and $1.2 billion US sales target for FY28. Wockhardt's quarter was stronger still: profit swung to ₹106 crore, revenue rose 26%, and EBITDA margin nearly doubled to 20.7%.

Auto ancillaries were mixed. Bosch's profit fell 37% year-on-year against a base with an exceptional gain, while revenue rose 22% and EBITDA margin improved to 14%; the company also completed a chassis systems acquisition. Amara Raja's profit and revenue both rose, and it is directing ₹500 crore toward advanced cell technology for its EV battery and lithium push. In FMCG, Godrej Consumer flagged a ₹150 crore cost hit it says it is managing through savings and pricing, with brokerages split — CLSA rated it Underperform at ₹873 while Nomura and HSBC stayed constructive near ₹1,300 and ₹1,260.

Market Outlook

The broader tape stayed range-bound, with the Nifty holding above 24,550 and the Sensex up roughly 100 points, as strength in Titan and banking offset weakness in PSU financiers and media.

Bullish factors include the aluminium cycle supporting Hindalco, jewellery demand supporting Titan, and incremental US approvals adding revenue visibility for pharma names. Bharat Forge and Amara Raja's capex commitments signal management confidence in demand even where near-term profit lines look soft.

On the bearish side, Vodafone Idea's balance sheet stress is unresolved, PFC and REC are seeing growth assumptions trimmed, and Zee's regulatory overhang could keep the stock volatile regardless of ZEE5's operating performance.