Good morning 🌞

CUES FOR TODAY
- Strong Start Likely
- Gift Nifty +200 Pts at open

WALL ST ENDS HIGHER
- Dow +2.6%
- S&P +2.5%
- Nasdaq +2.7%

DOW FUTURES +400 PTS AS
- Donald Trump says, won’t get rid of Powell
- Street expects resolution around China tariffs

TESLA IN FOCUS
- Reports 20% drop in Auto Revenue, Q1 misses estimates
- Stock +5% after hours as Elon says, will reduce White House role

OTHER IMPORTANT MACROS
- Gold: Continues to hold above $3500/oz
- Dollar Index: Steady near 99
- Brent stable at $68

CASH MARKET FLOWS
- DII -886 Cr
- FII +1290 Cr
FII buying streak continues for day 5

F&O CUES
- FIIs sell 235 Cr in Index Futures
- FII Longs at 32%, Short Exposure at 68%
- Apr Series Expiry Tomorrow
- Nifty 24500 Call fairly active
- Strong Support Seen around 24100

SECTORAL INDICES
- NIFTY BANK: Continues to make new highs, imp to track
- NIFTY IT: Index +3% this week, 20 DMA at 35228
- NIFTY FMCG: In focus ahead of Tata Consumer results today & HUL tomorrow

OTHER STOCKS TO WATCH
- HCL TECH: Results Largely In-line, Guidance positive
- Havells: Good Results, Lloyds Revenue +40%, Margins +340 Bps
- AU SFB: Universal license approval anticipated in CY26
- RBL Bank: Enters F&O Ban
- TATA ELXSI, ANGELONE, IREDA, HINDCOPPER: Out of F&O Ban

Gold down almost a percent to $3389/oz-volatility recedes
Brent Oil Steady at $67.8/bbl/Dollar Index at 98.8
IMF Cuts India's GDP growth forecast to 6.2% for 2025 (Earlier 6.5%)
Oil extended gains as Trump said he had no intention of firing Fed Chair.

FIIs net bought Rs. 1,290.43 cr worth of shares-5TH straight day of buying

IRDAI approves Aditya Birla Capital to act as insurance corporate agent: Informist

EARNINGS
Good-Havells (strong performance across segment-Lloyds outperforms), Cyient DLM (strong margin expansion-guidance) ,
Inline-HCL Tech and guidance also inline (But in current scenario of IT-is good)
Mixed- TATA Communications (Exceptional Item as well, strong performance from digital segment, Margins see degrowth)
Weak-M&M Financial (asset quality impacted) , AU Small Finance Bank (higher credit costs)

ACTION FOR DAY
Global PMI data
U.S: New home sales
Q4FY25 earnings-Nifty: Tata Consume+Other: LTIMindtree, Syngene, Rallis India, Can Fin Homes, Dalmia Bharat, Thyrocare
Biocon, NHPC board to mull fundraising.
US Treasury Secretary Scott Bessent to speak.

Bharti Airtel to acquire 400 MHz spectrum in 26 GHz band from Adani Data Networks Limited

IndusInd Bank
Clarifies- has not engaged EY for a forensic audit for micro-finance loans

Ashoka Buildcon receives Rs 569cr order from Central Railways

Varun Bevg:
Company has started commercial production of carbonated soft drinks, juice based drinks & packaged drinking water at its production facility at Prayagraj, Uttar Pradesh.

Orient cement
Ambuja has acquired sole control of the Company and has become the promoter of the Company in accordance with the SEBI Listing Regulations.

Nomura on Havells
Buy, TP Rs 1873

JPM on Havells
Neutral,  TP Rs 1700

Jefferies on Havells
Hold, TP Rs 1800

Nuvama on Havells: Buy, target price: ₹1890

MS on AU Small BK
OW, TP Rs 750

Nuvama on AU Small BK
Reduce, TP Rs 530

HSBC on M&M
Buy, TP Rs 3320

UBS on Chola Investment
Upgrade to Buy, TP Raised to Rs 1950

JPM on HCL Tech
Upgrade to OW, TP Rs 1750

Nomura on HCL Tech
Buy, TP Rs 1670

CITI on HCL Tech
Neutral, TP Rs 1510

Nuvama on HCLTech: Upgrade to Buy with target price of ₹1700

Amit on Swiggy
Initiate Sell; TP 310

Nuvama on M&M Finance: Hold, target price: ₹280

Suven Ph: Gets govt nod to potentially increase foreign invst above 75% post SoA

Power Finance Corporation on Gensol Engineering
- ₹307 crore out of ₹352 crore disbursed to Gensol for EV leasing in 2023 remains unpaid

Puravankara eyes major launches in FY26 first-half as delayed projects get green light

Bharatforg : CCI approves acquisition of AAM India Manufacturing by Bharat Forge with Voluntary Modifications

TataConsumer to post a double-digit revenue growth, but see margin impact from rising raw material costs.

TCS is Macquarie’s top pick in the IT sector.

REC :Jitendra Srivastava appointed as Chairman & MD of REC.

Gold down almost a percent to $3389/oz-volatility recedes
Brent Oil Steady at $67.8/bbl/Dollar Index at 98.8
IMF Cuts India's GDP growth forecast to 6.2% for 2025 (Earlier 6.5%)
Oil extended gains as Trump said he had no intention of firing Fed Chair.

FIIs net bought Rs. 1,290.43 cr worth of shares-5TH straight day of buying

IRDAI approves Aditya Birla Capital to act as insurance corporate agent: Informist

EARNINGS
Good-Havells (strong performance across segment-Lloyds outperforms), Cyient DLM (strong margin expansion-guidance) ,
Inline-HCL Tech and guidance also inline (But in current scenario of IT-is good)
Mixed- TATA Communications (Exceptional Item as well, strong performance from digital segment, Margins see degrowth)
Weak-M&M Financial (asset quality impacted) , AU Small Finance Bank (higher credit costs)

ACTION FOR DAY
Global PMI data
U.S: New home sales
Q4FY25 earnings-Nifty: Tata Consume+Other: LTIMindtree, Syngene, Rallis India, Can Fin Homes, Dalmia Bharat, Thyrocare
Biocon, NHPC board to mull fundraising.
US Treasury Secretary Scott Bessent to speak.

Bharti Airtel to acquire 400 MHz spectrum in 26 GHz band from Adani Data Networks Limited

IndusInd Bank
Clarifies- has not engaged EY for a forensic audit for micro-finance loans

Ashoka Buildcon receives Rs 569cr order from Central Railways

Varun Bevg:
Company has started commercial production of carbonated soft drinks, juice based drinks & packaged drinking water at its production facility at Prayagraj, Uttar Pradesh.

Orient cement
Ambuja has acquired sole control of the Company and has become the promoter of the Company in accordance with the SEBI Listing Regulations.

Nomura on Havells
Buy, TP Rs 1873

JPM on Havells
Neutral,  TP Rs 1700

Jefferies on Havells
Hold, TP Rs 1800

Nuvama on Havells: Buy, target price: ₹1890

MS on AU Small BK
OW, TP Rs 750

Nuvama on AU Small BK
Reduce, TP Rs 530

HSBC on M&M
Buy, TP Rs 3320

UBS on Chola Investment
Upgrade to Buy, TP Raised to Rs 1950

JPM on HCL Tech
Upgrade to OW, TP Rs 1750

Nomura on HCL Tech
Buy, TP Rs 1670

CITI on HCL Tech
Neutral, TP Rs 1510

Nuvama on HCLTech: Upgrade to Buy with target price of ₹1700

Amit on Swiggy
Initiate Sell; TP 310

Nuvama on M&M Finance: Hold, target price: ₹280

Suven Ph: Gets govt nod to potentially increase foreign invst above 75% post SoA

Power Finance Corporation on Gensol Engineering
- ₹307 crore out of ₹352 crore disbursed to Gensol for EV leasing in 2023 remains unpaid

Puravankara eyes major launches in FY26 first-half as delayed projects get green light

Bharatforg : CCI approves acquisition of AAM India Manufacturing by Bharat Forge with Voluntary Modifications

TataConsumer to post a double-digit revenue growth, but see margin impact from rising raw material costs.

TCS is Macquarie’s top pick in the IT sector.

REC :Jitendra Srivastava appointed as Chairman & MD of REC.

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