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• Equity benchmark indices ended marginally higher after a range-bound trading session, as investors remained cautious amid escalating geopolitical tensions between the US and Iran and a sharp rise in Brent crude oil prices above USD 91 per barrel. Market sentiment also remained subdued after the US Federal Reserve kept interest rates unchanged while maintaining a hawkish stance, with several policymakers signalling the possibility of another rate hike later this year.

• Global markets traded on a mixed note as investors assessed a combination of Big Tech earnings, monetary policy signals, and ongoing geopolitical developments. Back home, the auto sector emerged as the top performer, gaining nearly 2%, led by Mahindra & Mahindra following its strong Q1 earnings. In contrast, realty, FMCG, and banking stocks witnessed profit booking.

• The broader market remained under pressure, with the Nifty 500 advance-decline ratio at 1:2, indicating selling in mid-cap and small-cap stocks. Despite the cautious sentiment, the Nifty ended 66 points, or 0.2%, higher at 24,317.

Technical Outlook:

• Nifty index opened on a flattish note and remained within a range throughout the session with a bullish undertone as the index hovered near 24250 marks and closed near its upper band near 24300 zones. It formed a bullish candle on the daily frame and has been making higher highs – higher lows from the last four sessions. Now it has to hold above 24300 zones for an up move towards 24500 then 24600 zones while support can be seen at 24200 then 24100 zones.

• S&P BSE Sensex index opened on a flattish note and traded sideways with a positive bias till midday. Post that the index witnessed some volatile swings on either sides followed by a strong up move towards the day's high of 77900 zones by the end of the session. It formed a bullish candle on the daily chart and continues to form higher top - higher bottom structure from the last five sessions. Now it has to hold above 77700 zones for an up move towards 78200 then 78500 levels while on the downside support has shifted higher to 77500 then 77200 zones.

Derivative Outlook:

• Nifty future closed positive with gains of 0.18% at 24355 levels. Positive setup seen in Sonacoms, Exide, TVS Motors, Hero Moto, Swiggy, Alkem, Coforge, Havells, M&M and Nykaa while weakness seen in Premier Energies, Tube Investments, GMR Airport, Glenmark, LIC Housing, PNB Housing, Inox Wind, Dabur, HDFC Life and Polycab.

• On option front, Maximum Call OI is at 24600 then 24500 strike while Maximum Put OI is at 24200 then 24000 strike. Call writing is seen at 24600 then 24300 strike while Put writing is seen at 24300 then 24200 strike. Option data suggests a broader trading range in between 23900 to 24700 zones while an immediate range between 24100 to 24600 levels.

• India, Germany to sign submarine deal 'very soon' worth Rs90000cr – German Ambassador Ackermann - India and Germany are expected to sign a deal for next-generation submarines "very soon", German Ambassador to India Philipp Ackermann said on Thursday. India and Germany are reportedly finalising an estimated 8 billion euros (over Rs 90,000 crore) Project-75I submarine agreement for six next-generation conventional submarines to be built in India for the country's navy. Germany's ThyssenKrupp Marine Systems (TKMS) and India's state-owned Mazagon Dock Shipbuilders are expected to ink the agreement.

• NLC India arm NIRL to set up 900 MW solar power project – Company has bagged an order from Gujarat Urja Vikas Nigam Ltd for setting up a 900 MW solar power project. The project was awarded through a tariff-based competitive bidding process.

• V-Guard Expects FY27 Revenue Growth Of Around 15%, Sees Stronger Q2 At Sunflame – Company said the company delivered strong growth in both revenue and profit during Q1. He said margins improved due to effective price pass-through, with faster pricing transmission seen in southern markets. The company expects FY27 revenue to grow around 15% year-on-year, with the possibility of exceeding that level if current trends continue.

• Balkrishna Industries Sees Strong Carbon Black Demand, Expects Price Hike Benefits From Q2 – Company said demand for carbon black remains strong, though raw material availability and weather conditions could affect performance in the near term. The company spent Rs 925 crore on expanding its carbon black capacity and power plant, while overall capex spending stood at around Rs 1,000 crore in Q1. Projects under the Rs 3,000 crore capex programme are progressing as planned.

• KPIT Technologies – Company’s Chief Executive Officer Kishor Patil told media that growth in the second half of FY27 was expected to be stronger than in the first quarter, led by fourth-quarter performance. Margins are expected to improve as revenue growth picks up.

• IRB Infrastructure reported a consolidated net profit of Rs 306 crore in Q1, up 51.5% from Rs 202 crore in the same quarter last year. Revenue grew 1.8% year-on-year to Rs 2,137 crore, against Rs 2,099 crore in Q1 of the previous year. EBITDA rose 21% to Rs 1,152 crore from Rs 952 crore, with EBITDA margins expanding to 53.9% from 45.4% a year ago.

Global Market Update

• European Market – European stocks were muted as investors parsed a mixed bag of corporate earnings, with Adidas AG sinking after disappointing profit while Schneider Electric SE rose on better outlook.

• Asian Market – Asian stocks fell amid an extremely volatile session on Thursday as investors parsed a mixed set of Big Tech results, monetary policy signals and geopolitical tensions.

• US Data – Personal Income and Personal Spending.

• Commodity – Brent crude prices gain 1% to above $91/bbl after the U.S. launched a "heavy wave" of strikes against Iran late Wednesday in retaliation against its missile attacks on American forces in the region, dashing hopes for de-escalation.

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