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• The equity benchmark Nifty declined more than 0.5% to close below the 24,700 mark as investors booked profits amid rising concerns over a sharp increase in crude oil prices, which climbed nearly 3% to trade above $86 per barrel, weighing on overall market sentiment. Investors also remained cautious ahead of the RBI's monetary policy announcement scheduled for tomorrow. The Nifty fell 159 points, or 0.6%, to settle at 24,614.

• The Nifty FMCG Index emerged as the worst-performing sector, declining 1.5%. Stocks such as Hindustan Unilever, Dabur India, Colgate-Palmolive, Godrej Consumer Products, and Emami fell by as much as 3.5%, with Emami coming under additional pressure after reporting weaker-than-expected quarterly earnings.

• The Nifty Auto, IT, and Bank indices also slipped up to 1% as traders booked profits following the recent rally. In contrast, the Nifty Metal Index gained more than 0.5%, supported by rising base metal prices on the London Metal Exchange (LME).

• Market breadth remained weak, with the Nifty 500 advance-decline ratio at 2:3, indicating broad-based profit booking across both mid-cap and small-cap stocks. Investor sentiment remained subdued due to escalating geopolitical tensions between the US and Iran, higher crude oil prices, and caution ahead of the RBI policy decision.

• Globally, Asian markets ended on a mixed note, while European markets traded higher after US President Donald Trump stated that fresh US-Iran talks would commence on Monday, raising optimism that both sides could reach an agreement to reopen the Strait of Hormuz, easing concerns over global oil supply disruptions.

Technical Outlook:

• Nifty index opened on a flattish note and remained under pressure throughout the session as the bulls failed to defend the crucial 24500 support zone. It formed a bearish candle on the daily frame indicating some profit booking after the recent up move of around 1200 points in the last seven sessions. Now it has to hold above 24500 zones for an up move towards 24750 then 24850 zones while support can be seen at 24400 then 24300 zones.

• S&P BSE Sensex index opened with a gap up of around 500 points near 79100 zones but bears took charge from the first tick and dragged the index towards 78200 marks. Bears remained in control for most part of the session as every small bounce was sold into. It formed a bearish candle on the daily chart and negated its higher lows formation indicating some profit booking at higher levels. Now it has to cross and hold above 78500 zones for a bounce towards 78700 then 79000 levels while a hold below the same could see some weakness towards 78200 then 77900 zones.

Derivative Outlook:

• Nifty future closed negative with losses of 0.87% at 24552 levels. Positive setup seen in KEI Industries, Siemens, OFSS, CAMS, ABB, Hero Moto, Kaynes, Auro Pharma, Uno Minda and Laurus Labs while weakness seen in LIC, UPL, Dabur, Oberoi Realty, HDFC Life, Hindustan Unilever, Colpal, Max Health, NTPC and Tata Consumer.

• On option front, Maximum Call OI is at 24600 then 25000 strike while Maximum Put OI is at 24000 then 24500 strike. Call writing is seen at 24600 then 24500 strike while Put writing is seen at 24000 then 24500 strike. Option data suggests a broader trading range in between 24100 to 25100 zones while an immediate range between 24300 to 24900 levels.

• KEC International – Company won orders worth Rs1063cr.

• Belrise – Company announces that the acquisition of India tipper body business of Hyva (India) Pvt. Ltd worth $5.65mn.

• Kestone Retailer Q1 Income Rs470cr (up 72.2% YoY), Net profit Rs53cr vs Rs24.5cr (YoY), Ebitda Rs82.2cr vs 13.7cr (YoY) and Ebitda margin at 17.5% vs 5%. (YoY).

• SAREGAMA Q1 Results – Revenue rises 27.5% to Rs 264 crore Vs Rs 207 crore YoY. EBITDA surges 68.8% to Rs 93.3 crore Vs Rs 55.3 crore YoY. EBITDA Margin At 35.4% Vs 26.7% YoY and Net Profit rises 40.6% to Rs 51.6 crore Vs Rs 36.7 crore YoY.

• SYMPHONY – Q1 Results - Net Profit down 4.8% to Rs 40 crore Vs Rs 42 crore YoY. Revenue up 8% At Rs 378 crore Vs Rs 350 crore YoY, EBITDA rises 27.8% to Rs 46 crore Vs Rs 36 crore YoY and EBITDA Margin At 12.2% Vs 10.3% YoY.

• Greaves Cotton Q1 Results – Net Profit down 22.1% to Rs 25.8 crore Vs Rs 33.1 crore YoY, Revenue up 30.7% to Rs 974 crore Vs Rs 745.4 crore YoY, EBITDA down 1.1% At `56.3 Cr Vs Rs 56.9 crore YoY and EBITDA Margin At 5.8% Vs 7.6% YoY.

• Happy Forgings’ consolidated net profit rose 39.3% year-on-year to Rs 91.5 crore, while revenue increased 27% to Rs 449 crore. Ebitda grew 39.3% to Rs 141 crore. Ebitda margin expanded to 31.3% from 28.6% a year earlier.

• Alkyl Amines’ net profit rose 91.4% year-on-year to Rs 94.6 crore, while revenue increased 30.2% to Rs 528 crore. Ebitda grew 74.5% to Rs 133.6 crore. Ebitda margin expanded to 25.3% from 18.9% a year earlier.

Global Market Update

• European Market – European market gain as oil plunged after President Donald Trump said fresh US-Iran talks would begin Monday, boosting optimism the two sides will reach a deal to reopen the Strait of Hormuz. UK, Germany and France Index gained up to 1%.

• Asian Market – Asian stocks diverged from Wall Street’s tech-led rally as persistent volatility in South Korean equities underscored lingering concerns over the artificial intelligence trade. The yen slipped after its intervention-led gains.

• US Data – Exports & Imports, Factory Orders.

• Commodity – Oil prices rebounded 1 percent on to above $84/bbl Tuesday from a plunge in the previous session, fuelled by concerns that Middle East supply remains at risk as a diplomatic resolution to the US-Iran war that has disrupted shipments.

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