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• The benchmark Nifty ended marginally higher, closing above the 24,600 mark, supported by gains in heavyweight stocks such as Reliance Industries, SBI, Titan, and ICICI Bank. Defence and PSU banking stocks outperformed the broader market, while IT, auto, and metal stocks witnessed profit booking. Market breadth remained weak, with the Nifty 500 advance-decline ratio at 2:3, indicating selling pressure in mid- and small-cap stocks. On the weekly F&O expiry day, the Nifty gained 10 points to close at 24,536, while the Sensex advanced 190 points, or 0.2%, to settle at 78,770.

• Overall market sentiment remained positive, supported by record-high closes in the US and European markets, encouraging corporate earnings, Brent crude oil prices falling to a one-month low below USD 80 per barrel, and growing optimism over a potential US-Iran peace agreement.

• Defence stocks emerged as the top-performing sector, with the Nifty Defence Index rallying nearly 3% on the back of strong order books. Stocks including HAL, Bharat Dynamics (BDL), Mazagon Dock Shipbuilders, BEL, MIDHANI, and GRSE gained up to 6%.

• The Nifty PSU Bank Index climbed more than 2%, led by SBI ahead of its Q1 earnings announcement scheduled for tomorrow. Other PSU banks, including Indian Bank, Canara Bank, Union Bank of India, and Indian Overseas Bank (IOB), also gained up to 4%.

• Among the Nifty 500 stocks, Navin Fluorine International was the biggest gainer after reporting strong Q1 earnings. The stock surged 13% to close at Rs 8,650.

• Globally, Asian markets ended lower, while European markets scaled fresh record highs, supported by softer crude oil prices, optimism over a possible US-Iran peace agreement, and robust corporate earnings.

Technical Outlook:

• Nifty index opened on a flattish note and remained in a sideways trend throughout the session as bulls defended the crucial 24600 zone but failed to move beyond the previous session’s high. It formed an inside bar on the daily frame and has got stuck in a range bound from the last four trading sessions indicating indecisiveness at higher levels. Now it has to hold above 24600 zones for an up move towards 24800 then 24950 zones while support can be seen at 24500 then 24400 zones.

• S&P BSE Sensex index opened with a gap up of around 350 points but remained confined to a narrow range throughout the session. Bulls defended the crucial 78700 zone but failed to sustain the index at higher levels keeping the overall momentum range bound. It formed a Doji candle and an Inside bar on the daily frame indicating indecisiveness at current levels. Now it has to hold above 78800 zones for a bounce towards 79300 then 79500 levels while support can be seen at 78600 then 78400 zones.

Derivative Outlook:

• Nifty future closed positive with gains of 0.37% at 24738 levels. Positive setup seen in HAL, AU Bank, Cholafin, PNB Housing, Biocon, Shriram Finance, Eternal, Titan, Paytm and PG ELectroplast while weakness seen in Powergrid, ICIC Prudential, Bluestar, ICICIGI, BSE, Alkem, Tata Steel and NTPC.

• On option front, Maximum Call OI is at 24700 then 25000 strike while Maximum Put OI is at 24600 then 24000 strike. Call writing is seen at 24700 then 24900 strike while Put writing is seen at 24600 then 24650 strike. Option data suggests a broader trading range in between 24100 to 25100 zones while an immediate range between 24400 to 24900 levels.

• Samvardhana Motherson International reported a Q1 net profit of Rs 1,032 crore, compared with Rs 512 crore in the year-ago period, marking a growth of over 100%. Revenue increased 17% year-on-year to Rs 35,244 crore from Rs 30,212 crore. EBITDA rose 26% to Rs 3,095 crore from Rs 2,459 crore a year earlier. EBITDA margin improved to 9% from 8% in the corresponding quarter last year.

• RateGain Travel Technologies reported a consolidated net profit of Rs 94 crore in Q1, compared with Rs 47 crore in the year-ago period. Revenue surged to Rs 785 crore from Rs 273 crore a year earlier. EBITDA rose to Rs 171 crore from Rs 53 crore in the corresponding quarter last year. EBITDA margin expanded to 21.8% from 19.4% YoY, indicating improved operating efficiency. Other income declined to Rs 3.1 crore from Rs 21 crore a year ago.

• Bajaj Electricals – Q1 Net Profit: Rs 48.8 crore vs Rs 0.9 crore YoY. Revenue: Rs 1,089 crore, up 2.3% from Rs 1,065 crore YoY. EBITDA: Rs 77.1 crore vs Rs 33.3 crore YoY and EBITDA Margin: 7.1% vs 3.1% YoY.

• Firstsource Solutions Q1 revenue rose 5.5% quarter-on-quarter to Rs 2,725 crore, while Ebit increased 7.1% to Rs 337 crore. Ebit margin expanded to 12.4% from 12.2%, but net profit declined 19% to Rs 166 cr.

Global Market Update

• European Market – European shares advanced for a fourth straight day as strong earnings boosted sentiment, with WPP Plc leading gains in the media sector. UK, Germany and France Index gained up to 0,.5%.

• Asian Market – Asian stocks declined, led by losses in heavyweight chipmakers following earnings reports from US peers that renewed concerns over the stretched rally in memory-related shares. Both Japan and South Korea Index declined 1% and 4.5% respectively.

• US Data – Jobless Claims and Non-farm productivity.

• Commodity – Brent crude : Oil prices trended lower to below $80/bbl on Thursday on the progress in Iran-Oman talks, with investors cautiously waiting for signs of a US-Iran peace deal and progress on reopening the Strait of Hormuz.

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