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Below the Perspective on markets By Mr. Jaykrishna Gandhi, Emkay Global Financial Services

“A super volatile and earnings loaded week for Indian equities.  RBI circular on new standard provisioning norms for project loans caught attention - PFC, REC and banks with high project loan / CRE exposure to see impact on tier 1 capital. FMCG stocks rally as investors welcome bullish guidance on rural demand recovery post Britannia and Marico’s earnings release. All eyes on 2024 elections as we conclude Phase 3 elections yesterday.

Global markets rally as investors get more confident on greater chance of rate cuts this year. US non-farm payrolls increase by 175k - the fewest in 6mths..

FIIs continue to be net sellers - with MTD net selling seen to the tune of Rs 9,194cr. DIIs, on the contrary have net bought Rs 5,129cr MTD. On technical, Index remains under pressure. Immediate resistance is at 22400 levels and the next lower levels to be watched around 22100-22000 levels. VIX has spiked starting last week of April and now hovers around 17 levels..”

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