Good morning!

The GIFT Nifty traded little changed at 24,083.50 at 7:30 a.m., signalling a muted start for the Nifty 50.

Asian shares declined at the open after US President Donald Trump stepped up his criticism of Federal Reserve Chair Jerome Powell, raising questions about the central bank’s autonomy and triggering a selloff in American markets.

Back home, India’s benchmark equity indices gained for the fourth consecutive session on Monday and closed at their highest since early January. Mahindra Logistics, Pitti Engineering, Tata Investment, among others, announced their quarterly results after trading hours on Monday. Other corporate developments included Tata Power’s renewable tie-up, HUL’s acquisition of Minimalist, Paytm Money’s rate revision, and a safeguard duty on steel imports.

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Here’s a quick look at what could influence equities today.

US Markets Update

  • The S&P 500 declined 2.4%

  • The Nasdaq 100 dropped 2.5%

  • The Dow Jones Industrial Average also fell 2.5%

Asian Cues

  • S&P 500 futures rose 0.4%

  • Hang Seng futures were flat

  • Japan’s Topix gained 0.2%

  • Australia’s S&P/ASX 200 lost 0.9%

  • Euro Stoxx 50 futures dropped 0.7%

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Commodity Cues

  • WTI crude climbed 0.8% to $63.59 a barrel

  • Spot gold declined 0.2% to $3,416.74 an ounce

London Metal Exchange

  • Lead snapped two-day declines, ended 0.7% higher.

  • Nickel halted five-day rally, closed 0.4% lower.

  • Zinc extended declines for the fourth consecutive day, closed 0.2% lower.

  • Copper ended 0.2% lower.

  • Aluminium snapped two-day gaining streak, ended 0.7% lower.

Nifty Earnings To Watch

  • HCLTech

Other Earnings To Watch

  • Tata Communications

  • Waaree Energies

  • Mahindra & Mahindra Financial Services

  • AU Small Finance Bank

  • Havells India

  • Cyient DLM

  • Delta Corp

  • Huhtamaki India.

Earnings Reaction To Watch

Mahindra Logistics Q4 FY25 (Consolidated, YoY)

  • Revenue up 8.2% at Rs 1,570 crore versus Rs 1,451 crore

  • Ebitda up 37.3% at Rs 77.7 crore versus Rs 56.6 crore

  • Margin at 5% versus 3.9%

  • Net loss Of Rs 6.7 crore versus loss of Rs 12.9 crore

  • Supply Chain Management grew by 8.6% to 1,490 cr vs 1,372 cr

  • Enterprise Mobility Solutions remain flat at 80 cr vs 81 cr

  • Revenue growth is driven by growth in 3PL contract logistics and Express.

  • The B2B express saw volume recovery Q4, Cross-border continues to see volatility in pricing.

  • Appointed Hemant Sikka as MD and CEO.

Pitti Engineering Q4 FY25 (Consolidated, YoY)

  • Revenue up 39.6% at Rs 469 crore versus Rs 336 crore.

  • Ebitda up 54.2% at Rs 80 crore versus Rs 52 crore.

  • Margin at 17.1% versus 15.5%.

  • Net Profit down 21.5% at Rs 36 crore versus Rs 46 crore.

  • Deferred tax credit of Rs 3.8 crore versus deferred tax charge Rs 14.36 crore last year same quarter.

  • Current tax charge of Rs 9.85 crore versus current tax credit Rs 6.62 crore last year same quarter.

  • The board approved the dividend of Rs 1.5.

Tata Investment Q4 FY25 (Consolidated, YoY)

  • Net Profit down 37.6% at Rs 37.7 crore versus Rs 60.5 crore.

  • Total Income down 71% at Rs 16.6 crore versus Rs 57.5 crore.

Rajratan Global Q4 FY25 (Consolidated, YoY)

  • Revenue up 4.9% at Rs 251 crore versus Rs 240 crore.

  • Ebitda down 3.1% at Rs 33.3 crore versus Rs 34.4 crore.

  • Margin at 13.3% versus 14.4%.

  • Net Profit down 24.9% at Rs 15.2 crore versus Rs 20.3 crore.

Himadri Speciality Q4 FY25 (Consolidated, YoY)

  • Revenue down 3.6% at Rs 1,135 crore versus Rs 1,177 crore.

  • Ebitda up 30% at Rs 233 crore versus Rs 180 crore.

  • Margin at 20.6% versus 15.3%.

  • Net Profit up 35% at Rs 156 crore versus Rs 115 crore.

Anant Raj Q4 FY25 (Consolidated, YoY)

  • Revenue up 22.2% at Rs 541 crore versus Rs 443 crore.

  • Ebitda up 36.4% at Rs 142 crore versus Rs 104 crore.

  • Margin at 26.3% versus 23.6%.

  • Net Profit up 51.5% at Rs 119 core versus Rs 78 crore.

Stocks To Watch

  • Steel Stocks like SAIL, JSW Steel, Tata Steel, JSPL: The government imposed a 12% safeguard duty on some steel imports from developed economies, China and Vietnam. The duty is applicable for 200 days to protect Indian players from cheap Chinese steel imports.

  • Vedanta: Promoter Twin Star Holdings will borrow $530 million from lenders including Barclays Bank, Standard Chartered Bank and Deutsche Bank to service debt of Vedanta Resources.

  • One 97 Communications: The company’s arm Paytm Money introduced reduced interest rates and revised brokerage for pay later to drive affordability and accessibility for investors.

  • Coal India: The company signed a non-binding agreement with Damodar Valley Corp to set up ultra supercritical units for Jharkhand Thermal Power Station.

  • Mazagon Dock Shipbuilders: Defence Ministry appointed Jagmohan as MD and chairperson. He served for over 25 years with the Indian Navy, during which he held several important assignments in the Directorate of Naval Design and at Naval Dockyard, Mumbai.

  • Nippon Life India AMC: The company fully restored core operating systems for management of funds. The company’s mobile application and website are now fully functional and operating normally. There was no material impact on the operations.

  • Tata Power: The company tied up with Tata Motors to set up a 131 MW wind-solar hybrid project.

  • Hindustan Unilever: The company completed the acquisition of 90.5% stake in skincare brand Minimalist’s parent company Uprising Science for Rs 2,706 crore.

  • Gujarat Alkalies & Chemicals: The company dispatched its first consignment of Benzyl Chloride from Dahej Plant.

  • Brigade Enterprises: The company signed a joint development agreement for a project in Bengaluru with an estimated gross development value of Rs 175 crore.

  • Alok Industries: Appointed Jinendra Jain as CFO starting April 30.

  • HG Infra Engineering: Gujarat Urja Vikas Nigam declared the company as a qualified bidder to set up a standalone battery energy storage system.

Brokerage Radar

Morgan Stanley on Steel

  • India imposes safeguard duty on select steel imports

  • While expected, the timing was uncertain, especially given the current global macroeconomic backdrop

  • The move removes several months of uncertainty around the safeguard duty

  • Some near-term positive stock movement may occur

  • Recommend using this opportunity to reduce exposure to steel stocks

  • Domestic steel prices remain about 5% above import parity despite the safeguard duty

  • Do not expect an increase in domestic steel prices

CLSA on Financials

  • Liquidity support strengthened further

  • New LCR guidelines are positive for system liquidity

  • RBI raises run-off rates for deposits

  • The increase stands at 2.5 percentage points, lower than the 5 points proposed in the draft

  • RBI estimates a 6 percentage point improvement in system-wide LCR

  • Initial assessment suggests additional Rs 2.5 lakh crore in system-wide liquidity for redeployment

  • Profit impact is limited, but sentiment likely to improve

BofA on Divis Lab

  • Maintain Buy with a target price of Rs 6,800

  • Signs a second long-term deal with global innovators

  • Visibility on custom synthesis growth is improving

  • Recommend Buy on DIVI amid strengthening earnings momentum

Goldman Sachs on Consumer

  • Drivers align for a consumption rebound

  • Consumption has trailed GDP growth in recent years due to several constraints

  • FY26 drivers include tax cuts, lower food inflation and reduced interest rates

  • FY27 could see further support from pay commission changes and key state elections

  • Lower input costs likely to support margin expansion in FY26 for several companies

  • Sector may benefit broadly, but prefer firms with individual growth triggers

  • Preferred stocks: Godrej Consumer, Tata Consumer, Marico, Titan, Trent and Pidilite

Insider Trading

  • Go Fashion (India): Promoter Gautam Saraogi revoked a pledge for 2.73 lakh shares.

Trading Tweaks

  • Price Band changes from 20% to 10%: SMS Lifesciences India, the India Cements.

  • List of securities shortlisted in Short-Term ASM Framework Stage 1: Goldiam International.

  • List of securities to be excluded from ASM Framework: Panacea Biotec.

F&O Cues

  • Nifty April Futures up by 1.17% to 24,131 at a premium of 10 points.

  • Nifty April futures open interest down by 5%.

  • Nifty Options April 24 Expiry: Maximum call open interest at 25,500 and maximum put open interest at 23,000.

  • Securities in ban period: Angelone, Hindustan Copper, Ireda, Manappuram Finance, Tata Elxsi.

Money Market Update

  • Rupee strengthened by 24 paise to close at 85.14 against the US dollar.

  • The yield on the 10-year benchmark government bond closed 6 bps lower at 6.32%.

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