Stock Market News Today Highlights: Nifty Ends Above 23,100 On F&O Expiry Day; Sensex Closes Over 500 Points Higher Ahead of RBI MPC Decision

• Nifty ended in the green for a fourth straight session, up more than 0.7%. Wipro and Hindalco were the top gainers in the index, with both stocks rising more than 3%.
• The broader market underperformed the benchmark, with Nifty Midcap 150 and Nifty Smallcap 250 ending flat. Coromandel International and Mphasis led gains in the Midcap 150, while Jubilant FoodWorks was the top loser. Titagarh Rail and Brainbees Solutions led gains in the Smallcap 250, while Force Motors and Ather Energy were among the top losers.
• All sectoral indices ended higher except Nifty PSU Bank, which fell 0.7%. Nifty IT was the top gainer, up nearly 2.5%, with Wipro and Mphasis leading the move. Bank of India led the decline in Nifty PSU Bank.

• Nifty ended 0.75%, or 155 points, higher to close above 23,100 after falling as much as 1.1% to 22,719 during the session.
• Sensex gained nearly 510 points to close above 74,600 after dropping as much as 1.1%, or 824 points, to 73,282 intraday.

• The Reserve Bank of India is widely expected to keep the policy repo rate unchanged at 5.25% when it announces its monetary policy decision on April 8.
• Economists tracked by Bloomberg expect no change in the benchmark rate as policymakers assess rising external risks, a gradual increase in inflation and signs of moderation in economic activity.
• The policy review comes as crude prices remain elevated after disruptions in the Middle East, while recent data showed inflation moved up in February and manufacturing growth slowed in March.

Read the full preview here.

• Brent crude futures for June delivery fell 0.4% to $109.37 a barrel, reversing earlier gains in the session.
• US West Texas Intermediate futures for May delivery rose 0.3% to $112.70 a barrel.

>>

• Futures linked to the S&P 500 were up nearly 0.1%, after declining earlier in the trade.
• Nasdaq 100 futures were last marginally higher.
• Dow Jones Industrial Average futures rebounded and gained 73 points, or 0.2%.

• Nifty rose as much as 0.7%, or 166 points, to 23,134 after falling as much as 1.1% to 22,719 earlier in the session.
• Sensex also climbed as much as 0.7%, or 537 points, to 74,643 after dropping as much as 1.1%, or 824 points, to 73,282 earlier in the day.
• Both benchmark indices were trading at the day’s high.

• Ola Electric’s chairman and managing director Bhavish Aggarwal said the lithium iron phosphate cell is now ready, according to an exchange filing.
• The company said the LFP cell is bigger than the nickel manganese cobalt cell.
• Ola Electric said the LFP cell will be used in its products from next quarter.

• Unimech Aerospace said it saw a gradual improvement in the operating environment and a sequential increase in business activity in Q4, according to an exchange filing.
• The company said customer procurement activity has normalised, while the pipeline across its core segments remains steady.
• Its order book stands at about Rs 214 crore. The company also said West Asia has had no impact on its operations.

• Brent crude futures for June delivery fell 0.4% to $109.37 a barrel, reversing earlier gains in the session.
• US West Texas Intermediate futures for May delivery rose 0.3% to $112.70 a barrel.

• European markets opened higher after a four-day Easter break and a mixed close in the previous session.
• The pan-European Stoxx 600 rose 0.6% in early trade.
• France’s CAC 40 gained 1.3%, Germany’s DAX rose 0.8% and the FTSE 100 was up 0.4%.

• Asia-Pacific markets ended mixed after Tuesday’s session.
• Australia’s S&P/ASX 200 rose 1.74%, while South Korea’s Kospi gained 0.82%.
• Japan’s Nikkei 225 was up 0.03% and the Topix added 0.25%, while South Korea’s Kosdaq fell more than 1%.

• Sensex rose as much as 0.4%, or 299 points, to 74,405 after falling as much as 1.1%, or 824 points, to 73,282.41 earlier in the session.
• The NSE Nifty 50 also rose as much as 0.4% to 23,063 after an intraday fall of as much as 248.95 points.

• The telecom department expects the reassessment of Vodafone Idea’s AGR dues to be completed by June, according to PTI, citing sources.
• The review was earlier targeted for completion by March 31. Sources said the reassessment of Spectrum Usage Charge is underway after the internal licence fee review by the Controller of Communication Accounts.
• Vodafone Idea’s AGR dues of Rs 87,695 crore for FY07 to FY19 were frozen after government relief and remain subject to reassessment. The amount excludes dues for FY18 and FY19 that were finalised by the Supreme Court’s 2020 order.

Source: PTI

• Housing sales fell 4% year-on-year to 84,827 units across eight major cities in the January-March quarter, according to Knight Frank. Sales stood at 88,361 units in the same period last year.
• Sales declined in Mumbai, Delhi-NCR and Pune, while Bengaluru, Hyderabad, Chennai, Ahmedabad and Kolkata recorded an increase.
• Knight Frank said higher property prices and market uncertainty linked to the West Asia conflict weighed on demand during the quarter.

Source: PTI

• Citi maintained Buy on Kalyan Jewellers with a target price of Rs 650 and said Q4 revenue growth of 65% year-on-year was ahead of its estimate of 38%.
• The brokerage said growth was driven by about 45% same-store sales growth and net addition of 24 Kalyan stores. It added that franchise-led expansion could support growth, balance sheet deleveraging and return on capital employed.
• Axis Capital also maintained Buy on the stock with a target price of Rs 660 and said the Q4FY26 pre-result update was ahead of estimates.

• Morgan Stanley said it believes Lodha’s share price could rise over the next 60 days and expects the stock to outperform.
• The brokerage said Lodha stands out for having more visible growth than peers.
• It added that any announcement related to data centres could act as a positive trigger for the stock.

• Tata Steel reported India production of 6.25 million tonnes in Q4, up 14.9% from a year earlier, according to an exchange filing.
• India delivery volume rose 10.5% year-on-year to 6.2 million tonnes.
• UK delivery volume fell 17.5% year-on-year to 0.5 million tonnes.

• Zepto has received in-principle approval from Sebi for its proposed IPO, according to sources cited by NDTV Profit.
• Sources said the company is still testing the waters, a process that allows it to gauge institutional investor interest before formally filing for the IPO.
• Zepto had made a confidential filing for an expected $1.2 billion IPO and is expected to return to Sebi for formal approval after completing the testing-the-waters process.

• The Enforcement Directorate has registered a PMLA case in the Chandigarh fixed deposit fraud linked to Kotak Mahindra Bank, according to sources.
• The case relates to alleged discrepancies of Rs 150 crore in municipal corporation deposits at Kotak Mahindra Bank’s Panchkula branch. The agency will probe suspected laundering of municipal funds.
• Sources said the matter is part of a wider set of financial fraud cases across the Chandigarh-Haryana banking system, spanning IDFC First Bank, AU Small Finance Bank and Kotak Mahindra Bank. The ED is also looking into possible collusion involving banking officials and municipal fund management.

About 14.9 lakh Reliance shares changed hands in a block deal, according to Bloomberg data. Buyers and sellers were not known immediately.

• Foreign portfolio investors sold financial services stocks the most in March, with outflows of $6.5 billion, accounting for 51.6% of total foreign investor selling during the month.
• Overall equity outflows stood at nearly $12.6 billion in March. Auto and auto component stocks saw outflows of $1.3 billion, followed by construction at $975 million, telecom at $602 million and FMCG at $579 million.
• Capital goods was the only sector to record net inflows in March, with foreign investors buying $343 million worth of shares.

Read the full report here.

>>

>>

• Markets recovered sharply from intraday lows, with the Nifty and Sensex trading little changed.
• Nifty was down 0.2% at 22,929 after falling as much as 1.1% earlier in the session.
• Sensex was down 0.12%, or 90 points, at 74,014 after declining as much as 800 points intraday. Infosys, TCS and Bharti Airtel led the recovery in the benchmark indices.

• Vikas Khemani told NDTV Profit that supply concerns could affect earnings in the first half of FY27 and may also have a partial impact in Q4 FY26.
• He said FY27 earnings are likely to be affected by the war and added that uncertainty has hurt corporate profits.
• Khemani said oil prices are putting pressure on India’s currency reserves, though he believes the peak of the crisis is now behind us.

KRN Heat said its arm has received an export order worth Rs 55 crore for heat exchanger coils, according to an exchange filing.

• Vedanta and Hindalco saw long build-up in BSE F&O data.
• HCLTech and Larsen & Toubro saw short covering, while Uno Minda and Bharat Forge saw long unwinding.
• KFin Technologies and Jubilant FoodWorks saw short build-up.

• About 18.3 lakh Biocon shares changed hands in one block deal.
• Another 13.6 lakh shares were traded in a separate block deal.
• In total, about 31.9 lakh shares were traded across the two block deals.
• Buyers and sellers were not known immediately

Source: Bloomberg

• MCX gold May futures traded 0.06% higher at Rs 1,48,323 per 10 grams at 9:01 am.
• MCX silver May futures fell 0.34% to Rs 2,32,575 per kg.
• Gold traded largely flat as uncertainty around the US-Iran conflict continued.

• Jubilant FoodWorks shares fell in early trade after its Q4 business update showed weak like-for-like growth in India.
• Consolidated revenue rose 19% year-on-year to Rs 2,506 crore in the January-March quarter, while Domino’s India reported like-for-like growth of 0.2%.
• Macquarie said India margin may come under pressure due to weaker like-for-like growth momentum. During the quarter, the group added 69 net stores, taking the total store count to 3,663.

Read the full story here.

• Goldman Sachs’ Santanu Sengupta said the RBI is expected to pause in the upcoming policy decision.
• He said the MPC is likely to reflect a change in the growth outlook.
• Sengupta added that liquidity in the system is expected to remain adequate for now, with rates seen tightening later in the year.

• Goldman Sachs’ Santanu Sengupta said Brent crude is expected to decline to $80 a barrel by the end of the year.
• He said oil price trends are expected to remain higher in the near term.
• Sengupta also said the government is not passing on the oil price increase to consumers.

• Morgan Stanley has maintained its Overweight rating on Prestige Estates with a target price of Rs 1,920 and said the share price could rise over the next 60 days.
• The brokerage linked the view to the launch of the Prestige Golden Groove project in Hyderabad, which has a gross development value of Rs 9,500 crore.
• It said the project’s scale is above the company’s launch run-rate of Rs 6,000-7,000 crore over the last four quarters and could support a stronger Q1FY27.

>>

>>

>>

>>

• Nifty fell as much as 1.1% to 22,719.
• Sensex dropped as much as 1.1%, or 824 points, to 73,832.

Nifty fell in pre-open trade and was down 0.6% at 22,838.70.

The rupee opened higher in trade. It appreciated by as much as 8 paise to 92.98 against the US dollar.

• Nifty traded near 22,950 in pre-open trade.
• Sensex gained more than 300 points in pre-open trade.

• Motilal Oswal has cut its FY27 Nifty 50 EPS estimate by 1.3% to Rs 1,246.
• The brokerage expects Nifty 50 companies to report 13% year-on-year revenue growth in the January-March period.
• It expects net profit to rise 6% year-on-year in the quarter and sees Nifty 50 EPS increasing 18% in FY27.

• Skymet has forecast India’s southwest monsoon at 94% of the long period average in 2026, indicating below-normal rainfall.
• It expects June rainfall at 101% of the long period average, July at 95%, August at 92% and September at 89%.
• Skymet said south peninsular India may see normal rainfall, while north, west and central India may receive below-normal rainfall. East and northeast India are seen getting above-normal rainfall. It also said El Nino is expected to strengthen and affect the monsoon in the second half.

• Lodha Developers reported Q4 pre-sales of Rs 5,890 crore, up 23% from a year earlier, according to an exchange filing. Collections rose 18% year-on-year to Rs 5,230 crore.
• The company added one project in Mumbai with a gross development value of Rs 1,300 crore.
• Net debt fell by Rs 800 crore in Q4 to Rs 5,370 crore, while net debt-to-equity stood at 0.23 times at the end of the quarter.

• Ajay Bagga told NDTV Profit that market sentiment suggests the ceasefire could be extended.
• He said Donald Trump appears to be trying to exit the war as quickly as possible.
• Bagga added that Israel and Arab allies do not want the US to step away from the conflict.

• FTR said preliminary net orders for North America Class 8 trucks and tractors fell 19% month-on-month to 38,200 units in March.
• Orders remained higher than a year earlier, rising 137%, marking the fourth straight month of more than 20% year-on-year growth. Orders over the past 12 months totalled 280,457 units.
• FTR said vocational demand rose from the previous month, while on-highway orders declined. It added that March orders were still above expectations despite the sequential drop.

• Kalyan Jewellers said consolidated revenue grew 64% year-on-year in Q4.
• India operations revenue rose more than 65%, while same-store sales growth stood at more than 45%. International revenue growth came in at 45%, with Middle East revenue up 39%.
• The company said the ongoing war has caused supply disruptions. For FY26, consolidated revenue grew 42%, while India operations revenue increased 43%.

• JPMorgan has upgraded Hindalco to Overweight from Neutral and raised the target price to Rs 1,125 from Rs 875. It also upgraded Vedanta to Overweight from Neutral and increased the target price to Rs 850 from Rs 680.
• The brokerage said the West Asia conflict is likely to keep aluminium prices higher for longer.
• JPMorgan said Vedanta’s risk-reward looks attractive and does not see energy inflation as a major concern. It said the worst may be behind for Novelis, while tailwinds in Hindalco’s India business should help ease debt concerns.

GIFT Nifty traded at 22,886.50, below Monday’s Nifty close of 22,968.25. The move pointed to a negative start for the market.

• Jefferies said it has revised estimates for travel companies to factor in the impact of disruption linked to the Middle East, including softer international traffic, higher fuel costs and weaker inbound tourism.
• The brokerage said airlines are the most exposed as capacity cuts linked to the region and fare increases may pressure load factors. It added that airports face traffic and spending headwinds, while hotels may see some pressure from weaker foreign tourist arrivals, partly offset by domestic demand.
• Jefferies maintained Buy on IndiGo, Indian Hotels, ITC Hotels, Chalet and GMR Airports, but cut target prices for IndiGo to Rs 5,500 from Rs 6,140, Indian Hotels to Rs 800 from Rs 900, ITC Hotels to Rs 210 from Rs 250 and Chalet to Rs 910 from Rs 1,075. It kept GMR Airports at Buy with a target price of Rs 125.

• Opening cues point to a range-bound start as Donald Trump reiterated the need for the Strait of Hormuz to reopen and stepped up threats against Iran.
• Major asset classes traded in a narrow range, while Asian markets opened with minor gains. South Korean markets rose, helped by Samsung earnings.
• Risk-off sentiment remains in place, global bond yields are firm and Brent crude stays elevated. FII short positions stood at 82% against 83%, while foreign investors remained sellers in the cash market for a 24th straight day.

• Morgan Stanley has maintained its Overweight rating on Jubilant FoodWorks with a target price of Rs 693.
• The brokerage said Q4FY26 was a big miss.
• It said like-for-like growth came in at 0.2%, against its estimate of 4%.

• Macquarie has maintained its Underperform rating on Jubilant FoodWorks with a target price of Rs 460.
• The brokerage said the pre-Q4 update points to weak India performance and stronger international business. It expects India margins to come under pressure due to weaker like-for-like growth.
• Macquarie said healthy like-for-like growth in Turkey is encouraging, but remains concerned about weakness in India despite support from the T20 Cricket World Cup. It also said the company has limited room to raise delivery contribution from current levels and faces a difficult base for growth.

• Morgan Stanley has maintained its Equal-weight rating on Godrej Consumer and set a target price of Rs 1,159.
• The brokerage said the company’s Q4 performance was broadly in line.
• It said India saw broad-based growth, competitive intensity in Indonesia has likely peaked, and Godrej Africa, USA and Middle East posted consistent double-digit growth.

• Macquarie has maintained its Outperform rating on Godrej Consumer and kept the target price at Rs 1,340.
• The brokerage said the pre-Q4 update was mixed, with India performance remaining healthy and international business staying weak.
• It said weaker-than-expected international performance may weigh on near-term results, though the company is still expected to remain broadly in line with its original FY27 bottom-line plans even at current cost levels.

• Gallant Ispat, Godrej Consumer Products, Shyam Metaliks, CreditAccess Grameen, Fino Payments Bank and PC Jeweller are on the watchlist after their latest business updates. ONGC and Oil India are also in focus as Brent crude remains elevated, while IRFC, Titagarh Rail, Deep Industries, Brigade Hotel Ventures, Tube Investments of India and ACME Solar are in focus on company-specific developments.

• Jubilant FoodWorks and Gujarat Pipavav are on the downside watchlist after their updates, while Kolte-Patil is in focus after a tax notice. Pace Digitek and Glottis are also on the watchlist due to share lock-in expiry.

• Among Q4 business updates, Gallant Ispat, Shyam Metaliks, PC Jeweller and Fino Payments Bank were marked strong. CreditAccess Grameen and Godrej Consumer were seen as mixed, while Jubilant FoodWorks and Gujarat Pipavav were marked weak.

GIFT Nifty traded at 22,975, compared with the previous Nifty close of 22,968.25.

• Oil was little changed as Donald Trump stepped up threats against key Iranian infrastructure ahead of a Tuesday deadline.
• Brent traded near $110 a barrel after rising 0.7% in the previous session.
• West Texas Intermediate hovered around $113 a barrel after closing at its highest level since June 2022.

• Asia-Pacific markets moved higher on Tuesday, tracking gains on Wall Street as traders continued to assess developments linked to the Iran war.
• Australia’s S&P/ASX 200 rose 1.4% in early trade, while South Korea’s Kospi gained 1.5% and the Kosdaq added 0.5%.
• Japan’s Nikkei 225 advanced 0.35% and the Topix rose 0.62%. Hong Kong markets remained closed for the Easter holiday.