Good morning!

The GIFT Nifty traded 0.41% higher at 24,423.50 as of 07:44 am, signalling a positive start to Indian equities.

Asian stocks opened cautiously, moving within a narrow range, as the Federal Reserve reiterated its patience regarding interest rate cuts. Investors are also holding back on riskier investments, awaiting the outcome of trade discussions between China and the US.

Meanwhile, the S&P 500 recovered from a two-day decline. This rebound was primarily driven by gains in chipmaker stocks, following a Bloomberg News report indicating that the Trump administration intends to roll back some Biden-era restrictions on the semiconductor industry.

Federal Reserve officials reiterated comfort in maintaining current interest rates, citing a still-low unemployment rate and consistent demand. Chairman Powell emphasised the same on Wednesday, stating that the potential drawbacks of waiting for more clarity are relatively minor.

Markets Back Home

India’s benchmark equity indices reversed a one-day decline to close higher on Wednesday. The NSE Nifty 50 closed 34.80 points, or 0.14% higher at 24,414.4, while the BSE Sensex ended 105.71 points, or 0.13% up at 80,746.78.

Foreign portfolio investors stayed net buyers of Indian equities for the 15th straight session, as they bought stocks worth Rs 2,585.86 crore. Domestic institutional investors turned net buyers after being net sellers for a day, as they mopped up equities worth Rs 2,378.49 crore, according to provisional data from the NSE.

NDTV Profit Live

Here’s everything that could influence Indian equities today:

How Global Markets Fare (As Of 6:30 a.m. IST)

  • Hang Seng futures down 1.47%.

  • S&P 500 futures down 0.15%.

  • Japan’s Topix down 0.57%.

  • Australia’s S&P/ASX 200 was little changed.

  • Euro Stoxx 50 futures rose 0.29%.

Track global markets movement here.

US Markets Update

The S&P 500 bounced back from a two-day dip, up by 0.4%, while the Nasdaq 100 also saw a 0.4% increase, and the Dow Jones Industrial Average climbed 0.7%.

Market volatility has eased considerably since the initial weeks of April. This calm can be attributed in part to trade concessions made by Trump, but also to a series of encouraging economic reports that have bolstered investor confidence.

Friday’s jobs report, revealing a steady unemployment rate of 4.2%, followed data on the services sector and inflation that likewise provided little indication of an impending recession.

Commodity Update

  • West Texas Intermediate crude advanced 0.38% to $58.29 per barrel.

  • Spot gold was up 0.78% to $3,390.86 an ounce.

London Metal Exchange

  • Copper declined to 1.24%, snapping gains in the last session.

  • Nickel was down 0.96%, snapping its three-day gains.

  • Aluminium slipped 1.83%, extending losses for a second session.

  • Zinc fell 0.61%, reversing its upward trend.

  • Lead rose 1.79%, reversing losses.

Key Events/Data To Watch

The Modi government has called an all-party meeting at the Parliament at 11 a.m. to discuss the current tensions with Pakistan and apprise them of the recent cross-border attacks.

Earnings To Watch

Nifty earnings to watch: Titan, Asian Paints, Larsen & Toubro.

Other earnings to watch: Aarti Industries, Bharat Forge, Biocon, Britannia Industries, Canara Bank, Ceigall India, Chambal Fertilisers & Chemicals, D. B. Corp, Dilip Buildcon, EPL, Escorts Kubota, Fine Organic Industries, GHCL, Harsha Engineers International, Hindustan Construction Co, Ideaforge Technology, IIFL Finance, Jindal Stainless, Kalyan Jewellers India, Mayur Uniquoters -$, Multi Commodity Exchange of India, Muthoot Microfin, Pidilite Industries, Rain Industries, REC, R Systems International, Sula Vineyards, Union Bank of India, Vesuvius India and Zee Entertainment Enterprises.

Earnings Reactions To Watch

Dabur India Q4FY25 Highlights (Consolidated, YoY)

  • Revenue up 0.6% to Rs 2,830 crore versus Rs 2,815 crore. (Estimate: Rs 2,845.8 crore)

  • Ebitda down 8.6% to Rs 427 crore versus Rs 467 crore. (Estimate: Rs 438.1 crore)

  • Margin at 15% versus 16.6%. (Estimate: 15.4%)

  • Net profit down 8.4% to Rs 320 crore versus Rs 349 crore. (Estimate: Rs 324.1 crore)

  • Consumer care revenue up 1.8% at Rs 2254 crore versus Rs 2214 crore.

  • Food business revenue down 5.31% at Rs 500 crore versus Rs 528 crore.

  • Retail business revenue down 20.78% at Rs 24.56 crore versus Rs 31 crore.

  • In Q4, International Business achieved 19 % CC growth and 17% growth during the full year.

  • Expect consumer demand in India to recover in the coming quarters, both in urban and rural markets.

Coal India Q4 Highlights (Consolidated, YoY)

  • Revenue down 1% to Rs 37,824.54 crore versus Rs 38,213.48 crore. (Bloomberg Estimate: Rs 36,638.2 crore)

  • Ebitda up 4% to Rs 11,790.15 crore versus Rs 11,387.59 crore. (Estimate Rs 11,332 crore)

  • Margin at 31.2% versus 29.8%. (Estimate 30.9%)

  • Net profit up 12% to Rs 9,604.02 crore versus Rs 8,572.14 crore. (Bloomberg Estimate: Rs 8,413.5 crore)

  • Other Income grew by 75% to Rs 3,937 crore versus Rs 2,244 crore.

Tata Chemicals Q4FY25 Highlights (Consolidated, YoY)

  • Revenue up 1% at Rs 3,509 crore versus Rs 3475 crore (Bloomberg estimate: Rs 3642.4 crore).

  • Ebitda down 26% at Rs 327 crore versus Rs 443 crore (Bloomberg estimate: Rs 452.4 crore).

  • Margin at 9.3% versus 12.7%. (Bloomberg Estimate:12.4%)

  • Net loss narrows to Rs 56 crore versus Rs 850 crore (Bloomberg estimate: Rs 74-crore profit).

  • Revenue Growth was constrained by pricing pressure observed across all geographical regions.

  • EBITDA decline was primarily driven by lower pricing.

  • UK Soda Ash unit ceased its operations in early February 2025, resulting in an additional exceptional charge of Rs 55 Crore.

  • Demand is robust in Asia (excluding China and India) and Americas (excluding USA) while slight decline is observed in demand of Africa.

  • Market conditions remain challenging as India continues to grow, while China, US and Western Europe are witnessing slight declines due to reduced demand for flat and container glass.

Niva Bupa Health Q4 (YoY)

  • Premium Earned (Net) grew 11% by 1527 cr versus 1381 crore

  • Gross Written Premium grew 36% Year-on-year at 2,395 crore.

  • PAT up 31% at 206 crore versus 157 crore

  • Claims Settlement Ratio at 93.2% versus 91.8% (QoQ)

  • Q4 Combined Ratio without 1/n at 86.1% versus 96.3% (QoQ)

  • FY25 Combined Ratio without 1/n at 96.1% versus 100.9% (QoQ)

  • Combined Ratio is a combination of Loss Ratio and Expense Ratio

  • Combine Ratio Lower the better.

  • Retail health segment market share increased to 9.4% from 9.1% in FY24

  • Continue to be one of the fastest growing companies in health insurance.

Blue Star Q4 Highlights (Consolidated, YoY)

  • Revenue up 20.8% to Rs 4,019 crore versus Rs 3,328 crore. (Bloomberg Estimate: Rs 3,986 crore)

  • Ebitda up 15.3% to Rs 279 crore versus Rs 242 crore.

  • Margin at 7% versus 7.3%.

  • Net profit up 21.3% to Rs 194 crore versus Rs 160 crore. (Bloomberg Estimate: 208 crore)

Segment Revenue

  • Electro – mechanical projects and commercial AC system representing 49% Revenue grew 30% Year-on-year.

  • Unitary products representing 48% revenue grew 15% year-on-year.

  • The Room AC business performed well, driven by demand and dealer stocking.

  • Soft April growth, demand is expected to rise in May-June 2025.

Voltas Q4 Highlights (Consolidated, YoY)

  • Revenue up 13% to Rs 4,767 crore versus Rs 4,203 crore. (Bloomberg estimate: Rs 4873.1 crore)

  • Ebitda up 75.3% to Rs 333 crore versus Rs 190 crore.

  • Margin at 7% versus 4.5%.

  • Net profit up 107.8% to Rs 241 crore versus Rs 116 crore. (Bloomberg estimate: Rs 264.1 crore)

Segment Revenue

  • Unitary Cooling Products representing 73% of Revenue grew by 17%

  • Electro – Mechanical Projects and Services representing 24% of revenue grew by 3.6%

  • Engineering Products and Services degrew by 15%

Symphony Q4 Highlights (Consolidated, YoY)

  • Revenue up 46.98% at Rs 488 crore versus Rs 332 crore.

  • Ebitda  up 87.71% at Rs 107 crore versus Rs 57 crore.

  • Ebitda margin up 475 bps at 21.92% versus 17.16%.

  • Net profit up 89.65% at Rs 79 crore versus Rs 48 crore.

United Breweries Q4 Highlights (Consolidated, YoY)

  • Revenue down 8.9% at Rs 2323 crore versus Rs 2133 crore. (Bloomberg estimate: Rs 2,331.95 crore)

  • Ebitda up 30.97% at Rs 186.65 crore versus Rs 142.51 crore.

  • Ebitda margin up 135 bps at 8.03% versus 6.68%.

  • Net profit up 19.75% at Rs 97 crore versus Rs 81 crore. (Bloomberg estimate: Rs 90.12 crore)

  • Beer revenue falls by 7.5% year-on-year.

Sonata Software Q4 Highlights (Consolidated, QoQ)

  • Revenue down 8% to Rs 2,617 crore versus Rs 2,843 crore. (Bloomberg Estimate: Rs 2,441.5 crore)

  • EBIT up 14% to Rs 150 crore versus Rs 131 crore.

  • EBIT Margin at 5.7% versus 4.6%.

  • Net profit up 1.9% to Rs 107 crore versus Rs 105 crore. (Bloomberg Estimate: Rs 92.5 crore)

Somany Ceramics Q4 Highlights (Consolidated, YoY)

  • Revenue up 4.5% to Rs 773 crore versus Rs 739 crore. (Bloomberg Estimate: Rs 741.5 crore)

  • Ebitda down 18% to Rs 66 crore versus Rs 81 crore.

  • Margin at 8.5% versus 11%.

  • Net profit down 32.3% to Rs 21 crore versus Rs 31 crore. (Bloomberg Estimate: Rs 24.9 crore)

Stocks To Watch

  • Mahindra & Mahindra: The company in its business update reported a total production of 85,925 units in April, marking a 20.3% increase compared to the 71,445 units produced in the same month last year. The company’s total sales for April reached 80,789 units, showing a growth of 17.8% compared to the 68,614 units sold in April of the previous year. M&M’s total exports experienced a significant surge of 82%, with 3,381 units exported in April compared to the 1,857 units exported in the same period last year.

  • Coal India: The company signed a non-binding agreement with AM Green Ammonia for supplying renewable power to AM Green’s green ammonia project in Kandla.

  • Lupin: The pharma major announced the launched Eslicarbazepine Acetate Tablets, following the approval of its Abbreviated New Drug Application or ANDA from the USFDA. The medicine is used for treatment of partial-onset seizures. It had estimated annual sales of $395 million in the US.

  • Techno Electric: The company launched Techno Digital Infra arm with wholly owned digital infrastructure arm for an ambitious investment plan of $1 billion to develop integrated network of hyperscale and edge data Centre’s targeting a cumulative capacity of 250 MW spread across country.

  • Jindal Drilling: The company secured a three-year contract from ONGC for the deployment of their rig Jindal Explorer at an Effective Day Rate (EDR) of $35,138.71, with the current contract ending in Q1 FY26 and the new contract commencing in Q3 FY26.

  • Astral: The company completed the acquisition of 100% stake in Al-Aziz Plastics.

  • Nazara Technologies: NCLT approved the resolution the company’s plan for acquisition of Smaaash Entertainment.

Brokerage Radar

Jefferies On India-Pakistan Conflict

  • Rising India-Pakistan border worries

  • Couple of such prior incidents over the past decade have de-escalated with minimal impact on financial markets.

  • An escalation cannot be ruled out, though

  • Any potential escalation would be negative for tourism and high beta stocks in particular.

  • Any consequent market correction would be shortlived, in their view.

Macquarie On Voltas

  • Maintain ‘outperform’ with a target price of Rs 1,520.

  • UCP margin surprises

  • Project business back to losses

  • Summer panning out weaker than expected.

  • Believe near-term upside will be capped; Havells is preferred pick.

CLSA On MRF

  • Maintain ‘outperform’ and hike target price to Rs 16,8,426 from Rs 1,28,599.

  • MRF Ebitda margin came in at 15%, up 337 basis points quarterly.

  • Beginning of the margin upcycle

  • Bulk of the recent commodity correction to come from the second quarter of fiscal 2026

  • Industry leadership and superior capital efficiency drive steady cashflows

Catch all brokerage calls for the day here.

Trading Tweaks

  • Ex/record dividend: Oracle Financial Services, Gravita India.

  • Price Band change from 10% to 5%: Ksolves India.

F&O Cues

  • Nifty May Futures up by 0.17% to 24,472 at a premium of 58 points.

  • Nifty May futures open interest down by 2.72%.

  • Nifty Options May 8 Expiry: Maximum Call open interest at 24,500 and Maximum Put open interest at 24,300.

  • Put-Call ratio at 0.74, with highest change in Put open interest at 24,300.

  • Securities in ban period: CDSL, RBL Bank, Manappuram Finance. 

Currency/Bond

  • The rupee ended 39 paise weaker at 84.83 against US Dollar.

  • The yield on the benchmark 10-year government bond ended flat at 6.34%.

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