Nifty Detractors: ICICI Bank And HDFC Bank Weigh The Most 

ICICI Bank Ltd., HDFC Bank Ltd., Hindalco Industries Ltd., Kotak Mahindra Bank Ltd., and Infosys Ltd. weighed in the Nifty 50 index.

Mahindra & Mahindra Ltd., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., ITC Ltd., and Sun Pharmaceutical Industries limited losses in the NSE Nifty 50 index.

Opening Bell: Nifty, Sensex Reverse Gains At Open 

The NSE Nifty 50 and BSE Sensex reversed all gains at open as ICICI Bank Ltd. and HDFC Bank Ltd. shares weighed. The indices were trading 0.04% and 0.07% down, respectively as of 9:20 a.m.

Yield On 10-Year Bond Opens Flat

  • The yield on the 10-year bond opened flat at 6.44%

Source: Bloomberg

Rupee Opens Weaker Against US Dollar

  • Rupee opened 4 paise weaker at 87.70 a dollar

  • It closed at 87.66 a dollar on Monday.

Source: Bloomberg

Hyundai Motors Share Price Rated New Buy At Goldman Sachs On ‘Strong Product Cycle’

Goldman Sachs has initiated its coverage on Hyundai Motors India with a ‘Buy’ with a target price of Rs 2,600. The broking’s optimistic outlook is based on its belief that Hyundai is exceptionally well-positioned to capitalise on a major stress point in the auto industry. The view is driven by key factors, like the company’s product cycle, capacity expansion, and favourable macroeconomic conditions.

Goldman Sachs highlights that the company is in a strong position to launch new products and gain market share as it expands its manufacturing capacity. This strategic “catch-up” is expected to be a significant growth boost.

Stock Market Live Update: BofA On India Strategy

  • Expect muted returns; be nimble/rotate sectors for alpha

  • Risks skewed to downside

  • Small and midcaps still overvalued but see some pockets of opportunities

  • Move IT sector from Underweight to Overweight and Utilities from UW to Neutral

  • Continue to expect negative returns from small and midcaps

  • See pockets of opportunities now within Building Materials, Auto Components& Travel/Tourism

  • Continue to prefer Large caps over Small and midcaps

Six factors to drive volatility –

  • Consensus earnings cuts to continue

  • Trade tariffs: base case is for India to attract 15% tariffs from the US; see downside risk if higher tariffs at 25-50% sustains

  • US Macro outlook remains uncertain

  • Populism step-up: subsidy spike could curtail capex (see report): a market risk

  • Flows: risk-reward for FIIs is still unfavorable; do not see revival of FII flows

  • Policy response: India may step-up legislative reforms, improve policies and offer fiscal support to boost growth/avert tariff impact

Asian Markets Update LIVE: Japan’s Nikkei 225 Hits Record High 

Japan’s benchmark index Nikkei 225 hit a record high in Tuesday’s session. Markets in China, South Korea, and Australia advanced after the US extended deadline on interim relief from tariffs on Chinese imports.

The Nikkei 225 was trading 2.53% higher at 42,887.50 as of 8:03 a.m. The S&P ASX 200 and KOSPI were trading 0.18% and 0.70% higher, respectively.

US Markets Update: Mixed As Traders Await CPI Data 

US stock futures were trading on a mixed note on Tuesday morning as market participants assessed trade relation between US and China while awaiting inflation number.

The Dow Jones Industrial Average 0.06% rose and S&P 500 futures were trading 0.01% down as of 7:54 a.m.

LIVE: GIFT Nifty Implies Negative Open; Ashoka Buildcon, Muthoot Microfin In Focus

The GIFT Nifty was trading 0.12% or 28.50 points higher at 24,580.50, which indicated 5 points lower open for the benchmark NSE Nifty 50 index.

Ashoka Buildcon Ltd., Muthoot Microfin Ltd., Dollar Industries Ltd., Ugro Capital Ltd., and Bata India Ltd. shares will likely be in focus because of first-quarter results.

The Indian equity benchmarks closed in the green on Monday as shares of HDFC Bank Ltd., Reliance Industries Ltd. and State Bank of India led the gains.

The NSE Nifty 50 ended 221.75 points or 0.91% higher at 24,585.05 and the BSE Sensex ended 746.29 points or 0.93% up at 86,604.08.

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