Good morning!

GIFT Nifty is down 0.03% to 24,589 as of 07:02 am, indicating a marginally negative start for Indian markets.

Despite Trump’s hints of forthcoming trade agreements this week, no indication of a resolution with China emerged, leaving the US markets on uneven footing on Monday.

Further disruption may be caused as Ford Motor Co. withdrew its financial guidance, citing a potential negative impact of auto tariffs.

The market’s focus is now poised to shift towards the Federal Reserve’s decision on Wednesday.

Here’s everything that could influence Indian equities today:

Commodity Update

  • West Texas Intermediate crude advanced 1.31% to $57.88 per barrel.

  • Spot gold was up 0.86% to $3,362.24 an ounce.

US Markets Update

The S&P 500 paused its longest rally in about 20 years, as a potential Washington-Beijing accord is at a standstill despite Trump’s earlier statement that some trade deals could come as soon as this week. While on tariffs, Ford Motor Co. had trimmed its financial guidance on account of the heavy automobile levies.

All eyes are now on Wednesday’s Federal Reserve decision, with Fed Chair Jerome Powell expected to stand pat, much to President Trump’s chagrin.

The S&P 500 was down 0.6%. The Nasdaq 100 fell 0.7%. The Dow Jones Industrial Average was also down 0.2%.

Markets Back Home

India’s benchmark equity indices ended higher for the second session in a row on Monday. The NSE Nifty 50 closed 114.45 points or 0.47% higher at 24,461.15, while the BSE Sensex ended 294.85 points or 0.37% up at 80,796.84.

Foreign portfolio investors stayed net buyers of Indian equities for the 13th straight session, as they bought stocks worth Rs 498 crore. Domestic institutional investors remained buyers for the sixth session in a row, mopping up equities worth Rs 2,789 crore, according to provisional data from the NSE.

Key/Events Data To Watch

  • The HSBC ‘flash’ PMI data for April will be released at 10:30 a.m. HSBC Flash India Composite Output Index is a seasonally adjusted index that measures the month-on-month change in the combined output of India’s manufacturing and service sectors.

  • The US Federal Reserve will begin its two-day meeting for setting the monetary policy.

Earnings To Watch

Aadhar Housing Finance, Aarti Drugs, Alembic Pharmaceuticals, Aptus Value Housing Finance India, Avalon Technologies, Bank of Baroda, CG Power and Industrial Solutions, eMudhra, Godrej Consumer Products, Hindustan Petroleum Corp., JBM Auto, Kajaria Ceramics, Kansai Nerolac Paints, KEI Industries, Vedant Fashions, Mahanagar Gas, Paradeep Phosphates, One 97 Communications, Piramal Enterprises, Polycab India, Poly Medicure, Quick Heal Technologies, Radico Khaitan, Safari Industries India, Shipping Corp. and Sundaram-Clayton.

Earnings Reactions To Watch

Computer Age Management Services Q4 Highlights (Consolidated, QoQ)

  • Revenue down 3.68% at Rs 356 crore versus Rs 370 crore (Bloomberg estimate: Rs 364 crore)

  • EBIT down 11% at Rs 136 crore versus Rs 153 crore (Bloomberg estimate: Rs 166 crore)

  • EBIT margin at 38.3% versus 41.5% (Bloomberg estimate: 45.7%)

  • Net Profit down 9% at Rs 114 crore versus Rs 125.5 crore (Bloomberg estimate: Rs 117 crore).

Coforge Q4 Highlights (Consolidated, QoQ)

  • Revenue up 4.6% to Rs 3,409 crore versus Rs 3,258 crore (Bloomberg estimate: Rs 3,527 crore)

  • EBIT up 26% at Rs 401 crore versus Rs 318 crore (Bloomberg estimate: Rs 584 crore)

  • EBIT margin at 11.8% versus 9.8% (Bloomberg estimate: 16.6%)

  • Net Profit up 21% to Rs 261.2 crore versus Rs 215.5 crore (Bloomberg estimate: Rs 282.4 crore)

  • Fixes June 4 as a record date for splitting each share into 2.

  • Expect robust growth FY26 despite macroeconomic uncertainty

  • Expect growth in FY26 to come from multiple quadrants

  • Demand outlook has worsened for travel industry

Indian Hotels Q4 Highlights (Consolidated, YoY)

  • Revenue up 27.3% to Rs 2,425 crore versus Rs 1,905 crore (Bloomberg estimate: Rs 2,418.5 crore)

  • Ebitda up 30% to Rs 857 crore versus Rs 659 crore (Bloomberg estimate: Rs 874 crore)

  • Margin at 35.3% versus 34.6% (Bloomberg estimate: 36.1%)

  • Net Profit up 25% to Rs 522 crore versus Rs 553.4 crore (Bloomberg estimate: Rs 553 crore)

  • In 2026, Company plans to invest Rs 1,200 crore on asset upgrades, new projects, the Taj Brand and Digital Tools.

  • Aims for double-digit revenue growth led by strong same-store sales, new business and 30 hotel openings.

  • Sector outlook remains strong, with demand outpacing supply, a recovery of foreign tourist arrivals and steady momentum across leisure, social and MICE segments.

CCL Products Q4 Highlights (Consolidated, YoY)

  • Revenue up 15% to Rs 836 crore versus Rs 727 crore (Bloomberg estimate: Rs 827 crore)

  • Ebitda up 38.2% at Rs 163 crore versus Rs 118 crore (Bloomberg estimate: Rs 130 crore)

  • Margin at 19.5% versus 16.2% (Bloomberg estimate: 15.7%)

  • Net Profit up 56% to Rs 102 crore versus Rs 65.2 crore (Bloomberg estimate: Rs 68 crore)

Cigniti Technologies Q4 Highlights (Consolidated, QoQ)

  • Revenue up 2.7% to Rs 530.3 crore versus Rs 516.4 crore

  • EBIT up 5% to Rs 81.2 crore versus Rs 77 crore

  • Margin at 15.3% versus 14.9%

  • Net Profit up 15% to Rs 73 crore versus Rs 63.5 crore.

Pratap Snacks Q4 (Consolidated, YoY)

  • Revenue up 3.1% to Rs 398 crore versus Rs 386 crore.

  • Ebitda down 94.38% to Rs 1.85 crore versus Rs 32.93 crore.

  • Margin at 0.46% versus 8.53%.

  • Net loss at Rs 12 crore versus profit of Rs 12 crore.

DCM Shriram Q4 Highlights (Consolidated, YoY)

  • Revenue up 20% to Rs 2,876 crore versus Rs 2,399 crore

  • Ebitda up 52.8% to Rs 405 crore versus Rs 265 crore

  • Margin at 14% versus 11%

  • Net profit up 52% to Rs 179 crore versus Rs 118 crore

J&K Bank Q4 Highlights (Standalone, YoY)

  • Net interest income up 13% to Rs 1,480 crore versus Rs 1,306 crore.

  • Net profit down 8.5% to Rs 584 crore versus Rs 639 crore

  • Operating Profit up 20.5% to Rs 800 crore versus Rs 664 crore

  • Gross NPA at 3.37% versus 4.08% (QoQ)

  • Net NPA at 0.79% versus 0.94% (QoQ)

Stocks To Watch

  • Senores Pharma: The company signed an agreement with Wockhardt to acquire USFDA-approved Topiramate tablets, used to treat epilepsy and migraine. The market size of Topiramate Tablet in the US was $111.47 million.

  • Paras Defence: The company signed an MoU with Israel-based Heven Drones to create new opportunities and expand both parties’ business in the defence sector. The parties intend to form a JV company in India for the development and production of logistics to support the MoU.

  • Kalyani Steels: The company reappointed RK Goyal as Managing Director effective Jan. 17, 2026.

  • Glenmark Pharma: Ichnos Glenmark Innovation received USFDA fast-track status for ISB 2001, used to treat adult patients with relapsed or refractory multiple myeloma.

  • ONGC: The company completed the offshore facilities decommissioning project along with Reliance Industries and Shell.

  • Gensol Engineering: The company clarified that the Delhi High Court order related to the Orix Leasing case is only an ex parte interim order, and the company is seeking legal assistance regarding this court order. This clarification is in response to reports stating that the High Court has barred the company and BluSmart from transferring electric vehicles leased by Orix to any third party.

  • Ola Electric Mobility: The company clarified that it holds a perpetual, royalty-free licence to use certain licenced intellectual property, including the logo, and that this licence has been granted exclusively in relation to the company’s electric vehicle business and is valid globally.

  • Ircon International: The company received an order worth Rs 187 crore from Kerala State IT Infrastructure for the construction of a dedicated rural industrial park in Thiruvananthapuram.

  • RateGain Travel Technologies: The company appointed Rohan Mittal as CFO effective May 6.

IPO Listing

  • Ather Energy: The company’s shares will debut on the stock exchanges on Wednesday. The issue price is set at Rs 321 apiece. The Rs 2,981-crore IPO has been subscribed 1.43 times on final day. The bids were led by non-institutional investors (0.66 times), retail investors (1.78 times) and Portion reserved for employees (5.43 times) and no bids from Qualified Institutional Buyers.

Bulk Deals

  • Utkarsh Small Fin Bank: Four Dimensions Securities (India) bought 90.9 lakh shares (0.82%) at Rs 24.12 apiece.

Trading Tweaks

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

  • List of securities to be excluded from ASM Framework: Waaree Energies, Cellecor Gadgets.

F&O Cues

  • Nifty May Futures up by 0.68% to 24,567 at a premium of 106 points.

  • Nifty May futures open interest up by 4.5%.

  • Nifty Options May 8 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,000.

  • Put-Call ratio at 0.77, with the highest change in Call open interest at 24,500.

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

Rupee/Bond

  • The rupee closed 31 paise stronger at 84.25 against the US dollar.

  • The yield on the benchmark 10-year government bond closed 3 basis points lower at 6.32%.

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