29/04/26, Gold Price

Gold prices have increased by more than $3,000 per ounce since the current bull market began in October 2022, when the price was $1,500. Today, gold is trading over $4,500, an absolute return of 200% during this period.

In a recent report from Deutsche Bank Research Institute, the authors argue that the gold price could rise to $8,000 over the next five years. That is a larger gain than in the preceding bull market. This suggests that gold prices can rise by another 77% from their current levels.

Central Banks Gold Buying

The role of central banks, particularly in emerging markets, is noteworthy. EM central banks have been actively buying gold and driving pressure on prices upward, and there is significant scope for EM to add to this. “If the world diversifies trade and security dependence away from the US, this would be consistent with less USD and more gold in reserves,” notes the study.

Behind the reasons for gold to keep shining, the report suggests that the share of US dollars in central bank reserves is once more in decline. The share of the USD in global central bank reserves has dropped sharply from around 60% at its peak to just 40%, while gold’s share in global central bank reserves has doubled in the past four years to nearly 30% today.

Even in an environment where EM FX reserves decline to USD5tn, gold prices could still rise to $8,000 over the next five years, if EM countries all target a 40% gold share, says the Deutsche Bank Research Institute report.

EM central banks had just 16% of total reserves in gold compared to 34% for DM central banks by the end of 2025. There thus remains a significant gap to close, if not ultimately exceed.

Taken together, Gold now accounts for 20% of foreign exchange reserve assets held by central banks — surpassing even the euro, which stands at 16%, after the US dollar, which retains 46%. In the case of the RBI, gold occupies 17.2% of India’s foreign exchange reserves.

Which Countries are Buying More Gold

According to the report, almost half of EM central bank holdings are accounted for by just China, Russia and India. But many middle powers like Turkiye, Kazakhstan, and Saudi Arabia are also significant holders.

Strikingly, in Eastern Europe, more than half of the gold holdings of Czechia and Poland have been acquired in the past four years alone, after Russia’s invasion of Ukraine. Many MENA states like Qatar, Egypt and the UAE have acquired between 25-50% of their total gold holdings in the last few years alone.

RBI’s Gold Holdings

The RBI’s total gold holdings hit a record of 880.3 tonnes at the end of 2025. But during the year, the RBI lowered its gold purchases to 4.02 tonnes, a dramatic decrease from 72.6 tonnes in 2024. Following a four-month break, in 2026, the RBI purchased 0.13 tons of gold in January but none in February.

Forces Behind the Move

The report suggests that gold’s share in central bank reserves is a function of three main drivers: the volume of gold held, the price of gold, and the stock of FX reserves. The first two forces are already underway. EM central banks have been actively buying gold and prices have been rising. The third force of active reduction in US holdings is yet to begin, but could be very significant.

All three drivers could be at play together, suggesting there is more to go in gold’s rise and the dollar’s decline as a share of global reserves.

Written by MrSunil Dhawan

Source: FinancialExpress

Disclaimer: This article draws on third-party research and is intended for general awareness and education only.  Not trade recommendation.

29/04/26, AfterNoon Market

 The bulls have come charging on the Dalal street today after a brief pause.Both the benchmark indices have seen sharp gains in intraday trade. At this hour, the Sensex surged 1,000 points to trade close to 78,000, gaining around 1.4%. 

At the same time, the Nifty climbed above 24,300 levels, up more than 300 points or about 1.2%.

The rally is not limited to frontline indices. In the broader markets, the small and midcap stocks are also seeing strong traction. 

Let’s take a look at the key reasons behind today’s rally –

Broad-based buying lifts the market mood

One of the biggest drivers of today’s rally is the broad-based participation seen across sectors. 

Almost all major sectors are trading in the green.

Auto, financial services, realty, and information technology stocks are leading the gains. Similarly, banking and private banking stocks are also adding further strength to the uptrend. 

Fast-moving consumer goods (FMCG) and oil and gas stocks are also contributing to the positive momentum.

Auto stocks take the lead

The auto sector is emerging as the top performer in today’s rally. The Nifty Auto index surged around 2% in the intraday trade today.

Key players like Maruti Suzuki India surged nearly 5% in the intraday trading session today. Other auto stocks, including Mahindra & Mahindra, Bharat Forge, TVS Motor, Hero MotoCorp, Exide Industries, and Eicher Motors, are also trading higher, many of them rising over 2%.

IT stocks add further momentum

The information technology (IT) sector is also playing a key role in pushing markets higher. In the intraday , trading session today, the Nifty IT index gained around 1.5%. 

In the information Technology sector, stocks such as Infosys, TCS, and Tech Mahindra are trading in positive territory. 

Cautious optimism amid global uncertainty

Despite the strong rally, global developments continue to remain a key concern  for markets. Investors are closely watching geopolitical tension and global economic signals, which could influence sentiment in the coming sessions.

V K Vijayakumar, Chief Investment Strategist at Geojit Investments said, “Even though there are important developments happening in the Gulf region, there is no solution to the energy crisis caused by the closure of the Strait of Hormuz. UAE’s decision to quit OPEC might have a bearing on crude prices in the medium term but it is unlikely to ease crude prices in the near-term. There are indications that the US-Iran stand off may continue much longer. Brent crude at $110 is negative for India. As long as crude price remains elevated, the downside risk to India’s growth and the upside risk to inflation will remain high.”

He further added, ‘The market will also be closely watching the political developments after the state elections end today. The exit polls this evening might give indications of possible outcomes. The Fed decision today will be a pause in the light of the uncertainty surrounding the West Asia conflict and rising inflation. The message from the Fed chief will be more important.” 

Written by Olivia Kunjumon

Source: FinancialExpress

29/04/26, GRSE share price

 The share price of Garden Reach Shipbuilders & Engineers (GRSE) grabbed market attention today, April 29, after the company reported a strong set of quarterly numbers. 

In the trading session today, the share price of this defence public sector undertaking (PSU) rallied sharply, rising as much as 15%.

The stock opened higher at Rs 3,100 and quickly extended gains to hit an intraday high of Rs 3,339. 

The key reason behind today’s surge in the share price comes after the company announced its Q4FY26 results after market hours in the previous session.

Let’s take a look at the key reasons why the share price of this defence sector stock is rallying today –

Garden Reach Shipbuilders & Engineers rallies after Q4 earnings

The surge in GRSE shares was largely driven by better-than-expected financial performance in Q4FY26.

As per the regulatory filing by the company, the net profit, also known as profit after tax (PAT), rose 24% year-on-year to Rs 303.19 crore, compared to Rs 244.24 crore in the same period last year.

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Revenue growth also saw momentum. The company posted a 29% jump in revenue from core operations. This stood at Rs 2,119.21 crore for the quarter, up from Rs 1,642.03 crore a year ago.

Looking at the operating level, performance was firm. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose sharply, and margins improved to 16.8% from 13.4% in the same quarter last year. 

GRSE: Cost control adds to profitability

One of the key highlights in the results was a decline in input costs. The company’s expenses on inputs fell 22% year-on-year to Rs 811.50 crore. 

In addition to this, the earnings per share (EPS), increased to Rs 26.47 compared to Rs 21.32 a year ago.

GRSE Dividend announcement 

Alongside the headline numbers, this defence sector company also announced a final dividend for shareholders. 

The board recommended a dividend of Rs 6.70 per share for the financial year 2025-26. This is subject to approval at the upcoming annual general meeting (AGM), after which the payment will be made within 30 days.

This final payout comes in addition to two interim dividends already announced during the year – Rs 5.75 per share in November 2025 and Rs 7.15 per share in February 2026. 

Maruti Suzuki jumps 5%: Why brokerages see upto 39% upside despite Q4 profit dip and margin pressure 

GRSE share price performance 

Breaking down the share performance of the company across different time frame, over the past month alone, the stock has delivered gains of more than 58%, while on a year-to-date basis, it is up 28%.

Looking at the longer term, the stock surged 22% in the last 6 months and 59% in past one-year. 

The current surge also puts the stock closer to its 52-week high of Rs 3,538.40, while remaining well above its 52-week low of Rs 1,622.

Source:FinancialExpress

29/04/26, The equity benchmark indices Sensex and Nifty rebounded on Wednesday, supported by buying in blue-chip stocks and firm cues from Asian markets. At around 11 am, the Sensex rose 953.59 points or 1.24 percent to 77,840.50, while the broader Nifty advanced to 24,284.80, up 289.10 points or 1.2 percent. Market breadth was positive as about 2155 shares advanced, 1229 shares declined and 174 shares remained unchanged.

 All 16 major sectoral indices traded in the green. The Nifty Smallcap 100 and Nifty Midcap 100 indices gained 0.96 percent and 0.76 percent, respectively.

Key factors behind market rise

1) Value buying: Value buying was seen in key sectors such as auto, realty, IT and FMCG following the previous session's decline. On Tuesday, the Sensex had dropped 416.72 points or 0.54 percent to settle at 76,886.91, while the Nifty fell 97 points or 0.4 percent to end at 23,995.70

2) Rise in crude prices: Brent crude, the global oil benchmark, traded 0.21 percent lower at USD 111 per barrel. Lower crude oil prices are generally positive for India because the country imports a large share of its oil needs. When prices fall, the import bill declines, which helps reduce the trade deficit and eases pressure on the rupee. It also lowers input costs for companies, especially in sectors like transport, aviation and manufacturing, supporting margins.

3) Firm cues in Asian markets: Asian markets lent support, with South Korea's Kospi, Shanghai's SSE Composite and Hong Kong's Hang Seng trading higher.

4) Strong Q4 earnings: Maruti Suzuki gained 4 percent, recovering from a 2.5 percent fall in the previous session, even as the company reported a decline in March quarter profit, as multiple brokerages ‌cited ⁠steady demand and volumes as positives. The auto index emerged as the top sectoral gainer, rising up to 2.5 percent. Shares of  Eternal rose 2 percent, while Star Health advanced 8.6 percent on the back of quarterly earnings.

Technical Outlook

Anand James, Chief Market Strategist at Geojit Investments, said the Nifty showed signs of recovery despite initial weakness. "Subsequent hourly candles indicate buying interest at lower levels, suggesting a possible move towards the 24,350–24,470 range. However, failure to hold above 24,050 may keep downside risks towards 23,500 intact," he said

Report prepared by Mr Paras Bist of Network18 

29/04/26, India-The Anti AI play?

The Indian markets have had a rough ride thus far in 2026. After initial bumps on account of tariffs and AI-led concerns, the markets now face a double whammy of elevated energy prices and capital outflow by foreign investors. Chairman of Rockefeller International, Founder & CIO of Breakout Capital and acclaimed author Ruchir Sharma says lack of AI infrastructure is one of the biggest reasons why foreign investors are indifferent towards India at the moment. 

Speaking to Anant Goenka, Executive Director, The Indian Express Group at the Express Adda, the celebrated market guru listed out the main catalysts for foreign investment not coming to India and how America is able to get away. He also highlighted the ideal asset allocation at the moment and looked into the crystal ball to forecast the future of IT companies in India. 

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#1 Why are FIIs indifferent to India

Foreign fund outflows have been one of the biggest concerns for our markets lately. Foreigners, in the last couple of years, have sold $50 billion in the stock market. Sharma believes that this is because “the entire world today has a mono-maniacal focus, which is AI. The focus is on the winners of AI and the losers of AI. Unfortunately for India, in contrast to what happened during the tech boom (1999-2000), most foreigners have taken the view that India is a loser in the AI context.”

He explained that the current focus is on AI infrastructure. “The picks and shovels, semiconductors, memory, and the compute. That’s the phase. It is a mad dash going on for that.  India, unfortunately, just does not have that, as per the sentiment among foreign investors.”

Given the outflows from the equity market, 0 net FDI, he believes one can’t argue with the data. But the question is, why are foreigners doing this? “The main reason foreign investment is not coming to India today is that their entire focus is on AI. That’s also something that’s helping America continue to get away. India, unfortunately, is not seen to have any AI plays at this stage. This can change. We can get to a different phase of adoption, where India can end up becoming a beneficiary of AI. But the current reality is this,” he explained.

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#2 R&D spend a game-changer

India is at a relatively early stage of AI adoption, and one reason for it, as per Ruchir Sharma, is the lack of adequate spending for research and development. 

According to him, “I have never seen such indifference towards India. This is because they are focused on one thing for now, which is AI. Whether you have it or not. Here, the structural weakness for India shows itself up. The amount of money spent on India for R&D as a share of GDP is 0.6%. Korea and Taiwan, which are among the biggest beneficiaries of the AI boom, spend about 4-5% of their GDP on R&D.” 

“You see a desperate run to win the AI arms race. The biggest beneficiaries are countries which have the infrastructure,” he added. 

#3 India – The ‘anti-AI’ play

He elaborated how among the financial crowd globally, “India is called the anti-AI play. At this point in time this is the reality. But I believe this too shall pass. You can’t have the entire global economy run on just one factor. But it is a reality for the moment.”

He believes that “consumption (theme) may eventually play out. If you are a true contrarian, this could be the time to play India. But that’s a view. The reality is what I am talking about now.”

#4 The future of Indian IT companies 

As a result of the AI-led disruption fears, the IT stocks have seen significant correction in 2026 so far. What’s the future of Indian companies? According to Ruchir Sharma, “They will be there. The big ones have an opportunity to reinvest themselves. But currently I have no money invested (in that space).”

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#5 India a difficult place to do business

Another reason why private capital investment is still not picking up in India is perhaps the onground difficulties while doing business in the country. Sharma highlighted how India is “still a very difficult place to do business on the ground. Whether it is the regulatory framework, investigative agencies, it is a difficult place. India consistently disappoints the optimist and the pessimist. In terms of valuation, India is still the third highest. China is still among the cheapest.” 

#6 The Energy crisis and the global lack of initiative

It has been exactly two months since this escalation has started, and in these two months long-term interest rates have gone up everywhere. Sharma explained that normally, during a crisis, interest rates tend to come down. 

However, that’s not the case this time despite some sense of crisis. “That is telling you something – that concerns are growing that you don’t have enough money and you will keep coming to the market more and more to borrow. The ability for us to withstand higher oil prices with the government giving handouts is limited,” he added.

He pointed out that “if crude prices remain elevated, even America will suffer, but Europe and Asia will suffer more.” I think this is where I feel there is a lack of responsibility, especially from Europe. Their argument is America created the problem. But it is impacting Europe. I wish these countries would take more initiative to put pressure on Iran/US to try and open that Strait. Because the fact of the matter is hurting them the most.”

According to him, “global powers, Europe, China they need to have a greater sense of urgency that we need to see the end of this rather than saying America created it and letting them sort it out. Every single day that this (US-Iran conflict) lasts, the biggest casualties are countries in Europe and Asia.” 

Ruchir Sharma’s asset allocation strategy 

When posed with the question about how he would invest $1 million dollar, Sharma outlined a strategy comprising investment in equities, commodities and bond. 

“You begin with America and figure out how much to invest in America and then the rest of the world. Basic asset allocation rule is – we typically put 60% in global equity, 20% in inflation hedges, and 20% in deflation hedges.”

According to him, “bonds, especially government bonds, are set to deliver the worst returns in the next few years, put the least to earn your interest. 60-40 was the normal equity-bonds investment. But now fixed income is unlikely to do well, inflation is going to pick up. So invest 20% in bond and 20% in inflation protected assets, gold, commodities and the like.”

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Commenting on the strategy for gold, he pointed out that he has “always liked gold, but the problem is it is everyone’s favourite at the moment. I am not very inclined to buy more at the moment. It should still be 4-5% of everyone’s portfolio. Won’t advise more than that for now.”

Conclusion

The conversation progressed and addressed a gamut of topics from politics to infrastructure development. Speaking on the Indian markets, Sharma expects reasonable returns from the market provided one is ready for “long periods of no action.” Given the pace of GDP and economic growth, he is hopeful that the markets are on track to deliver reasonable returns over 5-10 years

Source: Financial Express 

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29/04/26, Flat starting ahead for today

The global markets are cautious in early trade as investor sentiments were weighed down by a mix of factors. The United Arab Emirates (UAE)has decided to leave the Organisation of the Petroleum Exporting Countries (OPEC) after 60 years.

There are also reports suggesting weakness in OpenAI. Following this, the GIFT Nifty is indicating a quiet start, up 5 points or 0.02% to trade at 24,105.

Earlier on Tuesday, the NSE Nifty 50 closed the session 97 points or 0.40% lower at 23,996, while the BSE Sensex fell 417 points or 0.54% to close at 76,887.

Key global and domestic cues to know on April 29, 2026

UAE quits OPEC

The UAE said it has decided to quit the OPEC and OPEC+, dealing a heavy blow to the oil-exporting nations. The move comes at a time when the conflict in Iran has triggered a historic energy crisis and disrupted the global economy.

The loss of the UAE, a long-time member of OPEC, may lead to chaos and weaken the strength of the group, which has typically aimed to present a united stance despite internal conflicts regarding various issues, including geopolitics and production quotas.

Asian Markets

The Asian indices on Wednesday morning opened on a cautious note as investors assessed the latest developments concerning OPEC, as well as a report that pointed to weakness in OpenAI. South Korea's Kospi lost 0.39%, while the small-cap Kosdaq traded flat. Hong Kong's Hang Seng index futures were at 25,762, compared with the index's last close of 25,679.78. Japanese markets are shut for a holiday.

US markets

The US markets closed Tuesday's trade on a lower note, weighed down by a report that pointed to weakness in OpenAI as well as a rise in oil prices. The broad market index fell 0.49% to close at 7,138.80, while the tech-heavy Nasdaq Composite shed 0.9% and ended at 24,663.80. The Dow Jones Industrial Average slid 25.86 points, or 0.05%, to settle at 49,141.93.

Crude oil

West Texas Intermediate (WTI) crude futures fell 0.57% to trade at $99.36 per barrel. Brent crude futures traded 0.33% lower at $110.90 this morning. On COMEX, crude prices increased 0.93% to trade at $97.27 a barrel.

Gold rate today

The rate for 24-carat gold today is Rs 1,49,986.8 per 10 grams. The price of gold has fallen by 1.24% from yesterday. The 24 kt gold rate today in Delhi is Rs 1,49,730 per 10 grams. The 18-carat gold price today in India is Rs 1,12,490.1. On COMEX, the precious metal was trading at a price of Rs 4,685 an ounce, falling 0.19%.

Silver rate today

In India, the silver rate fell 2.07% at Rs 2.37 lakh per kilogram. On COMEX, Silver prices fell 0.77% on Wednesday to trade at $74.44 per troy ounce. Silver had surged to record highs in January amid geopolitical tensions and economic uncertainty, with heavy speculative buying pushing prices higher, but soon faced volatility.

FII, DII data

Foreign institutional investors (FII) were the net sellers of shares worth Rs 1,835.26 crore. On the other hand, the Domestic institutional investors (DIIs) were the net buyers of shares worth Rs 1,591.85 crore on April 28, 2026, according to the provisional data available on the NSE.

US dollar

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was down 0.02% at 98.60. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee depreciated 0.37% to close at 94.55 to the dollar on April 28.

Top sectors in Tuesday’s trade

The Beverages – Non-Alcoholic sector’s stocks rose the most in Tuesday's trade, rising 5.8% in market capitalisation. Further, Metals – Non Ferrous stocks were followed by the Consumer Durables sector stocks, which were further followed by the Diagnostics stocks. However, the Small Finance sector stocks fell the most, declining 0.8%.

Best and worst performing business groups

The Future Group's market cap rose the most in Tuesday's session, rising 5.8%. It was followed by the Kirloskars Group. In the list of Future Group stocks, Praxis Home Retail's share surged 10%. Apart from that, Shriram Group's market capitalisation fell the most, falling 3.2%.

Report by Financial Express 

29/04/26, Referring to the Pahalgam attack, she claimed that proper security arrangements were not made there, while a massive number of central forces have been sent to Bengal. "You sent 2 lakh central forces here, but you could not do that in Pahalgam. Your should focus on Delhi, not here", she added for the Modi government.

 https://x.com/ANI/status/2048428637129711847?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2048428637129711847%7Ctwgr%5Edc14aec556718ec205c8f5e68556d25870841f5b%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fapi-news.dailyhunt.in%2F

28/04/26, PostMarket REPORT

 Indian Stock Market on Tuesday pared losses from previous session amid broad-based selling, led by financial, IT, and auto stocks. At close, the Sensex was down 416.72 points or 0.54 per cent at 76,886.91, and the Nifty was down 97 points or 0.40 per cent at 23,995.70. Nifty Midcap index rising 0.3% and the Smallcap index advancing 0.4%.

Among the sectors, PSU Bank index declined 2%, while the Private Bank and Auto indices fell 1% each, IT index dropped 0.7% and Realty index down 0.4%.

On the gaining side were Energy up by 1.2%, the Oil & Gas index rose 1.5%, and the Metal index advanced 0.5%.

Shares of InterGlobe Aviation and SpiceJet declined tracking a sharp rise in crude oil prices. IndiGo's stock fell over 2 per cent to Rs 4,461.2 while SpiceJet shares dropped 3.9 per cent to Rs 14.16.

On Nifty, the key gainers were ONGC, Coal India, Nestle, Adani Enterprises, and Reliance Industries while on the losing side were Maruti Suzuki, Axis Bank, HCL Technologies, Shriram Finance, and InterGlobe Aviation.

Around 150 stocks touched their 52-week high on the BSE. These included NLC India, Vardhman Textiles, Kirloskar Oil, Adani Power, Welspun Corp, Glenmark Pharma, Aarti Industries, Tata Power, Power Finance, SAIL, NMDC, Honasa Consumer, Ather Energy, JSW Energy, Adani Energy, HFCL, Hindalco Industries, Lloyds Metals, Schneider Infra., among others.

On the other hand, stocks that hit their 52-week lows on the BSE were Tata Steel, Tata Power, PFC, ONGC, Nestle India, JSW Steel, Hindalco, and Adani Power, which hit their 52-week highs in intraday trade on the BSE. On the flip side, Infosys, HCL Technologies, and AB Cotspin India.

Brent Crude jumped 3% to trade above $111 a barrel, exerting pressure on the Indian currency as well as the stock market.

Indian rupee weakened to a near one-month low as it touched a low of 94.5750 per dollar during the trading session, its weakest level since March 30, before closing at 94.54, down 0.4% on the day.

Report by The Statesman

28/04/26, Market Hours News

 The Indian equity benchmarks were little changed on Tuesday, April 28, mirroring subdued trend in other Asian markets after crude oil inched closer to $110 per barrel ahead of monthly expiry of NIFTY50, NIFTY Bank and stock futures and option contracts.

The SENSEX fell as much as 331 points and NIFTY50 index touched an intraday low of 23,999 dragged down by losses in index heavyweights like State Bank of India, Infosys, Axis Bank, Bajaj Finserv, Reliance Industries, HDFC Bank and ICICI Bank.

As of 9:28 am, the SENSEX was down 38 points at 77,265 and NIFTY50 index advanced 26 points to 24,120.

Asian markets were trading lower on Tuesday as crude oil prices surged close to $110 per barrel.

Japan's Nikkei fell 0.6%, Hong Kong's Hang Seng declined 0.54%, China's Shanghai Composite dropped 0.11% and South Korea's KOSPI rose 0.9%.

Overnight, US stock market's record-breaking rally slowed on Monday after uncertainty rose over the weekend about what will happen next in the Iran war, while oil prices rose.

S&P 500 index rose 0.12%, Dow Jones Industrial Average declined 0.13% and tech heavy Nasdaq advanced 0.2%.

Back home, eight of 15 sector gauges compiled by the National Stock Exchange (NSE) were trading lower led by the NIFTY PSU Bank index's 1.2% fall. PSU banks came under selling pressure after the Reserve Bank of India on Monday issued final directions for a new framework for asset classification, provisioning and income recognition, anchored around Expected Credit Loss (ECL) model.

NIFTY Realty, Healthcare, Bank, IT and Pharma indices were also trading with a negative bias.

On the flip side, consumer durables, oil & gas, metal and auto stocks were witnessing a mild buying interest.

Broader markets were outperforming their larger peers as NIFTY Midcap 100 index rose 0.15% and NIFTY Smallcap 100 index advanced 0.7%.

Among the individual shares, Punjab & Sind Bank fell as much as 2% to hit an intraday low of ₹25 after it reported a 35% jump in net profit at ₹422 crore for the January-March period of FY26 (Q4 FY26), aided by a decline in bad loans.

Total income moderated to ₹3,457 crore from ₹3,836 crore seen a year ago, Punjab & Sind Bank said in a regulatory filing. Interest income too declined to ₹3,030 crore from ₹3,159 crore.

Coal India was top gainer in the NIFTY50 index, the stock rose nearly 5% to ₹473 after the state-owned miner on Monday reported an 11.1% rise in consolidated net profit to ₹10,839.18 crore in the March quarter, driven by higher revenue.

Coal India Ltd (CIL) logged a consolidated net profit of ₹9,751.64 crore in the year-ago period.

Adani Enterprises, ONGC, Tata Steel, Grasim Industries, Mahindra & Mahindra, JSW Steel and Eicher Motors also rose between 0.97% and 2%.

On the other hand, Eternal, Trent, Infosys, UltraTech Cement, InterGlobe Aviation, HCL Tech, State Bank of India, Hindustan Unilever and Tata Consumer Products were top losers in the NIFTY50 index.

The overall market breadth was positive as 1,776 shares were advancing while 1,020 were declining on the NSE.

Source:Upstox

28/04/26, Goldman Sachs on steel

 Goldman Sachs sees India’s steel sector entering a phase where domestic demand is expected to drive growth over the next several years. The brokerage has initiated coverage on five ferrous companies and placed selective bets based on capacity expansion, raw material access, and infrastructure strength. 

Among these, JSW Steel and Shyam Metalics have been rated ‘Buy’, while Tata Steel and Jindal Steel have got a ‘Neutral’ call. Goldman Sachs recommended ‘Sell’ on NMDC. The report builds its case around rising domestic consumption, improving profitability, and  company-specific strengths that could play out through FY32.

Goldman Sachs on JSW Steel: ‘Buy’

Goldman Sachs has initiated coverage on JSW Steel with a ‘Buy’ rating and a target price of Rs 1,490, implying an upside of 18.5%. The brokerage expects the company to expand crude steel capacity to 50 million tonnes per annum by FY31E from 36.4 million tonnes per annum in FY26E, with a longer-term plan to reach 75 million tonnes per annum. It estimates EBITDA per tonne for the India business to rise to around Rs 14,000 by FY28E from Rs 8,850 in FY25, driven by operating leverage and a richer product mix. 

The firm also expects improvement in iron ore security to 50% by FY30E from 37% in FY25 and coking coal security to reach 25% from nil over the same period. The stock is currently trading at 7.9 times FY28 estimated EBITDA, while the target is based on 9 times.

“JSW Steel is the fastest growing in terms of capacity player in the India steel space,” Goldman Sachs says in the report.

Goldman Sachs on Shyam Metalics: ‘Buy’

Goldman Sachs has also placed a Buy rating on Shyam Metalics with a target price of Rs 1,065, implying an upside of 28.9%. The brokerage points to the company’s diversified exposure across carbon steel, stainless steel, and aluminium downstream products, along with its relatively low net debt to EBITDA ratio and consistent margin profile. 

The firm believes this mix gives it better resilience compared to peers and positions it well to benefit from demand growth across segments.

“Shyam Metalics offers horizontal exposure across Carbon steel, Stainless steel and Aluminum products with consistent EBITDA margins,” Goldman Sachs adds.

Goldman Sachs on Tata Steel: ‘Neutral’

Goldman Sachs has initiated Tata Steel with a ‘Neutral’ rating and a target price of Rs 210, indicating a marginal downside of 0.5%. The brokerage expects standalone EBITDA per tonne to improve to Rs 15,453 by FY30E, supported by cost reduction efforts and operational improvements. 

However, it remains cautious due to the potential increase in iron ore costs after FY30 when key mines such as Noamundi and Joda may be auctioned. While Tata Steel has 100% captive iron ore and 25% captive coking coal at present, which gives it an edge in raw material security, reliance on third-party logistics remains a constraint. The stock is currently trading at 7.2 times FY28 estimated EBITDA.

“While we expect structural EBITDA improvement till FY28E across divisions, we believe the uncertainty on iron ore cost post FY30E to likely weigh on valuation,” Goldman Sachs said.

Goldman Sachs on Jindal Steel: ‘Neutral’

Goldman Sachs has assigned a Neutral rating to Jindal Steel with a target price of Rs 1,335, implying an upside of 6.5%. The brokerage acknowledges the company’s ongoing capacity ramp-up and cost reduction potential, which could support earnings growth over time. However, it believes current valuations already capture much of this optimism. The firm notes that while Jindal Steel has completed its brownfield expansions and is improving operational efficiency, it does not see enough headroom for significant re-rating at present levels.

“We are positive on its capacity ramp-up, cost reduction potential, and strong leverage, however, we see current valuations as fair,” Goldman Sachs said.

Goldman Sachs on NMDC: ‘Sell’

Goldman Sachs has taken a negative stance on NMDC with a Sell rating and a target price of Rs 84, suggesting a downside of 3.8%. The brokerage expects the company’s mid-term earnings to face pressure due to slow progress in diversification efforts. 

It also points out that the stock is trading at 6.4 times, which is above one standard deviation of its 10-year average, making the risk reward less favourable.

“Mid-term earnings to be impacted by the slow progress in diversification projects; negative risk-reward with the stock trading at 6.4x, above 1std dev. of 10-year mean,” Goldman Sachs adds.

Conclusion

Goldman Sachs builds its coverage on the belief that India’s steel demand will grow strongly, supported by sectors such as construction, automobiles, and energy transition. It expects domestic consumption to reach twice the FY23 level by FY32E and sees India contributing meaningfully to global steel demand growth in the current decade. 

Within this backdrop, the brokerage prefers companies that combine capacity expansion with stronger raw material linkages and logistics capabilities.

Source: FinancialExpress

Disclaimer: The above article is for educational purpose only. Not the trading advice 

28/04/26, IDFC FIRST Bank vs INDUS IND Bank

Two private sector bank stocks are in focus after their Q4 results. IDFC First Bank and IndusInd Bank declared their results recently. While both banks have shown margins and asset quality recovery, its been a resilient quarter for IDFC First Bank amid fraud-related overhang. 

One bank is sustaining high margins with steady growth, while the other is rebuilding profitability after a stress cycle. The numbers across both institutions show that the operating model has moved away from margin expansion toward execution on asset quality and cost discipline.

IDFC First Bank vs IndusInd Bank: NIMs stabilise as cost tailwinds fade

IDFC First Bank reported a net interest margin of 5.93% in Q4 FY26 compared with 5.75% in Q3 FY26, up 18 bps QoQ, while remaining broadly stable from 5.95% in Q4 FY25, down 2 bps YoY. The improvement was driven by a decline in cost of funds to 6.00% in Q4 FY26 from 6.11% in Q3 FY26.

Despite this, forward estimates indicate limited upside. Brokerage estimates suggest NIM is likely to remain around 6.1% through FY27 to FY29, as benefits from lower funding costs are offset by portfolio mix changes toward retail lending.

IndusInd Bank reported a net interest margin of 3.39% in Q4 FY26 compared with 3.35% in Q3 FY26, up 4 bps QoQ.

On a full-year basis, margins declined to 3.6% in FY26 from 3.8% in FY25, reflecting pressure from lower yields and subdued loan growth.

The margin trajectory across both banks now points to stability rather than expansion, with incremental gains expected to remain limited.

IDFC First Bank vs IndusInd Bank: Credit costs become the key earnings driver

IndusInd Bank’s Q4 FY26 earnings were driven by a sharp decline in provisions. Provisions fell to Rs 1,482 crore in Q4 FY26 from Rs 2,086 crore in Q3 FY26, down 29% QoQ, leading to a significant improvement in profitability.

Profit after tax increased to Rs 594 crore in Q4 FY26 from Rs 128 crore in Q3 FY26.

In the analyst call opening remarks, IndusInd Bank management said:
“Net slippages were down 37% QoQ resulting in lower provisioning during the quarter. Annualized net slippages were at 1.71% versus 2.65% QoQ.”

The management added: “The overall stress book continues to moderate with QoQ decline in Net NPA, Net Security Receipts and Restructured book and these trends give us confidence that credit costs are past their peak, subject to macro stability and seasonality.”

JM Financial noted that calculated credit cost declined 73 bps QoQ, supported by improving asset quality across portfolios.

IDFC First Bank also saw stable underlying profitability despite one-offs. The bank recognised Rs 480 crore toward provisions linked to the Haryana government-related fraud, which impacted reported earnings.

Excluding these impacts, normalized profit after tax rose to Rs 746 crore in Q4 FY26 from Rs 504 crore in Q3 FY26, up 48% QoQ.

The earnings trajectory for both banks is now being driven more by provisioning trends than margin expansion.

IDFC First Bank vs IndusInd Bank: Growth momentum diverges sharply

IDFC First Bank continues to report strong balance sheet growth. Gross advances increased to Rs 2.83 lakh crore as of March 31, 2026 from Rs 2.36 lakh crore as of March 31, 2025, up 20% YoY, while total deposits rose to Rs 2.94 lakh crore from Rs 2.51 lakh crore, up 17% YoY.

The bank remains focused on retail-led growth, with CASA deposits at Rs 1.46 lakh crore and CASA ratio at 49.8% in Q4 FY26.

IndusInd Bank continues to operate in a recalibration phase. Loans declined to Rs 3.15 lakh crore in Q4 FY26 from Rs 3.44 lakh crore in Q4 FY25, down 8% YoY, while average loans declined 2% QoQ.

Deposits declined to Rs 3.99 lakh crore in Q4 FY26 from Rs 4.12 lakh crore in Q4 FY25, down 3% YoY, although they increased 2% QoQ.

Metric	IDFC First Bank	IndusInd Bank
NIM	5.93%	3.39%
QoQ NIM Change	+18 bps	+4 bps
PAT (₹ cr)	746*	594
Provisions (₹ cr)	480	1,482
Loan Growth YoY	+20%	-8%
Deposit Growth YoY	+17%	-3%
GNPA	1.61%	3.43%
NNPA	0.48%	1.00%
CRAR	15.60%	17.48%
Credit Cost	~1.66–1.8%	–
RoA (Outlook)	~1–1.2%	~1%
Growth Outlook	~20%+	~13–14%

In the analyst call, IndusInd Bank management said:“We remained focused on growing our core retail segments while continuing to optimize the bulk portfolio.”

The management further stated: “Retail d.eposit mobilization, which remains a key priority, saw healthy traction with net additions of Rs 6,800 crore during the quarter.”

The divergence remains clear. IDFC First Bank is expanding its retail franchise, while IndusInd Bank is prioritising balance sheet repair.

IDFC First Bank vs IndusInd Bank: Asset quality trends improve across both banks

IndusInd Bank reported improvement in asset quality, with GNPA declining to 3.43% in Q4 FY26 from 3.56% in Q3 FY26, while NNPA improved to 1.00% from 1.04% QoQ.

Slippages also moderated, with slippage ratio at 2.3% in Q4 FY26 compared with above 3% in Q3 FY26.

IDFC First Bank continues to operate with lower stress levels. GNPA declined to 1.61% in Q4 FY26 from 1.69% in Q3 FY26, while NNPA stood at 0.48%.

Early-stage stress indicators also improved, with SMA 1+2 declining to 0.78% in Q4 FY26, down 10 bps QoQ.

Both banks are seeing improving asset quality, though from very different starting points.

IDFC First Bank vs IndusInd Bank: Capital and dividend stance remain conservative

IDFC First Bank reported a capital adequacy ratio of 15.60% in Q4 FY26, providing sufficient headroom to support growth.

IndusInd Bank maintained a stronger capital position with CRAR at 17.48% and CET1 ratio at 16.20% in Q4 FY26.

Both banks continue to retain earnings to support growth and strengthen their balance sheets, with dividend payout remaining limited.

IDFC First Bank vs IndusInd Bank: Guidance indicates stable margins and improving returns

IDFC First Bank expects credit growth to remain healthy, while margins are likely to stay range-bound due to portfolio mix changes. The bank guides for credit costs at around 1.8%, supporting improvement in return ratios over the medium term.

IndusInd Bank expects loan growth to align with system growth at 13% to 14% in FY27, with return on assets improving toward 1% from 0.45% in Q4 FY26 as credit costs normalise.

The management reiterated during the call that “provisions were down 29% QoQ driven by lower net slippages”, reinforcing that profitability recovery is being led by improving asset quality.

IDFC First Bank vs IndusInd Bank: Brokerage view on valuation and upside

Nomura highlighted that IDFC First Bank delivered a resilient Q4 despite the fraud-related overhang, with net interest income rising 16% YoY and margins surprising positively at 6.01%. The brokerage noted that lower credit costs (1.66%) and improving slippages supported earnings, with adjusted profit coming in 14% above estimates. It also flagged that operating leverage, stable margins, and moderating credit costs are likely to drive earnings momentum over FY27–FY28, maintaining a ‘Buy’ rating with a target price of Rs 85.

JM Financial upgraded IndusInd Bank to ‘Add’ with a target price of Rs 925, implying 9.1% upside from Rs 848.

Emkay maintained a ‘Buy’ rating with a target price of Rs 1,100, implying 29.7% upside.

For IDFC First Bank, Emkay retained an ‘Add’ rating with a target price of Rs 75, implying 11.9% upside from Rs 67.

Earlier coverage maintained a ‘Buy’ rating with a target price of Rs 87, based on expected improvement in return ratios.

Axis Securities noted that IDFC First Bank’s performance remains strong with visible improvement across key operating metrics, supported by robust growth in advances and deposits along with margin expansion. The report highlights that credit and deposit growth is expected to sustain at ~21–23% CAGR over FY26–FY28, while operating leverage and better cost control should drive a gradual decline in cost-to-income ratios. Additionally, easing credit costs and improving asset quality are likely to support profitability, with RoA projected to improve to ~1–1.2% by FY28, reinforcing the brokerage’s positive outlook and BUY recommendation on the stock.

Conclusion

The Q4 FY26 earnings from IDFC First Bank and IndusInd Bank show that margins are no longer the primary driver of profitability. While IDFC First Bank is sustaining high margins with steady growth, IndusInd Bank is rebuilding profitability through lower credit costs. The broader trend across both banks indicates that earnings growth is now increasingly dependent on asset quality, cost discipline, and execution rather than margin expansion.

Source:FinancialExpress

28/04/26, FIIs sold Rs1.17lakh crore, but bought these 5stocks aggressively in Q4

The fourth quarter of FY26 had been a roller-coaster ride for the Indian equity market.

At the end of January, the market was going down owing to selling pressure from Foreign institutional investors (FIIs).

But as we entered February, sentiment changed, and there was in fact a fair inflow of foreign funds. And then the Middle East crisis started, leading to a sharp fall in the markets.

It is evident from the FIIs investment flow through the quarter as well. They dumped domestic equities worth around ₹1,17,172 crore during the quarter (Source: NSDL), dragging Nifty 50 and BSE Sensex down by around 15% each.

Having said that, there are select stocks that FIIs invested in aggressively during the quarter, contrary to their overall view of the market.

Here in this article, we will explore five such stocks that FIIs purchased during the quarter and increased their stake by over 5% points.

Note: We have not included Sammaan Capital, Shriram Finance, Marksans Pharma, KS Smart Technologies, and Cyinsys Tech as the increase in FIIs' stake didn't happen via open market purchases.

#1 PC Jeweller Limited

PC Jeweller Ltd. is one of India's leading jewellery brands. As of 31 December 2025, the jeweller had showrooms across 12 states in the country with a total retail area of over 2 lakh square feet. It is one of the top three largest jewellers in the country by market capitalisation as well. Its current market capitalisation is around ₹9,000 crore.

The company offers a wide range of products using gold, diamond, silver, and different gemstones. The company also caters to all types of customers, be it ultra-rich people or middle-income and lower-income group customers as well.

Not only products, but PC Jeweller has different distribution channels as well, which help the company diversify its income and market. The jeweller operates via high street showrooms, mass market showrooms, franchisee-owned showrooms, and via an e-commerce platform as well.

During the January-March quarter, FIIs increased their stake by 6.97% points in this company, taking the total FII holding to 13.28% at the end of the quarter.

The company has been planning to open up around a hundred large franchise showrooms during FY27 and FY28.

Another major development is a reduction in debt by around 68% since the execution of the Settlement Agreement at the end of September 2024. This indicates improvement in the financial position of the company. This also helped in the recovery of inventory of the jeweller, which was under the custody of the Debt Recovery Appellate Tribunal (DRAT).

Coming to the financials, sales grew from ₹1,544 crore in 9MFY25 to ₹2,426 crore during 9MFY26. During the period, profit grew from ₹480 crore to ₹559 crore.

Note: Q4 & FY26 Financial Results are yet to be announced.

The stock is trading at a price/earnings (PE) of 14.2x, lower than the industry median of 23.1x, and price/earnings to growth (PEG) is at 0.28x, marginally lower than the industry median of 0.34x, both indicating that perhaps the stock is relatively underpriced.

1-Year Share Price Chart of PC Jeweller Ltd.

#2 Bajaj Consumer Care Limited

Bajaj Consumer Care Ltd. offers a wide range of personal care and wellness products, ranging from hair oils to skin care products, to ayurvedic oils, and more. Some of the most popular products include Almond Drop Hair Oil (ADHO) and Nomarks range.

During the quarter, FIIs increased their stake in this FMCG company by 6.89% points, taking the total holding to 16.59% at the end of the quarter.

The strong buying by FIIs is perhaps due to ADHO's significant hold in the hair oil market in India.

Apart from ADHO, the growth portfolio of Bajaj Consumer, performed significantly well, contributing ₹225 crore to the total revenue of FY26. The company is expecting to grow this segment to ₹500 crore by FY29.

Then Banjara's, one of the strategic acquisitions of Bajaj Consumer to grow in South India, has been paying off well. During FY26, revenue growth from this segment doubled compared to FY25. Management is further anticipating this segment to generate revenue of up to ₹200 crore in the coming years.

Coming to the financials, sales grew by 20.7% YoY from ₹965 crore in FY25 to ₹1,165 crore in FY26. Profit for the period jumped from ₹125 crore to ₹190 crore, logging a whopping 53% YoY growth.

The stock is currently trading at a PE of 30.9x, lower than the industry median of 44.2x; however, the PEG ratio is 2.8x, a higher than the industry median of 2.14x, indicating relatively premium valuation.

1-Year Share Price Chart of Bajaj Consumer Care Ltd.

#3 Vishal Mega Mart Limited

Vishal Mega Mart Ltd. is a hypermarket chain selling products ranging from clothes to groceries, electric appliances, and more. As of 31 December 2025, the total store count stood at 771, out of which most of the stores are in the Tier II and Tier III cities, as the company's primary target audience is lower and middle-income groups.

During the quarter, FIIs increased their stake by 6.49% points in this company, taking the total holding to 22.01% at the end of the quarter.

The company is expanding its network rapidly, and now it is focusing more on South Indian states. During Q3FY26, 12 stores opened across different states of South India, 7 stores opened across North India, and 7 others in the West, and 3 in the East part of the country.

The company is now also focusing on small-format stores and planning to add 30-40 more of the same in the coming years.

Vishal Mega Mart is also scaling their quick commerce segment. The total number of quick commerce stores stood at 723 across, increasing at 15% YoY during the quarter October-December. The number of registered users on the platform grew by a whopping 55% during the period to around 12 million.

Coming to the financials, sales grew by 20% YoY from ₹8,169 crore in 9MFY25 to ₹9,792 crore in 9MFY26. Profit after tax (PAT) increased from ₹548 crore to ₹701 crore during the period, logging a 28% YoY growth.

Note: Q4 & FY26 Financial Results are yet to be announced.

The stock is currently trading at a PE of 74.6x, compared to the industry median of 44.4x, while the PEG ratio is at par with the industry median of 1.65x, suggesting that if adjusted for growth, the stock is perhaps fairly valued.

1-Year Stock Price Chart of Vishal Mega Mart Ltd.

#4 Multi Commodity Exchange Limited

Multi Commodity Exchange Ltd. (MCX) is the largest commodity exchange in India, with a market share of around 99% across base metals, bullion, and energy segments.

This capital market giant witnessed a 5.43% points rise in the stake held by FIIs during the quarter. This took the total FII holding to 26.07% at the end of the quarter.

While the near-monopoly status of MCX offers an edge to the business, the robust growth across the commodity derivative market is perhaps another reason behind the FIIs' investment surge. Between April 2023 and December 2025, the value of the commodity derivative market grew from ₹151 trillion to a whopping ₹958 trillion.

MCX witnessed massive growth in its average daily turnover (ADT) during the nine months ended on 31 December 2025. The ADT (notional) grew 2.3x from ₹1,91,909 crore at the end of FY25 to ₹4,34,797 crore.

Another reason that perhaps attracts the FIIs is the new launches by MCX during FY26. The commodity exchange launched the Electricity Futures Contract, which is the first of its kind in India. Then it also launched a Nickel Futures Contract, and during October 2025, the company came up with MCX BUILDEX®.

Coming to the financials, during 9MFY26, the total income of the exchange increased from ₹888 crore to ₹1,504 crore, logging a 69% YoY growth. PAT increased by a whopping 89% during the period from ₹425 crore to ₹802 crore.

The stock is currently trading at a PE of 77x, higher than the industry median of 66x, and the PEG ratio is also a bit higher at 1.5x, compared to the industry median of 1.2x, indicating the stock might be overvalued.

1-Year Share Price Chart of MCX Ltd.

#5 MTAR Technologies Limited

MTAR Technologies Ltd. is a manufacturer and developer of a wide range of equipment and components used across the defence, aerospace, clean energy, and nuclear sectors.

During Q4FY26, FIIs raised their stake in MTAR by 5.07% points, taking the total holding to 17.31% at the end of the quarter.

One of the reasons behind FIIs buying this stock so aggressively could be its solid orderbook. As of 31 December 2025, the orderbook of the company stood at ₹2,395 crore. Furthermore, the company received an order worth ₹35.6 crore on 1 April 2026.

Another reason could be the growing clean energy demand, as during the 9MFY26, this segment, including fuel cells, hydel, and other clean energy equipment, contributed to around ₹398 crore of revenue. Another ₹16.6 crore of revenue came from the clean energy - civil nuclear power segment.

Talking about clean energy and fuel cells, MTAR is planning a major expansion for manufacturing around 20,000 solid oxide fuel cell boxes by the end of FY27, and further increasing it to 30,000 boxes in the future.

Coming to the financials, sales grew from ₹493 crore in 9MFY25 to ₹570 crore in 9MFY26. PAT increased from ₹39.2 crore to ₹49.7 crore during the period.

The stock is currently trading at a PE of 240.3x, way higher than the industry median of 65.1x, indicating a premium valuation.

1-Year Share Price Chart of MTAR Technologies Ltd.

Final Thoughts

FIIs buying these stocks while dumping more than ₹1 lakh crore of equities during the Q4FY26 indicates solid fundamentals, strong order pipeline, massive expansion plans, new product launches, and more for these companies.

Now it remains to be seen if these companies continue to perform well and deliver on these expectations in the months and years to come.

For now, you can add these stocks to your watchlist and monitor their performance to have a better understanding of their potential.

We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available have we used an alternate, but widely used and accepted source of information.

The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educational purposes only.

Maumita Mitra is a seasoned writer specializing in demystifying the world of investment for a broad audience. She has a keen eye for detail and a knack for explaining complex financial concepts in the simplest manner possible.

Source: FinancialExpress