MMI is in the extreme fear zone. Extreme fear (<30) suggests a good time to open fresh positions , as markets are likely to be oversold and might turn upwards.
Since last week: Sentiment moved from Ext. Fear (21.96) to Ext. Fear (26.21).
Stock Spotlight Of The Day
YES Bank Limited
Market Cap
56,076 Cr
Current Price
₹17.9
Stock P/E
17.7
Dividend Yield
0.00%
ROCE
6.36%
ROE
5.46%
Shareholding Changes (Impact Factors)
FIIs
QoQ
0.79%
YoY
19%
Stable foreign holding
DIIs
QoQ
0.33%
YoY
-17.72%
Stable domestic holding
Promoters
QoQ
—
YoY
—
Quarterly Summary (Absolute)
Revenue
QoQ
Slight growth
2.22%
YoY
Flat trend
-3.57%
Expenses
QoQ
Under control
-5.37%
YoY
Flat trend
-0.27%
Net Profit
QoQ
Strong earnings
44.13%
YoY
Profits soared
54.6%
Profit & Loss (Compounded)
Sales Growth
10 Years
10%
5 Years
3%
3 Years
18%
TTM
-2%
Profit Growth
10 Years
2%
5 Years
17%
3 Years
32%
TTM
46%
Stock Price CAGR
10 Years
-20%
5 Years
3%
3 Years
5%
1 Year
4%
Return on Equity
10 Years
-1%
5 Years
1%
3 Years
4%
Last Year
5%
Fundamentals Corner
Profitability is strengthening through aggressive margin expansion, yet fundamentals remain fragile as revenue growth has stalled and ROE stays trapped in the low single digits.
The sharp disconnect between explosive profit growth (54.6% YoY) and a stagnant stock price reflects market skepticism toward the sustainability of earnings not backed by top-line expansion.
Despite a seemingly cheap 17.7 P/E, the company lacks the sales momentum required to confirm a structural turnaround, making the recent profit surge look like a temporary cost-efficiency play.
News TidBits
YES Bank Limited has reported a healthy 9% sequential growth in deposits for Q4, signaling a successful recovery of its liability franchise and strengthening retail investor trust.
The bank's Credit-to-Deposit (CD) ratio has improved to 85.4%, providing a more sustainable foundation for future lending compared to more aggressive private sector peers.
While the broader banking sector faces NIM compression due to rising funding costs, the bank's steady CASA growth helps buffer against interest margin volatility.
Technical stabilization in the Bank Nifty at critical levels may provide a favorable backdrop for the stock as it demonstrates a more balanced and de-risked balance sheet.
Retail credit demand remains a key driver for the bank, though investors should monitor asset quality as micro-loan segments across the industry show heightened volatility.
Stacks on Stacks: Tip Time 🤑
The most expensive luxury in a volatile market is an ego that refuses to admit a change in the underlying macroeconomic narrative until the capital is already eroded.
Metals Market
Commodity
Price
Day
Monthly
YoY
Gold
USD/t.oz
4677.28
-2.26%
-8.09%
50.26%
Silver
USD/t.oz
72.99
-0.04%
-12.59%
146.85%
Copper
USD/Lbs
5.563
-1.08%
-3.65%
15.82%
Steel
CNY/T
3103
-0.06%
0.62%
0.16%
Lithium
CNY/T
158500
-0.63%
2.92%
118.32%
Iron Ore CNY
CNY/T
799.5
-0.68%
6.32%
10.5%
Platinum
USD/t.oz
1983.2
-0.33%
-4.45%
111.95%
HRC Steel
USD/T
1075
0.47%
5.08%
17.74%
Iron Ore
USD/T
107.45
0%
7.39%
4.69%
Silicon
CNY/T
8285
-0.18%
-2.36%
-13.97%
Scrap Steel
USD/T
418.5
1.09%
11.45%
12.5%
Titanium
CNY/KG
47
0%
3.3%
-3.09%
Precious metals are experiencing a safe-haven reversal, with gold prices declining nearly 7% as investors pivot toward the strengthening U.S. Dollar as the preferred hedge against Middle East conflict.
Industrial metals like Copper and Lithium are under pressure, recording monthly declines of 3.65% and significant year-over-year volatility as global manufacturing cycles face headwinds despite resilient AI-driven infrastructure demand.
Organized jewelry retailers like Senco Gold are reporting 35% year-over-year revenue growth, highlighting robust domestic consumer demand that remains resilient despite the volatility in underlying bullion prices.
Top News Developments
Middle East Conflict Triggers Crude Oil Volatility and Inflationary Pressure
Escalating tensions in the Strait of Hormuz are driving crude price volatility, directly impacting India's 80%+ oil import reliance and widening the current account deficit.
Bearish sentiment is building for energy-sensitive sectors like Aviation (IndiGo) and FMCG (HUL) due to expected margin compression from higher fuel and input costs.
Surging global oil prices provide a short-term tailwind for domestic explorers like ONGC and Reliance Industries, though they weigh heavily on broader domestic consumption.
Market analysts observe that geopolitical risk is currently overriding strong domestic inflows from DIIs, creating a 'sell on rise' environment for the Nifty.
Massive FII Outflows Accelerate as Indian Markets Enter Consolidation
Foreign Institutional Investors withdrew nearly ₹20,000 crore in the first two trading sessions of April, spooked by a recovering Dollar Index and rising global yields.
The Nifty and Sensex have breached key technical support levels after a six-week slide, signaling a structural shift in investor sentiment toward caution.
Large-cap market leaders like Bharti Airtel have faced significant valuation erasures as investors pivot to defensive sectors with global demand resilience like IT and Defence.
Hon Hai's rising quarterly sales suggest that global AI infrastructure demand remains robust, providing a positive read-through for Indian IT firms with AI exposure.
Banking Sector Strategy Shifts Toward Liquidity and M&A Activity
Major lenders including HDFC and Kotak Mahindra are prioritizing deposit growth over aggressive lending to shore up liquidity buffers in a high-rate environment.
RBI's reported clearance for Emirates NBD to acquire a major stake in RBL Bank is fueling consolidation interest and re-rating potential for mid-tier private lenders.
Slowed CASA growth trends indicate that Net Interest Margins (NIMs) may be pinched as depositors increasingly migrate funds toward high-yield term deposits.
Despite broader market weakness, the Bank Nifty is showing signs of stabilization at critical technical levels, led by heavyweights with sustainable Credit-to-Deposit ratios.
IPO Watchlist
Upcoming IPOs
Propshare Celestia is scheduled to open for subscription from April 10 to April 16 with a size of ₹244.65 crore, though early grey market indicators remain flat.
A significant supply overhang is expected in the secondary market as approximately ₹2,378 crore in anchor shares across 11 recently listed firms are set to unlock in April and May.
Propshare Celestia
244.65
Date:10 Apr - 16 Apr
List:24 Apr
Subscription: -
GMP: 0.00%
Cha-Ching Cheatsheet 💵
In Indian retail investing, the 'liquidity of the crowd' is often mistaken for the 'safety of the business'; always verify the exit strategy before joining a momentum-driven queue.
* Valuation category is calculated as a weighted average of PE ratio, CAPE, forward PE, historical PEG, and forward PEG. We are currently showing PE, Forward PE, and Forward PEG for reference.
Conflict de-escalation narrative reduced crude oil price pressure, easing energy supply fears that triggered March's 11% market crash and foreign outflows.
Geopolitical risk premium compression triggered broad-based buying across PSU, Metals sectors as investors rotate from defensive positioning into commodity/energy leveraged plays.
EM risk appetite reset lifted mid/small-cap participation to highest levels in cycles; lower volatility expectations enabled leveraged positions in high-beta equity segments.
Growth outlook stabilization reversed March's FII selling momentum; sustained foreign outflows now face headwind as conflict resolution reduces emerging-market risk aversion.
Dollar strength easing from reduced geopolitical safe-haven demand supports EM currency stability, improving relative attractiveness for dollar-denominated FII allocations to India equities.
Emerging Opportunities
PSU stocks at early-cycle valuations after March's 11% correction; energy/infrastructure upside from conflict-driven oil supply normalization and government capex continuation cycles.
Metals/Mining segment contrarian play as crude de-escalation improves demand growth expectations; valuations reset post-March selloff while geopolitical commodity premium persists in pricing.
Mid/Small-cap financial services capture margin expansion from rate-cut cycle triggered by easing inflation fears; advance-decline breadth at 7.35 confirms institutional capital rotation into underweights.
Media/Entertainment sectors riding consumption recovery as FII confidence returns post-conflict stabilization; March underperformance created 8-12% catch-up setup versus large-cap benchmarks.
Export-oriented manufacturing (auto ancillaries, textiles) benefit from global supply-chain normalization as conflict production disruptions ease; cost-push inflation tailwind reverses Q4 margin compression.
Policy & Regulations
The RBI has actively intervened in the forex market to curb rupee speculation and stem depreciation past the 85/USD level, buffering the impact of persistent foreign institutional capital outflows.
The IMF and global regulators are increasing scrutiny of blockchain-based trading systems, warning that high-speed financial contagion could pose systemic risks to the modernization of Indian capital markets.
Industrial sectors are facing new ESG-driven operational mandates as the government pushes for water neutrality, encouraging a transition from freshwater use to treated wastewater in high-consumption manufacturing.
Crypto Buzz
Name
Price
Market Cap
24h Change
ATH Change
Bitcoin (BTC)
$67033
$1.34T
-0.12%
-46.83%
Ethereum (ETH)
$2043.68
$246.74B
-0.40%
-58.68%
Tether (USDT)
$0.999771
$184.11B
-0.01%
-24.44%
BNB (BNB)
$593.58
$80.98B
0.67%
-56.67%
XRP (XRP)
$1.3
$79.77B
-1.09%
-64.36%
Bitcoin and Ethereum have faced modest selling pressure as the U.S. Dollar Index stages a 10% recovery from its 2025 lows, regaining its status as a dominant safe-haven asset.
Institutional adoption continues to evolve with Coinbase securing conditional U.S. trust charter approvals, potentially broadening the path for large-scale asset managers to enter the digital asset space.
The recent supply-chain attack on LiteLLM serves as a critical warning for Indian tech firms regarding the operational and security risks of integrating open-source AI tools into proprietary financial stacks.
Indian Macroeconomy
Currency
Exchange rate against USD
92.71
-0.26
Previous: 92.97
As of Apr 26
Nominal GDP
Annual growth including inflation
7.8%
-0.4%
Previous: 8.2%
As of Dec 25
CPI Inflation
Consumer price increase
3.21%
0.47%
Previous: 2.74%
As of Feb 26
Repo Rate
RBI lending rate
5.25%
→
0%
Previous: 5.25%
As of Mar 26
Trade Balance
Exports minus imports
$-27.1B
$7.58B
Previous: $-34.68B
As of Feb 26
Current Account
Global trade, income & transfers
$-13198M
$934M
Previous: $-14132M
As of Dec 25
Mfg PMI
Manufacturing activity level
53.8 points
-3.1 points
Previous: 56.9 points
As of Mar 26
Services PMI
Services activity level
57.2 points
-0.9 points
Previous: 58.1 points
As of Mar 26
India's GDP annual growth moderated to 7.8% in the latest quarter while Manufacturing PMI dipped to 53.8 points, indicating a cooling in industrial expansion that may prompt a shift toward defensive investment strategies.
The domestic equity market is currently trading at a Forward PE of 20.1, a significant premium compared to regional peers like China and Indonesia, suggesting that high earnings growth is required to sustain current valuations.
Inflation has ticked up to 3.21%, which, combined with surging crude oil prices due to geopolitical tensions, is likely to keep the RBI in a hawkish pause at a 5.25% repo rate for the foreseeable future.
