MMI is in the greed zone. It suggests that investors are acting greedy in the market, but the action to be taken depends on the MMI trajectory.
Since last week: Sentiment moved from Ext. Fear (26.21) to Greed (54.92).
Stock Spotlight Of The Day
Tata Consultancy Services Limited
Market Cap
9,13,314 Cr
Current Price
₹2,524
Stock P/E
17.4
Dividend Yield
2.38%
ROCE
63.4%
ROE
52.1%
Shareholding Changes (Impact Factors)
FIIs
QoQ
0.04%
YoY
-2.31%
Stable foreign holding
DIIs
QoQ
0.17%
YoY
1.95%
Stable domestic holding
Promoters
QoQ
0%
YoY
0%
No change in promoter holding
Quarterly Summary (Absolute)
Sales
QoQ
Mild rise
5.38%
YoY
Mild rise
9.65%
Expenses
QoQ
Mild increase
5.33%
YoY
Mild increase
8.26%
Operating Profit
QoQ
Mild gains
5.51%
YoY
Healthy pickup
13.52%
Net Profit
QoQ
Strong earnings
28.58%
YoY
Healthy growth
12.13%
Profit & Loss (Compounded)
Sales Growth
10 Years
9%
5 Years
10%
3 Years
6%
TTM
5%
Profit Growth
10 Years
8%
5 Years
10%
3 Years
8%
TTM
8%
Stock Price CAGR
10 Years
7%
5 Years
-4%
3 Years
-7%
1 Year
-22%
Return on Equity
10 Years
43%
5 Years
49%
3 Years
52%
Last Year
52%
Fundamentals Corner
The company maintains elite operational efficiency with a rising ROE of 52%, even as long-term sales growth has moderated toward the mid-single digits.
Recent quarterly data signals a growth inflection point, with operating profits jumping 13.5% YoY—outpacing both revenue growth and long-term averages.
The stock’s 22% price correction over the last year creates a sharp disconnect from these strengthening fundamentals, offering a high-quality cash generator at a compressed 17.4 P/E.
News TidBits
TCS continues to lead the IT sector with strong deal wins, although a cautious outlook on discretionary spending in Western markets persists.
The company's focus on AI-led transformation projects is expected to be a key margin driver in the coming quarters.
Analysts are monitoring the company's attrition rates and utilization levels as indicators of operational efficiency amidst a slowing global economy.
Stacks on Stacks: Tip Time 🤑
Diversification remains the most effective tool for managing risk; over-concentration in a single sector can lead to significant portfolio drawdowns during market rotations.
Metals Market
Commodity
Price
Day
Monthly
YoY
Gold
USD/t.oz
4751.68
-0.24%
-8.26%
46.81%
Silver
USD/t.oz
75.677
0.48%
-11.74%
134.55%
Copper
USD/Lbs
5.8705
2.13%
0.43%
29.41%
Steel
CNY/T
3079
0.26%
-1.47%
0.62%
Lithium
CNY/T
155550
-0.13%
-2.17%
117.25%
Iron Ore CNY
CNY/T
753.5
0.47%
-4.32%
6.96%
Platinum
USD/t.oz
2065.2
-2.22%
-6.31%
120.29%
HRC Steel
USD/T
1087
0.18%
3.43%
15.88%
Iron Ore
USD/T
106.63
0.34%
2.99%
6.68%
Silicon
CNY/T
8250
-0.12%
-3.9%
-13.84%
Scrap Steel
USD/T
414
-0.72%
9.23%
12.81%
Titanium
CNY/KG
47.5
1.06%
2.15%
-2.06%
Gold and silver prices are experiencing volatility as investors weigh geopolitical risks in the Middle East against the backdrop of a strengthening US dollar.
Industrial metals like copper and aluminum are seeing price support from supply-side constraints and optimism regarding a recovery in global manufacturing demand.
Iron ore prices remain sensitive to news regarding Chinese property sector stimulus, impacting the export outlook for major global producers.
Top News Developments
Global Oil Prices React to Middle East Tensions
Crude oil futures have seen sharp spikes following reports of increased friction in key shipping lanes.
Indian oil marketing companies may face margin pressure if global crude prices stay elevated for an extended period.
Higher energy costs could potentially delay the RBI's pivot towards interest rate cuts later this year.
Banking Sector Leads Market Recovery
Large-cap private banks have reported strong credit growth and improving asset quality in the latest earnings cycle.
Increased systemic liquidity has supported the Nifty Bank index, helping it outperform broader market benchmarks.
Consolidation in the NBFC space is expected to intensify as regulatory norms for 'Upper Layer' entities become more stringent.
Government Focuses on Infrastructure Outlay
Enhanced budgetary allocations for railways and highways are expected to provide a tailwind for the construction and capital goods sectors.
Public-private partnership models are being revamped to attract more foreign direct investment into greenfield projects.
The rapid pace of infrastructure development is seen as a primary driver for the 'Viksit Bharat' 2047 vision.
IPO Watchlist
Ongoing IPOs
Several SME IPOs are currently active in the market, drawing significant interest from retail investors despite high valuations.
Subscription rates for ongoing mainboard issues remain healthy, reflecting strong liquidity in the primary market.
Propshare Celestia
244.65
Date: 10 Apr - 16 Apr
List: 24 Apr
Subscription: -
GMP: 0.00%
Om Power Transmission
150.06
Date: 9 Apr - 13 Apr
List: 17 Apr
Subscription: 0.71x
GMP: 1.14%
Upcoming IPOs
Major tech-backed startups and renewable energy firms are in the pipeline to launch their initial public offerings in the second half of the year.
Investors are awaiting the draft red herring prospectuses (DRHP) of several high-profile unicorns seeking to list on the NSE and BSE.
Citius Transnet InvIT
1340.00
Date:17 Apr - 21 Apr
List:29 Apr
Subscription: -
GMP: 0.00%
Cha-Ching Cheatsheet 💵
Focus on the underlying business fundamentals rather than short-term price fluctuations to achieve long-term wealth creation.
Global Markets
Country
Category
Current PE
Forward PE
Forward PEG
🇫🇷 France
Undervalued
17.5
14.3
0.8
🇮🇩 Indonesia
Undervalued
14.4
10.5
0.4
🇬🇧 United Kingdom
Undervalued
15.6
13.0
0.8
🇦🇺 Australia
Undervalued
19.9
17.4
1.4
🇩🇪 Germany
Fairly Valued
16.6
14.2
1.0
🇮🇳 India
Fairly Valued
18.8
16.7
1.5
🇯🇵 Japan
Fairly Valued
18.1
16.2
1.5
🇨🇳 China
Fairly Valued
17.7
14.1
0.7
🇸🇬 Singapore
Fairly Valued
16.8
-
-
🇺🇸 United States
Fairly Valued
23.5
19.8
1.3
🇰🇷 South Korea
Fairly Valued
18.5
7.2
0.1
🇹🇭 Thailand
Overvalued
16.5
-
-
* 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.
US equity surge 2.4-2.9% on ceasefire → risk appetite channel → emerging markets decompression as EM rate pressure eases, stabilizing rupee.
Brent crude retreat from $115/bbl on geopolitical ease → commodity linkage → energy sector underperformance while import-dependent auto/pharma margin relief builds.
Global uncertainty retreat reduces inflation expectations → growth channel → financials rally as real rate compression supports lending spreads near-term.
Geopolitical tail-risk premium compression → carry trade unwind reversal → FPI stabilization signals as dollar strength moderates relative to emerging currencies.
US-Iran negotiation progress reduces long-duration energy premium → growth expectations → cyclical rotation favoring domestically-focused sectors over defensive rate-sensitive plays.
Emerging Opportunities
Auto and auto ancillaries at early-cycle valuations post-40% correction; margin expansion emerges as crude normalization below $100 structurally improves input costs.
Mid-cap financials excluding banking enter valuation reset zone; contrarian angle: 2-3 year compounding potential ignored while large-cap banks capture rebound flow.
Export-linked small-caps (textiles, engineering) positioned for recovery as global demand stabilizes post-geopolitical shock; current positioning favors domestic-only narratives.
Energy infrastructure (renewable/NTPC segments) consolidating after correction; energy transition thesis intact despite crude volatility masking structural long-term tailwinds.
Pharma sector weakness creates entry for margin-accretive players; current de-rating overdone as crude ease improves gross margins versus IT cost headwinds.
Policy & Regulations
The Ministry of Finance and SEBI are closely monitoring the surge in F&O trading volumes, with discussions ongoing regarding potential measures to curb excessive speculation among retail investors.
New regulations concerning the disclosure of ESG metrics are coming into effect, forcing listed companies to provide more granular data on their sustainability practices.
The government is considering revisions to the capital gains tax structure in the upcoming budget to simplify the taxation process for long-term investors.
Crypto Buzz
Name
Price
Market Cap
24h Change
ATH Change
Bitcoin (BTC)
$71522
$1.43T
-1.84%
-43.27%
Ethereum (ETH)
$2204.59
$266.11B
-1.60%
-55.43%
Tether (USDT)
$1
$184.42B
-0.00%
-24.40%
XRP (XRP)
$1.33
$81.82B
-1.13%
-63.47%
BNB (BNB)
$595.03
$81.15B
-1.64%
-56.57%
Bitcoin has stabilized around the $60,000 mark as the market processes the impact of the recent halving event and the performance of spot ETFs.
Regulatory scrutiny in the US and EU continues to influence market sentiment, with a focus on stablecoin reserves and anti-money laundering compliance.
Indian Macroeconomy
Currency
Exchange rate against USD
93.09
0.62
Previous: 92.47
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 Apr 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
57.5 points
-0.6 points
Previous: 58.1 points
As of Mar 26
The RBI has maintained the repo rate at 6.5% while revising the FY25 GDP growth forecast upward to 7.2%, signaling a robust domestic outlook despite global headwinds. However, inflation projections remain a concern due to food price volatility.
Significant FII selling has been observed in recent weeks, yet the Indian equity markets have shown resilience, supported by strong domestic institutional investor (DII) inflows and retail participation.
Manufacturing and Services PMIs continue to remain in the expansion zone, reflecting sustained momentum in the industrial and service sectors of the Indian economy.
