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Indian equity indices opened in the red on Friday, with IT stocks pulling down the market due to concerns over U.S. discretionary spending. The BSE Sensex dropped 114 points, while the Nifty50 slipped 14 points. Infosys, TCS, and HCL Tech were among the top losers. Conversely, Ola Electric Mobility surged 5% in early trade.

JM Financial has recommended buying Tata Communications stock with a target price of Rs 2,030, indicating a potential 35 percent increase. Tata Communications, a mid-cap company, operates in the telecommunications sector. The company reported a net profit of Rs 223.88 crore for the quarter ending December 2024. Promoters hold 58.86 per cent stake as of December 2024.

RVNL shares: The contract entails the construction of a six-lane access-controlled road connecting to the Visakhapatnam Port in Andhra Pradesh. This crucial infrastructure project is expected to enhance regional trade and improve transportation efficiency.

Hindalco Industries plans to invest Rs 45,000 crore in aluminium, copper, and specialty alumina businesses over the next three to four years. The company aims to focus on upstream operations and targets increasing downstream profits. Green initiatives, EV mobility, and advanced technologies are pivotal to their growth strategy.

Ola Electric shares: In a statement released on Friday, the company confirmed that its sales remain strong and that it is working to clear the backlog that had led to discrepancies in vehicle registration data. Ola explained that this backlog, which was not the result of any internal operational issues, is being addressed, with daily registration numbers now exceeding 50% of the company’s three-month daily sales average.

V Srivatsa of UTI AMC suggests that the market has captured most negatives from the recent fall and is in a consolidation phase. He identifies opportunities in large-cap stocks, PSU power pack, oil and gas, telecom, and metals. He remains cautious on consumer durables, FMCG, and capital goods due to high valuations and growth challenges.

Defence stocks: For the Indian Army, the DAC approved the procurement of 1,350 HP engines to upgrade the existing 1,000 HP engines in T-90 tanks. This enhancement is expected to improve battlefield mobility, particularly in high-altitude areas, by increasing the tanks’ power-to-weight ratio.

Nifty50 is on track to end its five-month losing streak with strong gains in March, supported by global monetary policy shifts and domestic economic resilience. Improved liquidity and a moderation in foreign investor selling have driven a sharp market rebound.

Jio Financial Services remains in focus after reports of a preliminary agreement with Allianz SE to establish an insurance venture in India. This follows Allianz’s recent stake sale in joint ventures with Bajaj Finserv. Technically, Jio Financial’s stock shows mixed signals with an RSI of 53.1 and a bearish MACD at -6.9. It has dropped 24% YTD.