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A low to mid-teen earnings growth is being expected for the Nifty50, driven by a revival in domestic consumption, stable commodity prices, and an uptick in capex activity. We stay positive on the markets.

Positive global cues led to the Indian market closing higher, with the S&P BSE Sensex gaining over 100 points and the Nifty50 closing above 18300 levels. The auto, banking, and FMCG sectors saw buying, while power, oil & gas, and utility stocks saw selling. Zensar Technologies and Glenmark Pharma are among the stocks that witnessed a surge in prices, and Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd., recommended buying these two stocks. Gour also recommended buying Tata Motors, which has been consolidating over the past 1.5 years.

Option data suggests a broader trading range in between 17900 to 18500 zones while an immediate trading range in between 18150 to 18450 zones.

​​In the pharmaceutical sector, fewer incidents of regulatory breaches and attractive valuations drove fund managers to add stocks such as Alkem Laboratories, Ajanta Pharma, and Dr Reddy’s Laboratories.

The regulation will support in boosting the investors’ confidence and thereby help widen the acceptance to the newly emerging investment asset class. The move is also expected to support realty developers bringing in the much-needed liquidity as they can opt for one more channel to monetise their assets.

ONGC Videsh has drawn the facility and used the funds to repay $500 million in bonds that matured last week. The company had raised $800 million in bonds to meet its financing needs for the ACG project in Azerbaijan in 2013. Bonds worth $300 million with a tenure of five years matured in 2018 while the balance of $500 million with a tenure of 10 years has matured now.

Data from the Insolvency and Bankruptcy Board of India (IBBI) showed that out of the total admitted claims of Rs 1.42 lakh crore, creditors realised rs 51,425 crore in FY23, compared to Rs 49,208 crore realised from admitted claims of Rs 2.14 lakh crore a year ago.

The ARC lobby group has been asking the authorities to relax these norms for small-ticket loans. The process may be followed only in case of high-value corporate loans beyond a threshold.

"Our markets may react negatively and if the markets need an excuse to fall, it will take cues from the Karnataka state polls," said Andrew Holland, CEO of Avendus Capital Alternate Strategies.

Any throwbacks toward 17,800-17,900 levels could present better re-entry opportunities and improved risk-reward setups. At the same time, only a follow-through above the resistance can take the index toward all-time highs. Bank Nifty is near its lifetime highs and might face psychological resistance at the 44,000 mark. We are in a secular uptrend, and any dips can be used as incremental buying opportunities.