Tale of the Tape 

Good evening ya’ll.

Markets continued to fall, with the Nifty and Sensex down -0.6% each. Midcaps (-0.7%) and Smallcaps (-0.8%) were hit by selling pressure too. 370 stocks in the NSE 500 ended in the red!

Except Metals (+0.4%), all other sectors ended flat or lower. Banks (-1%), FMCG (-0.6%) and Energy (-0.6%) were the top losers.

Are foreign fund managers starting to lose interest in India? Read our top story to get the lay of the land.

Wipro’s (+2%) Q1 results beat Street estimates. Meanwhile, Axis Bank (-5%) was the to Nifty loser on higher provisioning. More details below.

Solar cell exporters were down after a US industry lobby requested higher tariffs on Indian imports. Sterling and Wilson Renewable (-5%), Waaree Energies (-3%) and Premier Energies (-2%) fell.

Saregama India jumped +5% after it acquired the Haryanvi and Punjabi music catalogue of NAV Records.

Polycab was in focus after UBS raised its target price to Rs 8,100 p/sh vs Rs 7,150 p/sh earlier.

Tatva Chintan Pharma soared +7% after ace investor Mukul Agrawal picked a 1.28% stake.

Results reaction. Clean Science and Technology cracked -9% after warning that its EBITDA guidance for FY26 may not hold. Atul Ltd cracked -5% on operationally weak Q1.

Market
Its India vs Rest of Asia

India is slipping in the rankings of most attractive Asian markets! FYI - a new BofA survey says only 10% of foreign fund managers are overweight on India vs a whopping 32% for Japan. Even Taiwan and South Korea are ranked higher. So… is it time to panic? Here’s what you need to know.

There’s two different ways of looking at this. Firstly, Asia is having a bit of a resurgence. South Korea & Taiwan’s semiconductor industry has been KILLING it, led by Nvidia having a solid Q1 + Trump easing curbs on AI chip sales to China. But the bigger factor is that tariff tensions have kinda cooled off. The consensus is that Trump chickens out a lot, deals will be struck and supply chains will reconfigure themselves. PS - it doesn’t hurt that China’s Q2 GDP growth beat expectations despite the trade war.

The second perspective is that India has lost a bit of its shine. Citi, which downgraded India to neutral, points out that valuations aren’t as cheap anymore. Which is true --- the Nifty is up +13% from its February lows. It’s also true that India Inc’s Q3 & Q4FY25 earnings weren’t great.. and yes, our shaky GDP growth has also been a definite negative trigger. 

But Citi had just upgraded us in February. And if you go back to look at its bull case, a lot of what it said back then still holds true. Income tax cuts should boost consumption. The GOI is kickstarting public capex after a big dip in Q1 & Q2 FY25. And the RBI’s rate cut cycle will start paying off in H2-2025. All of this should translate to a better FY26. FYI - JPMorgan’s bull case scenario sees the Nifty at 30k by April 2026 if earnings improve. So sit tight and see how it all plays out!

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Stocktwits Acquires Thematic. Here’s Why That Matters 

📢 Big news: Stocktwits has acquired Thematic, an AI-native research platform. This is a major step forward in how we help investors discover ideas, screen for opportunities, and act with confidence.

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More to come soon.