Tale of the Tape 

Hola Amigos! Markets extended their unbeaten run to day 6.

Nifty (+0.2%) and Sensex (+0.1%) ended with minor gains after a boring range-bound trading session. However, Midcaps (+0.8%) and Smallcaps (+0.7%) continued their hot streak. The advance-decline ratio was in favour of the bulls (3:2). Here’s the Nifty500 heatmap:

Except IT(-0.6%) and Energy (-0.4%) all other sectors ended in the green or flat.  Real Estate (+2.4%) was the top gainer, followed by FMCG (+1.9%).

FIIs turned net buyers in March but what are they buying? Read our top story to get all the deets.

Pitti Engineering had a decent Q4 show. Meanwhile Rajratan Global Wire locked in a +20% upper circuit after signalling a bullish outlook. More details below.

IndusInd Bank, Waaree Energies and Cholamandalam Investment all saw big moves today. Check out their charts below to find out why.

Dixon Technologies rallied +5% after reports said Alphabet was planning to shift more Google Pixel production to India.

FMCG stocks saw a nice bump after UBS issued a bullish call on the sector. DMart, ITC and HUL were up +2% each.

RBL Bank was volatile AF after 2.3 crore shares, roughly ~4% equity, changed hands in a big block deal. PS - reports say British International Investment sold its full stake.

Bajaj Auto (-1%) and Hero MotoCorp (-2%) were downgraded by Jefferies. The brokerage has cut its target price on the former to Rs 7,500 p/sh (vs Rs 10,550 p/sh earlier) and Rs 3,200 p/sh (vs Rs 5,075 p/sh earlier) for the latter.

Steel stocks were in focus after the GOI imposed a 12% safeguard duty on certain products. PS - industry reps said the move wasn’t enough, which is why most stocks gave up their gains.

Here are the closing prints:

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After a MASSIVE exodus, FIIs are once again buying Indian stocks! PS - They were net buyers in March and pumped in nearly Rs 15,000-cr in just three days last week. But what stocks are they interested in? Here’s what they loaded up on in Q4FY25 and what they sold, courtesy data from ACE Equities.

• PSUs: Out of the 79 listed state-run firms that have disclosed their shareholding so far, FIIs increased their stakes in 52% of them.

• Microcaps: Foreign funds raised their stakes in 51% of the 186 companies in the Nifty Microcap 250 Index.

• Nifty 50: Out of the 36 Nifty firms that have reported shareholding changes, FIIs reduced holdings in a whopping 31 and increased in just 5.

• Nifty 100: On similar lines, foreign investors cut their stake in a cool ~73% of the index’s constituents.

We’ll get a fuller picture around May-June when all companies disclose their shareholding data. But the shift is clear: FIIs are snapping up PSUs & smaller firms, while ditching large caps.

If that sounds familiar, yes it’s how retail investors made a lot of money during the Covid bull run! So why is it sliding that way again? Experts say there are two big reasons. The first is making a bet on Trump-proof investments. PSUs focus a lot on India and aren’t affected by a global trade war. Ditto for Microcap stocks. 

However, you can’t say the same for heavyweights like Reliance, TCS, Tata Motors etc. PS - there are exceptions like Bharti Airtel and Bajaj Finance who are frankly KILLING IT! No wonder FIIs upped their stake in these two firms. The second reason is valuations. From railway stocks to energy financing, many PSUs have seen a sharp correction since Sept 2024. This makes them an attractive bet!

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Vijay Kedia Portfolio Changes

Who doesn’t want to know which stocks legendary investor Vijay Kedia is currently holding? In this video, we cover his top holdings and latest portfolio updates along with fundamental and technical views on the same.