Indian markets are set for a firm, news-heavy opening on April 3, supported by positive GIFT Nifty cues and a strong stream of stock-specific developments across banking, insurance, retail leadership, and defence manufacturing.
The biggest macro headline comes from India’s defence sector, where FY26 exports surged 62% year-on-year to a record ₹38,424 crore, up from ₹23,622 crore in FY25. The sharp ₹14,802 crore jump marks the highest-ever annual defence export figure, with PSU contribution at 54.84% and private players at 45.16%. India now exports defence systems and components to more than 80 countries, while the number of exporters rose to 145 from 128, underscoring the sector’s structural scale-up and strengthening global acceptance of India-made military systems.
Among stocks, Bank of Baroda is likely to remain in focus after reporting global business growth of 13.93% YoY to ₹30.79 trillion as of March 31, 2026, driven by global advances rising 16.23% to ₹14.30 trillion and global deposits up 12% to ₹16.49 trillion. Domestic retail advances stood out with a 17.93% year-on-year jump, reinforcing the bank’s steady credit momentum.
In financials, Max Financial Services announced that subsidiary Axis Max Life Insurance will issue equity shares worth up to ₹389 crore to Axis Bank at ₹151.90 per share via preferential allotment, taking the Axis group’s stake to 19.99% post issue, subject to approvals. The capital raise is aimed at funding growth and strengthening the insurer’s expansion pipeline.
Retail counter Brandman Retail also enters the spotlight after a sweeping leadership and governance reshuffle. The company appointed MRB & Associates as Internal Auditors, Mamta Binani & Associates as Secretarial Auditors, Devendra Singh Negi as CEO, Ayushman Dubey as CFO, and Gaurav Sharma as Additional Independent Director, all effective April 2, 2026. The appointments bring deep retail, finance, audit, and HR leadership depth as the newly listed SME company enters its next scale-up phase.
Global cues remain supportive.
US markets closed marginally higher overnight, with the S&P 500 up 0.11% at 6,582.69 and the Nasdaq gaining 0.18% to 21,879.18. In Asia, GIFT Nifty rose 0.60% to 22,842, while Nikkei advanced 1.41%, suggesting a positive start for domestic benchmarks despite weakness in Hang Seng and Shanghai.
