Indian equity markets head into Wednesday’s session with mixed global cues and heightened stock-specific action as the earnings season peaks over the next two days. Asian Paints is firmly in focus after HSBC downgraded the stock, even as other global brokerages remain positive.
Key Market Levels to Watch
Nifty Support: 24,932 (Tuesday’s low; close to last week’s panic bottom)
Nifty Resistance: 25,200–25,250 (first major hurdle)
Bank Nifty: Needs to reclaim 59,500 after leading Tuesday’s rebound
Global & Macro Cues
Brent crude at $67/barrel, levels last seen in October, is emerging as an under-discussed risk.
Higher oil prices are negative for net oil importers, keeping ONGC, Oil India, BPCL, HPCL, IOC on the radar.
GIFT Nifty trading over 30 points higher signals a positive start for Indian equities.
Other Key Brokerage Calls to Track
Tata Consumer Products
CLSA: Hold, TP ₹1,166
Strong 15% YoY sales growth; EBITDA up 28%
Quick commerce (18% of India business) grew 100%+, now a key growth driver
Nomura: Buy, TP ₹1,450
Growth businesses (~30% of India portfolio) up 29% YoY
Profit growth expected to outpace sales growth
Marico
HSBC: Buy, TP raised to ₹900
VAHO segment revenue up 29% YoY
Foods growth muted at 5% YoY but expected to recover in coming quarters
FY27 EBITDA growth guidance of 15%+
Divi’s Laboratories
Jefferies: Buy, TP ₹8,000
New patented molecule opportunity could add $100 million in high-margin sales
Capacity expansion in APIs, nutraceuticals, peptides, and contrast media
Persistent Systems
CLSA: High-Conviction Outperform, TP ₹8,865
Structural growth driven by culture, client mining, and vertical depth
Stable EBIT margins of 16–17% with potential EU acquisitions
Stocks to Watch Today
Vodafone Idea, Vedanta, Marico, Motilal Oswal, TVS Motor, BEL, L&T, Maruti Suzuki, Vishal Mega Mart
Market Takeaway
While GIFT Nifty signals a positive open, rising crude oil prices and divergent brokerage views on heavyweights like Asian Paints could keep volatility elevated. With earnings flow accelerating, stock-specific action is likely to dominate broader index moves.
