Indian benchmark indices are expected to open higher on Thursday amid positive global market cues, with GIFT NIFTY futures jumping over 100 points indicating a strong opening. According to Upstox, the NIFTY50 made a morning star candlestick pattern, indicating a bullish reversal after a breakdown, provided the index closes above the high level of the long bearish candle. The NIFTY50 index touched an intraday high of 23,583 and a low of 23,262 before closing with minor gains as investor sentiment turned cautious after rupee hit a new record low of 95.75 against the US dollar. The open interest data for the coming weekly expiry suggests a broad trading range of 23,000 to 23,400, with 23,500 calls holding the highest open interest indicating strong resistance. If the index manages to close near 23,500, a short covering rally could pull the index higher towards 23,900 call levels.
More than 140 companies are scheduled to release their Q4 results for the quarter ended March 31, 2026, on Thursday, May 14. According to reports from Hindustan Times, notable companies including Hindustan Aeronautics (HAL), JSW Steel, Indian Railway Finance Corporation (IRFC), Tata Motors Passenger Vehicles, Muthoot Finance, Vishal Mega Mart, United Spirits, Housing & Urban Development Corporation, Voltas, Siemens Energy India, and Apollo Tyres are among those declaring earnings today. The results come amid the ongoing earnings season and follow Wednesday's market recovery where Sensex gained 50 points (0.07%) to close at 74,609 and Nifty 50 rose 33 points (0.14%) to settle at 23,413. As per BSE list, around 140 companies are slated to release their March quarter (Q4 FY26) numbers today.
According to Motilal Oswal brokerage, HAL's revenue is expected to decline 4% YoY due to delays in deliveries of HTT-40 and LCA MK1A aircraft. The defence company's EBITDA margin is anticipated to contract 840 basis points YoY due to disrupted supply chains and increased share of manufacturing in overall revenue. The brokerage has cut HAL's target price to ₹5,000 and expects key monitorables to include status of Tejas MK1A and HTT-40 deliveries, updates on CATS warrior drone systems, and margin sustainability. As reported by Hindustan Times, HAL had reported an order book of ₹2.54 trillion for FY26.
Kotak Institutional Equities expects JSW Steel to report standalone volume of 5.8 million tons (+1% YoY, +5% QoQ) with new JVML volumes ramping up to 1.2 million tons. According to Kotak, steel realizations are estimated to increase by 7.4% QoQ (+10.5% YoY) due to price hikes during the quarter. The brokerage anticipates standalone EBITDA/ton to increase sequentially to ₹10,767/ton (+23% YoY, +41% QoQ) led by higher realizations, partially offset by higher coking coal prices. As reported by Hindustan Times, this represents a significant improvement from previous quarters.
Kotak expects Muthoot Finance to likely report 12% YoY AUM growth in Q4 FY26 (up 4% QoQ). The brokerage anticipates spreads to remain stable sequentially driven by QoQ flat yields and cost of borrowings. According to Kotak, cost/AUM will likely moderate to 2.6% in Q4 FY26 (2.5-3.3% in the previous four quarters), while credit cost is estimated at 36 bps in Q4 FY26E (0.15-0.5% in the previous four quarters). As reported by Hindustan Times, this outlook suggests continued growth momentum for the financial services company.
