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Global brokerage firm Jefferies downgraded BSE, Morgan Stanley maintained an overweight rating on InterGlobe Aviation and Tech Mahindra, and Kotak Securities recommended a sell on Yes Bank.We have collated a list of recommendations from top brokerage firms from ETNow and other sources:Jefferies on BSE: Hold| Target Rs 2900Jefferies downgraded BSE to Hold from a buy earlier and also slashed its target price to Rs 2900 from Rs 3000.Higher regulatory fee limit near-term upside for the stock. SEBI order can impact EPS by 15-18%.Price hikes could offset ~2/3 of the impact immediately. Improving business quality can fully offset the residual impact over FY25-26.Morgan Stanley on InterGlobe Aviation: Overweight| Target Rs 4615Morgan Stanley maintained an overweight rating on InterGlobe Aviation but raised the target price to Rs 4615 from Rs 4145 earlier.The global investment bank believes that Indigo has both a large and sustainable moat. It expects India outbound travel to be the next big theme.The global investment bank sees the domestic plus international market expanding from 221mn airline passengers in FY24 to 370mn in FY30.Morgan Stanley on Tech Mahindra: Overweight| Target Rs 1490Morgan Stanley upgraded Tech Mahindra to overweight from underweight earlier and also raised the target price to Rs 1490 from Rs 1190 earlier.The Q4 results mark the bottom for financials. The management is tangible and quantifiable outlook for FY27 makes it a self-help story.Even after the April 26 move of 8%, the global investment bank is of the view that the risk-to-reward ratio is favorable for the stock.Tech M's cost structure has material room to improve. Revenue growth will take time but key to monitor would be the lag vs. peers.Kotak Securities on Yes Bank: Sell| Target Rs 19Kotak Securities maintained a sell rating on YES Bank with a target price of Rs 19. One-offs dominate earnings, but it will be a slow recovery, nevertheless. Most one-offs were used to strengthen the balance sheet metrics.Business is steadily recovering, and one-offs are likely to continue given the incident. The current price factors most of the positive outcomes.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

A recovery is in the offing in India’s telecommunications sector, with potential tariffs hikes and a shift to high-speed networks set to bolster revenue, according to a top-performing fund manager.“We are likely headed for a large hike in tariffs,” said Niket Shah, chief investment officer at Motilal Oswal Asset Management Co. He estimates that one such increase can boost the industry’s Ebitda by more than 500 billion rupees, and add up to 7 trillion rupees ($84 billion) in combined market value.The likely tariff increase will help inject new life into a sector that has grappled with cut-throat competition and aggressive policy actions in recent years, said Shah. America’s top wireless carrier AT&T Inc.’s average revenue per user is $55, while the measure is as low as $2 in India, he said.The optimism was palpable last week as Vodafone Idea Ltd., the smallest of the three players in India, raised $2.2 billion in a share sale that was oversubscribed more than six times. Nuvama Institutional Equities said this fundraise may mark a turning point for the sector, providing the company the much-needed capital to compete with larger rivals Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd.109677779“It’s clear that the government doesn’t want to see telecom become a duopoly, so we can expect policy support,” said Shah, who oversees $3.2 billion across five equity funds. Motilal Oswal’s flagship fund has returned about 58% in the past year, beating over 90% of peers.Shah held Bharti Airtel and tower operator Indus Towers Ltd. in his portfolios at the end of March, data compiled by Bloomberg show.Mukesh Ambani’s Jio disrupted the market in 2016 with cheap 4G data services, sparking a price war that reshaped the sector into a near-duopoly dominated by Jio and Bharti. Average revenue per user plunged, burdening telecom operators with massive debts.In 2022, Vodafone Idea converted the dues it couldn’t pay to the government into a 32% equity stake.The industry is now showing signs of stabilizing, driven with investments into newer technology and efforts by companies to clean up balance sheets. Antique Stock Broking Ltd. estimates a 15% to 17% tariff increase for the sector — the first hike since 2021 — after India’s on-going elections conclude.109677801The shift in sentiment means that some shares are expensive relative to history. Bharti Airtel trades at nearly 37 times its forward earnings, versus the two-year average of 31. Also, Vodafone Idea continues to lose subscribers to competitors. Analysts caution that the fundraise may not be sufficient to stem this decline. Mobile operators are urging the government to discontinue 2G services, aiming to cut network-related expenses and transition over 200 million users to higher data plans. Motilal Oswal’s Shah expects a full migration of all customers to 4G or 5G within the next two to three years.These price hikes, alongside the migration and lower interest burden, will drive profits in the coming years, he said.

Indian market is likely to consolidate on Monday tracking mixed global cues.The Nifty future closed negative with losses of 0.35% at 22575 levels on Friday. India VIX was up by 1.82% from 10.73 to 10.92 levels.Since it is the beginning of the new series, options data is scattered at various far strikes. On the weekly options front, the maximum Call OI is placed at 22500 and then towards 23000 strikes.The maximum Put OI is placed at 22400 and then towards 22000 strikes. Minor Call writing is seen at 22500 and then towards 22600 strikes while Put writing is seen at 22200 and then towards 22000 strikes.“Options data suggests a broader trading range in between 22100 to 23000 zones while an immediate range between 22300 to 22700 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.In the cash market on Friday, FIIs sold to the tune of 3408.88 cr while DIIs bought to the tune of 4356.83 cr.FIIs' Long short ratio for index futures is at 35.07 as on a net basis, they sold 45555 index futures.“Strong support for the Nifty lies around 22350-22320, while resistance is seen at 22550-22580 levels on the upside. Any sustainable move above the level of 22580 will lead to an extension of the rally towards 22700-22750 in the short term,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.In case the index slips below 22300, it will lead to further selling pressure in the index upto the 22220-22150 level, he said.We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:Expert: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited told ETBureauIDFC First Bank: Buy| Target Rs 91| Stop Loss Rs 82Tata Power: Buy| Target Rs 460| Stop Loss Rs 425BSE: Buy| Target Rs 3360| Stop Loss Rs 3130Expert: Kunal Bothra, Market Expert told ETNowSun Tv: Buy| Target Rs 710| Stop Loss Rs 640Axis Bank: Buy| Target Rs 1165| Stop Loss Rs 1115City Union Bank: Buy| Target Rs 172| Stop Loss Rs 156Expert: Nooresh Merani, an independent technical analyst told ETNowRIL: Buy| Target Rs 3200| Stop Loss Rs 2850Ashok Leyland: Buy| Target Rs 200| Stop Loss Rs 177Godrej Properties: Buy| Target Rs 2850| Stop Loss Rs 2580PNB: Buy| Target Rs 150| Stop Loss Rs 132(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

In a series of tense confrontations, more than 200 individuals found themselves in handcuffs following protests at Northeastern University, Arizona State University, Indiana University, and Washington University in St Louis, The New York Post (NYT) reported.These events, unfolding against the backdrop of heightened tensions in the ongoing Israeli-Palestinian conflict, underscore the challenges faced by universities nationwide as they grapple with the increasingly visible demonstrations and encampments on their campuses.Since April 18th, when Columbia University in New York City saw the New York Police Department dismantle a protest encampment, over 700 protesters have been arrested across US campuses. Among the recent wave of arrests, one notable figure stands out: Jill Stein, the Green Party's 2024 presidential candidate, alongside her campaign manager and another staff member, were apprehended at Washington University in St Louis, according to NYT.At Northeastern University in Boston, the scene unfolded early Saturday morning as Massachusetts State Police officers moved in to dismantle an encampment on the campus's Centennial Common. The encampment, which had drawn over 100 supporters, faced repeated requests from the university administration to vacate the area. Despite these calls, many students remained steadfast.The Northeastern spokeswoman, Renata Nyul, expressed concerns over the encampment, alleging that it had been "infiltrated by professional organisers" and decrying the use of "virulent antisemitic slurs." However, protesters vehemently denied these claims, pointing to a video that suggested it was a pro-Israel counterprotester who had used offensive language.As tensions escalated, the arrests began, with more than 100 protesters detained. While the exact number of students among those arrested remains unclear, the university assured that students presenting their university IDs were being released.Alina Caudle, a sophomore at Northeastern University, reiterated the protesters' demands for transparency regarding the university's investments and urged divestment from companies allegedly supporting Israel's actions in Gaza. She emphasized the diverse composition of the encampment, noting significant participation from Northeastern students, as well as support from Jewish students and faculty.Similar scenes unfolded across the country. In Boston, Boston Police officers arrested 118 people at Emerson College, while at Arizona State University, 69 individuals were detained for setting up an unauthorised encampment. At Indiana University Bloomington, where tensions had already flared earlier in the week with the arrest of 33 protesters, an additional 23 were apprehended on Saturday.Universities grappled with differing approaches to managing the protests. While some sought to de-escalate tensions, others, like the University of Southern California and Emory University, opted for swift police intervention to disperse encampments and detain protesters.The heightened police presence was evident on Saturday across several campuses, although not all resulted in arrests. At the University of Pennsylvania, campus police officers were stationed along barricades as over 100 protesters gathered in an encampment, with a smaller group of pro-Israel counterprotesters nearby, as reported by the NYT.At the California State Polytechnic University, Humboldt, officers maintained a presence on the closed campus following a protest that saw demonstrators occupy two buildings earlier in the week.Apart from arrests, universities implemented additional measures to exert pressure on protesters. Harvard University restricted access to its historic Harvard Yard, permitting entry only to those with university IDs. Despite the suspension of a pro-Palestinian group, protesters erected an encampment within the yard.In response, Harvard's dean of students issued a warning to students participating in the encampment, threatening disciplinary action. Similarly, Cornell University suspended four students connected with a pro-Palestinian encampment on campus, with further disciplinary actions anticipated.Nick Wilson, one of the suspended students at Cornell, reflected on the significance of the suspension, interpreting it as a testament to the impact of their movement. Despite the challenges posed by these disciplinary measures, Wilson expressed optimism, viewing the suspension as evidence of the fear instilled in institutions like Cornell by the burgeoning movement, The New York Post reported.

Tornadoes that tore through Oklahoma have flattened buildings across one rural town, killing at least four people, causing widespread power outages and leaving a trail of destruction, Gov. Kevin Stitt said Sunday. Nearly 30,000 people remained without power after tornadoes began late Saturday night. The damage was extensive in Sulphur, a town of about 5,000 people, where some downtown buildings were reduced to rubble and roofs were sheared off houses across a 15-block radius. "You just can't believe the destruction," Stitt said. "It seems like every business downtown has been destroyed." Stitt said about 30 people were injured in Sulphur alone. Dozens of reported tornadoes have wreaked havoc in the nation's midsection since Friday, with flood watches and warnings in effect Sunday for Oklahoma and other states - including Kansas, Missouri, Arkansas and Texas. In Oklahoma, a tornado ripped through Holdenville, a town of about 5,000 people, late Saturday, killing two people, and injuring four others, Hughes County Emergency Medical Services said in a statement Sunday. Another person was killed along Interstate 35 near the southern Oklahoma city of Marietta, according to the Oklahoma Department of Emergency Management. In Holdenville, houses were demolished and road signs were bent to the ground in the community roughly 129 kilometers from Oklahoma City. The sound of chainsaws could be heard in the distance as workers began tackling the damage. "My prayers are with those who lost loved ones as tornadoes ripped through Oklahoma last night," Gov. Kevin Stitt said in a statement. He issued an executive order Sunday declaring a state of emergency in 12 counties due to the fallout from the severe weather as crews worked to clear debris and assess damage from the severe storms that downed power lines. Later in the day, he planned to tour the southern Oklahoma city of Sulphur, where some buildings were reduced to piles of rubble. More than 30,000 customers were without power in Oklahoma as of midday Sunday, according to poweroutage.us, which tracks electric utility outages. In Texas, nearly 52,000 customers were without power. In Sulphur, authorities reported unspecified injuries along with significant destruction as the tornado began in a city park before tearing through Sulphur's downtown area. Search and rescue operations were underway, according to the Oklahoma Highway Patrol. Photos from local news media showed several leveled buildings and roofs ripped off of homes. The Murray County Sheriff's Office urged people to stay away from the city to clear the way for first responders following extensive damage from tornadoes, according to a statement posted by the agency on Facebook. "Stay home and do not come to look," the sheriff's office said. A hospital was damaged in Marietta, according to the Oklahoma Office of Emergency Management, which also said that I-35 was closed at the border with Texas "due to overturned vehicles and powerlines across the highway." Residents in other states were also digging out from storm damage. A tornado in suburban Omaha, Nebraska, demolished homes and businesses Saturday as it moved for miles through farmland and into subdivisions, then slammed an Iowa town. Fewer than two dozen people were treated at Omaha-area hospitals, said Dr. Lindsay Huse, health director of the city's Douglas County Health Department. "Miraculous" she said, stressing that none of the city's injuries were serious. Neighboring communities reported a handful of injuries each. The tornado damage started Friday afternoon near Lincoln, Nebraska. An industrial building in Lancaster County was hit, causing it to collapse with 70 people inside. Several were trapped, but everyone was evacuated, and the three injuries were not life-threatening, authorities said. One or possibly two tornadoes then spent around an hour creeping toward Omaha, leaving behind damage consistent with an EF3 twister, with winds of 135 to 165 mph, said Chris Franks, a meteorologist in the National Weather Service's Omaha office. Ultimately the twister slammed into the Elkhorn neighbourhood in western Omaha, a city of 485,000 people with a metropolitan-area population of about 1 million. Staci Roe surveyed the damage to what was supposed to be her "forever home," which was not even two years old. When the tornado hit, they were at the airport picking up a friend who was supposed to spend the night. "There was no home to come to," she said, describing "utter dread" when she saw it for the first time. Nebraska Gov. Jim Pillen and Iowa Gov. Kim Reynolds spent Saturday touring the damage and arranging for assistance for the damaged communities. Formal damage assessments are still underway, but the states plan to seek federal help.

ET Intelligence Group: The deposit growth of banks has resumed after falling behind the growth in advances over the previous few quarters, showed an analysis of the March 2024 quarter results of top private sector banks.While these lenders were able to increase deposits at a faster clip during the quarter, the growth was accompanied by higher interest outgo, thereby contracting net interest margins (NIMs) year-on-year. The sample includes HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Yes Bank. Kotak Mahindra Bank is expected to declare quarterly numbers on May 4. To be sure, banks have been raising deposit rates to attract more funds to ensure future credit growth.The interest income of these banks at the aggregate level increased by 43.7% year-on-year while the interest expenses rose at a faster rate of 69.8%. Even after excluding HDFC Bank from the sample due to its merger with HDFC, which skewed its numbers, the interest income growth at 33.5% for the remaining sample lagged the increase of 52.3% in interest outgo. As a result, the net interest income (NII) for the sample sans HDFC Bank grew at a slower rate of 16.5% in the March quarter compared with the 25.2% growth in the year-ago quarter.109675423This has also compressed the NIMs of banks. For ICICI Bank, Axis Bank, and Yes Bank, the NIM contracted by 20-50 basis points year-on-year while IndusInd Bank reported a modest 2 basis point fall. One basis point equals 0.01 percentage point.On a sequential basis, HDFC Bank, ICICI Bank, and Axis Bank reported a faster growth in deposits for the March quarter compared with the credit growth while IndusInd Bank and Yes Bank showed marginally lower growth in deposits than advances."Deposit growth although improving has lagged credit growth for FY24 and consequently is anticipated to play a leading role in FY25 as banks take further efforts to shore up their liability franchise and ensure that lagging deposit growth does not constrain the credit offtake," noted CareEdge Ratings in its latest report on credit-deposit trends.

Technical indicators, declining volatility, and a stable Put-Call Ratio imply a consolidation phase in the market, according to analysts. They suggest that if the Nifty maintains levels above 22,222, a new upward movement could drive it towards 22,775. Stocks like Escorts, Ashok Leyland, BHEL, Canara Bank, Coal India, IRCTC, Dixon, Exide Industries, Havells, and IDFC exhibit positive setups.CHANDAN TAPARIA ANALYST-DERIVATIVES, MOTILAL OSWAL FINANCIAL SERVICESWhere is the Nifty headed this week? Nifty is stuck in a broader trading range of 21,710- 22,775 for the last 10 weeks, but the major trend is bullish, and every small decline is being brought. In last two weeks it drifted to 21,777 but witnessed decent recovery towards 22,625 zones. It formed a small-bodied high-wave candle with long shadows on a weekly scale, which indicates volatile swings in a narrow trading band. Mechanical indicators are giving mixed cues in daily and weekly scales and require follow-up action to commence the next leg of the rally towards a new lifetime high. Now, till it holds above 22,222, a fresh leg of the rally could be seen towards 22,775 and 23,000; while on the downside, major support exists at 22,222 and 22,000. What should investors do? India VIX fell 19% last week and is now hovering near 11 zones. Falling volatility with a holding Put-Call Ratio indicate bulls are holding dominance, but lower volatility is not allowing a bigger market rally. Bullish setup is seen in auto, CPSE, metal, power, energy and exchange-related sectors. Stock-wise positive setups are seen in Escorts, Ashok Leyland, BHEL, Canara Bank, Coal India, Colgate, Concor, IRCTC, Dixon, Exide Industries, Godrej Properties, Havells and IDFC.PRITESH MEHTA EXECUTIVE VICE PRESIDENT, YES SECURITIES Where is the Nifty headed this week? The index came off the peak on Friday and our customised Top 10 Nifty index is yet to show any signs of reversal, in fact, it is moving sideways atop for last four months, implying strength in index biggies. In such a scenario, Nifty is expected to see consolidation with immediate support around 22,300. Projection on the upside continues to remain open till 23,000. Our customised index breadth is in the neutral zone, too. A positive breakthrough is expected to have follow-through moves. What should investors do? Broader markets have made a sharp comeback and continue to outperform the benchmark index. The ratio of both midcap and smallcap indexes is trending higher. With the index unlikely to provide any breakthrough on either side, focus is likely to continue within side counters. Strength is seen even in the ferrous and non-ferrous metals space. We expect momentum to continue in GMDC, Tata Steel and NALCO. Multi-month B/O in the ratio of metals vs Nifty is expected to provide buying opportunities in this space.SHILPA ROUT AVP - DERIVATIVES RESEARCH, PRABHUDAS LILLADHERWhere is the Nifty headed this week? Nifty saw lower rollovers than average. However, the series closed on a strong uptrend. The option chain on monthly expiry reflects 24,000CE and 22,000PE, while the weekly expiry shows 23,500CE and 21,500PE as very aggressive strikes. As long as Nifty holds 22,200, we should see the 22,800, 23,000 and 23,200 zones in this series, and a breach below 22,200 will drag the index towards the 21,700 to 21500 zones. What should investors do? Financials, chemicals/fertilizer, capital goods, energy, cement, metals, pharma, and banking, saw very high rollovers, whereas weak rollovers were clearly seen in technology. Stocks with long rolls include Canara Bank, SBI, CONCOR, Chambal Fertilisers, Aarti Industries, MFSL, GAIL, AB Capital, Glenmark, Tata Power, Nalco, SAIL, Zydus Life, India Cements, Ambuja Cements, and Grasim. A Long Straddle is the best play now at 22,500 on monthly expiry. Buy 22,500PE and 22,500CE, with the stoploss to be maintained as per risk appetite.