External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>India’s financial sector has remained resilient amid global uncertainties but rising geopolitical tensions, particularly conflicts affecting energy markets and trade flows, pose both challenges and opportunities</li><li>Banks and NBFCs are navigating a complex landscape shaped by external shocks, domestic elections, inflationary pressures, and evolving policy responses</li><li>The RBI has maintained a calibrated approach, balancing inflation control with growth support</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India’s financial sector has remained resilient amid global uncertainties but rising geopolitical tensions, particularly conflicts affecting energy markets and trade flows, pose both challenges and opportunitiesBanks and NBFCs are navigating a complex landscape shaped by external shocks, domestic elections, inflationary pressures, and evolving policy responsesThe RBI has maintained a calibrated approach, balancing inflation control with growth supportContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leveraged Financials: Risk Premium on the Rise, Flight to Safety

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The RBI’s decision to maintain the repo rate and its Neutral stance did not come as a surprise and was already priced-in.</li><li>We believe this could be the end of the rate cut cycle for now and the RBI would pause rates hereon.</li><li>In the wake of the West Asia conflict, recent spikes in energy prices have emerged as a risk. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The RBI’s decision to maintain the repo rate and its Neutral stance did not come as a surprise and was already priced-in.We believe this could be the end of the rate cut cycle for now and the RBI would pause rates hereon.In the wake of the West Asia conflict, recent spikes in energy prices have emerged as a risk. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Event Update - RBI Monetary Policy - April 2026

<ul><li>Credit growth has revived strongly (~15% YoY for our coverage universe), led by SFBs and PSBs/Mid-sized private banks, though geopolitical risks may weigh on momentum.</li><li>Deposit growth continues to lag, keeping funding costs elevated and competition for CASA intense. NIM trends are expected to remain divergent, with mid-sized banks and SFBs seeing NIM uptick, while large private banks and PSBs defend margins amid yield compression and sticky CoD.</li><li>NBFCs are expected to deliver strong AUM growth (led by diversified, vehicle, and gold financiers) and earnings growth (driven by lower credit costs). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Credit growth has revived strongly (~15% YoY for our coverage universe), led by SFBs and PSBs/Mid-sized private banks, though geopolitical risks may weigh on momentum.Deposit growth continues to lag, keeping funding costs elevated and competition for CASA intense. NIM trends are expected to remain divergent, with mid-sized banks and SFBs seeing NIM uptick, while large private banks and PSBs defend margins amid yield compression and sticky CoD.NBFCs are expected to deliver strong AUM growth (led by diversified, vehicle, and gold financiers) and earnings growth (driven by lower credit costs). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking, Financial Services and Insurance (BFSI) - Q4FY26: Earnings Preview

<ul><li>Market Recap: Sharp Correction Amid Global Shock: Indian equities witnessed a sharp correction in March 2026, with the Nifty declining more than 11% and broader markets underperforming, driven by a confluence of global and domestic headwinds.</li><li>The sell-off was triggered primarily by escalating geopolitical tensions in the Middle East, which pushed crude oil prices above $100–110/bbl, alongside persistent FII outflows and rising global risk aversion.</li><li>The correction was broad-based across large-cap, mid-cap, and small-cap segments. Importantly, this drawdown has brought valuations closer to historical averages after a period of premium valuations</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Recap: Sharp Correction Amid Global Shock: Indian equities witnessed a sharp correction in March 2026, with the Nifty declining more than 11% and broader markets underperforming, driven by a confluence of global and domestic headwinds.The sell-off was triggered primarily by escalating geopolitical tensions in the Middle East, which pushed crude oil prices above $100–110/bbl, alongside persistent FII outflows and rising global risk aversion.The correction was broad-based across large-cap, mid-cap, and small-cap segments. Importantly, this drawdown has brought valuations closer to historical averages after a period of premium valuationsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Over 9MFY26, the sector presented two distinct narratives for banks and NBFCs.</li><li>Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit mobilisation pressures for banks, squeezed margins given RBI repo rate cuts, and elevated stress in the unsecured lending segments.</li><li>However, Phase 2, which began unfolding in Q3, was meaningfully better with most banks and NBFCs reporting an earnings surprise aided by gradually moderating credit costs as unsecured segment stress ebbed, the ability to maintain NIMs despite rate cuts in Dec’25 (though only partial impact was visible), continuous asset quality improvement, and a decisive credit growth recovery. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Over 9MFY26, the sector presented two distinct narratives for banks and NBFCs.Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit mobilisation pressures for banks, squeezed margins given RBI repo rate cuts, and elevated stress in the unsecured lending segments.However, Phase 2, which began unfolding in Q3, was meaningfully better with most banks and NBFCs reporting an earnings surprise aided by gradually moderating credit costs as unsecured segment stress ebbed, the ability to maintain NIMs despite rate cuts in Dec’25 (though only partial impact was visible), continuous asset quality improvement, and a decisive credit growth recovery. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banks and NBFCs Sector Update - Fundamentals Firm, Valuations Now More Compelling

India

Ujjivan Small Finance Bank Ltd. is a mass-market focused bank in India, primarily serving financially unserved and underserved segments. It offers a comprehensive range of banking products and services, including savings and current accounts, fixed and recurring deposits, and various loans such as microfinance, housing, agriculture, vehicle, and MSME loans. The bank is headquartered in Bengaluru, Karnataka, India, and commenced banking operations on February 1, 2017.

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Ujjivan Small Finance Bank (UJJIVANS IN)

Leveraged Financials: Risk Premium on the Rise, Flight to Safety

Banks and NBFCs are navigating a complex landscape shaped by external shocks, domestic elections, inflationary pressures, and evolving policy...

HDFC Securities

Event Update - RBI Monetary Policy - April 2026

The RBI’s decision to maintain the repo rate and its Neutral stance did not come as a surprise and was already priced-in. We believe this could be...

Axis Direct

Banking, Financial Services and Insurance (BFSI) - Q4FY26: Earnings Preview

Credit growth has revived strongly (~15% YoY for our coverage universe), led by SFBs and PSBs/Mid-sized private banks, though geopolitical risks...

Axis Direct

Axis Top Picks - April 2026

Indian equities witnessed a sharp correction in March 2026, with the Nifty declining more than 11% and broader markets underperforming...

Axis Direct

Banks and NBFCs Sector Update - Fundamentals Firm, Valuations Now More Compelling

Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit...

Axis Direct

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