India's equity inflows rose to the second-highest in March, according to Bloomberg. 

The Thesis

With Nifty slipping below 23,800 and VIX climbing to 20.4, InvestorAi is playing the defensive rotation - but with a commodity kicker. BankNifty's 1.6% underperformance and continued FII outflows (~₹8,700 Cr) signal that DII-driven flows are favoring metals and pharma over leveraged financials. Brent at $97 reinforces the commodity thesis.

Where We're Concentrated

The book is a barbell: commodity cyclicals on one end, pharma defensives on the other, with domestic infrastructure plays in the middle. Three pharma names and a metals leader anchor the core. The thesis breaks if VIX spikes past 25 - that triggers indiscriminate selling where quality differentiation collapses.

Conviction Picks

Hindalco Industries HIGHEST CONVICTION

Aluminum's pricing power compounds as Brent holds near $97 and the metals cycle broadens beyond steel.

Delhivery HIGHEST CONFIDENCE

Domestic logistics backbone; insulated from FII-driven volatility as consumption stays resilient.

BSE Ltd.

Elevated VIX and market volatility directly benefit exchange volumes and derivatives throughput.

Mankind Pharma

Pure domestic pharma defensive - the go-to sector when FIIs sell and BankNifty bleeds.

Tech Mahindra

Selective IT value pick as the sector reprices after the financials-led risk-off rotation.

One Thing to Watch

India VIX at 25. A breach flips this from "rotational dip" to "de-risking event" - and the barbell snaps.

Initially, the White House dismissed claims that anyone used secret information for profit. But now the staff has been warned not to bet on futures. Read full report here

As of 11:00 AM, the Nifty50 was trading 1.01 per cent or 240.45 points higher at 24,015.55, and the Sensex was trading 0.87 per cent or 663.30 points higher at 77,294.95.

TCS Managing Director and Chief Executive Officer said the company does not expect AI to cause a shrinkage in revenue trends, though the model for charging clients is likely to change over time.

Gold and silver prices fell on MCX as investors remain cautious despite the US-Iran ceasefire. 

Royal Enfield has launched its first electric motorcycle, the Flying Flea C6, priced at Rs 2.79 lakh. 

The Nifty Pharma Index traded in negative territory, led by Sun Pharma, which fell 2.99 per cent. Abbott was also lower, down 0.06 per cent.

Tata Consultancy Services reported a robust set of fiscal fourth quarter results, with strong sequential profit growth and revenue beating Street expectations. TCS posted a Q4 FY26 consolidated net profit of Rs 13,718 crore, a jump of nearly 29 percent from the previous quarter.

The Nifty Midcap 100 rose 1.28 per cent, and Nifty Smallcap 100 rose 1.26 per cent.

The rupee opened 5 paise weaker at 92.71 against US dollar. It settled at 92.66 a dollar on Thursday. 

The exchange price is no longer a crude reflection of scarcity; it is becoming a real-time indicator of an efficient power market, as per experts. Read full report here

Markets are set for a positive opening, supported by improving sentiment amid progress in US-Iran peace talks and easing crude oil prices (now below $100). Strong Q4 results and an optimistic outlook from Tata Consultancy Services have boosted confidence in the IT sector.

Om Power Transmission Initial Public Offer (IPO) will open for subscription for a second day on Friday. The issue was subscribed 0.4 times. It's a book-build issue of Rs 150.06 crore. The IPO will close on April 13. The tentative listing date is April 17. 

Property Share Investment Trust IPO will open for subscription on Friday. The Rs 244.65 crore IPO consists entirely of fresh issues. The IPO will close on April 16. The tentative listing date is on April 24. 

Asian stocks ticked up early on Friday but gains were capped as traders questioned the durability of this week's US-Iran ceasefire and remained wary of fragile hopes for Israel-Lebanon peace talks.

The total market cap of all 30 BSE Sensex companies is Rs 4,44,68,010.