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On April 2, Indian stocks recovered from early losses, led by technology stocks and a stronger rupee. The Nifty 50 and Sensex closed higher, while mixed sector performances were noted. The rupee's gain was the largest in over 12 years due to regulatory measures.

In this briefing: Thematic Report: India Defense Sector - Moving Into Growth Phase Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Axis Top Picks - April 2026 SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability The Rupee at 95/$: Sectoral Winners and Losers 1. Thematic Report: India Defense Sector - Moving Into Growth Phase India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026 , taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard. The pace and scale of approvals reinforce a multi-year procurement cycle , with indigenization becoming structural , expanding opportunities for domestic defence PSUs and private sector players. Stronger order visibility led by BEL , improving execution clarity for HAL, BDL’s indigenization progress , and Astra Microwave’s restructuring position the sector for sustained growth momentum. 2. Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising.

In this briefing: Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Axis Top Picks - April 2026 SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability The Rupee at 95/$: Sectoral Winners and Losers Primer: Jana Small Finance Bank (3667144Z IN) - Apr 2026 1. Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Unlike FY25 and most of FY26 wherein SSSG/growth remained constrained by persistent staples deflation and inadequate store expansion, we suspect FY27 is likely to be a recovery year underpinned by recent macro-driven inflationary conditions (SSSG-friendly) and pick-up in store expansion (48 out of the 85 stores added in FY26 were in the month of Mar-26 itself, FY25 store additions were 50) Note: DMART’s 9MFY26 revenue/SSSG growth stood at 14.9/~6.5% YoY The complexion of expansion is even more interesting. ~24% of incremental store additions in FY26 (vs 8% in FY23) has come in relatively underpenetrated North Indian markets, with Punjab, UP, and Haryana emerging as promising markets Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability The Rupee at 95/$: Sectoral Winners and Losers Primer: Jana Small Finance Bank (3667144Z IN) - Apr 2026 Exencial Industry Tidings - 01-04-2026 NIFTY Index Earning Revision (Mar): ICICI Bank, Axis Bank, Reliance Industries, Oil & Natural Gas 1. SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability On April 1, 2026, SEBI enforced a mandatory regulatory framework requiring unique algorithm identifiers, static IPs, and strict broker accountability for all automated trading. SEBI intervened because unregulated algorithmic vendors caused massive retail financial losses, lacked basic accountability mechanisms, and introduced severe systemic risks into the Indian markets. This new framework completely eliminates rogue vendors, mandates formally registered strategies, and elevates retail automated execution to institutional safety standards to protect investor capital. 2.