Domestic Equity

Benchmark indices rose sharply: Sensex: +4.52%, Nifty 50: +4.48%, Nifty Midcap 150: +6.35%, Nifty Small Cap 250: +7.71%

 

 

Rally driven by:

 

• RBI’s 25 bps rate cut and shift to accommodative stance
• FII inflows: ₹3,936.42 crore (FIIs turned net buyers)
• Positive U.S. trade developments and hope for global rate cuts

 

Top Gainers:

 

Nifty Realty: +8.30%, Nifty Metal: +8.10%, Nifty Bank: +8.06%, Nifty Financial Services: +8.03%, Nifty Energy: +7.09%

 

Laggards:

 

• Nifty IT: +2.63%, Nifty FMCG: +2.55%
• Realty & Banking surge due to expectations of lower EMIs and stronger credit growth

 

Global Equity

 

Mixed global market trends impacted by:

 

• U.S.-China trade tensions, Inflation data and earnings, Chip export curbs by U.S. government
• U.S. markets declined: Nasdaq 100: -4.6%, S&P 500: -3.2%, Dow Jones: -2.3%

 

 

European markets:

 

• FTSE 100: +7.9% (best performing, boosted by inflation data and housing stocks)
• Asian markets: Nikkei 225: +6.9%, Kospi: +6.7%, Hang Seng: +3.2%, Shanghai Composite: +2.8%
• Hang Seng fell midweek due to U.S.-China trade tension concerns

 

 

Debt Market

 

• RBI's rate cut and softening inflation support expectations of continued monetary easing
• Bond yields are likely to trend downward
• Market sentiment buoyed by growth-supportive central bank stance

 

 

 

Commodity Market

 

Gold:

 

• MCX Gold hit a record ₹94,919/kg on Apr 16
• COMEX Gold gained ~2.8% on safe-haven demand due to global instability
• Influenced by expectations of Fed policy and U.S. inflation/employment data

 

Silver:

 

• COMEX Silver rose 0.85%
• Trading in a range of $31.5–$33.5
• Demand supported by industrial use and global risk-off sentiment

 

Crude Oil (NYMEX):

 

• Rose 4.5%, closing at $63.5/barrel
• Boosted by U.S. sanctions on Iran, creating supply concerns

 

Upside limited by:

 

• Rising U.S. crude inventories
• Global demand downgrades from OPEC, IEA, Goldman Sachs, and JPMorgan
• Slower U.S. and China growth expectations

 

 

Macroeconomic Data

 

• WPI Inflation (Mar 2025):
• Eased to 2.05% YoY (vs 2.38% in Feb)
• Driven by rise in prices of food products, textiles, and electricity

 

CPI Inflation (Mar 2025):

 

• Declined to 3.34% YoY (vs 3.61% in Feb)
• Food inflation dropped to 2.69% (from 3.75%)

 

Trade Data (Mar 2025):

 

• Exports: $41.97B (↑0.67% YoY)
• Imports: $63.51B (↑11.36% YoY)
• Trade Deficit: widened to $21.54B (vs $15.34B in Mar 2024)

 

 

Best Regards
 

Alpha Research

 

Disclaimer:  The perspectives provided reflect our expectations of the economy, market, and investments, which may or may not materialize. Investors are encouraged to conduct their own due diligence before investing.