Domestic Equity

 

Benchmark indices rose sharply: Sensex: +4.52%, Nifty 50: +4.48%

 

• U.S. President's tariff exemptions on smartphones and computers.
• Optimism around U.S.-China trade talks and potential interest rate cuts by RBI and Fed.
• FIIs remained net buyers, supporting the rally.

 

 

Geopolitical concerns: Rising India-Pakistan tensions after Pahalgam terror attack impacted sentiment.

 

Mixed corporate earnings led to sector-specific volatility.

 

Top Gainers: Nifty IT: +6.56% (strong Q4 earnings, rupee depreciation), Nifty Auto: +2.91%, Nifty Realty: +1.69% ,Nifty Pharma: +1.68%, Nifty Metal: +1.10%, Nifty Bank: +0.69%

 

Decliners: Nifty FMCG, Financial Services, Energy, and Consumption sectors ended lower.

 

Global Equity

 

U.S. Markets: Nasdaq 100: +5.23% (led gains), S&P 500: +3.83%, Dow Jones: +1.92% Driven by easing tariff concerns and strong quarterly earnings.

 

European Markets: FTSE 100: +1.67%

 

Asian Markets: Nikkei 225: +1.92%, Kospi: +2.1%, Hang Seng: +2.15% ,Shanghai Composite: +0.54%

 

Debt Market

 

• RBI's dovish stance and easing inflation support expectations of continued monetary easing. Stable bond market environment with focus on upcoming policy decisions and global yield movements.

 

 

Commodity Market

 

Gold: COMEX Gold surged to a record high of $3,500, but corrected after:

• De-escalation of U.S.-China tariff tensions.
• Dollar index nearing 100, making gold costlier for overseas buyers.
• U.S. Treasury yields edged higher, weakening gold's appeal.

 

 

Silver: COMEX Silver gained more than 1%.

• Surge triggered by the Gold-Silver ratio exceeding 105 (indicating silver was undervalued).
• Supported by strength in industrial metals.
• Positive bias likely if $31.8 level holds on a weekly closing basis.

 

Crude Oil (NYMEX): Volatile but ended slightly lower (~-1%).

 

Mixed sentiment due to:

• Progress in U.S.-Russia Ukraine peace talks.
• Anticipation of higher output from OPEC+ members.
• Uncertainty over global oil demand amid ongoing trade tensions.

 

Macroeconomic Data

 

WPI Inflation (Mar 2025): Fell to 2.05% YoY from 2.38% in Feb 2025.

• Inflation is driven by higher prices in the manufacture of food products, food articles, electricity, and textiles.

 

CPI Inflation (Mar 2025): Eased to 3.34% YoY from 3.61% in Feb 2025.

• Consumer food inflation softened to 2.69% YoY from 3.75% YoY.

 

Merchandise Trade (Mar 2025): Exports: Increased 0.67% YoY to $41.97 billion.

• Imports: Rose 11.36% YoY to $63.51 billion.
• Trade Deficit: Widened to $21.54 billion (from $15.34 billion 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.