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Weekly Market Report
The Indian equity market ended its two-week gaining streak, influenced by the trade war.
For the week, the BSE Sensex index shed 2050.23 points or 2.64 percent to close at 75,364.69, and Nifty50 fell 614.9 points or 2.61 percent to end at 22,904.45.
On the sectoral front, Nifty Information Technology index records biggest weekly fall of 9 percent since COVID 2020 on global growth concerns. Nifty Metal index down 7.5 percent, Nifty Oil & Gas index shed 4 percent, while Nifty Realty and Auto indices slipped 3 percent each.
Considering the broader indices, the BSE Large cap index decreased 2.5 percent, while the BSE Midcap index also decline 2.5 percent and the BSE Smallcap index shed 1.6 percent.
Foreign Institutional Investors (FIIs) turned net sellers this week, selling equities worth Rs 13,730.49 crore, while Domestic Institutional Investors (DII) bought equities worth Rs 5,632.56 crore.
The Indian rupee extended its gains against the US dollar, ending higher by 23 paise at 85.23 per dollar on April 4, compared to the March 28 closing of 85.46.
ECONOMY
Reciprocal Tariffs could create an opportunity for India
The new reciprocal tariffs by the US are likely to hit India considering its exposure to the US market, but it could also create a $37 billion opportunity for the country as it will gain a comparative advantage in 384 categories compared with Asian peers.
Bangladesh, which mostly deals in textiles, could lose $971 million of exports, or 12.3 percent of the entire trade from the country, in 2024. The US has imposed a 37 percent duty on Bangladesh imports, 30 percent on Pakistan, and 44 percent on Sri Lanka . Pakistan, which is already suffering from a crisis, could see its earnings come down 11 percent if the entire trade from Islamabad is captured by Delhi, while Sri Lanka could lose 9.6 percent of its total trade in 2024.
NaBFID’s first bond issue
India’s National Bank for Financing Infrastructure and Development (NaBFID) plans to raise 80 billion rupees ($938.2 million) through a bond sale on Monday, which includes a five-year paper for the first time since it started issuing debt, three merchant bankers said.
The infrastructure lender aims to raise at least 10 billion rupees through the sale of five-year bonds, which has a greenshoe option to retain an additional 20 billion rupees, the bankers said on Friday.
STOCK IN NEWS
Mazagon Dock
The shipbuilding company’s shares fell 6 percent as the government plans to sell up to 4.83 percent stake in the PSU defence firm at a floor price of Rs 2,525 per share. The Offer For Sale will open for institutional investors on Friday. Retail buyers can put bid on April 7. The government is selling 1.14 crore equity shares, with a greenshoe option to sell an additional 80.67 lakh shares.
HUDCO
Housing and Urban Development Corporation (HUDCO) approved the plan to increase borrowing for the ongoing FY26 by Rs 65,000 crore, as well as raised the overall borrowing limit to Rs 2.5 lakh crore from the current Rs 1.5 lakh crore. The decision to raise the overall borrowing limit of the company is subject to approval by shareholders. Despite the development, the shares are experiencing a strong decline.
Bajaj Finance
Shares of leading Non-Banking financial company Bajaj Finance hiked over 2 percent after the company shared a positive business update of a 26 percent on year rise in Assets Under Management (AUM) during the January- March quarter of the financial year 2024-25.
Aditya Birla Fashion
The company is planning to demerge its legacy lifestyle brands and athleisure portfolio. The two entities will be separately listed and would attract specific investors based on their differing growth paths and capital structure profiles to unlock value. Motilal Oswal recommended a Neutral rating on Aditya Birla Fashion with a target price of Rs 285 per share in its research report.
Nippon Life India Asset Management
The company has broken out of a Bullish Flag pattern on the daily charts, suggesting the resumption of the next leg of the up-move. The breakout, accompanied by above-average volume, suggests broader participation in the direction of the trend.
Source – Money Control
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