Benchmark indices touched record highs this week; Major sectors closed high; Broader market indices performed better

Weekly Market Report

Indian equity indices climbed to fresh record highs in the highly volatile first week of the new financial year amid mixed global cues, the cautious approach of Fed officials on rate cuts going ahead, higher yields, rising crude oil prices, and inline RBI policy outcome.

In this week, BSE Sensex rose 596.87 or 0.81 percent to finish at 74,248.22 and touched a record high of 74,501.73. Nifty50 index gained 186.8 points or 0.83 percent to close at 22,513.70 and touched a new high of 22,619.

Among sectors, the Nifty Media index jumped 6.7 percent, Nifty Metal added 5.3 percent, Nifty PSU Bank was up 4.2 percent and the Nifty Realty index rose 4 percent.

Considering broader market indices, the BSE Small-cap index gained nearly 7 percent while the BSE Mid-cap Index surged 4 percent and the BSE Large-cap Index jumped 1 percent.

In terms of the market value, HDFC Bank added the most, followed by Tata Consultancy Services, NTPC, Mahindra, and Mahindra. On the other hand, Reliance Industries, Bharti Airtel, and ICICI Bank lost most of their market cap.

In this week, Foreign institutional investors (FIIs) sold equities worth Rs 3,835.75 crore.

The Indian rupee gained against the US dollar. The domestic unit ended 12 paise higher at 83.28 on April 5 against the previous weekend’s closing of 83.40.


India’s forex reserves jump $2.95 billion to a new all-time high of $645.58 billion

India’s foreign exchange reserves increased USD 2.951 billion to USD 645.583 billion for the week ended March 29, the Reserve Bank of India (RBI) said on Friday.

This is the sixth consecutive week of a jump in overall reserves. The kitty had increased from USD 140 million to USD 642.631 billion in the previous reporting week.

RBI to study and assess India’s potential growth after May

The Reserve Bank of India (RBI) will undertake a study to assess India’s potential growth and real growth rate after the estimate of national income for 2023-24, released at the end of May, RBI Governor Shaktikanta Das said on Friday.

The provisional estimates of national income for 2023-24 will be released on May 31. “When the average growth over three years is 8 percent. Naturally, our potential growth also appears to have grown and gone up. So, therefore, the potential growth and the real rate have to be seen in that context,” Das said.

India to stop importing urea by 2025 end

India will by the end of 2025 stop importing urea as a massive push for domestic manufacturing has helped bridge the gap between supply and demand, Chemicals and Fertilisers Minister Mansukh Mandaviya has said.

Further, he added that the government is making efforts to promote alternate fertilizers like nano-liquid urea and nano-liquid di-ammonium phosphate (DAP).


Wall Street indexes rise after strong jobs data

US stocks finished higher on Friday after a strong jobs report reinforced the view that the economy remains healthy even as it suggested the Federal Reserve could delay cutting interest rates. All major S&P 500 sectors advanced, with communication services, industrials (.SPLRCI), and technology (.SPLRCT) as top gainers.

U.S. Labor Department data showed employers hired far more workers in March than expected and kept steadily lifting wages, suggesting the economy ended the first quarter on solid ground.

The Dow Jones Industrial Average rose 307.06 points, or 0.80%, to 38,904.04, the S&P 500 gained 57.13 points, or 1.11%, to 5,204.34 and the Nasdaq Composite gained 199.44 points, or 1.24%, to 16,248.52.

Asia stocks stumble amid escalating geopolitical tensions

Asian shares retreated on Friday as hawkish comments from some Federal Reserve officials and escalating geopolitical tensions put a dent in risk sentiment, while traders were also cautious ahead of U.S. jobs data due later in the day.

As A holiday in China also made for thinner trading conditions, Tokyo’s Nikkei fell more than 2%, pressured in part by a stronger yen. Hong Kong’s Hang Seng Index edged 0.23% lower.

Oil prices are bound for second-weekly gains as supply concerns due to geopolitical tension

Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve.

Brent crude climbed 49 cents, or 0.5%, to $91.14 a barrel by 0108 GMT. U.S. West Texas Intermediate crude was at $86.96 a barrel, up 37 cents, or 0.4%.

Gold heads for third straight weekly gain on buying momentum

Gold prices climbed on Friday to hit a fresh record high, as multiple factors including U.S. interest rate cut bets, speculative buying, and central bank purchases kept bullion’s record rally active despite strong U.S. job growth in March.

Spot gold gained after hitting a record high of $2,324.79 earlier in the session. Bullion has risen 3.8% so far this week and is headed for a third straight weekly gain. U.S. gold futures edged 1.4% higher to $2,339.70.


Adani Green Energy: Adani Green Energy Ltd on Wednesday said it has commissioned 2,000 MW of solar capacity at the giant Khavda solar park in Gujarat, making it the first company in India with over 10,000 MW of renewable energy capacity. The company now has an operating portfolio of 10,934 MW, the largest in India. It has brought 2,848 MW of renewables capacity on stream in FY24, according to a company statement.

Tata Steel: Tata Steel achieved its highest-ever annual crude steel production of 20.8 million tonnes, with a growth of 4 percent YoY, the company said in a preliminary update on April 5. Tata Steel India’s deliveries increased by 6 percent YoY and surpassed the previous best recorded in FY2023. Domestic deliveries grew by 9 percent YoY, leveraging the country’s steel demand growth and an agile business model.

Gensol Engineering: The company said it has recorded the highest-ever revenue of Rs 960 crores in FY24 with a growth of 141 percent Year on Year (YoY). The corresponding (revenue) figure for the previous year was at Rs 398 crore, a company statement said. This represents a growth rate of 141 percent compared to the previous financial year, it stated.

Vedanta: The company said its total aluminum production increased 4 percent to 5,98,000 tonnes in the fourth quarter of FY24, over the year-ago period. The company’s aluminum production was 5,74,000 tonnes in the corresponding quarter of FY23, Vedanta said in a filing to BSE.

NALCO: State-owned NALCO has made a record production of cast metal at 4,63,428 metric tonnes during the financial year 2023-24. The company has also made its highest-ever metal sales of 4,70,108 metric tonnes during the fiscal ended March 31, it said in a statement on Tuesday.