Prime Minister Narendra Modi concluded his meeting with President Donald Trump by assuring India a positive role in the emerging global order. It was confirmed that India would receive F-35 fighter jets from the US, and India expressed its intent to purchase more crude oil and natural gas from the US. Additionally, both sides agreed to double bilateral trade by 2030. Trump also promised to extradite Mumbai attack suspect Tahawar Rana to India.
However, Trump criticised India’s high tariffs and urged the country to import more American cars. India considered the meeting a success, with no major disagreements. This will likely influence the stock market today. Trump’s remark that the BRICS group is "dead" was also highlighted in the press conference.
Trump held discussions with Modi after approving an order to impose tariffs as an alternative to the high tariffs and restrictions imposed by other nations. Modi had earlier met with Tesla CEO Elon Musk.
In the derivatives market, the Gift Nifty closed at 23,196, touching 23,200 this morning, indicating that the Indian market is set to open in positive territory today
European markets reached record highs on Thursday, gaining over 1 percent, following Trump’s efforts towards peace in Ukraine.
Trump signed an order to impose countervailing duties on foreign nations, to be implemented only after April 1. These duties will be based on tariffs and other restrictions imposed by each country. Since this will not take effect immediately, there was no significant market reaction yesterday.
US wholesale price inflation also exceeded expectations, and the market, which initially gained slightly, rose by 1 percent after learning that the new countervailing duty would not be implemented immediately.
The Dow Jones Industrial Average climbed 342.87 points, or 0.77%, to 44,711.43. The S&P 500 gained 63.10 points, or 1.04%, to 6,115.07, and the Nasdaq Composite rose by 295.69 points, or 1.50%, to 19,945.64.
Futures showed a 0.05% rise for the Dow Jones and a 0.02% increase for the S&P 500, while the Nasdaq Composite fell by 0.07%.
Most Asian markets rose in the morning, although Japan’s Nikkei dropped by half a percent.
The Indian market, which has been under pressure due to Trump’s tariff threats, ended its seventh consecutive day of losses. It recovered by approximately 1% from its earlier decline. While the major indices were marginally lower, the midcap index rose by 0.25%, and the smallcap index fell by 0.37%. The pharma, healthcare, realty, and metal sectors gained, while IT, FMCG, and PSU bank sectors declined.
On Thursday, the Nifty closed 13.85 points (0.06%) lower at 23,031.40. The Sensex closed 32.11 points (0.04%) lower at 76,138.97. The Bank Nifty fell by 119.60 points (0.24%) to 49,359.85. The midcap index rose 0.25% to 50,881.20, while the smallcap index fell by 0.37% to 15,973.85.
Foreign investors sold a net Rs 2,789.91 crore in the cash market on Wednesday, while domestic funds and financial institutions bought a net Rs 2,934.50 crore.
The broader market showed a continued downward trend, with 1,813 stocks advancing and 2,148 stocks declining on the BSE. On the NSE, 1,353 stocks advanced, and 1,472 stocks fell.
If the Nifty weakens, support is expected around the 22,800-22,600 range. On the upside, it may face resistance at 23,300. For today, Nifty could find support at 22,990 and 22,940, with hurdles at 23,180 and 23,235.
Aditya Birla Fashion and Retail, Glenmark Pharma, GSK Pharma, Dileep Buildcon, Jeevike Power, Easy Trip, Narayana Hrudayalaya, Samvardhana Motherson, Rate Gain Travel, and others will announce their results today.
Hindalco saw a 17.2% increase in its third-quarter revenue, with a 74.6% surge in net profit.
United Breweries reported a 9.6% rise in revenue, but its net profit fell by 54.9%, attributed to a one-time loss.
Godfrey Phillips posted a 27.3% increase in revenue and a 48.7% rise in profit.
Hindustan Construction Company's revenue fell by 31.7%, turning it into a loss instead of a profit.
Nasara Technologies’ revenue surged by 66.9%, but its profit declined by 52.9%.
Deepak Netrate’s revenue fell by 5.3%, while its profit dropped by 51.5%.
All Cargo Logistics saw a 27.8% increase in revenue, but its profit fell by 11.5%.
Titagarh Rail Systems’ revenue fell by 5.5%, with a 16.1% decline in profit.
Manappuram Finance’s net interest income rose by 13.7%, while its net profit increased by 5.8%.
Gold prices increased yesterday. The April holiday price rose to $2,968.50 per ounce before slightly falling. The spot price ended at $2,928.70 after fluctuations, and this morning, the price stood at $2,932.
In Kerala, the price of gold fell by Rs 320 per ounce on Thursday to Rs 63,860.
Silver stood at $32.27 per ounce.
The rupee weakened slightly on Thursday, as exporters refrained from unloading the dollar and speculators reduced short positions, as the Reserve Bank had intended.
The dollar, which fluctuated in the morning, closed at Rs 86.90, up by one paise.
The dollar index, which also fluctuated yesterday, closed at 107.31. This morning, it fell to 107.11.
US bond prices rose, and yields fell. The yield on 10-year bonds dropped to 4.533% from 4.63%. This suggests that higher-than-expected US inflation may not affect interest rate cuts.
Crude oil prices remained stable with slight fluctuations. Brent crude closed at $75.29 and reached $75.02 this morning. WTI was at $71.33. UAE’s Murban crude rose to $77.07.
Cryptocurrencies fell again. Bitcoin dropped below $96,500 yesterday, and Ether fell to $2,670.
Industrial metals had mixed movements. Copper rose by 0.97% to $9,434.88 per tonne, while aluminium fell by 0.77% to $2,603.75. Lead rose by 0.85%, tin by 0.96%, nickel fell by 0.62%, and zinc fell by 0.53%.
Sensex 30 76,138.97 -0.04%
Nifty50 23,031.40 -0.06%
Bank Nifty 49,359.85 -0.24%
Midcap 100 50,881.20 +0.25%
Smallcap 100 15,973.85 -0.37%
Dow Jones 44,711.43 +0.77%
S&P 6115.07 +1.04%
Nasdaq 19,945.64 +1.50%
Dollar ($) ₹86.90 +₹0.01
Dollar Index 107.31 -0.63
Gold (ounce) $2,928.70 +$23.90
Gold (pound) ₹63,840 -₹320.00
Crude (Brent) Oil $75.24 +$0.23
