Summary of the Market
The benchmark Nifty Index rose by 0.47%, closing at 23,437.2 on April 16. The Nifty Midcap150 Index increased by 0.74%, ending at 19,320.6, while the Nifty Smallcap250 Index climbed 0.94% to settle at 15,382.5. The Nifty Total Market Index also advanced by 0.6%, reaching 12,032.3. Meanwhile, the 10-year yield declined by 2 basis points, closing at 6.43%. The rupee appreciated by 0.27%, finishing at 85.65 against the US Dollar.
Important Notables
- India’s highway construction activity witnessed a significant slowdown in FY 2024–25, reaching its lowest level since 2014–15, according to ET.
- Wheat reserves in India have risen substantially, with government warehouses now holding a three-year high in stock levels, reports ET.
- India is considering the removal of import taxes on Ethane and LPG from the United States as part of wider trade negotiations with Washington, reports ET.
- India’s trade deficit with China surged to an all-time high of $99.2 billion in the last fiscal year, driven by a rise in imports of electronics and industrial components, reports ET.
- FMCG companies anticipate higher demand across both rural and urban markets following IMD’s forecast of above-normal rainfall in the upcoming monsoon season, reports BS.
- Smartphones have emerged, for the first time, as India’s largest individual export commodity by value over a 10-month period of any financial year—specifically from April to January of FY25, reports BS.
- According to Moody’s Ratings, India’s economy is projected to grow between 5.5% and 6.5% in calendar year 2025—slightly below the earlier February estimate of 6.6%, reports BS.
- India exported goods worth over $10 billion to the United States in the past month alone, aiming to get ahead of reciprocal tariffs that were expected to take effect on April 2, reports FE.
