market-summery-1apr

Summary of the Market

The Nifty Index declined 0.31% to close at 23,519.3 on March 28. The Nifty Midcap150 Index dropped 0.29% to 19,120.3, while the Nifty Smallcap250 Index edged down 0.05% to 15,104.0. The Nifty Total Market Index fell 0.34% to 11,984.9. The 10-year bond yield decreased by 2 basis points (bps) to 6.62%, while the Indian rupee appreciated 0.24%, closing at ₹85.53/$ against the US dollar.

Important Notables

  • Banks and financial institutions raised over ₹1.17 trillion through certificates of deposit during March 7-21, marking the highest single-fortnight figure since May 2021 (BS).
  • India’s crude oil imports surged to a record high in March as crude prices dropped by 6% during the month. Additionally, Russian oil shipments rebounded from a 14-month low in February (BS).
  • Credit card spending fell to a seven-month low of ₹1.67 trillion in February, according to RBI data (BS).
  • State capital expenditure improved between April and February, following significant underperformance earlier in the year. However, FY25 growth may remain flat (FE).
  • Overseas Indians remitted a record $129.4 billion in 2024, with inflows reaching $36 billion in the December quarter alone (ET).
  • India raised the price of domestically produced gas from oil fields to $6.75 per mmBtu for April, marking the first revision in two years (ET).
  • Administered Price Mechanism (APM) gas prices were increased by 4%, impacting CNG, power, and fertilizer sectors (FE).
  • A record 174 Advance Pricing Agreements (APAs) were signed with Indian taxpayers for the 2024-25 financial year, as announced by CBDT (ET).

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