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NEWS U CAN USE
Apr 03, 2026
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The Week that was…
30th Mar to 03rd Apr
2
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Indian Economy
•The Index of Industrial Production (IIP) grew 5.2% year on year in Feb 2026, accelerating
from a revised 5.1% in Jan 2026, supported by a favourable base effect and robust
manufacturing output, official data showed.
•India’s financial obligations to the rest of the world declined by $10.9 billion in the third
fiscal quarter. The improvement was driven by Indian residents increasing their overseas
assets by more than the rise in foreign assets held in India. As a result, the ratio of India’s
international assets to liabilities improved, with Indian residents investing more abroad
through direct investment and deposits.
•Government data showed that India’s fiscal deficit for the period from Apr to Feb of FY26
stood at Rs. 12.53 lakh crore or 80.4% of the Budget Estimates (BE) of the current fiscal.
India’s fiscal deficit was at 85.8% of the BE in the corresponding period of the previous
fiscal year. Total expenditure stood at Rs. 40.45 lakh crore or 81.5% of the BE as compared
to 82.5% of the BE in the corresponding period of the previous fiscal year.
•The total gross Goods and Services Tax (GST) revenue grew by 8.8% YoY and stood at Rs. 2
lakh crore in Mar 2026, compared to Rs. 1.84 lakh crore in Mar 2025.
•The Manufacturing Purchasing Managers’ Index (PMI) fell to a 45-month low of 53.9 in Mar
2026, down from 56.9 in Feb 2026, as new orders and output weakened amid the conflict
in the Middle East.
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4
Domestic Equity Market Indices
Indices
02-Apr-26
1 Week Return
YTD Return
BSE Sensex
73,319.55 -0.36% -13.97%
Nifty 50
22,713.10 -0.47% -13.08%
BSE Mid
-Cap 41,404.27 -0.48% -11.82%
BSE Small
-Cap 45,087.07 1.48% -12.50%
Source: Refinitiv Values as on Apr 02, 2026
•Domestic equity markets declined for
the sixth straight week, with
benchmark indices BSE Sensex and
Nifty 50 falling by 0.36% and 0.47%,
respectively.
•Domestic equity markets declined as
escalating U.S.–Iran tensions
heightened energy price risks and
unsettled investor sentiment. Crude oil
prices surged as the Middle East
conflict entered its fifth week with no
clear resolution in sight.
•However, markets found some support,
with strong buying interest emerging
after the recent sell-off, which helped
limit further downside.
Ratios
BSE Sensex
Nifty 50
BSE Mid Cap
BSE Small
Cap
P/E
20.15 19.96 28.32 27.44
P/B
3.93 3.10 4.50 3.28
Dividend Yield
1.24 1.37 0.85 0.70
Source: NSE, BSE Values as on Apr 02, 2026
Indian Equity Market
NSE Advance/Decline Ratio
Date Advances
Declines
Advance/Decline Ratio
30-Mar-26 656 2,866 0.23
01-Apr-26 2,957 285 10.38
02-Apr-26 2,223 1,294 1.72
Source: NSE
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5
Sectoral Indices
Indices Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
53,233.86 -1.18%
-12.51%
BSE Bankex
58,009.41 -1.37%
-13.84%
BSE CD
53,320.17 -0.73% -7.81%
BSE CG
66,360.28 1.00% -5.19%
BSE FMCG
17,087.44 -0.05% -7.90%
BSE HC
41,371.63 -2.49% -5.42%
BSE IT
29,288.17 2.95% -0.36%
BSE Metal
37,815.66 2.66% -6.58%
BSE Oil & Gas
25,652.76 0.00%
-11.42%
Source:BSE
Values as on Apr 02, 2026
•On the BSE sectoral front, BSE Healthcare fell
2.49% after reports raised fears that the U.S.
may impose steep tariffs of up to 100% on
imported medicines, particularly targeting
drugmakers that do not manufacture within the
U.S., heightening concerns over higher export
costs, supply chain disruptions, and margin
pressure for Indian pharmaceutical companies
with significant U.S. exposure. BSE IT gained
2.95% as IT stocks rallied despite weakness in
the broader market, driven mainly by value
buying ahead of the Q4 FY26 earnings season
and supportive currency movements.
Indian Derivatives Market Review
•Nifty Apr 2026 Futures stood at 22,766.60, a premium of 53.50 points above the spot
closing of 22,713.10.
•The total turnover on NSE’s Futures and Options segment for the week stood at Rs. 802.81
lakh crore as against Rs. 1,127.59 lakh crore for the week to Mar 27.
•The Put-Call ratio stood at 0.81 compared with the previous week’s close of 1.12.
•The Nifty Put-Call ratio stood at 0.6 compared with the previous week’s close of 0.59.
Indian Equity Market (contd.)
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6.90
6.95
7.00
7.05
7.10
7.15
30-Mar 2-Apr
Yield in %
10 -Yr Benchmark Bond ( % )
Source: CCIL
6
Debt Indicators
(%)
Current
Value
1-
Wk
Ago
1-
Mth
Ago
6-
Mth
Ago
Call Rate
5.20 5.46 5.09 5.38
91 Day T
-Bill 5.40 5.39 5.30 5.48
06.36% 2031, (5 Yr GOI)
6.83 6.65 6.31 6.10
06.48% 2035, (10 Yr GOI)
7.13 6.94 6.68 6.46
Source: Refinitiv Values as on Apr 02, 2026
•Bond yields climbed after the U.S.
President signaled the possibility of more
aggressive strikes on Iran, driving crude
oil prices higher and clouding India’s
macroeconomic outlook ahead of the
RBI’s Apr 2026 interest rate decision.
•Yield on the 10-year benchmark paper
(6.48% GS 2035) rose by 19 bps to close
at 7.13% from the previous week’s close
of 6.94%.
•Data from Reserve Bank of India showed
that India's foreign exchange reserves
decreased to $688.06 billion for the
week ended Mar 27, 2026 compared with
$698.35 billion a week earlier.
Domestic Debt Market
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1
10
19
28
5.00
6.00
7.00
8.00
3 Mths 6 Mths 1 Yr 5 Yrs 10 Yrs 20 Yrs 30 Yrs
India Yield Curve Shift (%) (W-o-W)
Change in bps 02-Apr-26 27-Mar-26
Yield in %
Change in bps
Source: Refinitiv
7
Maturity G-
Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 5.95 7.57 162
3 Year 6.66 7.71 105
5 Year 6.88 7.72 84
10 Year 7.13 7.81 68
Source: Refinitiv Values as on Apr 02, 2026
•Yields on gilt rose between 13 to 28 bps across the
maturities.
•Corporate bond yields increased between 24 to 37
bps across the curve.
•Difference in spread between AAA corporate bond
and gilt expanded between 2 to 15 bps across the
segments.
Domestic Debt Market (Spread Analysis)
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8
•The Lok Sabha has passed the Jan Vishwas (Amendment of Provisions) Bill, 2026, aimed at
improving ease of doing business and ease of living by decriminalising and rationalising
minor offences across central laws; the Bill amends 784 provisions in 79 Central Acts
administered by 23 ministries, decriminalises 717 provisions, modifies 67 others, and
rationalises over 1,000 offences by removing outdated or redundant clauses, a move
expected to benefit individuals and MSMEs while improving the overall regulatory
environment.
•The government has imposed immediate import restrictions on all articles of gold, silver,
and platinum to curb misuse of free trade agreements, shifting their import status from
“free” to “restricted” and requiring DGFT licences, while exempting SEZs, export-oriented
units, and certain jewellery export schemes.
•SEBI has proposed allowing mutual fund investments through gift prepaid payment
instruments (Gift PPIs) to promote financial inclusion and make onboarding of new investors
easier; under this framework, a person can gift a physical or digital prepaid instrument (up
to Rs. 10,000 per PPI) to a recipient, who must invest the entire amount in mutual funds
(direct or regular plans) after ownership and KYC verification, with funding permitted only
via bank transfer or UPI, a one-year validity, refunds for unclaimed amounts, and an overall
cap of Rs. 50,000 per investor per financial year per AMC, while ensuring compliance with
RBI PPI rules and SEBI’s mutual fund regulations.
Regulatory Updates in India
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9
•SEBI has asked social media platforms to remove or disable 1.33 lakh misleading and
manipulative posts related to securities flagged up to Feb 2026, as part of its crackdown
on unregistered “finfluencers,” while also tightening disclosure norms for regulated
entities and stepping up investor awareness efforts to protect market integrity.
•According to the data shared by the government in Parliament, health insurance
complaints rose to 73,729 in FY26 up to Feb 2026, already exceeding the full-year FY25
count and marking a 14.5% YoY increase; complaints had risen from 47,658 in FY24 to
64,365 in FY25. The government also clarified that claim rejections treated as OPD cases
are not separately classified, and highlighted IRDAI’s measures to protect policyholders,
including mandatory disclosure of rejection reasons, internal review approval for claim
repudiation, stricter penalties, time-bound grievance redressal, and escalation to the
Insurance Ombudsman for unresolved cases.
•Investors have reclaimed around Rs. 5,800 crore of unclaimed money through 22.95 lakh
claims under the nationwide “Your Money, Your Right” campaign, based on data from a
PIB press release. The recovery was enabled by coordinated efforts from RBI, SEBI and
IRDAI to simplify claim processes, reduce documentation, promote nominations, and
improve transparency, along with dedicated digital platforms such as SEBI’s MITRA and
IRDAI’s Bima Bharosa to help citizens trace and recover unclaimed financial assets.
Regulatory Updates in India (contd..)
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•U.S. manufacturing PMI inched up to 52.7 in Mar 2026 from 52.4 in Feb 2026, according to
the Institute for Supply Management.
•U.S. job openings fell to 6.882 million in Feb 2026 from an upwardly revised 7.240 million in
Jan 2026, according to data from the Labor Department.
•U.S. retail sales rose by 0.6% in Feb 2026 after edging down by a revised 0.1% in Jan 2026,
according to the Commerce Department.
•The U.K. Manufacturing Purchasing Managers' Index (PMI) slipped to 50.0 in Mar 2026
from 51.7 in Feb 2026, as per final survey results from S&P Global.
•U.K. net mortgage approvals for house purchases rose to 62,600 in Feb 2026 from 60,200
in Jan 2026, according to data from the Bank of England.
•The U.K.’s gross domestic product grew 0.1% in the fourth quarter of 2025, according to
the Office for National Statistics.
•China’s manufacturing Purchasing Managers' Index (PMI) declined to 50.8 in Mar 2026
from 52.1 in Feb 2026, according to S&P Global.
•Japan’s retail sales fell 0.2% MoM in Feb 2026, according to the Ministry of Economy, Trade
and Industry.
10
Global News/Economy
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11
Global Indices
Indices
03
-Apr-
26
1-Week
Return
YTD
Return
Russell 3000
[1] 3,384.59 4.19% -8.85%
NASDAQ 100
[1] 24,045.53 3.95% -4.77%
FTSE 100
[1] 10,436.29 4.70% 5.08%
DAX Index
[1] 23,168.08 3.89% -5.40%
Nikkei Average
53,123.49 -0.47% 5.53%
Straits Times
[1] 4,947.50 1.01% 6.48%
Source: Refinitiv
[1]Value as on Apr 02,
2026
U.S.
•U.S. equity markets rose as investors
grew more optimistic about a potential
end to the Iran conflict. Technology
stocks led the gains. However, markets
remained cautious ahead of a key policy
update, amid concerns over persistent
inflation and growth risks.
Europe
•European markets mostly advanced as investor sentiment improved on hopes of de-
escalation in the Middle East conflict. Optimism was further supported by positive
developments in the renewable energy sector.
Asia
•Asian equity markets closed on a mixed note. Markets fluctuated as investors remained
cautious and adopted a wait-and-watch approach amid escalating geopolitical tensions.
However, sentiment was partly supported by optimism over a potential end to hostilities in
the Middle East, which could help ease inflationary concerns. Bargain hunting also
contributed to pockets of strength across markets.
Global Equity Markets
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4.29
4.30
4.31
4.32
4.33
4.34
4.35
30-Mar 31-Mar 1-Apr 2-Apr 3-Apr
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
•Yields on the 10-year U.S. Treasury fell
by 10 bps to close at 4.34% from the
previous week’s close of 4.44%.
•U.S. Treasury prices rose as mounting
global growth concerns outweighed
inflation worries, with investors
increasingly uneasy about a conflict
entering its fifth week with no clear
path to resolution.
•Prices were further supported as
investors weighed comments from the
U.S. President that dampened hopes for
a swift end to the Middle East war,
alongside reports suggesting Iran could
be considering reopening the Strait of
Hormuz.
Global Debt (U.S.)
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4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
3-Mar-26 19-Mar-26
Global Commodity Movement
Gold Spot ($/Oz) Silver Spot ($/Oz) Brent ($/bbl)
Global Commodity Prices
Rebased to 10
Source: Refinitiv
13
Performance of various commodities
Commodities
Last Closing*
1-Week Ago
Brent Crude($/
Barrel) 136.63 121.9
Gold ($/Oz
) 4,675.67 4,492.48
Gold (Rs/10 gm
) 146,091 142,344
Silver ($/Oz
) 72.99 69.59
Silver (Rs/Kg
) 227,633 221,711
Source: Refinitiv Value as
on Apr 02,
2026
Gold
•Gold prices rose as investors awaited
further clarity after reports of de-
escalation in the Middle East conflict,
following the U.S. President’s remarks that
the war with Iran could wind down in the
coming weeks.
Brent Crude
•Brent crude oil prices advanced amid fears
that a prolonged Middle East conflict could
block tanker traffic through the Strait of
Hormuz for weeks.
Baltic Dry Index
•The index rose over the week due to
improved capesize and panamax activities.
Commodities Market
05-Jan-24
2-Apr-26
12.08%
4.08%
4.89%
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9.60
9.70
9.80
9.90
10.00
10.10
10.20
10.30
10.40
4-Mar-26 20-Mar-26
USD GBP Euro JPY
Source: Refinitiv
Currency Prices ( in terms of INR)
Rebased to 10
Currency Movement
14
Movement of Rupee vs Other Currencies
Currency
Last Closing*
1-Wk Ago
US Dollar
93.21 94.60
Pound Sterling
123.19 126.20
EURO
107.48 109.16
100 Yen
58.49 59.26
Source: Refinitiv Figures in INR , *Value as on
Apr 02, 2026
Rupee
•The Indian rupee strengthened against the U.S.
dollar, supported by the Reserve Bank of India’s
move to restrict banks’ net open positions in
the onshore forward delivery market.
Euro
•The euro rose against the U.S. dollar amid
growing hopes of a ceasefire in the Middle East.
Pound
•The British pound fell against the U.S. dollar
after the President’s remarks on Iran dampened
expectations of a swift end to the conflict,
renewing demand for safe-haven assets.
Yen
•The Japanese yen weakened against the U.S.
dollar after the President’s comments on Iran
reduced expectations of a quick resolution to
the conflict, boosting demand for safe-haven
assets.
Currencies Markets
25-Jan-24
2-Apr-26
-1.47%
-1.30%
-1.54%
-2.39%
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15
The Week that was…
30th Mar to 03rd Apr
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16
The Week that was (Mar 30 – Apr 03)
Date Events Present
Value
Previous
Value
Monday,
March 30, 2026
• India Industrial Production YoY FEB
5.20% 5.10%
• India Manufacturing Production YoY FEB
6.00% 5.30%
• India External Debt Q3FY26
$765.5B $746B
Tuesday,
March 31, 2026
• Japan Retail Trade (YoY) (Feb)
-0.20% 1.80%
• China NBS Manufacturing PMI (Mar)
50.40 49.00
• U.K. Current Account (Q4)
£-
18.392B
£-10.689B
Wednesday,
April 01, 2026
• China RatingDog Manufacturing PMI (Mar)
50.80 52.10
• U.S. ADP Employment Change (Mar)
62K 66K
• U.S. Retail Sales (MoM) (Feb)
0.60% -0.10%
Thursday,
April 02, 2026
• India HSBC Manufacturing PMI Final MAR
53.90 56.90
• U.S. Nonfarm Payrolls (Mar)
202K 211K
Friday,
April 03, 2026
• U.S. Average Hourly Earnings (MoM) (Mar)
0.20% 0.40%
• U.S. Nonfarm Payrolls (Mar)
178K -133K
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17
The Week Ahead
06th Apr to 10th Apr
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18
The Week Ahead
Day Event
Monday,
Apr 06, 2026
•
India HSBC Composite PMI Final MAR
•
U.S. ISM Services PMI (Mar)
Tuesday,
Apr 07, 2026
•
U.S. ADP Employment Change 4-week average
•
Eurozone HCOB Composite PMI (Mar)
Wednesday,
Apr 08, 2026
•
Reserve Bank of India Interest Rate Decision
•
Eurozone Retail Sales (YoY) (Feb)
•
Eurozone Producer Price Index (MoM) (Feb)
Thursday,
Apr 09, 2026
•
U.S. Core Personal Consumption Expenditures - Price Index (MoM) (Feb)
•
U.S. Initial Jobless Claims
•
U.S. Personal Income (MoM) (Feb)
Friday,
Apr 10, 2026
•
China Consumer Price Index (MoM) (Mar)
•
U.S. Consumer Price Index (MoM) (Mar)
•
Germany Consumer Price Index (YoY) (Mar)
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The information herein is meant only for general reading purposes and contains all factual and statistical information pertaining to Industry and
markets which have been obtained from independent third party sources and which are deemed to be reliable. The information provided cannot be
considered as guidelines, recommendations or as a professional guide for the readers. It may be noted that since Nippon Life India Asset
Management Limited (NAM India) has not independently verified the accuracy or authenticity of such information or data, or for that matter the
reasonableness of the assumptions upon which such data and information has been processed or arrive data; NAM India does not in any manner
assures the accuracy or authenticity of such data and information. Some of the statements & assertions contained in these materials may reflect NAM
India’s views or opinions, which in turn may have been formed on the basis of such data or information. The Sponsor(s), the Investment Manager, the
Trustee or any of their respective directors, employees, associates or representatives do not assume any responsibility for, or warrant the accuracy,
completeness, adequacy and reliability of such data or information. Whilst no action has been solicited based upon the information provided herein,
due care has been taken to ensure that the facts are accurate and opinions given are fair and reasonable, to the extent possible. This information is
not intended to be an offer or solicitation for the purchase or sale of any financial product or instrument. Recipients of this information should rely
on information/data arising out of their own investigations. Before making any investments, the readers are advised to seek independent
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consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material.
All information contained in this document has been obtained by ICRA Analytics Limited from sources believed by it to be accurate and reliable.
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19
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