News You Can Use of 14 March 2024

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NEWS U CAN USE

Mar 14, 2025

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The Week that was…

Mar to 14

Mar

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Indian Economy

• The consumer price index-based inflation eased to a seven-month low of 3.61% YoY in Feb

2025 compared to 4.26% in Jan 2025, led by lower food prices. Consumer food price

inflation decreased to 3.75% YoY in Feb 2025 from 5.97% in Jan 2025.

• Index of Industrial production (IIP) rose 5.0% YoY in Jan 2025, as compared to 3.5% rise in

Dec 2024. Production in mining, manufacturing and electricity witnessed a growth of

4.4%, 5.5% and 2.4%, respectively, in Jan 2025.

• According to the Solvent Extractors' Association of India, India's edible oil imports in Feb

2025 plunged to their lowest level in four years, led by declines in soyoil and sunflower oil

imports. Imports of soyoil decreased 36% to 283,737 tonnes in Feb 2025 and sunflower oil

imports fell 20.8% to 228,275 tonnes.

• The RBI published data on the financial performance of non-government, non-financial

foreign direct investment (FDI) companies in India for the fiscal year 2023-24, derived from

the audited annual accounts of 2,418 companies, indicates that the growth in net sales for

these selected FDI companies slowed to 9.3% in 2023-24, compared to a robust 20.3%

growth in the previous year.

• According to a report published by the National Housing Bank, individual housing loans

outstanding stood at Rs. 33.53 lakh crore at the end of Sep 30, 2024, representing a

growth of 14% YoY. Economically, Weaker section & Low-Income Group accounted for

39%, Middle-Income Group accounted for 44% and High-Income Group accounted for 17%

of outstanding individual housing loans.

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Domestic Equity Market Indices

Indices

13-Mar-25 1 Week Return YTD Return

BSE Sensex

73,828.91 -0.68% -5.52%

Nifty 50

22,397.20 -0.69% -5.28%

BSE Mid

-Cap 39,062.82 -2.07% -15.89%

BSE Small

-Cap 43,844.98 -3.86% -20.54%

Source: Refinitiv

Values as on Mar 13, 2025

• Domestic equity markets fell after

witnessing a rise in the previous week

as key benchmark indices BSE Sensex

and Nifty 50 fell 0.68% and 0.69%,

respectively. The fall was broad-based

as the mid-cap segment and the small-

cap segment both closed the week in

the red.

• Domestic equity markets fell as

uncertainties surrounding global trade

and the fear of a U.S. recession

continue to influence the domestic

market's momentum, despite a softer

domestic retail inflation print for Feb

2025. However, losses were limited,

fueled by optimism regarding the

interest rate reduction by the U.S.

Federal Reserve.

Ratios

BSE Sensex

Nifty 50 BSE Mid Cap

BSE Small

Cap

P/E

20.55 19.91 30.97 26.92

P/B

3.80 3.33 3.98 3.04

Dividend Yield

1.24 1.44 0.82 0.75

Source: NSE, BSE

Values as on Mar 13, 2025

Indian Equity Market

NSE Advance/Decline Ratio

Date

Advances Declines Advance/Decline Ratio

10-Mar-25 565 2,312 0.24

11-Mar-25 922 1,929 0.48

12-Mar-25 970 1,899 0.51

13-Mar-25 907 1,962 0.46

Source: NSE

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Sectoral Indices

Indices

Last Returns (in %)

Closing 1-Wk 1-Mth

BSE Auto

46,246.29 -1.80% -6.22%

BSE Bankex

55,312.65 -0.34% -0.92%

BSE CD

52,894.41 -2.00% -3.28%

BSE CG

57,756.79 -1.96% 0.71%

BSE FMCG

18,820.01 -0.09% -2.15%

BSE HC

39,295.43 -0.66% -1.48%

BSE IT

35,395.49 -4.84% -12.77%

BSE Metal

29,743.73 -1.59% 7.68%

BSE Oil & Gas

23,653.85 -0.75% 1.29%

Source:BSE

Values as on Mar 13, 2025

• On the BSE sectoral front, BSE IT declined by

4.84%, primarily due to concerns about a

potential economic slowdown in the U.S. driven

by fears of higher tariffs and restrictive trade

policies. Moreover, the IT stocks continued to

face downward pressure following significant

downgrades by leading brokerage firms,

attributed to the uncertainty surrounding

discretionary spending by the U.S. clients. BSE

Consumer Durables fell 2% following the

release of data from the MoSPI, which indicated

that the YoY output of consumer durables

decreased to 7.2% in Jan 2025, down from 8.3%

in Dec 2024.

Indian Derivatives Market Review

• Nifty Mar 2025 Futures stood at 22,444.25, a premium of 47.05 points above the spot

closing of 22,397.20.

• The total turnover on NSE’s Futures and Options segment for the week stood at Rs. 917.20

lakh crore as against Rs. 1,014.93 lakh crore for the week to Mar 07.

• The Put-Call ratio stood at 0.89 compared with the previous week’s close of 0.89.

• The Nifty Put-Call ratio stood at 1.08 compared with the previous week’s close of 1.08.

Indian Equity Market (contd.)

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6.67

6.68

6.69

6.70

6.71

10-Mar 11-Mar 12-Mar 13-Mar

Yield in %

10 -Yr Benchmark Bond ( % )

Source: CCIL

Debt Indicators

(%)

Current

Value

1-Wk

Ago

1-Mth

Ago

6-Mth

Ago

Call Rate

6.36 6.25 6.38 6.62

91 Day T-Bill

6.51 6.49 6.45 6.57

07.06% 2028, (5 Yr GOI)

6.58 6.57 6.64 6.72

06.79% 2034, (10 Yr GOI)

6.70 6.69 6.71 6.81

Source: Refinitiv Values as on Mar 13, 2025

• Bond yields rose, driven by concerns over

the inflationary effects of escalating

trade tensions, which overshadowed the

optimism stemming from the slower-

than-expected U.S. retail inflation data

for Feb 2025. However, losses were

limited following lower-than-expected

domestic inflation print for Feb 2025,

while the RBI's debt purchase eased

some supply pressure.

• Yield on the 10-year benchmark paper

(6.79% GS 2034) rose by 1 bps to close at

6.70% from the previous week’s close of

6.69%.

• Data from Reserve Bank of India showed

that India's foreign exchange reserves

increased to $653.97 billion for the week

ended Mar 07, 2025 compared with

$638.70 billion a week earlier.

Domestic Debt Market

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-6

-3

6.00

6.30

6.60

6.90

7.20

3 Mths 6 Mths 1 Yr 5 Yrs 10 Yrs 20 Yrs 30 Yrs

India Yield Curve Shift (%) (W-o-W)

Change in bps 13-Mar-25 07-Mar-25

Yield in %

Change in bps

Source: Refinitiv

Maturity

G-Sec Yield

(%)

Corporate Yield

(%)

Spread

bps

1 Year 6.69 7.73 104

3 Year 6.69 7.48 79

5 Year 6.70 7.37 67

10 Year 6.81 7.36 55

Source: Refinitiv

Values as on Mar 13, 2025

• Yields on gilt fell up to 5 bps across the maturities,

barring 1 to 3, 7 & 10 year papers that rose by 1 or 2

bps, while 4 & 6 year papers were unchanged.

• Corporate bond yields increased up to 16 bps across

the curve, barring 5 & 6 year papers that fell by 1

bps each, while 4 year paper was unchanged.

• Difference in spread between AAA corporate bond

and gilt remained steady or moved by 1 bps across

the segments, barring 1 & 10 year papers that

expanded by 3 & 15 bps, respectively.

Domestic Debt Market (Spread Analysis)

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• The newly appointed Chairman of the SEBI announced that the regulatory body will

undertake a review of obsolete and redundant regulations to enhance the ease of doing

business for capital market intermediaries, including mutual funds, Portfolio Management

Services (PMS), Alternative Investment Funds (AIF), and Registered Investment Advisors

(RIAs).

• The Indian government has enacted a 10% import duty on lentils, effective Mar 8, 2025, in

an effort to enhance domestic supply. Furthermore, the exemption for duty-free imports of

yellow peas has been extended until May 31, 2025.

• The government has sought the approval of Parliament to authorize an additional

expenditure of Rs. 51,462.86 crore for the remainder of the financial year, with notable

allocations directed towards pensions and fertilizer subsidies. The total gross additional

expenditure amounts to Rs. 6.78 lakh crore, the majority of which will be offset by savings

and revenue receipts.

• According to the statement by the ministry of road transport and highways, the National

Highways Logistics Management and Inland Waterways Authority of India on signed a

memorandum of understanding to develop a state-of-the-art multi-modal logistics park in

Varanasi, Uttar Pradesh. The 150-acre park will integrate with the Eastern Dedicated Freight

Corridor through a 5.1 km railway line from Jeonathpur Station and National Waterway-1

and is located 30 km from Lal Bahadur Shastri Airport.

Regulatory Updates in India

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• The Directorate General of Trade Remedies (DGTR) has recommended an anti-dumping

duty of up to USD 20.87 per kilogram on imports of 'vitamin A Palmitate', used for animal

consumption from China, the European Union and Switzerland to protect domestic

industry. The DGTR has also suggested a duty of up to USD 358 per tonne on 'Insoluble

Sulfur' from China and Japan for five years.

• According to the ministry of agriculture, Tur dal procurement is picking up in major Tur

producing states. Tur dal procurement has commenced in major producing states such as

Andhra Pradesh, Gujarat, Karnataka, Maharashtra, and Telangana, with 1.31 LMT already

procured by Mar 11, 2025, which benefits 89,219 farmers. The government has planned to

expand procurement efforts to other states soon under the PM-AASHA Scheme.

Regulatory Updates in India (contd..)

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• According to the Labor Department, the U.S. consumer price index crept up by 0.2% in Feb

2025 after climbing by 0.5% in Jan 2025. Economists had expected consumer prices to rise

by 0.3%. The report also said the annual rate of consumer price growth slowed to 2.8% in

Feb 2025 from 3.0% in Jan 2025. Economists had expected the pace of price growth to

edge down to 2.9%. The annual rate of core consumer price growth also slowed to 3.1% in

Feb 2025 from 3.3% in January. Core price growth was expected to dip to 3.2%.

• According to the Labor Department, the U.S. producer price index for final demand was

unchanged in Feb 2025 after climbing by an upwardly revised 0.6% in Jan 2025.

Economists had expected producer prices to rise by 0.3% compared to the 0.4% growth

originally reported for the previous month.

• According to Destatis, Germany experienced a monthly decline in exports of 2.5% in Jan

2025, contrasting with a growth of 2.5% recorded in Dec 2024. In the same period, imports

increased by 1.2%, albeit at a slower pace compared to the 1.6% rise observed in the

previous month.

• According to a survey, Japan's business survey index across all sectors decreased to 2.0 in

the first quarter of 2025, down from 5.7 in the previous period.

• According to the Cabinet Office, Japan's leading index, an indicator of anticipated

economic activity, increased to 108.0 in Jan 2025, up from a downwardly adjusted figure of

107.9 in Dec 2024.

Global News/Economy

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Global Indices

Indices

14-Mar-25

1-Week

Return

YTD

Return

Russell 3000 2,904.3 -2.50% -8.13%

NASDAQ 100 19,704.64 -2.46% -6.22%

FTSE 100 8,632.33 -0.55% 5.62%

DAX Index 22,986.82 -0.10% 15.46%

Nikkei Average 37,053.1 0.45% -7.12%

Straits Times 3,836.02 -2.00% 1.28%

Source: Refinitiv

Value as on Mar 14, 2025

U.S.

• U.S. equity markets fell amid uncertainty

surrounding the tariff decisions of the

U.S. President, concerns regarding a

potential recession in the world's largest

economy, and a pessimistic outlook for

global economic growth, all of which

negatively impacted investor sentiment.

Europe

• European equity markets fell as increasing economic uncertainty and concerns regarding

tariffs contributed to negative sentiment. Further, market sentiment was hit amid worries

regarding economic growth in the U.S. and other significant markets.

Asia

• Asian equity markets closed on a mixed note. The markets rose after the U.S. Senate

announced plans to vote on a funding bill to finance the government through Sep 2025,

easing worries about a potential federal government shutdown. The Chinese market

experienced an increase following the announcement by Chinese authorities on Mar 13,

2025, regarding a press conference scheduled for Mar 17, 2025, focused on "boosting

consumption."

Global Equity Markets

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4.15

4.20

4.25

4.30

4.35

10-Mar 11-Mar 12-Mar 13-Mar 14-Mar

Yield in %

US 10-Year Treasury Yield Movement

Source: Refinitiv

• Yields on the 10-year U.S. Treasury fell

by 1 bps to close at 4.31% from the

previous week’s close of 4.32%.

• U.S. Treasury prices rose as tumbling

stocks boosted demand for safe-haven

U.S. government debt, with an

escalating trade war between the U.S.

and its trading partners threatening to

dent growth and boost inflation.

• However, gains were restricted due to

worries about the possible inflationary

effects of tariffs amid escalating trade

conflicts between the U.S. and its

trading partners.

Global Debt (U.S.)

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8.50

9.00

9.50

10.00

10.50

11.00

14-Feb-25 2-Mar-25

Global Commodity Movement

Gold Spot ($/Oz) Silver Spot ($/Oz) Brent ($/bbl)

Global Commodity Prices

Rebased to 10

Source: Refinitiv

Performance of various commodities

Commodities

Last Closing* 1-Week Ago

Brent Crude($/Barrel)

72.12 72.99

Gold ($/Oz)

2,984.42 2,910.79

Gold (Rs/10 gm)

[1]

86,410 85,730

Silver ($/Oz)

33.78 32.53

Silver (Rs/Kg)

[1]

97,981 96,614

Source: Refinitiv *Value as on Mar 14

, 2025

[1]Value as on Mar 13, 2025

Gold

• Gold prices rose as concerns regarding

tariffs continued, and the U.S. dollar

experienced a decline due to anticipations

of a significant economic downturn.

Further, prices rose as the U.S. dollar index

slipped on fears of a potential U.S.

recession.

Brent Crude

• Brent crude oil prices fell amid concerns

over a global trade war and its potential

impact on economic growth and fuel

demand.

Baltic Dry Index

• The index rose over the week due to

improved capesize and panamax activities.

Commodities Market

14-Mar-25

-1.19%

2.53%

3.85%

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9.60

9.80

10.00

10.20

10.40

10.60

14-Feb-25 1-Mar-25

USD GBP Euro JPY

Source: Refinitiv

Currency Prices ( in terms of INR)

Rebased to 10

Currency Movement

Movement of Rupee vs Other Currencies

Currency

Last Closing* 1-Wk Ago

US Dollar

87.08 87.06

Pound Sterling

112.81 112.22

EURO

94.75 94.20

100 Yen

58.98 59.02

Source: Refinitiv Figures in INR , *Value as on Mar

13, 2025

Rupee

• The Indian rupee in spot trade fell against the

U.S. dollar due to continuous outflow from the

domestic equity markets.

Euro

• The euro rose against the U.S. dollar after

German parties agreed on a fiscal deal that

could boost defense spending and revive

growth in Europe’s economy.

Pound

• The pound rose against the U.S. dollar as

investors doubted the U.S. economic strength.

• The yen fell against the U.S. dollar despite

investors doubting the U.S. economic strength.

Currencies Markets

13-Mar-25

0.03%

-0.07%

0.58%

0.53%

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The Week that was…

Mar to 14

Mar

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The Week that was (Mar 10 – Mar 14)

Date Events

Present

Value

Monday,

March 10, 2025

• Germany Industrial Production (YoY) (Jan) -1.60% -2.20%

• Eurozone Sentix Investor Confidence (Mar) -2.90 -12.70

• Japan Gross Domestic Product (QoQ) (Q4) 0.60% 0.70%

Tuesday,

March 11, 2025

• U.K. BRC Like-For-Like Retail Sales (YoY) (Feb) 0.90% 2.50%

• U.S. JOLTS Job Openings (Jan) 7.74M 7.508M

Wednesday,

March 12, 2025

• India Industrial Production YoY Jan 5% 3.50%

• India Inflation Rate YoY Feb 3.61% 4.26%

• U.S. Consumer Price Index (MoM) (Feb) 0.20% 0.50%

Thursday,

March 13, 2025

• Eurozone Industrial Production (MoM) (Jan) 0.80% -0.40%

• U.S. Producer Price Index (MoM) (Feb) 0.00% 0.60%

• U.S. Initial Jobless Claims (Mar 7) 220K 222K

Friday,

March 14, 2025

• Germany Harmonized Index of Consumer Prices (YoY) (Feb) 2.60% 2.80%

• U.K. Gross Domestic Product (MoM) (Jan) -0.10% 0.40%

• U.K .Industrial Production (MoM) (Jan) -0.90% 0.50%

• U.S. Michigan Consumer Sentiment Index (Mar) Prel 57.90 64.70

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The Week Ahead

Mar to 21

Mar

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The Week Ahead

Day Event

Monday,

Mar 17, 2025

• India WPI Inflation YoY FEB

• China Industrial Production (YoY) (Feb)

• Chian Retail Sales (YoY) (Feb)

• U.S. Retail Sales (MoM) (Feb)

Tuesday,

Mar 18, 2025

• Germany ZEW Survey – Economic Sentiment (Mar)

• U.S. Housing Starts (MoM) (Feb)

• U.S. Industrial Production (MoM) (Feb)

• Japan Adjusted Merchandise Trade Balance (Feb)

Wednesday,

Mar 19, 2025

• Bank of Japan (BoJ) Interest Rate Decision

• Eurozone Core Harmonized Index of Consumer Prices (YoY) (Feb)

• U.S. Federal Reserve Interest Rate Decision

Thursday,

Mar 20, 2025

• U.S. Initial Jobless Claims (Mar 7)

• U.S. Producer Price Index ex Food & Energy (YoY) (Feb)

Friday,

Mar 21, 2025

• People’s Bank of China’s (PBoC) Interest Rate Decision

• Bank of England (BoE) Interest Rate Decision

• U.K. Employment Change (3M) (Jan)

• U.S. Initial Jobless Claims (Mar 14)

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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

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