News You Can Use of 21 March 2024

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

NEWS U CAN USE

Mar 21, 2025

https://mf.nipponindiaim.com

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

The Week that was…

Mar to 21

Mar

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Indian Economy

• India’s wholesale price index (WPI) based inflation rose to 8-month high to 2.38% YoY in

Feb 2025 as compared to 2.31% in Jan 2025. Positive rate of inflation in Feb 2025 is

primarily due to increase in prices of manufacture of food products, food articles, other

manufacturing, non-food articles and manufacture of textiles etc.

• India’s merchandise trade deficit narrowed annually to $14.05 billion in Feb 2025

compared to $19.51 billion in Feb 2024. Exports fell by 10.87% YoY to $36.91 billion in Feb

2025, and imports decreased 16.35% YoY to $50.96 billion during the same period.

• India's direct tax revenues have increased by 16.15% compared to the previous year,

totaling Rs. 25.86 lakh crore for the fiscal year 2024-25. This growth is attributed to a rise

in both corporate and non-corporate tax revenues, with corporate tax collections

amounting to Rs. 12.40 lakh crore and non-corporate tax collections reaching Rs. 12.90

lakh crore.

• According to the Sixth round of the survey on inward remittances for 2023-24, was

published in the RBI’s monthly bulletin of Mar 2025, the U.S., U.K., Singapore, Canada and

Australia together accounted for more than half of remittances into India. The share of the

U.S in India’s total remittances remained the largest, rising to 27.7% (23.4% in 2021-22),

followed by the UAE at 19.2% (18%) and the U.K. at 10.8% (6.8%).

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Domestic Equity Market Indices

Indices

21-Mar-25 1 Week Return YTD Return

BSE Sensex

76,905.51 4.17% -1.58%

Nifty 50

23,350.40 4.26% -1.25%

BSE Mid

-Cap 41,831.57 7.09% -9.93%

BSE Small

-Cap 47,296.81 7.87% -14.29%

Source: Refinitiv

Values as on Mar 21, 2025

• Domestic equity markets rose after

witnessing a fall in the previous week as

key benchmark indices BSE Sensex and

Nifty 50 rose 4.17% and 4.26%,

respectively. The rally was broad-based

as the mid-cap segment and the small-

cap segment both closed the week in

the green, with significant gains.

• Domestic equity markets rose amid a

broad-based buying across sectors

following better-than-expected retail

sales data in the U.S. and China for Feb

2025. Gains were extended after the

U.S. Federal Reserve, in its Mar 2025

monetary policy meeting, maintained

the interest rate and signaled the

possibility of two rate cuts by the end

of the year. Moreover, the rupee's

rebound from its recent record lows,

coupled with new inflows of foreign

capital, further bolstered the gains.

Ratios

BSE Sensex

Nifty 50 BSE Mid Cap

BSE Small

Cap

P/E

21.41 20.76 33.16 29.04

P/B

3.96 3.48 4.27 3.28

Dividend Yield

1.19 1.38 0.80 0.69

Source: NSE, BSE

Values as on Mar 21, 2025

Indian Equity Market

NSE Advance/Decline Ratio

Date

Advances Declines Advance/Decline Ratio

17-Mar-25 1,104 1,802 0.61

18-Mar-25 2,240 665 3.37

19-Mar-25 2,332 556 4.19

20-Mar-25 1,763 1,119 1.58

21-Mar-25 2,080 801 2.60

Source: NSE

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Sectoral Indices

Indices

Last Returns (in %)

Closing 1-Wk 1-Mth

BSE Auto

48,850.19 5.63% 1.49%

BSE Bankex

58,173.22 5.17% 4.41%

BSE CD

55,329.40 4.60% 1.45%

BSE CG

61,901.78 7.18% 6.00%

BSE FMCG

19,275.86 2.42% 1.76%

BSE HC

42,122.71 7.19% 6.32%

BSE IT

36,138.63 2.10% -9.12%

BSE Metal

31,181.33 4.83% 6.79%

BSE Oil & Gas

25,095.90 6.10% 5.00%

Source:BSE

Values as on Mar 21, 2025

• On the BSE sectoral front, BSE Realty gained

7.59% amid value buying along with hope of

another rate cut by the RBI in Apr 2025.

• BSE IT experienced the least gain among the

sectors, rising by 2.10%, as information

technology stocks faced pressure following

Accenture's announcement of lower-than-

anticipated revenue growth guidance.

Indian Derivatives Market Review

• Nifty Mar 2025 Futures stood at 23,379.85, a premium of 29.45 points above the spot

closing of 23,350.40.

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

1,033.07 lakh crore as against Rs. 917.20 lakh crore for the week to Mar 13.

• The Put-Call ratio stood at 0.81 compared with the previous week’s close of 0.89.

• The Nifty Put-Call ratio stood at 1.15 compared with the previous week’s close of 1.08.

Indian Equity Market (contd.)

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

6.60

6.62

6.64

6.66

6.68

6.70

17-Mar 18-Mar 19-Mar 20-Mar 21-Mar

Yield in %

10 -Yr Benchmark Bond ( % )

Source: CCIL

Debt Indicators

(%)

Current

Value

1-Wk

Ago

1-Mth

Ago

6-Mth

Ago

Call Rate

6.33 6.36 6.29 6.69

91 Day T-Bill

6.49 6.51 6.46 6.57

07.06% 2028, (5 Yr GOI)

6.49 6.58 6.63 6.69

06.79% 2034, (10 Yr GOI)

6.63 6.70 6.71 6.78

Source: Refinitiv Values as on Mar 21, 2025

• Bond yields fell following the U.S. Fed's

decision to maintain current interest

rates in its Mar 2025 monetary policy

meeting and signaled the possibility of

two quarter-point rate reductions later

this year. Gains were extended due to

increased demand for domestic bonds, as

concerns over rupee depreciation have

diminished. Furthermore, the sentiment

remained buoyant as expectations for

another rate cut by the RBI in Apr 2025

continued to rise.

• Yield on the 10-year benchmark paper

(6.79% GS 2034) fell by 7 bps to close at

6.63% from the previous week’s close of

6.70%.

• Data from Reserve Bank of India showed

that India's foreign exchange reserves

increased to $654.27 billion for the week

ended Mar 14, 2025 compared with

$653.97s billion a week earlier.

Domestic Debt Market

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

-10

-8

-6

-4

-2

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 21-Mar-25 13-Mar-25

Yield in %

Change in bps

Source: Refinitiv

Maturity

G-Sec Yield

(%)

Corporate Yield

(%)

Spread

bps

1 Year 6.61 7.64 103

3 Year 6.61 7.4 79

5 Year 6.61 7.3 69

10 Year 6.74 7.22 48

Source: Refinitiv

Values as on Mar 21, 2025

• Yields on gilt fell between 4 to 12 bps across the

maturities.

• Corporate bond yields fell between 5 to 14 bps

across the curve.

• Difference in spread between AAA corporate bond

and gilt expanded up to 7 bps across the segments,

barring 10 year paper that contracted by 7 bps,

while 1 & 2 year papers remained steady.

Domestic Debt Market (Spread Analysis)

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

• According to the latest circular published by the SEBI, the capital market regulator has

directed Asset Management Companies to enable investors to store their most recent or

last available Consolidated Account Statement (CAS) of mutual fund holdings, transaction

statements of mutual fund units from the past 30 days, and demat account details in

DigiLocker, the Government of India's digital document wallet. This regulation aims to

minimize unclaimed mutual fund assets resulting from the death of investors. DigiLocker

will offer a nomination facility, allowing nominees to access all the investor's digital

information posthumously.

• The RBI and the Bank of Mauritius have entered into a Memorandum of Understanding to

encourage the utilization of the Indian Rupee and the Mauritian Rupee for international

transactions. This agreement is designed to support exporters and importers by enabling

invoicing and payments in their respective domestic currencies, thereby promoting bilateral

trade and strengthening economic relations between India and Mauritius.

• India has implemented a temporary anti-dumping duty on aluminium foil imports from

China, ranging between $619 and $873 per metric tonne. This measure, effective for six

months, aims to alleviate the strain on domestic producers resulting from the influx of

cheaper Chinese imports, based on preliminary findings of material injury.

• Government sources indicated that the Indian government opted to discontinue a $23

billion initiative aimed at boosting domestic manufacturing, only four years after its

inception to attract companies away from China.

Regulatory Updates in India

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

• The Union Cabinet has sanctioned a Rs. 1,500 crore incentive program to encourage UPI

transactions below Rs. 2,000 for small merchants, for the period from Apr 1, 2024 to Mar

31, 2025. Small merchants will benefit from a 0.15% incentive per transaction, with no

Merchant Discount Rate applied. This initiative is designed to bolster local businesses and

enhance digital payment adoption nationwide.

• The Pension Fund Regulatory & Development Authority (PFRDA) announced the Unified

Pension Scheme (UPS), which ensures a pension of 50% of the average basic pay from the

last 12 months before retirement. This follows the government's Jan 24, 2025 notification

for central government employees under the National Pension System (NPS).

• The Union Cabinet, under the leadership of the Prime Minister, has sanctioned the Revised

National Program for Dairy Development, allocating an increased budget of Rs. 2790 crore

for the period 2021-2026. This initiative is designed to modernize and expand dairy

infrastructure, enhance market access, boost farmers' incomes, and create employment

opportunities.

Regulatory Updates in India (contd..)

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

• According to the Commerce Department, the U.S. retail sales rose by 0.2% in Feb 2025,

following a downward revision of 1.2% fall in Jan 2025.

• The U.S. Federal Reserve has revealed its decision to keep interest rates unchanged on

19th Mar 2025, following its second monetary policy meeting of 2025. Further, the U.S.

central bank has decided to maintain the target range for the federal funds rate at 4.25 to

4.50% in support of its dual goals of maximum employment and inflation at the rate of 2%

over the longer run.

• The Bank of England decided to keep its key interest rates unchanged on 20th Mar 2025

amid uncertainty surrounding global trade policies and sluggish economic growth in the

U.K. During the policy board meeting, the nine-member Monetary Policy Committee

decided to keep the Bank Rate steady at 4.5%, marking the lowest rate since Jun 2023.

• The People's Bank of China left its one-year loan prime rate unchanged at 3.10% on 20th

Mar 2025. Similarly, the five-year LPR, the benchmark for mortgage rates, was held at

3.60%. The bank had reduced its both LPRs by 25 basis points each in Oct 2024.

• The Bank of Japan decided to keep its key interest rates steady on 19th Mar, 2025, amid

rising concerns about U.S. trade policies and its impact on economic activity and prices.

During the policy board meeting, the members unanimously decided to maintain the

uncollateralized overnight call rate at around 0.5%, which was the highest level since the

global financial crisis in 2008. The bank had raised the benchmark rate to the current level

from 0.25% in Jan 2025.

Global News/Economy

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Global Indices

Indices

21-Mar-25

1-Week

Return

YTD

Return

Russell 3000 2,913.06 0.30% -7.86%

Nasdaq 100 19,753.97 0.25% -5.99%

FTSE 100 8,646.79 0.17% 5.80%

DAX Index 22,891.68 -0.41% 14.98%

Nikkei Average 37,677.06 1.68% -5.56%

Straits Times 3,926.45 2.36% 3.67%

Source: Refinitiv Value as on Mar 21,

2025

U.S.

• U.S. equity markets rose following the

U.S. Fed's monetary policy

announcement. The U.S. Fed announced

its widely anticipated decision to keep

interest rates unchanged, but projections

indicate that the central bank is still likely

to lower rates later this year. Additionally,

the market gained momentum following

the Commerce Department's report on

U.S. retail sales for Feb 2025.

Europe

• European equity markets mostly rose on optimism about the country's fiscal reset plan.

Additionally, the market gained after Germany's Governmental Body approved a crucial

fiscal package, with 513 votes in favor and 207 against.

Asia

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

Reserve issued a dovish policy outlook. Additionally, the market gained after data showed

U.S. retail sales rebounded marginally in Feb 2025, helping ease recession concerns.

However, gains were restricted as the People's Bank of China kept the 1-year loan prime

rate at 3.1% and the 5-year LPR at 3.6% despite economic concerns.

Global Equity Markets

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

4.18

4.20

4.22

4.24

4.26

4.28

4.30

4.32

17-Mar 18-Mar 19-Mar 20-Mar 21-Mar

Yield in %

US 10-Year Treasury Yield Movement

Source: Refinitiv

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

by 6 bps to close at 4.25% from the

previous week’s close of 4.31%.

• U.S. Treasury prices rose after U.S.

Federal Reserve policymakers indicated

on Mar 19, 2025, that they still

anticipate reducing borrowing costs by

half a percentage point by the end of

this year.

• Meanwhile, investors are concerned

that tariffs will drive up inflation in the

short term while also hindering

economic growth. Additionally, federal

government layoffs are anticipated to

result in higher unemployment.

Global Debt (U.S.)

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

8.50

9.00

9.50

10.00

10.50

11.00

21-Feb-25 8-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)

73.39 72.12

Gold ($/Oz)

3,023.63 2,984.42

Gold (Rs/10 gm)

87,821 86,410

Silver ($/Oz)

33.04 33.78

Silver (Rs/Kg)

97,198 97,981

Source: Refinitiv *Value as on Mar 21

, 2025

Gold

• Gold prices rose as tariff worries and signs

of rising geopolitical tensions boosted

bullion's safe-haven demand appeal.

However, gains were restricted by a

stronger U.S. dollar amid increased bets

that U.S. interest rates will remain

unchanged in the near term.

Brent Crude

• Brent crude oil prices rose amid ongoing

uncertainty regarding economic growth

stemming from U.S. tariffs imposed on

several key trading partners and the

potential for additional tariffs. Additionally,

prices increased after the U.S. imposed

fresh sanctions on Iran.

Baltic Dry Index

• The index fell over the week due to

sluggish capesize and panamax activities.

Commodities Market

21-Mar-25

1.76%

1.31%

-2.21%

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

9.60

9.80

10.00

10.20

10.40

10.60

21-Feb-25 8-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

86.22 87.08

Pound Sterling

111.46 112.81

EURO

93.35 94.75

100 Yen

57.66 58.98

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

21, 2025

Rupee

• The Indian rupee in spot trade rose against the

U.S. dollar amid a rise in domestic equity

markets and fresh foreign capital inflows.

Euro

• The euro fell against the U.S. dollar as investors

booked profits from the euro’s recent advance

ahead of the Apr 02, 2025, deadline for

reciprocal U.S. tariffs.

Pound

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

Federal Reserve signaled no rush to cut rates.

• The yen fell against the U.S. dollar after data

showed that Japan’s national CPI rose 3.7% YoY

in Feb 2025, slower than the 4% increase in the

previous month.

Currencies Markets

21-Mar-25

-0.99%

-2.24%

-1.48%

-1.20%

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

The Week that was…

Mar to 21

Mar

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

The Week that was (Mar 17 – Mar 21)

Date Events

Present

Value

Monday,

March 17, 2025

• India WPI Inflation YoY Feb 2.38% 2.31%

• India Balance of Trade Feb $-14.05B $-22.99B

• U.S. Retail Sales (MoM) (Feb) 0.20% -1.20%

• China Retail Sales (YoY) (Feb) 4.00% 3.70%

• China Industrial Production (YoY) (Feb) 5.90% 6.20%

Tuesday,

March 18, 2025

• Japan Adjusted Merchandise Trade Balance (Feb) ¥182.3B ¥-601.3B

• U.S. Housing Starts (MoM) (Feb) 1.501M 1.35M

Wednesday,

March 19, 2025

• Bank of Japan (BoJ) Interest Rate Decision 0.50% 0.50%

• U.S. Federal Reserve Interest Rate Decision 4.50% 4.50%

• Eurozone Core Harmonized Index of Consumer Prices (MoM) (Feb) 0.50% 0.60%

Thursday,

March 20, 2025

• People’s Bank of China’s (PBoC) Interest Rate Decision 3.10% 3.10%

• Bank of England (BoE) Interest Rate Decision 4.50% 4.50%

• Japan National Consumer Price Index (YoY) (Feb) 3.70% 4.00%

• U.K. Claimant Count Change (Feb) 44.2K 2.8K

Friday,

March 21, 2025

• U.K. GfK Consumer Confidence (Mar) -19.00 -20.00

• Eurozone Consumer Confidence (Mar) Prel -14.50 -13.60

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

The Week Ahead

Mar to 28

Mar

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

The Week Ahead

Day Event

Monday,

Mar 24, 2025

• Germany HCOB Composite PMI (Mar) Prel

• Eurozone HCOB Manufacturing PMI (Mar) Prel

• U.K. S&P Global/CIPS Manufacturing PMI (Mar) Prel

• U.S. S&P Global Services PMI (Mar) Prel

Tuesday,

Mar 25, 2025

• Germany IFO – Business Climate (Mar)

• U.S. Housing Price Index (MoM) (Jan)

• U.S. Consumer Confidence (Mar)

Wednesday,

Mar 26, 2025

• U.K. Consumer Price Index (MoM) (Feb)

• U.K. Retail Price Index (MoM) (Feb)

• U.S. Durable Goods Orders ex Defense (Feb)

Thursday,

Mar 27, 2025

• U.S. Gross Domestic Product Annualized (Q4)

• U.S. Initial Jobless Claims

• U.S. Pending Home Sales (MoM) (Feb)

Friday,

Mar 28, 2025

• Germany GfK Consumer Confidence Survey (Apr)

• U.K. Gross Domestic Product (QoQ) (Q4)

• Eurozone Economic Sentiment Indicator (Mar)

• U.S. Core Personal Consumption Expenditures - Price Index (YoY) (Feb)

• U.S. Michigan Consumer Sentiment Index (Mar)

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

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

professional advice, verify the contents in order to arrive at an informed investment decision. None of the Sponsor(s), the Investment Manager, the

Trustee, their respective directors, employees, associates or representatives shall be liable in any way for any direct, indirect, special, incidental,

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.

Although reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of

any kind, and ICRA Analytics Limited or its affiliates or group companies and its respective directors, officers, or employees in particular, makes no

representation or warranty, express or implied, as to the accuracy, suitability, reliability, timelines or completeness of any such information. All

information contained herein must be construed solely as statements of opinion, and ICRA Analytics Limited, or its affiliates or group companies and

its respective directors, officers, or employees shall not be liable for any losses or injury, liability or damage of any kind incurred from and arising out

of any use of this document or its contents in any manner, whatsoever. Opinions expressed in this document are not the opinions of our holding

company, ICRA Limited (ICRA), and should not be construed as any indication of credit rating or grading of ICRA for any instruments that have been

issued or are to be issued by any entity.

Disclaimer

Thank you for

your time.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Thank you for

your time.

https://mf.nipponindiaim.com