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NEWS U CAN USE
Mar 27, 2026
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The Week that was…
23rd Mar to 27th Mar
2
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Indian Economy
•India lifted the 50% cap previously placed on the Remission of Duties and Taxes on Export
Products scheme. The programme compensates exporters for various central, state, and
local taxes and levies that are not refunded elsewhere but are incurred during the
production and supply of exported goods.
•The RBI’s March 2026 bulletin highlighted that global uncertainty has risen sharply due to
Middle East tensions, causing volatility across commodities, currencies, and financial
markets. Despite this, India continues to exhibit resilience driven by strong domestic
consumption and stable financial system liquidity.
•India’s private-sector growth fell to a three-and-a-half-year low in Mar 2026 as the West
Asia conflict curtailed demand and output, even though overseas sales hit a record high,
with the HSBC Flash India Composite PMI easing to 56.5 from 58.9 while still signaling
expansion.
•According to the Oil Secretary, the Centre has increased commercial LPG allocations to
70% of pre-crisis levels, up from 50%, by granting an additional 20% supply to states to
meet industrial demand amid disruptions caused by the West Asia conflict. He directed
that the extra LPG be prioritised for labour-intensive and essential industries such as steel,
automobiles, textiles, dyes, chemicals and plastics, particularly where LPG cannot be
substituted by natural gas, to support critical supply chains while ensuring domestic
household needs remain protected.
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4
Domestic Equity Market Indices
Indices
27-Mar-26
1 Week Return
YTD Return
BSE Sensex
73,583.22 -1.27% -13.66%
Nifty 50
22,819.60 -1.28% -12.67%
BSE Mid
-Cap 41,604.06 -1.27% -11.39%
BSE Small
-Cap 44,430.19 -1.76% -13.77%
Source: Refinitiv Values as on Mar 27, 2026
•Domestic equity markets declined for
the fifth straight week, with benchmark
indices BSE Sensex and Nifty 50 falling
by 1.27% and 1.28%, respectively.
•Domestic equity markets continued to
decline amid escalating geopolitical
tensions. Selling pressure intensified as
the rupee slipped to an all-time low on
sustained foreign institutional investor
outflows, while elevated volatility
reflected heightened uncertainty and
weighed further on sentiment.
•Mid-week, markets saw a brief rebound
as a pause in escalation helped stabilise
energy prices and lift risk appetite.
However, sentiment quickly turned
cautious again as Middle East tensions
resurfaced, prompting investors to cut
risk exposure ahead of the weekend.
Ratios
BSE Sensex
Nifty 50
BSE Mid Cap
BSE Small
Cap
P/E
20.22 19.97 28.46 27.04
P/B
3.95 3.10 4.53 3.23
Dividend Yield
1.24 1.37 0.84 0.71
Source: NSE, BSE Values as on Mar 27, 2026
Indian Equity Market
NSE Advance/Decline Ratio
Date Advances
Declines
Advance/Decline Ratio
23-Mar-26 547 3,158 0.17
24-Mar-26 2,653 890 2.98
25-Mar-26 2,876 935 3.08
27-Mar-26 669 2,925 0.23
Source: NSE
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5
Sectoral Indices
Indices Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
53,871.06 -1.55%
-13.44%
BSE Bankex
58,816.93 -2.25%
-13.68%
BSE CD
53,711.49 -1.90% -9.26%
BSE CG
65,702.59 -2.44% -6.74%
BSE FMCG
17,095.34 -1.30% -8.77%
BSE HC
42,427.96 0.29% -3.39%
BSE IT
28,447.56 0.78% -4.39%
BSE Metal
36,836.27 -2.31% -8.88%
BSE Oil & Gas
25,653.49 -1.25%
-13.32%
Source:BSE
Values as on Mar 27, 2026
•On the BSE sectoral front, BSE Realty declined
3.95% amid heightened global risk aversion
driven by escalating Middle East tensions and
the resultant spike in crude oil prices. Sentiment
was further weighed down by concerns over
potential IT sector layoffs, which raised fears of
weaker housing demand in key technology-
driven markets, while stretched valuations
amplified the sell-off ahead of the RBI’s Apr
2026 MPC meeting. BSE IT gained 0.78% on the
back of a sharp depreciation in the rupee, which
supported earnings visibility for export-oriented
companies with high dollar revenues.
Indian Derivatives Market Review
•Nifty Mar 2026 Futures stood at 22,816.60, a discount of 3.00 points below the spot closing
of 22,819.60.
•The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,127.59 lakh crore as against Rs. 1,394.34 lakh crore for the week to Mar 20.
•The Put-Call ratio stood at 1.12 compared with the previous week’s close of 0.96.
•The Nifty Put-Call ratio stood at 0.59 compared with the previous week’s close of 0.57.
Indian Equity Market (contd.)
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6.75
6.80
6.85
6.90
6.95
23-Mar 24-Mar 25-Mar 27-Mar
Yield in %
10 -Yr Benchmark Bond ( % )
Source: CCIL
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Debt Indicators
(%)
Current
Value
1-
Wk
Ago
1-
Mth
Ago
6-
Mth
Ago
Call Rate
5.46 5.33 5.11 5.58
91 Day T
-Bill 5.39 5.33 5.30 5.48
06.36% 2031, (5 Yr GOI)
6.65 6.46 6.28 6.19
06.48% 2035, (10 Yr GOI)
6.94 6.74 6.69 6.52
Source: Refinitiv Values as on Mar 27, 2026
•Bond yields surged, tracking the rise in
U.S. Treasury yields and global crude oil
prices. The sell-off deepened after the
central government’s excise duty cut on
fuel stoked concerns over the fiscal
outlook. The move is expected to have a
fiscal impact of Rs. 1.5 lakh crore to Rs.
1.75 lakh crore in FY27.
•Yield on the 10-year benchmark paper
(6.48% GS 2035) rose by 20 bps to close
at 6.94% from the previous week’s close
of 6.74%.
•Data from Reserve Bank of India showed
that India's foreign exchange reserves
decreased to $698.35 billion for the
week ended Mar 20, 2026 compared with
$709.76 billion a week earlier.
Domestic Debt Market
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5
13
21
29
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 27-Mar-26 20-Mar-26
Yield in %
Change in bps
Source: Refinitiv
7
Maturity G-
Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 5.79 7.28 149
3 Year 6.39 7.42 103
5 Year 6.67 7.46 79
10 Year 6.94 7.57 63
Source: Refinitiv Values as on Mar 27, 2026
•Yields on gilt rose between 4 to 29 bps across the
maturities.
•Corporate bond yields increased between 6 to 15
bps across the curve.
•Difference in spread between AAA corporate bond
and gilt contracted between 6 to 19 bps across the
segments, barring 1 year paper that expanded by 2
bps, while 3 year paper remained steady.
Domestic Debt Market (Spread Analysis)
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8
•SEBI has introduced a framework permitting mutual funds to use same-day borrowing to
meet large redemption pressures, while ensuring AMCs bear the cost and risk instead of
investors. The move aims to strengthen liquidity management across the mutual fund
industry amid volatile market conditions.
•SEBI issued a new Master Circular for Mutual Funds on Mar 20, 2026, consolidating all past
MF regulations and introducing major updates such as a formal framework for Execution-
Only Platforms, a new Mutual Fund Lite regime for passive products, and a new category
called Specialized Investment Funds (SIFs), with the circular taking effect from Apr 1, 2026.
•The government has reduced central excise duty on petrol and diesel by Rs. 10 per litre
each, lowering the levy to Rs. 3 per litre on petrol and nil on diesel, in response to surging
global crude oil prices amid the ongoing Iran conflict and disruptions in the Strait of Hormuz,
a key global oil shipping route.
•The government has imposed export duties on diesel and aviation turbine fuel (ATF) to
safeguard domestic supplies amid disruptions caused by the ongoing West Asia conflict. A
levy of Rs. 21.5 per litre on diesel exports and Rs. 29.5 per litre on ATF has been introduced
to discourage overseas shipments, while excise duties on petrol and diesel sold domestically
were cut by Rs. 10 per litre each to help stabilise pump prices.
Regulatory Updates in India
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9
•SEBI’s recent master circular has reiterated three important regulations governing
incentives for mutual fund distributors, with the objective of ensuring balanced distributor
compensation while protecting investor interests. Fund houses are permitted to pay
limited upfront trail commissions on Systematic Investment Plans of first time investors,
capped at 1% on SIPs of up to Rs. 5,000 for a maximum period of three years, with
provisions for clawback in case of early discontinuation. Distributors are also eligible for
incentives for onboarding new investors from B30 cities and women investors, calculated
at 1% of investments mobilised over one year and capped at Rs. 2,000 per new PAN,
subject to defined eligibility norms.
•The Insurance Regulatory and Development Authority of India has introduced an annual
renewal fee for insurance intermediaries such as banks acting as corporate agents,
insurance brokers, insurance marketing firms and web aggregators, following
amendments to insurance laws that came into effect on Feb 5, 2026. Under the revised
framework, registrations will now have continuous validity subject to payment of an
annual fee, replacing the earlier three-year renewal cycle, while individual insurance
agents remain exempt from this requirement. Intermediaries whose registration or
renewal falls between Feb 5, 2026 and Jun 30, 2026 are required to pay interim annual
fees, which vary by category from Rs. 1,000 plus GST for insurance marketing firms to Rs.
1.67 lakh plus GST for composite brokers, as part of the transition to the new regulatory
regime.
Regulatory Updates in India (contd..)
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•U.S. initial jobless claims edged up modestly by 5,000 to 210,000 for the week ended Mar
21, in line with expectations, signalling continued stability in the labor market despite a
slight increase from the prior week’s level of 205,000.
•U.S. construction spending unexpectedly fell 0.3% in Jan 2026, reversing December’s gain
as private construction activity weakened more than anticipated. The decline was driven by
drops in both residential and non-residential spending, even as public construction rose
modestly.
•Eurozone private-sector activity slowed sharply in Mar 2026, with the flash composite PMI
falling to 50.5 from 51.9, marking its weakest expansion in ten months amid falling new
orders and surging input costs. The slowdown was driven largely by near-stagnation in the
services sector, while manufacturing saw only modest growth as the Middle East conflict
intensified inflationary and supply-chain pressures.
•German business confidence fell to a 13-month low in Mar 2026, with the Ifo index
dropping to 86.4 as the Middle East conflict heightened uncertainty and dampened
expectations for an economic recovery.
•The UK private sector expanded at a much slower pace in Mar 2026, with the composite
PMI dropping to 51.0 from 53.7 as Middle East–related disruptions weakened demand and
pushed inflationary pressures higher.
10
Global News/Economy
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11
Global Indices
Indices
2
7-Mar-
26
1-Week
Return
YTD
Return
Russell 3000
3,248.33 -3.35% -12.52%
Nasdaq 100
23,132.77 -3.20% -8.38%
FTSE 100
9,967.35 0.49% 0.36%
DAX Index
22,300.75 -0.35% -8.94%
Nikkei Average
53,373.07 0.00% 6.03%
Straits Times
4,898.18 -1.02% 5.42%
Source: Refinitiv
Value as on Mar 27
, 2026
U.S.
•U.S. equity markets mostly declined as
lingering uncertainty over U.S.–Iran
relations, elevated oil prices, and inflation
concerns weighed on sentiment.
Expectations of tighter policy from the
U.S. Federal Reserve added further
pressure.
Europe
•European markets mostly rose despite persistent uncertainty surrounding the Iran conflict,
which kept sentiment volatile. However, gains were limited by the lack of meaningful
progress in U.S.–Iran peace talks, along with ongoing concerns about inflation, economic
growth, and interest rates.
Asia
•Asian equity markets mostly fell as uncertainty over a potential Middle East peace deal
persisted amid contradictory messaging from the U.S. and Iran. Risk sentiment weakened
after Tehran ruled out direct negotiations, raising concerns over prolonged geopolitical
tensions.
Global Equity Markets
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4.25
4.30
4.35
4.40
4.45
23-Mar 24-Mar 25-Mar 26-Mar 27-Mar
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
•Yields on the 10-year U.S. Treasury rose
by 5 bps to close at 4.44% from the
previous week’s close of 4.39%.
•U.S. Treasury prices fell as uncertainty
persisted over the Iran conflict and
elevated energy prices.
•Prices declined further as ongoing
Middle East tensions heightened
investor concerns about rising oil prices
and entrenched inflation. Investors
continued to assess the impact of this
week’s back-and-forth rhetoric between
the U.S. and Iran, which sent mixed
signals about the prospects for an end
to the conflict that began late last
month following coordinated U.S. and
Israeli strikes.
Global Debt (U.S.)
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6.00
8.00
10.00
12.00
14.00
16.00
18.00
27-Feb-26 15-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($/Barrel)
121.9 118.36
Gold ($/Oz)
4,492.48 4,487.65
Gold (Rs/10 gm)
142,344 146,640
Silver ($/Oz)
69.59 67.76
Silver (Rs/Kg)
221,711 230,503
Source: Refinitiv Value as
on Mar 27,
2026
Gold
•Gold prices rose amid an escalation in the
Gulf conflict after Iran’s military claimed it
had taken full control of the Strait of
Hormuz.
Brent Crude
•Brent crude oil prices advanced as risks of
output and supply disruptions dampened
expectations of a resumption in export
flows through U.S.-led diplomacy,
following Iran’s hardening stance in peace
talks.
Baltic Dry Index
•The index rose over the week due to
improved capesize and panamax activities.
Commodities Market
05-Jan-24
27-Mar-26
2.99%
0.11%
2.70%
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9.40
9.60
9.80
10.00
10.20
10.40
10.60
27-Feb-26 15-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
94.60 93.35
Pound Sterling
126.20 125.16
EURO
109.16 107.94
100 Yen
59.26 58.94
Source: Refinitiv Figures in INR , *Value as on Mar
27,
2026
Rupee
•The Indian rupee weakened against the U.S.
dollar, with mounting concerns over an energy
crisis triggered by the West Asia conflict.
Euro
•The euro fell against the U.S. dollar as investors
sought refuge in the greenback amid
uncertainty surrounding the trajectory of the
Iran conflict.
Pound
•The British pound fell against the U.S. dollar as
investors sought refuge in the greenback amid
uncertainty over the trajectory of the Iran
conflict.
Yen
•The Japanese yen weakened against the U.S.
dollar as investors moved into the greenback
amid heightened uncertainty surrounding the
Iran conflict.
Currencies Markets
25-Jan-24
27-Mar-26
1.34%
0.54%
1.13%
0.83%
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15
The Week that was…
23rd Mar to 27th Mar
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16
The Week that was (Mar 23 – Mar 27)
Date Events
Present
Value
Previous
Value
Monday,
March 23, 2026
• Eurozone Consumer Confidence (Mar) Prel
-16.30 -12.20
• U.S. Construction Spending (MoM) (Jan)
-0.30% 0.80%
Tuesday,
March 24, 2026
• Germany HCOB Services PMI (Mar) Prel
51.20 53.50
• U.S. S&P Global Manufacturing PMI (Mar) Prel
51.40 51.70
• U.S. Nonfarm Productivity (Q4)
1.80% 2.80%
Wednesday,
March 25, 2026
• U.K. Consumer Price Index (MoM) (Feb)
0.40% -0.50%
• U.S. Current Account (Q4)
$
-
190.7B
$
-
239.1B
• U.K. Retail Price Index (YoY) (Feb)
3.60% 3.80%
Thursday,
March 26, 2026
• U.S. Initial Jobless Claims
210K 205K
• Eurozone M3 Money Supply (YoY) (Feb)
3.00% 3.20%
Friday,
March 27, 2026
• U.K. Retail Sales (MoM) (Feb)
-0.40% 2.00%
• U.S. Michigan Consumer Expectations Index (Mar)
51.70 54.10
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17
The Week Ahead
30th Mar to 03rd Apr
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18
The Week Ahead
Day Event
Monday,
Mar 30, 2026
•
India Industrial Production YoY FEB
•
India Manufacturing Production YoY FEB
•
U.K. Consumer Credit (Feb)
•
Eurozone Consumer Price Index (YoY) (Mar) Prel
Tuesday,
Mar 31, 2026
•
Indian External Debt Q3FY26
•
Japan Retail Trade (YoY) (Feb)
•
China NBS Non-Manufacturing PMI (Mar)
Wednesday,
Apr 01, 2026
•
U.S. Retail Sales (MoM) (Feb)
•
U.S. ADP Employment Change (Mar)
•
U.S. ISM Manufacturing PMI (Mar)
Thursday,
Apr 02, 2026
•
U.S. Total Vehicle Sales (Mar)
•
U.S. Initial Jobless Claims
Friday,
Apr 03, 2026
•
U.S. Nonfarm Payrolls (Mar)
•
U.S. Unemployment Rate (Mar)
•
U.S. ISM Services PMI (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
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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
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19
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