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NEWS U CAN USE
Mar 28, 2025
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The Week that was…
24
th
Mar to 28
th
Mar
2
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Indian Economy
• Government data showed that India’s fiscal deficit for the period from Apr to Feb of FY25
stood at Rs. 13.47 lakh crore or 85.8% of the Budget Estimates (BE) of the current fiscal.
India’s fiscal deficit was at 86.5% of the BE in the corresponding period of the previous
fiscal year. Total expenditure stood at Rs. 38.93 lakh crore or 82.5% of the BE as compared
to 83.4% of the BE in the corresponding period of the previous fiscal year.
• According to the Ministry of Commerce & Industry, the combined Index of Eight Core
Industries increased by 2.9% YoY in Feb 2025 as compared to 7.1% growth in Feb 2024. All
the components of the Eight Core Industries witnessed growth in Feb 2025 over the
corresponding month of last year except crude oil & natural gas, with cement production
witnessed the highest rate of growth with 10.5% followed by fertilizers with 10.2%, while
refinery products rose the least by 0.8% followed by coal by 1.7%.
• India’s current account deficit (CAD) increased to US$ 11.5 billion (1.1% of GDP) in Q3 FY25
from US$ 10.4 billion (1.1% of GDP) in Q3 FY24 but moderated from US$ 16.7 billion (1.8%
of GDP) in Q2 FY25.
• The finance minister reported that more than 30,000 taxpayers voluntarily amended their
income tax returns, revealing additional foreign assets and income totaling around Rs
30,300 crore. This outcome was achieved through a strategic 'nudge' campaign, which
involved sending targeted SMS and emails to taxpayers, encouraging them to declare their
foreign income and assets.
3
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4
Domestic Equity Market Indices
Indices
28-Mar-25 1 Week Return YTD Return
BSE Sensex
77,414.92 0.66% -0.93%
Nifty 50
23,519.35 0.72% -0.53%
BSE Mid
-Cap 41,531.12 -0.72% -10.58%
BSE Small
-Cap 46,638.13 -1.39% -15.48%
Source: Refinitiv
Values as on Mar 28, 2025
• Domestic equity markets rose for the
second consecutive week as key
benchmark indices BSE Sensex and
Nifty 50 rose 0.66% and 0.72%,
respectively. However, the mid-cap
segment and the small-cap segment
both closed the week in the red.
• Domestic equity markets rose, driven
by projected earnings growth for FY26,
attributed to declining domestic
inflation and the anticipated interest
rate cuts by the RBI. Gains were further
bolstered by the inflow of foreign
capital into the domestic equity
markets and the strengthening of the
rupee. However, the gains were
curtailed as the U.S. President's
stringent tariffs intensified fears of an
escalating global trade war.
Ratios
BSE Sensex
Nifty 50 BSE Mid Cap
BSE Small
Cap
P/E
21.58 21.37 33.61 28.85
P/B
3.98 3.48 4.29 3.30
Dividend Yield
1.18 1.32 0.78 0.69
Source: NSE, BSE
Values as on Mar 28, 2025
Indian Equity Market
NSE Advance/Decline Ratio
Date
Advances Declines Advance/Decline Ratio
24-Mar-25 1,844 1,075 1.72
25-Mar-25 658 2,258 0.29
26-Mar-25 569 2,336 0.24
27-Mar-25 1,342 1,563 0.86
28-Mar-25 1,086 1,811 0.60
Source: NSE
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5
Sectoral Indices
Indices
Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
47,704.03 -2.35% 4.02%
BSE Bankex
59,542.38 2.35% 8.55%
BSE CD
54,381.55 -1.71% 2.67%
BSE CG
62,724.28 1.33% 13.55%
BSE FMCG
19,447.48 0.89% 5.79%
BSE HC
41,421.50 -1.66% 8.40%
BSE IT
36,122.71 -0.04% -1.52%
BSE Metal
30,824.72 -1.14% 10.07%
BSE Oil & Gas
25,133.51 0.15% 11.34%
Source:BSE
Values as on Mar 28, 2025
• On the BSE sectoral front, BSE Bankex rose
2.35% after a planned nationwide bank strike
was called off. The strike, organized by the
United Forum of Bank Unions (UFBU), was
canceled following unsuccessful negotiations
with the Indian Banks' Association (IBA)
regarding specific demands. The RBI’s liquidity
infusion and rate cut in the last meeting also
drove optimism. BSE Auto declined 2.35%
following the U.S. President's announcement of
stringent 25% tariffs on all imported vehicles
and parts, as he continues to enforce aggressive
trade policies, which many fear could trigger a
recession.
Indian Derivatives Market Review
• Nifty Apr 2025 Futures stood at 23,637.65, a premium of 118.30 points above the spot
closing of 23,519.35.
• The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,284.01 lakh crore as against Rs. 1,033.07 lakh crore for the week to Mar 21.
• The Put-Call ratio stood at 0.94 compared with the previous week’s close of 0.81.
• The Nifty Put-Call ratio stood at 0.92 compared with the previous week’s close of 1.15.
Indian Equity Market (contd.)
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6.52
6.56
6.60
6.64
6.68
24-Mar 25-Mar 26-Mar 27-Mar 28-Mar
Yield in %
10 -Yr Benchmark Bond ( % )
Source: CCIL
6
Debt Indicators
(%)
Current
Value
1-Wk
Ago
1-Mth
Ago
6-Mth
Ago
Call Rate
7.12 6.33 6.31 6.53
91 Day T-Bill
6.37 6.49 6.45 6.54
07.06% 2028, (5 Yr GOI)
6.43 6.49 6.59 6.67
06.79% 2034, (10 Yr GOI)
6.58 6.63 6.73 6.73
Source: Refinitiv Values as on Mar 28, 2025
• Bond yields decreased due to significant
buying interest, primarily from banks that
have made substantial room in their
portfolios following aggressive debt
acquisitions by the RBI. This, coupled
with the anticipation of a rate cut by the
RBI in its Apr 2025 monetary policy
meeting, contributed to the decline.
• Yield on the 10-year benchmark paper
(6.79% GS 2034) fell by 5 bps to close at
6.58% from the previous week’s close of
6.63%.
• Data from Reserve Bank of India showed
that India's foreign exchange reserves
increased to $658.80 billion for the week
ended Mar 21, 2025 compared with
$654.27 billion a week earlier.
Domestic Debt Market
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-15
-10
-5
0
6.00
6.50
7.00
7.50
3 Mths 6 Mths 1 Yr 5 Yrs 10 Yrs 20 Yrs 30 Yrs
India Yield Curve Shift (%) (W-o-W)
Change in bps 28-Mar-25 21-Mar-25
Yield in %
Change in bps
Source: Refinitiv
7
Maturity
G-Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 6.51 7.51 100
3 Year 6.54 7.45 91
5 Year 6.56 7.36 80
10 Year 6.69 7.13 44
Source: Refinitiv
Values as on Mar 28, 2025
• Yields on gilt fell between 4 to 10 bps across the
maturities.
• Corporate bond yields fell between 7 to 26 bps
across the curve.
• Difference in spread between AAA corporate bond
and gilt contracted between 2 to 19 bps across the
segments, barring 11 year paper that expanded by 1
bps, while 12 to 14 year papers remained steady.
Domestic Debt Market (Spread Analysis)
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8
• According to SEBI's latest circular, designated AMC employees earning over Rs. 25 lakh
annually must invest at least 10% of their gross income, excluding taxes and statutory
contributions like NPS and PF, in their company's mutual fund schemes. This gross income
includes any income from company stocks under ESOPs. Employees without ESOP income
must invest a minimum of 12.5% of their net income in these schemes. Previously, these
employees were required to invest at least 20% of their gross salary in their schemes.
• SEBI has instructed registered intermediaries, such as mutual funds (MFs) and registered
investment advisors (RIAs), to link their email addresses and mobile numbers with social
media platforms like YouTube, Meta, Google, X, and Telegram. These contact details must
match those registered on the SEBI intermediary portal. SEBI has specified that
intermediaries need to update this information on both the SEBI portal and the respective
social media platforms by Apr 30, 2025.
• The minister of state for finance told the Rajya Sabha that the government has no plan for
now to abolish the long-term capital gains tax and that the Indian stock markets have
“consistently performed positively for long term investments”.
• Government officials have indicated that India's central bank plans to double the investment
cap for individual foreign investors in listed companies to 10%, aiming to boost capital
inflows. This move will also increase the combined holding limit to 24%, with ongoing
discussions involving the government and SEBI.
Regulatory Updates in India
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9
• The Central Board of Direct Taxes (CBDT) has broadened the scope of safe harbour rules
under the Income-tax Rules, 1962. This framework, which offers businesses protection
from extensive tax scrutiny if they adhere to specified pricing norms, now includes lithium-
ion batteries used in electric and hybrid vehicles as core auto components. Furthermore,
the threshold for utilizing safe harbour provisions has been raised from Rs. 200 crore to Rs.
300 crore.
• The government has approved the procurement of 3.739 million tonnes of gram and
lentils, and 2.828 million tonnes of mustard for the 2025 rabi season. This will be done
through Nafed and NCCF under the Price Support Scheme, primarily benefiting farmers in
Rajasthan, Madhya Pradesh, and Gujarat.
Regulatory Updates in India (contd..)
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• According to the Commerce Department, the U.S. personal consumption expenditures
(PCE) price index rose by 0.3% in Feb 2025, matching the increase seen in the two previous
months as well as economists' estimates. The annual rate of growth in the PCE price index
was 2.5% in Feb 2025, unchanged from January and in line with expectations.
• According to the University of Michigan, the U.S. consumer sentiment index for Mar 2025
was downwardly revised to 57.0 from a preliminary reading of 57.9. Economists had
expected the index to be unrevised.
• The U.K. consumer price index rose 2.8% YoY in Feb 2025, following a 3.0% rise in Jan
2025, attributed to reduced clothing prices, as reported by the Office for National
Statistics.
• Germany's business climate index reached 86.7 in Mar 2025, reflecting an increase from
85.3 in the prior month, as plans for defense and infrastructure spending alleviated worries
regarding US trade policies. This figure represents the highest level since Jul 2024, as
reported by the ifo Institute.
• Japan's leading index, which measures future economic activity, rose to 108.3 in Jan 2025
from 107.9 in Dec 2025, according to data from the Cabinet Office. In the flash report, the
score was 108.0.
• Japan's manufacturing sector experienced a continued decline in Mar 2025, reflected in a
manufacturing PMI score of 48.3. This marks a decrease from Feb's score of 49.0, further
distancing itself from the critical threshold of 50.
10
Global News/Economy
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11
Global Indices
Indices
28-Mar-25
1-Week
Return
YTD
Return
Russell 3000 2,839.52 -2.52% -10.18%
Nasdaq 100 19,281.40 -2.39% -8.24%
FTSE 100 8,658.85 0.14% 5.94%
DAX Index 22,461.52 -1.88% 12.82%
Nikkei Average 37,120.33 -1.48% -6.95%
Straits Times 3,972.43 1.17% 4.88%
Source: Refinitiv Value as on Mar 28,
2025
U.S.
• U.S. equity markets fell due to concerns
over the U.S. President’s trade policies,
specifically the 25% tariffs on auto
imports. Market sentiment was further
impacted by significant weakness in the
technology sector. Additionally, losses
were extended amid concerns about the
outlook for the U.S. economy.
Europe
• European equity markets mostly fell following the U.S. President's announcement of a
25% tariff on cars and car parts imported into the U.S. Furthermore, the market declined
on concerns about global economic growth following the tariff announcement, coupled
with not-so-encouraging U.S. economic data, including a reading on the core PCE price
index.
Asia
• Asian equity markets mostly fell following the U.S. President’s 25% tariffs on auto imports.
Furthermore, the Japanese market declined on concerns that the tariffs could impact
domestic production and auto sector jobs. The Chinese market also fell as investors
remained wary of U.S. tariff risks.
Global Equity Markets
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4.20
4.25
4.30
4.35
4.40
24-Mar 25-Mar 26-Mar 27-Mar 28-Mar
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
• Yields on the 10-year U.S. Treasury rose
by 1 bps to close at 4.26% from the
previous week’s close of 4.25%.
• U.S. Treasury prices rose as investors
assessed the likely negative impact on
growth from the U.S. President's tariffs,
alongside inflation persistently stuck
above the U.S. Federal Reserve's goals.
• Furthermore, prices rose, pressured by
weak U.S. consumer confidence data in
Mar 2025.
Global Debt (U.S.)
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8.50
9.00
9.50
10.00
10.50
11.00
11.50
28-Feb-25 15-Mar-25
Global Commodity Movement
Gold Spot ($/Oz) Silver Spot ($/Oz) Brent ($/bbl)
Global Commodity Prices
Rebased to 10
Source: Refinitiv
2.11%
2%
3.25%
13
Performance of various commodities
Commodities
Last Closing* 1-Week Ago
Brent Crude($/Barrel)
74.94 73.39
Gold ($/Oz)
3,084.03 3,023.63
Gold (Rs/10 gm)
88,691 87,821
Silver ($/Oz)
34.11 33.04
Silver (Rs/Kg)
100,693 97,198
Source: Refinitiv *Value as on Mar 28,
2025
Gold
• Gold prices rose following escalating global
trade tensions and a decline in equity
markets after the U.S. President’s
announcement of new auto tariffs.
Furthermore, prices increased as investors
turned to the safe-haven asset amid rising
concerns about economic growth due to
the U.S. President's tariffs.
Brent Crude
• Brent crude oil prices rose following the
release of industry data indicating a larger-
than-expected decline in U.S. crude oil
inventories.
Baltic Dry Index
• The index fell over the week due to
sluggish capesize and panamax activities.
Commodities Market
28-Mar-25
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9.20
9.40
9.60
9.80
10.00
10.20
10.40
10.60
28-Feb-25 15-Mar-25
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
85.58 86.22
Pound Sterling
110.74 111.46
EURO
92.32 93.35
100 Yen
56.75 57.66
Source: Refinitiv Figures in INR , *Value as on Mar
28, 2025
Rupee
• The Indian rupee in spot trade rose against the
U.S. dollar following positive trends in domestic
equity markets and fresh foreign capital
inflows.
Euro
• The euro fell against the U.S. dollar following
the U.S. President's announcement to impose a
25% tariff on imported cars and light trucks.
Pound
• The pound rose against the U.S. dollar despite
the U.S. President's announcement to impose a
25% tariff on imported cars and light trucks.
Y
en
• The yen fell against the U.S. dollar following a
rise in U.S. business activity data in Mar 2025.
Currencies Markets
28-Mar-25
-0.74%
-1.58%
-1.09%
-0.64%
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
15
The Week that was…
24
th
Mar to 28
th
Mar
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
16
The Week that was (Mar 24 – Mar 28)
Date Events
Present
Value
Previous
Value
Monday,
March 24, 2025
• Japan Jibun Bank Manufacturing PMI (Mar) Prel
48.30 49.00
• Germany HCOB Composite PMI (Mar) Prel
50.90 50.40
• Eurozone HCOB Manufacturing PMI (Mar) Prel
48.70 47.60
• U.K. S&P Global/CIPS Manufacturing PMI (Mar) Prel
44.60 46.90
• U.S. S&P Global Services PMI (Mar) Prel
54.30 51.00
Tuesday,
March 25, 2025
• Germany IFO
– Business Climate (Mar) 86.70 85.30
• U.S. New Home Sales (MoM) (Feb)
0.676M 0.664M
• U.S. Housing Price Index (MoM) (Jan)
0.20% 0.50%
Wednesday,
March 26, 2025
• U.K. Consumer Price Index (MoM) (Feb)
0.40% -0.10%
• U.K. Retail Price Index (MoM) (Feb)
0.60% -0.10%
• U.S. Durable Goods Orders ex Defense (Feb)
0.80% 3.70%
Thursday,
March 27, 2025
• U.S. Gross Domestic Product Annualized (Q4)
2.40% 2.30%
• U.S. Initial Jobless Claims
224K 225K
• U.S. Pending Home Sales (MoM) (Feb)
2.00% -4.60%
Friday,
March 28, 2025
• U.K. Gross Domestic Product (QoQ) (Q4)
0.10% 0.10%
• Eurozone Consumer Confidence (Mar)
-14.50 -14.50
• U.S. Core Personal Consumption Expenditures
- Price Index (YoY) (Feb) 2.80% 2.70%
• U.K. Retail Sales (MoM) (Feb)
2.20% 0.60%
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
17
The Week Ahead
31
st
Mar to 04
th
Apr
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18
The Week Ahead
Day Event
Monday,
Mar 31, 2025
• China NBS Manufacturing PMI (Mar)
• Germany Retail Sales (YoY) (Feb)
• Germany Consumer Price Index (MoM) (Mar) Prel
Tuesday,
Apr 01, 2025
• China Caixin Manufacturing PMI (Mar)
• Germany HCOB Manufacturing PMI (Mar)
• Eurozone Harmonized Index of Consumer Prices (YoY) (Mar) Prel
• U.S. ISM Manufacturing PMI (Mar)
Wednesday,
Apr 02, 2025
• India HSBC Manufacturing PMI Final Mar
• U.K. ADP Employment Change (Mar)
• U.S. Factory Orders (MoM) (Feb)
Thursday,
Apr 03, 2025
• China Caixin Services PMI (Mar)
• Germany HCOB Services PMI (Mar)
• U.S. Initial Jobless Claims
• U.S. ISM Services PMI (Mar)
Friday,
Apr 04, 2025
• India HSBC Composite PMI Final Mar
• Germany Factory Orders s.a. (MoM) (Feb)
• U.S. Average Hourly Earnings (YoY) (Mar)
• U.S. Nonfarm Payrolls (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
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19
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