Benchmarks may slide at opening bell

GIFT Nifty:

The GIFT Nifty April 2025 futures contract is down 36.50 points, indicating a negative opening in the Nifty 50 index today.

Economy:

Indias current account deficit (CAD) rose marginally to $11.5 billion, or 1.1% of gross domestic product (GDP), during the October-December 2024 quarter of the ongoing financial year (Q3FY25) from $10.4 billion, or 1.1% of GDP, a year ago, amid a rise in service exports. Sequentially, CAD moderated from $16.7 billion in Q2FY25, or 1.8% of GDP, latest data released by the Reserve Bank of India (RBI) showed. The current account deficit is the difference between exports and imports of goods and services. It is a key indicator of the countrys external sector.

Merchandise trade deficit increased to $79.2 billion in Q3FY25 from $71.6 billion during the same period of FY24. Net services receipts increased to $51.2 billion in Q3FY25 from $45 billion a year ago. Services exports have risen on a y-o-y basis across major categories such as business services, computer services, transportation services and travel services.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 4,352.82 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,646.49 crore in the Indian equity market on 28 March 2025, provisional data showed.

According to NSDL data, FPIs have sold shares worth Rs 6027.77 crore in the secondary market during March 2025. This follows their sale of shares worth Rs 41748.97 crore in February 2024.

Global Markets:

Most Asian indices climbed on Tuesday, following gains in key Wall Street benchmarks as investors awaited clarity on U.S. President Donald Trumps tariff rollout.

Chinas Caixin PMI for March came in at 51.2, slightly above Februarys 50.8 reading. This follows the government PMI data, which showed stronger-than-expected growth in the manufacturing sector.

In the U.S., major indices saw initial losses but rebounded on Monday. The S&P 500 closed 0.55% higher, while the Dow Jones gained 1%. The NASDAQ Composite, however, edged down by 0.14%.

Trump is set to announce his "reciprocal tariff" plan on Wednesday at a White House Rose Garden event. Press Secretary Karoline Leavitt said the announcement would focus on country-based tariffs. Last week, Trump roiled markets by imposing a 25% tariff on all non-American cars, effective April 2. He may extend tariffs to other sectors, including commodities, semiconductors, and pharmaceuticals. Investors fear these tariffsultimately paid by U.S. importerscould stoke inflation and hamper economic growth.

NVIDIA Corporation slipped 1.2% on Monday. Tesla is set to report its first-quarter delivery data this week amid protests over CEO Elon Musks political activities. CoreWeave Inc., backed by NVIDIA, plunged over 7% just days after its IPO, falling below its debut price. Meanwhile, Mr. Cooper Group Inc. surged more than 14% after agreeing to a $9.4 billion acquisition by Rocket Companies.

Domestic Market:

The domestic equity benchmarks closed with modest cuts on Friday amid a volatile session, as investors remained cautious amid uncertainty surrounding US President Donald Trump's tariff plan. Shares in the Media, IT and realty sectors declined, while those FMCG and private bank sectors advanced. The S&P BSE Sensex slipped 191.51 points or 0.25% to 77,414.92. The Nifty 50 index declined 72.60 points, or 0.31%, to 23,519.35.

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