Indices may cool off after a strong four-day rally

GIFT Nifty:

GIFT Nifty April 2025 futures were trading 61.50 points lower in early trade, suggesting a weak start for the Nifty 50.

All eyes will also be on the upcoming Spring Meetings of the World Bank Group and the International Monetary Fund (IMF), set to take place from April 2126 in Washington, D.C. On the agenda: the ripple effects of trade tensions on global growth and updates on the progress of the World Bank and IMF's initiatives.

Institutional Flows:

Foreign portfolio investors (FPIs) bought shares worth Rs 4,667.94 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,006.15 crore in the Indian equity market on 17 April 2025, provisional data showed.

According to NSDL data, FPIs have sold shares worth Rs 23999.62 crore in the secondary market during April 2025 (so far). This follows their sale of shares worth Rs 6027.77 crore in March 2024.

Global Markets:

Dow Jones futures dropped 234 points this morning, setting a gloomy tone for U.S. stocks as investors strap in for an earnings-heavy week. Big names like Tesla, Boeing, and Alphabet are all lining up to report.

Asian stocks advanced Monday after the Peoples Bank of China decided to hold the line on interest rates. The central bank kept the one-year Loan Prime Rate at 3.1% and the five-year (a key benchmark for mortgage rates) at 3.6%. Both rates remain at historic lows, thanks to a series of cuts in recent years.

Back in the U.S., investors continue to be whipsawed by geopolitical drama, especially the Trump administrations trade policy. President Trump recently renewed pressure on the Federal Reserve, urging rate cuts and even taking a swing at Fed Chair Jerome Powell, saying his ouster "cannot come fast enough." This came after Powell warned that trade tensions could hamper the Feds ability to manage inflation and fuel growth.

On Wall Street, the S&P 500 ended Thursday almost flat, giving up earlier gains as tariff uncertainty sparked profit-taking during a shortened trading week. The Dow slipped 1.3%, the Nasdaq lost 0.1%, and the S&P barely budged at +0.1%. (Markets were closed Friday for Good Friday.)

Trump signaled "big progress" in U.S.Japan trade talks, giving markets a glimmer of hope. European Commission President Ursula von der Leyen echoed optimism, and reports suggested that even China might be open to rekindling talksthough they would appreciate a bit more respect and a bit less finger-pointing from Washington.

Domestic Market:

The domestic equity benchmarks ended on a firm footing on 17 April 2025, marking their fourth straight session of gains. After a tepid start amid mixed global cues, the indices traded rangebound in the early hours. But come mid-session, the bulls took charge. The Nifty, which opened at 23,401.85, climbed steadily to end the day at 23,851.65, up 414.45 points (1.77%). Meanwhile, the S&P BSE Sensex soared 1,508.91 points (1.96%) to settle at 78,553.20.

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