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Canara Robeco Daily Newsletter
Daily Market Update
26th March, 2025
 
Equity Market Update
• Indian equity markets plunged from the day’s high and closed on a flat note amid profit booking at higher levels. The key benchmark indices started the session positively, mirroring the overnight rally in global markets following reports that the U.S. President may grant "a lot of countries" exemptions on reciprocal tariffs. However, markets slipped from the higher levels after the U.S. President threatened to impose 25% "secondary tariffs" on countries importing Venezuelan oil, including India and China, starting from Apr 2, 2025.
• Key benchmark indices BSE SENSEX and Nifty 50 gained 0.04% and 0.04% to close at 78,017.19 and 23,668.65 respectively.
• The overall market breadth on BSE was weak with 1,049 scrips advancing and 3,025 scrips declining. A total of 103 scrips remained unchanged.
• On the BSE sectoral front, Information Technology was the major gainer, up 1.17% followed by Teck, up 0.97%. Consumer Durables was the major loser, down 1.89% followed by Realty, down 1.51% and Energy, down 1.43%.
 
Domestic Indices Performance
Domestic Indices
25-Mar-25
1D % Chg 1M % Chg 1Yr % Chg
Nifty 50 23,669 0.04 4.97 7.11
BSE Sensex 78,017 0.04 4.58 7.12
BSE Midcap 41,905 -1.13 5.21 8.00
BSE Smallcap 47,070 -1.63 4.48 10.05
BSE Auto 48,744 -0.97 0.61 1.02
BSE Bankex 59,580 -0.11 7.47 12.19
BSE CD 54,488 -1.89 -0.31 6.83
BSE CG 62,468 -1.01 8.83 6.37
BSE FMCG 19,304 -0.36 1.48 0.06
BSE HC 41,996 -0.75 6.72 21.77
BSE IT 37,040 1.17 -3.80 3.39
BSE Metal 30,938 -1.33 10.16 11.13
BSE Oil 25,110 -1.31 7.68 -7.56
BSE Power 6,615 -1.22 10.14 1.21
BSE PSU 18,201 -1.32 10.12 1.17
BSE Realty 6,698 -1.51 4.34 -3.01
BSE Teck 17,699 0.97 -1.33 9.20
Nifty 100 Low Volatility 30 TRI 26,112 0.03 2.51 6.01
 
Debt Market Update
• Bond yields were largely unchanged after a record state debt auction was easily absorbed by the market participants.
• Yield on the 10-year benchmark paper (6.79% GS 2034) was unchanged to close at 6.63% as compared to the previous day’s close.
• Reserve Bank of India conducted the auction of government securities for twenty-one states for a notified amount of Rs. 74,655 crore for which amount of Rs. 72,255.11 was accepted. The cut off yield ranged from 6.78% to 7.12%. The lowest yield was witnessed in case of Tamil Nadu and the highest yield was witnessed in case of Manipur.
• RBI conducted the auction of 1-day Variable Rate Repo for the notified amount of Rs. 1,25,000 crore for which amount of Rs. 95,653 crore was accepted and the cut-off yield stood at 6.26%.
 
Daily Rates
Key Rates (%) 25-Mar-25 Previous Close Year Ago
10 Yr Gsec 6.63
6.63
7.09
5 Yr AAA Corp Bond 7.37
7.31
7.68
3 Yr AAA Corp Bond 7.48
7.39
7.76
1 Yr AAA Corp Bond 7.61
7.62
8.00
3 Yr AA Corp Bond 7.99
8.00
8.36
1 Yr AA Corp Bond 7.94
7.92
8.48
12 Month CD 7.36
7.31
7.73
3 Month CD 7.36
7.47
7.70
CALL 6.30
6.31
6.70
T-Repo 6.21
6.31
6.76
 
Institutional Flows
(INR Cr) FII Flows MF Flows[1]
As on March 25,2025 Debt Equity Debt Equity
Purchases 864 18,530 21,597 13,987
Sales 730 12,325 20,889 18,542
Net 134 6,206 708 -4,555
MTD Net 12117 -20250 -61845 15376
Global Market Update
• Straits Times – The index rose 0.46% tracking regional gains.
• Nikkei – The index rose 0.46% amid optimism that the U.S. U.S. reciprocal tariffs would be less extensive than initially anticipated.
• Hang Seng – The index fell 2.35% as investors awaited greater clarity on the next round of tariffs from U.S. President.
• FTSE – The index rose 0.30% due to positive sentiment surrounding potential tariff exemptions from the U.S. presidential administration.
• Russell 1000 – The index rose 0.14% despite ongoing uncertainty regarding the U.S. President"s tariff strategies, following recent indications that he intends to adopt a more focused approach to new tariffs.
 
Global Indices Performance
Global Indices 25-Mar-25 1D % Chg 1M % Chg 1Yr % Chg
Russell 1000 3,162 0.14 -2.94 10.55
Nasdaq 100 20,288 0.53 -3.79 11.00
FTSE 8,664 0.30 -0.06 9.43
Straits Times 3,955 0.46 0.99 23.65
Nikkei 37,781 0.46 -1.20 -6.52
Hang Seng 23,344 -2.35 1.35 41.71
Shanghai Composite 3,370 0.00 0.72 11.36
 
Commodity Market Update
• Gold prices rose following continued uncertainty over impending reciprocal U.S. tariffs and their impact on the global economy.
• Brent crude oil prices (spot) rose following an announcement by the U.S. President regarding his intention to impose a 25% tariff on countries purchasing crude oil and gas from Venezuela.
 
Commodity Market
Commodity (INR) 25-Mar-25 1D % Chg 1M % Chg 1Yr % Chg
Brent (1 barrel) (in $) 74.47 0.12 1.06 -13.93
Gold (10 gm) 87,438 -0.01 1.35 32.53
Silver (1 kg) 97,507 0.31 2.05 31.96
Aluminium (1 kg) 255.50 -0.83 -2.61 23.19
Copper (1 kg) 909.15 0.19 4.86 20.54
 
Currency Market Update
• The Indian rupee in spot trade edged down against the U.S. dollar amid U.S. tariffs and inflation concerns.
• The euro fell against the U.S. dollar following the U.S. President’s announcements to impose 25% tariffs on countries purchasing oil and gas from Venezuela.
 
Currency Market
Currency 25-Mar-25 1D % Chg 1M % Chg 1Yr % Chg
USD/INR 85.73 -0.12 -1.46 2.85
EURO/INR 92.59 -0.46 1.57 2.58
GBP/INR 110.75 -0.24 0.75 5.23
100 JPY/INR 56.95 -0.70 -1.96 3.45
 
Finance and Economy
• According to the minister of state for finance, the central government has garnered Rs. 4,37,442 crore since FY15 as disinvestment proceeds through various modes and instruments.
• 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”.
• 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.
 
Key Economic Indicators
Indicators Current Previous
GDP 6.20% (Q3 FY'25) 5.60% (Q2 FY'25)
IIP 5.00% (Jan'25) 3.50% (Dec'24)
WPI 2.38% (Feb'25) 2.31% (Jan'25)
CPI 3.61% (Feb'25) 4.26% (Jan'25)
 
Policy Rates
Key Rates (%) Current Previous
Reverse Repo 3.35 3.35
Repo 6.25 6.50
CRR 4.00 4.25
SLR 18.00 18.00
Bank Rate 6.50 6.75
 
Corporate News
• Telecom giant Vodafone Idea (Vi) announced that it has entered into a memorandum of understanding (MoU) with the West Bengal State Export Promotion Society (WBSEPS) aimed at enhancing the digital transformation of micro, small, and medium enterprises (MSMEs) within the state.
• Oil and Natural Gas Corporation, is aiming to broaden its portfolio to protect its primary operations from the fluctuations in oil prices. The state-owned giant"s strategy includes a multi-faceted approach that encompasses venturing into the refining and petrochemical industries, engaging in liquefied natural gas trading, and expanding its renewable energy capacity.
 
Upcoming Events
Event Date
Reserve Money 26-Mar-25
Currency in Circulation 26-Mar-25
Banker's Deposits with RBI 26-Mar-25
Forex Reserves 28-Mar-25
Infrastructure Output 28-Mar-25
Fiscal deficit (as a % of budget estimates) 28-Mar-25
Loans and Advances to Central Government 28-Mar-25
   
 

[1]Data as on 21 Mar, 2025
 

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