Key Market Insights - Altifi Weekly Bulletin | 04 April 2026

Economy and regulatory updates

• India collected Rs 1.78 trillion in goods and services tax in March, 8.2% on-year, excluding compensation cess receipts, the government data showed
• Industrial production in the country grew 5.2% on-year in February, compared with a revised 5.1% on-year in January
• The government’s fiscal deficit for the first 11 months of fiscal 2026 stood at Rs 12.5 lakh crore (about $132 billion), or 80.4% of the annual estimate
• Prime Minister Narendra Modi inaugurated the Rs 3,300 crore Kaynes Semiconductor Plant at Sanand GIDC in Ahmedabad
• The Defence Acquisition Council approved projects totalling Rs 2.38 lakh crore, including missile systems, aircraft and naval equipment
• The government reassured the country has adequate supply of seeds and agro-chemicals for the upcoming kharif season and asked states to check hoarding, black marketing, smuggling and diversion of fertilisers for non-farm usage
• The government has proposed a slew of changes to the IT Rules 2021, seeking to make advisories and clarifications legally binding on internet platforms such as Meta, Google and X, the latest in a string of stricter compliance requirements for tech giants
• Finance Minister Nirmala Sitharaman said the country's economic fundamentals are strong and compared with other emerging market economies, the Indian rupee is "absolutely going fine" against the US dollar
• The government approved the 29 applications under the fourth tranche of the Electronics Component Manufacturing Scheme, with the cumulative investments pegged at Rs 7,104 crore
• The government has announced a one-time relief measure for units operating in special economic zones (SEZs), allowing them to sell goods at lower customs duty for one year, amid global geopolitical uncertainty
• The government boosted commercial LPG supplies to states by 20%, lifting allocations to 70% of pre-conflict demand to support needs of the sectors such as steel and automotive
• The Reserve Bank of India (RBI) introduced a bold new daily limit on the open rupee positions held by banks, aiming to counteract the rupee's weakening trend versus the dollar

Source: MOSPI , RBI

Indian debt market update

• The interbank call money rate ended lower at 5.00% in the holiday-shortened week ended April 2 as against 5.50% on March 27
• Government bond prices declined during the week and the yield on the 10-year benchmark 6.48% Government Security (GS) 2035 closed at 7.10% on April 2 compared with 6.94% on March 27
• Bond prices declined as soaring oil prices, war-driven uncertainty and weak demand overshadowed the RBI’s bond buying and liquidity support. It declined further as US President Donald Trump threatened Iran with more aggressive strikes, driving oil back above $100 a barrel, dimming India's macroeconomic outlook before an interest rate decision next week by the central bank

Source: Crisil Fixed Income Database, *Weighted Average Yield

Indian equity Indices

Source: BSE, NSE

• Indian equities ended lower this week as benchmarks slipped after renewed geopolitical tensions revived oil-led inflation worries. Mid-week, the markets found support on hopes of West Asia de-escalation, while late-session buying lifted sentiment despite weak global cues and rising crude. The BSE Sensex and Nifty fell 0.36% and 0.47% on-week, respectively
• Major sectors ended lower with healthcare, banking and auto shares losing the most. The BSE Healthcare, BSE BANKEX and BSE Auto fell 2.49%, 1.37% and 1.18%, respectively
• The domestic market bought around Rs 7,208 crore worth of equities April 02 compared with buying of Rs 3,566 crore worth of equities on March 27
• Foreign institutional investors sold equities worth Rs 9,931 crore on April 01 compared with selling of Rs 4,367 crore on March 27, 2026
• Domestic mutual funds were net buyers, buying equities worth Rs 89,926 crore on month to date basis on March 27, 2026

Source: SEBI, NSE

Global Equity market summary

• US stocks ended higher during the week due to the ongoing Middle East tensions. Markets started lower as the conflict continued and the US President issued warnings to Tehran, but his remarks about potential US-Iran dialogue provided some reassurance. Optimism grew on hopes for de-escalation, easing concerns over oil-driven inflation, while strong performances from tech companies fuelled further gains.
• Britain's FTSE index ended the week higher, despite the Middle East uncertainty. Early gains were driven by energy and mining shares as rising commodity prices stoked supply-shock fears. Sentiment was tempered by a month-end slide, amid oil-led inflation and growth worries. Hopes of an Iran ceasefire later lifted stocks.
• Asian equities closed mixed during the week. Japan's Nikkei index ended lower, driven by rising bond yields and concerns over the Middle East conflict after the US President’s primetime address. However, hopes of a potential de-escalation, with the US possibly ending its involvement in 2-3 weeks, limited the losses.
• Hong Kong's Hang Seng Index ended higher during the week, boosted by hopes that the Middle East conflict may be nearing its end. However, some losses were seen due to rising oil prices and uncertainty after the US President’s address, which failed to provide a clear timeline for ending the conflict.
• China's Shanghai Composite Index closed higher after the US President hinted that conflict with Iran may be nearing the end. However, markets witnessed losses, after investors turned cautious as Trump’s speech did not lay out any clear timeline for ending the conflict.

Source: Websites of respective stock exchanges; *Data as on Apr 1

Global Yield

• US Treasury prices rose during the week supported by softer economic signals from late March data releases.
• Yields declined tracking late-March data releases, which indicated moderating labour market conditions, mixed consumer sentiment, and some loss of momentum in growth indicators (PMIs), prompting expectations of a relatively less hawkish stance by the Federal Reserve.
• Alongside this, safe-haven demand further supported bond prices, contributing to the decline in yields.
• The yield on the 10-year benchmark Treasury bond ended at 4.33% on April 1 compared with 4.44% on March 27.

Source: Financial Websites*Data as on Apr 1

Commodities and Currency

• Crude oil prices rose during the week on the NYMEX to $100.12 per barrel on the NYMEX on week on 1, April 2026 from $99.64 on 27, March 2026 due to growing concerns about supply disruptions from the unrest in the Middle East.
• Gold prices rose this week Rs 1,46,608 per 10 grams in week on 2, April 2026 from Rs 1,42,942 per 10 grams in week on 27, March 2026 as safe-haven demand increased amid renewed geopolitical tensions.
• Silver prices rose to Rs 2,27,813 per kg on week on 2, April 2026 from Rs 2,21,647 per kg on week on 27, March 2026, supported by stronger industrial demand expectations and safe-haven buying.
• The rupee closed higher at Rs 93.21 on 2, April, 2026 against the US dollar during the week, as the RBI’s strong measures to curb speculative forex trading boosted sentiment and triggered dollar unwinding. However, losses were seen due to persistent foreign outflows, a stronger dollar and rising crude oil prices amid geopolitical volatility.

*Date as on Aor 1, 2026 Source: Respective comodity exchanges, ibjarates.com

Soouce; Financial Websites

Global Economic

• The US Dallas Fed Manufacturing Index dropped to -0.20 in March 2026, compared to 0.20 in February 2026.

• US House Price Index rose by 1.6% in January 2026 compared to the same month last year, after being revised upward to a 1.9% increase in December 2025.

• US Dallas Fed Services Index plummeted by 10.1 points to -13.3 in March 2026 compared to -3.2 in February 2026.

• US Retail Sales rose to 3.70 in February 2026, compared to 3.2 in January 2026.
• US ISM Manufacturing PMI increased to 52.7 in March 2026 from 52.4 in February 2026.
• Eurozone annual inflation climbed to 2.5% in March 2026, compared to 1.9% in February 2026 while the annual core inflation rate edged down to 2.3%, from 2.4%.
• Eurozone median inflation expectations fell for the second month in a row, reaching 2.5% in February 2026—down from 2.6% in January. 2026
• The British economy expanded 1% year-on-year in the fourth quarter of 2025, compared to a 1.3% rise in Q3 2025.
  
  

  
  
  

  
  
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