Altifi Weekly Bulletin: March 2026 (Week 1)
Economy and regulatory updates
- India’s fiscal deficit for the first 10 months of this fiscal through January was Rs 9.81 lakh crore or 63% of the annual estimates.
- India’s industrial production rose 4.8% in January 2026, compared with the upwardly revised 8% increase in December 2025.
- Chief Economic Advisor V Anantha Nageswaran said the Economic Survey’s growth projection for fiscal 2027 had been revised upward to 7-7.4% under the new GDP series, citing sustained economic momentum.
- India’s gross goods and services tax (GST) collection increased 8.1% on-year to Rs 1.84 lakh crore in February, driven by steady domestic demand and a surge in import-related revenue.
- The Central Board of Indirect Taxes and Customs (CBIC) introduced a deferred customs duty payment facility for eligible manufacturer importers aimed at helping companies manage cash flows and working capital effectively while supporting local manufacturing.
- The Reserve Bank of India (RBI) issued new draft guidelines for customer protection in electronic banking transactions, including online and card-based payments.
- According to the government's pre-budget Economic Survey tabled in the state assembly, Maharashtra's economy is expected to grow at 7.9% in fiscal 2026, slightly higher than the projected 7.4% growth of the national economy.
- The Ministry of Power has extended the timeline seeking stakeholders' comments on the Draft National Electricity Policy, 2026, by one month till March 19.
- Securities and Exchange Board of India (SEBI) revised the reporting framework for alternative investment funds, replacing detailed quarterly submissions with a comprehensive annual report, reducing compliance burden, improving ease of business, and standardising filings through the SEBI Intermediary Portal.
- SEBI issued a framework allowing custodians, except those backed by banks, to undertake financial services that fall outside the market regulator’s purview.
- The regulator introduced a new category of mutual fund schemes called life cycle funds, open-ended funds with attributes of predetermined maturity and glide path for goal-based investing.
Source: MOSPI, RBI
Indian debt market update
- The interbank call money rate ended higher at 5.15% on March 6 compared with 5.12% on February 27.
- Government bond prices ended lower this week. The yield on the 10-year benchmark 6.48% GS 2035 paper closed at 6.69% on March 6 compared with 6.66% on February 27.
- Bond prices began the week on a negative note owing to rising crude oil prices amid intensifying geopolitical tensions. Bond prices declined as mounting tensions in the Middle East triggered a spike in oil prices and stoked inflation concerns in the world's third largest oil importer, with the central bank likely stepping in to curb losses.
- In the weekly debt sale held on March 6, the Reserve Bank of India (RBI) auctioned 6.48% Government Security 2040 and 6.90% GS 2065 for a total notified amount of Rs 29,000 crore.
Source: CRISIL Fixed Income Database, RBI *Weighted Average Yield ^Data as of 27th Feb 2026 vs 20th Feb 2026 vs 30th Jan 2026 respectively
Source: L CRISIL Fixed Income Database; *Weighted Average Yield
Indian equity market updates
- Indian equity benchmarks ended sharply lower this week, weighed down by escalating tensions in the Middle East, which pushed crude oil prices higher and triggered foreign investor outflows. The BSE Sensex and Nifty 50 fell 2.91% and 2.89%, respectively.
- Almost all the major sectors ended lower with Realty, Oil & Gas and Bankex losing the most. BSE Realty, BSE Oil & Gas and BSE Bankex fell 4.90%, 4.85% and 4.62%, respectively.
- The domestic market bought around Rs 6,972 crore worth of equities on March 6, 2026 compared with buying of Rs 12,293 crore worth of equities on February 27, 2026.
- Foreign institutional investors sold equities worth Rs 3,753 crore on March 5, 2026 compared with selling of Rs 7,536 crore on February 27, 2026.
- Domestic mutual funds were net buyers, buying equities worth Rs 17,308 crore on month to date basis on March 5, 2026.
Source: BSE, NSE
Source: SEBI, NSE
Global Equity market summary
- US stocks traded mixed during the week, with the Nasdaq Composite outperforming and the Dow Jones underperforming as investors navigated AI spending concerns, renewed tariff uncertainty and rising Middle East tensions.
- Market swings reflected inflation worries, oil price volatility and shifting expectations for rate cuts by the Fed, with tech and financials leading the fall.
- Britain's FTSE index declined during the week, as worsening tensions in the Middle East drove oil prices higher, triggering a global risk-off move and reviving inflation worries that reduced expectations for rate cuts by the Bank of England.
- Asian equities closed lower this week. Japan's Nikkei index ended lower during this week led by tech shares, following geopolitical uncertainty and supply chain concerns, however a softer yen supported some export stocks.
- Hong Kong’s Hang Seng Index declined this week, dragged down by fears of energy disruptions, rising inflation and slower global growth amid heightened geopolitical uncertainties.
- China's Shanghai Composite Index closed lower this week due to risk aversion amid the geopolitical tensions, but saw some support from Beijing's economic policies and gains in defence and metal stocks.
Source: Websites of respective stock exchanges; *Data as no Mar 5
Global Yield
- US Treasury prices declined during the week, largely driven by heightened inflation expectations amid rising oil prices and geopolitical tensions, coupled with stronger economic data that dampened expectations of near-term Federal Reserve rate cuts
- The rise in yields was due to renewed geopolitical tensions in the Middle East, which pushed crude oil prices higher and raised concerns over potential inflationary pressures
- Additionally, resilient US economic data, including stable labour market indicators and firm services activity, led markets to temper expectations of early rate cuts by the Federal Reserve (Fed). As a result, investors demanded higher yields on long-term government bonds, leading to an uptick in the benchmark yield during the week
- The yield on the 10-year benchmark Treasury bond ended at 4.13% on March 5 compared with 3.97% on February 27.
Source: Financial Websites *As of Mar 5
Commodities and Currency
- Crude oil prices rose to $81.01 per barrels on the NYMEX on week on 5, March 2026 from $67.02 on 27, February 2026 as escalating tensions in the Middle East threatened global oil supplies.
- Gold prices fell to Rs 1,58,751 per 10 grams in week on 6, March 2026 from Rs 1,59,097 per 10 grams in week on 27, February 2026 dragged down by profit booking amid escalating geopolitical tensions.
- Silver prices fell to Rs 2,60,723 per kg on week on 6, March 2026 from Rs 2,66,700 per kg on week on 27, February 2026 mirroring the trend in gold owing to rising geopolitical uncertainties.
- The rupee closed lower against the US dollar this week, pressured by rising crude oil prices and geopolitical tensions that heightened concerns over inflation and the trade balance. However, the currency briefly recovered mid-week, supported by reports of intervention from the RBI.
*Data as on Mar 5, 2025 Source: Respective commodity exchanges, ibjarates.com
Source: Financial Websites
Global Economic
- US Producer Prices rose to 152.17 points in January 2026, up from 151.45 points in December 2025.
- US export prices increase by 2.6% year-on-year in January 2026, compared to an upwardly revised 3.4% rise in December 2025 while the import prices eased to -0.10% from 0%.
- The US economy added 63,000 jobs in February 2026, compared to a downwardly revised 11,000 rise in January 2026.
- Eurozone annual inflation rose to 1.9% in February 2026, up from January 2026 16-month low of 1.7% while the annual core inflation rate accelerated to 2.4% from 2.2%.
- China RatingDog General Manufacturing PMI climbed to 52.1 in February 2026 compared to 50.3 in January 2026, while the RatingDog China General Composite PMI rose to 55.4 from 51.6 and the Services PMI increased to 56.7 from 52.3.
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