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Indian markets moved higher on Tuesday, as bulls attempted a comeback with IT, auto, FMCG and financial stocks leading the surge. Today, markets are likely to get gap-down opening as an uptick in oil prices and the Russia-Ukraine conflict continued to weigh on market sentiment. Traders may take note of Acting Director of the IMF's Asia and Pacific Department stating that the surge in oil prices due to the Ukrainian war has pushed up inflation in India, which needs monetary tightening and measures to address structural weaknesses to improve growth potential. However, some support may come later in the day with CBDT Chairman J B Mohapatra’s statement that the net direct tax collection has registered a whopping 49.02 per cent growth to over Rs 14.09 lakh crore in the 2021-22 fiscal as the country’s economy “bounced back” after being hit by the COVID-19 pandemic. The net direct tax mop-up was Rs 9.45 lakh crore in the previous financial year. Besides, a private report stated that the monthly collection under the Goods and Services Tax (GST) is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore. Meanwhile, Finance Minister Nirmala Sitharaman held a meeting with representatives of the semiconductor industry of the US and invited them to make further investments in India. There will be some reaction in edible oil industry stocks with private report that India's palm oil imports in May are set to rise above 600,000 tonnes despite the restriction imposed by Indonesia on exports as most of the contracted quantity will be loaded before Jakarta's ban becomes effective. In the primary market, Multispecialty pediatric hospital chain Rainbow Children's Medicare initial public offering (IPO) will open for public subscription on April 27. It has fixed a price band of Rs 516-542 a share for its Rs 1,581-crore IPO. Moreover, Life Insurance Corporation (LIC) has fixed the price band for its initial public offer (IPO) at Rs 902-949 a share. The issue, which will remain open for retail investors from May 4 to 9. Investors are likely to react to a slew of earnings reports.

The US markets ended lower on Tuesday as investors worried about slowing global growth and a more aggressive Federal Reserve. Asian markets are trading in red on Wednesday tracking overnight gains on Wall Street.

Back home, Bulls made come back after two days of continuous drubbing as traders opted to buy beaten down but fundamentally strong stocks. Key gauges made a gap up opening taking encouragement with CII President TV Narendran’s statement that India’s economy is expected to grow 7.5-8 per cent this fiscal year with exports playing a key role in the country’s success story. Some support also came with report that India and the EU will return to the negotiating table to start serious talks for a free trade agreement (FTA) in June after a gap of nine years. Sentiments remained eminent throughout the day after the Ministry of Commerce and Industry said that there is a five-fold increase in the grant of patent annually, and a four-fold rise in trademark registration every year since 2014. It said that to modernise the Intellectual Property (IP) office and reduce legal compliances, along with facilitating filing of IP applications, the government has adopted several administrative and legislative measures. Markets extended gains in final hour of trade to end near intraday highs as trader remained optimistic, amid a private reports stating that real-time payments are forecast to boost India's GDP by $45.9 billion in 2026 as real-time payments transaction volumes are set to exceed 206 billion by that time. Also, street took a note of a private report that the government has begun discussions on bringing parity between long-term capital gains (LTCG) tax on debt, listed equities and unlisted equities. Finally, the BSE Sensex rose 776.72 points or 1.37% to 57,356.61 and the CNX Nifty was up by 246.85 points or 1.46% to 17,200.80.

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