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Market Update

Nifty : 22,828.55 +429.40 (+1.92%)  Sensex : 75,157.26 +1310.11 (+1.77%)

* The equity benchmark Sensex surged by over 1,300 points, while the Nifty Index closed above the 22,800 level, driven by optimism in the market following U.S. President Donald Trump's announcement of a 90-day tariff pause for all countries except China.

* Investors are hopeful that this decision could pave the way for negotiations and ease trade tensions, particularly regarding the 15-50% tariffs previously imposed on several nations, including India. As a result, U.S. markets experienced a sharp rally, with major indices posting nearly a 10% gain on Wednesday—marking their biggest single-day percentage rise since 2008. However, these gains were partially reversed the following day, as U.S. indices fell by 3%, and Asian and European markets dropped by 1-3% today after China announced it would raise tariffs on all U.S. goods from 84% to 125%, effective April 12.

* The Sensex climbed 1,310.11 points, or 1.80%, closing at 75,157, while the Nifty surged by 429 points, or 2%, to settle at 22,828. The market remained volatile due to China's retaliatory tariff measures. Sectors that had been hit hard, such as Nifty metal, energy, and pharma, saw gains of 2.5% to 4%.

* However, the Nifty IT index underperformed after TCS reported slightly lower-than-expected Ebit and margins, with its stock dropping by 0.5% to close at Rs3,231. Despite this, the Nifty IT index saw a modest gain of 0.7%. Both the Nifty mid-cap and small-cap indices rose by over 2%, driven by short covering.

Technical Outlook:

* Nifty Index opened with a gap-up of nearly 300 points at 22695 driven by positive global cues. During the first half of the session, the index moved higher in a slow and steady manner, hitting an intraday high of 22923. However, in second half it witnessed volatile swings on both sides but managed to hold its bullish momentum and closed with gains of over 400 points.

* On the technical front, Nifty gave a breakout from an inside bar pattern on the daily chart and formed a large bullish candle on the weekly chart, indicating a shift in momentum and the possibility of further upside if follow-up buying sustains. Now it has to hold above 22500 zones for a bounce towards 23000 then 23200 levels while supports are shifting higher at 23500 and then 23300 level.

Derivative Outlook:

* Nifty future closed positive with gains of 2.08% at 22948 levels. Positive setup seen in PIIND, SRF, Dixon, HDFC AMC, MCX, UPL, Grasim, Indigo, HUDCO, Powergrid, Marico, Bajaj Finserve, MFSL and HDFC Bank while weakness in Astral, Muthoot Finance, Godrej Properties, ICICI Pru, Voltas, Persistent System, Auropharma, Bsoft and Tata Elxsi.

* On option front, Maximum Call OI is at 24500 then 24000 strike while Maximum Put OI is at 22500 then 22000 strike. Call writing is seen at 22800 then 23500 strike while Put writing is seen at 22800 then 22700 strike. Option data suggests a broader trading range in between 22200 to 23300 zones while an immediate range between 22500 to 23100 levels.

* Motherson Plans Cost Cuts in Europe to Save 50M Euros Annually – Company has started taking some cost saving steps in Central and Western Europe due to increased global volatility from supply chain and regulatory issues. The auto parts maker will implement the proposed cost optimization plan through its unit SMRP BV in a phased manner in the next three years. The proposed plan includes various elements such as salary, benefits, overheads, cost of leased or contract employees.

* Dixon Technologies – Company is setting up a Rs 1,000-crore facility near Chennai and signed a Memorandum of Understanding with the Tamil Nadu government.

* Aurionpro acquires Hyderabad-based Fintra Software to strengthen trade finance capabilities - Indian IT services company Aurionpro Solutions Limited has announced the acquisition of Hyderabad-based Fintra Software Pvt at enhancing its transaction banking offerings, particularly in trade finance. As part of the agreement, Aurionpro will acquire a full 100% stake in Fintra, including its intellectual property and existing resources.

* Rail Vikas Nigam (RVNL) - Company emerged lowest bidder for Rs143cr order from Southern Railway.

* Ajmera Realty Q4 Business Update - Carpet area sales rose 64% (YoY) to 1.9 lakh square fee, Collection down 8% (YoY) to Rs 182 crore and sales value down 13% to Rs 250 crore.

* IGL and MGL - Government to cut APM allocation yet again, Allocation to come down to 40% from 50% and This will be replaced by gas from New Wells which is expensive than APM.

* Morepen Labs – company said it will add more than 1,000 medical representatives over the next three years, with over 200 team members expected to join in FY26 alone. The company aims to strengthen its formulations business in the market through new hirings.

* Bajel Projects – Company gets power transmission order from Power Grid in range over Rs 400 cr.

Global Market Update

* European Market – European market declined from the intra-day high after China said it will raise tariffs on all US goods from 84% to 125% with effect from April 12.. UK, Germany and France Index are trading flat but fell from the 1% intra-day high.

* Asian Market - Asian equity markets see-sawed on Friday as volatility remained high, with traders weighing the intensifying U.S.-China trade conflict and the prospects for tariff deals. Benchmark indexes in Japan and South Korea both ended lower after paring early losses. Both Japan and South Korea Index declined up to 2% while China Index gained 0.5%.

* Commodity - Crude oil is trading flat at $64/bbl as disorder in global markets triggered by US President Donald Trump’s aggressive trade policy spurred concerns about a recession and a flight from risk.

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