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• Equity benchmark indices saw a strong rally, with the Sensex jumping nearly 600 points and the Nifty closing above the 23,300 mark, driven by gains in real estate, IT, FMCG, and private banking stocks. The surge came ahead of U.S. President Donald Trump’s expected reciprocal tariff announcement, prompting traders to cover short positions later in the day, amid hopes that the impact on the domestic market would be limited. However, investors remained cautious about the global repercussions of these tariffs, particularly for India.

• Positive domestic indicators boosted market sentiment, including an 8-month high March PMI above 58, the second-highest March GST collection of nearly ?2 lakh crore, and strong monthly auto sales data. As a result, the Nifty gained 166 points (0.70%) to close at 23,332, while the Sensex advanced 592 points (0.80%) to end at 76,617. Broader markets also strengthened, with the Nifty Midcap and Small Cap indices rising over 1%

• All 13 major sectoral indices ended in positive territory, with Nifty Realty leading the gains, surging 3.50%, followed by Nifty Consumer Durables and Nifty FMCG, both rising over 1%.

• Asian and European markets had a mixed performance, as investor sentiment remained volatile ahead of Trump’s tariff

Technical Outlook:

• Nifty Index opened positive and gradually improved throughout the day. It remained range bound for most part of the day and was followed by strong buying in the last hour to touch 23350 zones. It respected support of 23150 zones near its 50 DEMA and closed near its higher band with gains of around 170 points. It formed a bullish candle and an inside bar on the daily frame.

• Now if it holds below 23333 zones, weakness could be seen towards 23000 and 22800 zones whereas hurdles are placed at 23400 then 23550 zones

Derivative Outlook:

• Nifty future closed positive with gains of 0.49% at 23435 levels. Positive setup seen in Kalyan Jewellers, Tata Consumer, Godrej Properties, PNB Housing, BSE, Indian Hotel, SRF, Jubilant Food, CAMS, DLF, GMR Airports, Berger Paints and BPCL while weakness in BEL, M&M Finance, RBL Bank, Crompton, ABB, Ultratech Cement, Nestle India, ICICI Prudential, PowerGrid, National Aluminum, Dabur and Asian Paints.

• On option front, Maximum Call OI is at 23500 then 23300 strike while Maximum Put OI is at 23200 then 23000 strike. Call writing is seen at 23300 then 23350 strike while Put writing is seen at 23200 then 23300 strike. Option data suggests a broader trading range in between 22800 to 23800 zones while an immediate range between 23100 to 23500 levels

• Shriram Finance gets RBI nod for acquisition of Shriram Overseas Investments - Company has received approval from the Reserve Bank of India to acquire a 100% equity stake in Shriram Overseas Investments from Shriram Investments Holdings.

• Kotak targets $2 Billion for New Private Credit Fund - Kotak Alternate Asset Managers Ltd. aims to raise up to $2 billion for a new private credit fund to tap the growing demand for such products in India, according to its chief executive officer.

• Piramal Pharma begins Commercial Production of Sevoflurane at Digwal, India Unit – Company has begun commercial production of Sevoflurane at its Digwal facility in Telangana. The company created additional capacity to manufacture Sevoflurane at the Digwal facility in addition to existing capabilities at in Pennsylvania, USA.

• ABB – Company delivers integrated automation and digital technology for India s largest pipeline network of Indian Oil

• Paytm partners with Hyderabad civic body to digitise property tax collection - Company has partnered with the Greater Hyderabad Municipal Corporation (GHMC) to simplify property tax collection. The fintech firm has deployed over 400 Paytm All-In-One EDC devices (card machines) across collection centers and for door-to-door tax payments.

• HSBC March PMI 8-month high – HSBC March PMI reported 8-month at 58.1 vs 57.6 previous month

• LTIMindtree Collaborates with Phinias For Infrastructure And Application Transformation - has entered into a strategic partnership with Phinias to drive transformation in infrastructure and application services. This collaboration aims to leverage Phinias' expertise and LTIMindtree's capabilities to deliver innovative solutions and enhance operational efficiency for clients

• PNB Housing Finance Business Update - Total loanbook crosses Rs 75,000 crore as on March 31, Retail segment loan book rose 18% as on March 31, Achieves affordable housing book of Rs 5,000 crore in March

Global Market Update

• European Market - European stocks hit a session low as investors held off from making big bets ahead of President Donald Trump’s tariff announcement expected later in the day. UK and France Index slipped 0.5% each while Germany’s DAX decline 1%

• Asian Market - Asian equities fell slightly on Wednesday as investor sentiment remained volatile ahead of President Donald Trump’s sweeping tariffs announcement, Japan and Australia Index marginally gain while Hong Kong and China Index ended marginally lower.

• US Data - MBA Mortgage Application, Factory Orders and Durable goods order.

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