Crime Today News
US stocks experienced steep losses Monday after President Donald Trump intensified his criticism of Federal Reserve Chair Jerome Powell, labelling him “a major loser” and “Mr. Too Late” for not lowering interest rates faster. The harsh rhetoric unsettled financial markets already grappling with escalating trade tensions between the world’s largest economies.
By Tuesday morning, Indian markets showed resilience, with the Sensex gaining 212.32 points (0.27 per cent) to 79,620.82 and Nifty rising 48.75 points (0.2 per cent) to 24,174.30 at market open. This follows Monday’s strong performance where the Nifty closed 274 points higher and the Sensex gained 855 points.
“Indian markets are expected to remain largely unperturbed by issues in the US markets and continue to see strong buying interest, particularly in smaller stocks,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.
The dollar index fell to a three-year low below 98, while Treasury bond yields increased as investors grew concerned about potential erosion of Federal Reserve independence. Gold prices crossed $3,400 per troy ounce in international markets and ₹97,000 levels in domestic markets, reflecting heightened safe-haven demand.
“Uncertainty in the global financial markets and the escalating US-China trade war continue to support prices of precious metals,” noted Rahul Kalantri, VP Commodities at Mehta Equities Ltd.
Bank stocks led Indian markets higher as the sector reached new heights, with Bank Nifty crossing its all-time highest level of 54,467. Shrikant Chouhan, Head, Equity Research at Kotak Securities, said, “Based on the technical formation we could see levels of 57,500 in the next few months.”
RBI’s relaxation of certain LCR framework requirements is expected to free up approximately Rs 3 trillion in lendable assets, representing 1.9 per cent of banks’ loans. This policy shift has bolstered the banking sector’s performance.
The Ministry of Finance implemented a 12 per cent provisional safeguard duty on certain steel products from China and Vietnam, effective immediately for 200 days, to protect the domestic industry from import surges. The move comes as core sector growth rose to 3.8 per cent in March, driven by strong cement and steel output, with steel logging 7.1 per cent growth.
Top gainers on the NSE included CA Eternal (2.84 per cent), Kotak Bank (1.72 per cent), HDFC Bank (1.37 per cent), BEL (1.32 per cent), and Tata Consumer (1.13 per cent). Major losers were IndusInd Bank (-3.13 per cent), Hero MotoCorp (-1.97 per cent), Bajaj Auto (-1.62 per cent), Infosys (-1.45 per cent), and Power Grid (-1.19 per cent).
Foreign Institutional Investors (FIIs) remained net buyers, purchasing equities worth ₹1,970.17 crore on April 21, while Domestic Institutional Investors (DIIs) bought ₹246.59 crore on the same day. This marks the fourth consecutive session of FII buying, with approximately $2 billion injected into the market.
“The rally in the domestic bourses is expected to continue, supported by sustained foreign institutional investor buying, a further drop in the US Dollar Index, optimism around a potential interest rate cut by the RBI in its upcoming April policy meeting, and a forecast of above-normal monsoon by the IMD,” said Vikas Jain, Head of Research at Reliance Securities.
Crude oil prices showed high volatility, plunging amid hopes of a US-China nuclear deal and demand concerns related to trade tensions. Brent crude rose 1 per cent to $67 per barrel due to geopolitical tensions between the US and Iran.
Technical analysts suggest Nifty could find support at 24,000, 23,900, and 23,800 levels, with resistance at 24,200, 24,350, and 24,500. “The short-term market structure is bullish, but there could be overbought conditions; hence, we could see some profit-booking at higher levels,” cautioned Chouhan.
Passive investment in Indian markets continues to grow, with 33 foreign passive funds tracking Nifty indices as of March 2025. These funds manage approximately $4.3 billion in assets, with 11 new funds introduced in FY25 alone, representing 83 per cent year-over-year growth.
“Our stock market is supported by this rise in domestic and foreign passive funds that track the Nifty indices. This trend also reflects the growing confidence and participation of foreign investors in Indian equity markets,” observed VLA Ambala, Co-Founder of Stock Market Today.
Most European markets remained closed Monday for the Easter holiday, while Asian markets opened mixed Tuesday, with some recovery seen after Monday’s sell-off triggered by concerns over US monetary policy independence.
Published on April 22, 2025
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