Nifty claws back 500 points from day's low after a volatile session

by Hansraj Agrawal | Apr 2, 2026 | Business

The numbers, however, masked the turbulence beneath.

Markets staged a dramatic intraday turnaround on Thursday, April 2, 2026, with the Nifty 50 recovering over 500 points from its session low to close marginally higher, as geopolitics, crude oil, and a surprise rupee rally collided in one of the most volatile sessions of the year.

The BSE Sensex closed at 73,319.55, up 185.23 points or 0.25 per cent, while the Nifty 50 settled at 22,713.10, gaining 33.70 points or 0.15 per cent. The numbers, however, masked the turbulence beneath. The Nifty had earlier slipped over 2 per cent after US President Donald Trump said the US would hit Iran hard in the next two to three weeks, dashing hopes of an early ceasefire. Brent crude spiked 5.8 per cent to around $107 per barrel on fears of supply disruptions through the Strait of Hormuz.

Analysts still remains sceptical on market recovery, as Iran war continue to trigger risk-off sentiment.

“Market sentiment is expected to remain volatile, with direction contingent on developments in the US–Iran conflict over the weekend and movements in global energy prices, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, Markets return after the Good Friday holiday on April 3, making any weekend geopolitical development — escalation or ceasefire — the decisive variable heading into next week, he cautioned.

Meanwhile, Nomura has also downgraded India to “Neutral” and cut its Nifty50 year-end target to 24,500.

Multiple headwinds ranging from elevated energy prices to the AI capex momentum and the tech cycle are likely to impact, said the global investment advisory firm. Earlier, Goldman Sachs, Bernstein and UBS were also downgraded Indian equities.

For the week, Nifty and Sensex, declined 0.5 per cent and 0.4 per cent respectively. BSE Midcap 150 underperformed the benchmarks (down 0.6 per cent WoW) while the BSE Smallcap 250 outperformed the benchmarks (rose 0.8 per cent WoW), said SBI Securities in a note.

IT rallies

IT was the lone sectoral gainer, rising 2.6 per cent, while auto, PSU banks, oil & gas, pharma, and consumer durables each shed approximately 1 per cent. Broader markets lagged, with Midcap and Smallcap indices declining 0.3 per cent and 0.4 per cent, respectively. Bank Nifty ended at 51,548.75, up a modest 0.19 per cent.

Rupee rebounds

The rupee delivered a stunning reversal, posting its strongest single-session gain in over 12 years, recovering sharply from recent lows beyond ₹95 to trade around ₹93.15. The RBI’s twin regulatory actions — capping banks’ net open rupee positions and barring NDF offerings to corporates — forced dollar unwinding. As Vinod Nair, Head of Research at Geojit Investments, noted: “The RBI’s twin regulatory actions…achieved their intended effect, mechanically forcing dollar unwinding and engineering a meaningful rupee recovery. A short-covering-driven intraday recovery followed, though it lacked the depth of genuine conviction.”

Gold drops

Gold retreated sharply, falling ₹5,000 to ₹1,49,000 per 10 grams, pressured by the rupee’s surge and selling on COMEX toward $4,625 per ounce. On the institutional front, FIIs offloaded ₹1.22 lakh crore in March 2026 alone — surpassing the previous peak of ₹1.14 lakh crore in October 2024. India VIX rose 2.04 per cent to close at 25.52, keeping risk-reward dynamics particularly challenging in the derivatives segment.

Triggers ahead

The week ahead is packed with triggers. The RBI MPC meeting takes centre stage — a rate pause is widely expected, but commentary on the rate trajectory matters against a backdrop of a four-year low Manufacturing PMI and crude-driven inflation risks. The US March CPI print and weekly jobless claims will also be in focus, said Khemka.

Published on April 2, 2026

Source link

India procures 6% more rice from farmers in 2025-26 kharif marketing season

by Hansraj Agrawal | Apr 2, 2026 | Business

The Indian government’s rice purchase for official reserves during the October 2025-March 2026 period or the kharif marketing season, was 463.06 lakh tonnes (lt), up by 6 per cent from 454.36 lt a year ago. The purchase rebounded in March rising by nearly 10 times, after falling 17 per cent during February.

The all-India rice purchase target has been revised to 487 lt for 2025-26 from previous estimate of over 477 lt, from the kharif-grown crop. Total procurement in 2024-25 from both Kharif and Rabi crops was 545.22 lt in terms of rice.

Except Odisha, where procurement has been extended till April 7 and West Bengal (to continue till April 30), Assam (till June 30) and Tripura (till May 31), the rice purchases from kharif season is over in all the States. It got completed on March 31 in Andhra Pradesh, Bihar, Tamil Nadu, Kerala and Maharashtra.

Rabi target

The Centre has fixed a target to buy 79.57 lt of rice from Rabi season between April and September, in which maximum 35 lt is aimed to be purchased from Telangana, followed by 14 lt from Tamil Nadu, 11 lt from Odisha and 10 lt from Andhra Pradesh.

Rice marketing season begins from October, and the procurement period varies from State to State depending on the cropping pattern followed in each State. Due to early arrival of the paddy this year, the Centre allowed procuring agencies in Punjab and Haryana to begin purchase from mid-September and in Tamil Nadu from September 1.

Official sources said that out of more than 21 lt in terms of rice purchased during only in March (against about 2 lt a year ago), maximum quantity of 7.3 lt was bought in Odisha. But the sources said that though purchase is a continuous process, sometimes the transfer of grains to the Central Pool gets delayed being reflected on the record. Other States that said to have purchased high quantity of rice last month include Bihar (4.42 lt), Telangana (3.53 lt) and West Bengal (2.9 lt).

Down 17% in TN

In Tamil Nadu it was 23 per cent higher until end of February, but it has dropped by 17 per cent as on March 31 after the current year’s procurement remains same at 16 lt as it was on February 28 whereas the year-ago number has moved to 19.22 lt from 13 lt.

Telangana’s purchase is reported to be 22.7 per cent higher at 39.49 lt from 32.19 lt as the year-ago number was revised lower while this year’s purchase remained at same level as a month before. Though the State has been seeking to transfer higher rice to the Central Pool as already procured, the Centre has refused to take extra from the cap it imposed. Andhra Pradesh has reported 79.3 per cent rise to 27.87 lt until March 31 from 15.54 lt year-ago.

In West Bengal, the Centre has been able to buy 27.87 lt rice this year against 15.54 lt year-ago, which official sources said due to the on-going Assembly poll.

8% higher in UP

Rice procurement in the largest producing State (in kharif season) Uttar Pradesh has ended at 41.75 lt, which is 8 per cent up from 38.66 lt year-ago. Madhya Pradesh has also reported 18.9 per cent increase in purchase at 34.67 lt from 29.16 lt and Uttarakhand 11.3 per cent rise in purchase at 5.02 lt from 4.51 lt.

On the other hand, Punjab, which has been the top rice contributor to the Central Pool stock, purchased 104.86 lt, which is 9.7 per cent lower from 116.13 lt year-ago and Haryana got 35.96 lt against 35.99 lt year-ago, official data show.

Chhattisgarh has reported the rice purchase was 4.3 per cent higher at 73 lt from 70 lt after procurement began from November 1 and ended on January 31. Odisha has reported 29.8 per cent higher purchase at 52.07 lt against 40.12 lt and Maharashtra 2.9 per cent up at 6.74 lt from 6.55 lt. Bihar reported 5 per cent lower at 24.96 lt from 26.28 lt year-ago.

The Agriculture Ministry has earlier said that rice production in 2025-26 kharif season is estimated to be 123.93 million tonnes (mt), up by 1 per cent from 122.77 mt year-ago. The rabi-grown rice output is pegged at 16.72 mt from 16.13 mt in 2024-25.

Published on April 2, 2026

Source link

OPEC+ likely to weigh further oil output hike on Sunday, sources say

by Hansraj Agrawal | Apr 2, 2026 | Business

Top OPEC producers Saudi Arabia, Iraq, Kuwait and the United Arab ‌Emirates have cut output due to the effective closure of Hormuz.
| Photo Credit:
Leonhard Foeger

OPEC+ is likely to weigh a further oil output increase when eight members meet on Sunday, two OPEC+ sources said, a move that would position key producers to add more barrels should the Strait of Hormuz – the world’s most ‌important oil route, currently shut by the US-Israeli war with Iran – reopen.

At its last meeting on March 1, OPEC+ agreed to a modest output boost ⁠of 206,000 barrels per day for April, after holding output steady in the first quarter amid concerns of oversupply, just as the US-Israeli war with Iran began to disrupt oil flows from key West Asia members.

A month later, the war has led to the largest oil supply disruption on record.

Top OPEC producers Saudi Arabia, Iraq, Kuwait and the United Arab ‌Emirates have cut output due to the effective closure of Hormuz, which accounts for ‌over ⁠20 per cent of oil transit. Crude prices have soared to a four-year high of ⁠almost $120 a barrel. On top of that, Russian output is disrupted by drone attacks.

Sunday’s meeting would normally be expected to decide May output quotas. While there is no sign yet of a reopening of Hormuz, one source said OPEC+ would likely agree to an ‌increase that would have little immediate impact on supply but would signal readiness to raise output once tankers are able to resume shipments through the strait.

“We need to react, at least on paper,” the OPEC+ source said.

OPEC and authorities in Saudi Arabia and Russia ‌did not immediately respond to requests for comment.

Output flexibility limited

The rest of the eight OPEC+ countries – Russia, Kazakhstan, Algeria and Oman – are not affected by closure of the waterway, but have limited capacity to raise output. OPEC+ groups ⁠22 members including Iran, but in recent years only the eight countries have been involved in monthly production decisions.

Oil dropped towards $100 on Wednesday after President Donald Trump said that the US would ‌end its war on Iran fairly soon, only to rebound on Thursday as he said the US would keep up attacks on Iran.

“Now the market requires every barrel that can be produced,” another OPEC+ source said.

Both sources declined to be identified by name and said formal consultations between members had not yet begun. A third source said a pause in monthly production increments was also possible given current export constraints.

In addition to the eight-country meeting, a separate gathering ‌of ministers called the Joint Ministerial Monitoring Committee is also scheduled for Sunday.

Saudi Arabia and the United Arab Emirates both have export routes that bypass the strait. Saudi crude exports through Yanbu on the Red Sea coast have surged to around 4.6 million ⁠bpd, near capacity, as the country reroutes shipments.

The UAE continues to export from Fujairah, which lies outside ⁠the strait. Fujairah crude and condensate exports in March rose to 1.61 million bpd, from 1.17 million bpd in February, according to Kpler, accounting for nearly half ‌of total UAE exports before the war began.

The eight OPEC+ countries raised production quotas by about 2.9 million bpd from April 2025 through December 2025, roughly 3 per cent of global demand, before pausing increases for January to March 2026.

Published on April 2, 2026

Source link

Stoppage of SIP leads to averaging down investment, Franklin Templeton India chief

by Hansraj Agrawal | Apr 2, 2026 | Business

Avinash Satwalekar, President, Franklin Templeton India

Franklin Templeton Asset Management (India) has reduced its cash position substantially and remains fully invested in equity even as the markets went on a topsy-turvy ride.

The sharp fall in key indices and the bearish sentiment amid the raging war in West Asia will have a major impact on inflows through Systematic Investment Plans.

Long view

Avinash Satwalekar, President, Franklin Templeton India, said the fund house believes in its portfolio construct and using the recent fall in valuations to top it up.

If one looks at the history of equity markets, he said, bear markets are measured in months while bull markets are measured in years, and hence investors should stop worrying about negative returns in the last two years and market volatility.

“I know it is not a pleasant situation when SIP returns turn negative, particularly when the whole notion is about keep putting money in SIP to make more money,” he said on the sidelines of an event to launch the fund house’s equity long-short SIF under Saphire SIF.

What most investors tend to do is cancel SIP, and they are technically averaging down. By doing this, he said they miss out on the opportunity to buy more units for the same rupee, and when the market turns, they will remain a laggard for long, he added.

“Markets give an opportunity every five years to truly put money to work. If you do not take that opportunity, you will get rich, but you will not get wealthy. How do you create real wealth is to do something when others are not doing it,” said Satwalekar.

Flexible strategy

On the new long-short equity SIF launched, he said investors are navigating markets that move through different phases rapidly, making disciplined and flexible investment strategies increasingly important.

Compared to conventional MFs, SIFs can potentially take advantage of market shifts by taking short positions up to 25 per cent of their net assets, which can help reduce downside risk during market corrections, he added.

Arihant Jain, Portfolio Manager, Sapphire Equity Long-Short SIF, said the underlying quantitative model for the strategy is designed to assess stocks using a broad set of leading and lagging indicators, recognising that different factors tend to perform differently across market environments.

“The model is designed to adapt while preserving a strong emphasis on risk management,” he said.

Published on April 2, 2026

Source link

TVS Venu Group acquires PGIM India Asset Management

by Hansraj Agrawal | Apr 2, 2026 | Business

TVS Venu Group has entered into definitive agreements to acquire Prudential Financial Inc’s entire stake in PGIM India Asset Management and PGIM India Trustees.

The deal being executed through TVS Venu Management and Consultancy Services and its affiliates is subject to regulatory approvals and other customary closing conditions.

PGIM India is a wholly-owned business of PGIM, the global investment management business of PFI. It is a full-service investment manager offering a broad range of equity, fixed income and multi-asset solutions to retail and institutional investors, managing over ₹30,000 crore of assets as of December-end.

Khaitan & Co acted as legal advisor to TVS Venu Group and Shardul Amarchand Mangaldas & Co acted as the legal advisor to PFI. Ernst & Young LLP acted as the exclusive M&A advisor to PFI.

PGIM India is a wholly-owned business of PGIM, the global investment management business of the US-based Prudential Financial, Inc.

It manages 25 open-ended mutual funds in India as of March-end and also offers alternative investment funds, portfolio management services and offshore advisory.

In 2019, Prudential Global Investment Managers completed purchase of 50 per cent stake held by its joint venture partner DHFL.

The fund house, earlier known as DHFL Pramerica Asset Managers was changed to PGIM India Mutual Fund.

The TVS Venu Group is a leading Indian multinational conglomerate with diversified businesses spanning industries including automotive, financial services and real estate and a global footprint in over 80 countries.

Published on April 2, 2026

Source link

SEBI proposes revival of open-market share buybacks via stock exchanges

by Hansraj Agrawal | Apr 2, 2026 | Business

The move aims to provide companies with greater flexibility and align with a neutral tax framework, while ensuring equal opportunity for shareholders.

The Securities and Exchange Board of India (SEBI) has proposed reintroducing open-market share buybacks through stock exchanges, nearly a year after discontinuing the route, citing a more neutral tax framework and industry demand for greater flexibility.

The regulator said the mechanism could be reinstated as an additional method under existing buyback regulations, alongside the tender offer and book-building routes. Public comments are invited until April 23.

The stock exchange route was phased out and eventually discontinued from April 1, 2025, amid concerns over equitable treatment of shareholders and tax distortions that favoured select participants.

Equal opportunity under order-driven system

Under the earlier system, buyback orders could be matched with a handful of shareholders, leaving others unable to participate despite their willingness.

“The differential tax advantage that existed earlier… would not exist any longer,” SEBI said in a draft paper issued on Thursday, adding that buyback proceeds will now be taxed as capital gains in the hands of shareholders, aligning them with normal market transactions.

The mechanism operates within an “order-driven market” where execution is determined by price-time matching, offering “equal opportunity” under uniform conditions, SEBI said.

Industry backing and global relevance

Open market buybacks are widely used globally, aiding continuous price discovery and enhancing liquidity. Industry bodies, including FICCI and AIBI, have backed the move, arguing that it allows companies to gradually absorb selling pressure and deploy surplus cash efficiently.

“Promoters are proposed to be excluded from selling into the stock-exchange buy-back window, and the Finance Act, 2026 imposes additional tax and surcharge on promoter shareholders to reduce arbitrage. So direct preferential monetisation through this route appears constrained,” Rohit Jain, Managing Partner at Singhania & Co, said.

Concerns over fairness and price discovery

However, some caution that structural concerns remain. “Reintroducing open market buybacks is efficient, but it revives concerns around unequal participation and opaque price discovery,” said Raheel Patel, Partner at Gandhi Law Associates.

“The tax changes remove earlier arbitrage but don’t fully solve fairness, since not all shareholders benefit equally. Promoters may still gain indirectly through price support and EPS optics, and the route carries a real risk of subtle price influence or signalling,” Patel said.

SEBI has proposed that buybacks via stock exchanges be conducted through a separate window, with existing safeguards on price, volume and disclosures continuing to apply.

Published on April 2, 2026

Source link

« Older Entries

Next Entries »

Times Top News

Times Top News