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Iran President Masoud Pezeshkian dismissed US President Donald Trump's claim of Tehran's internal rift in the country's leadership. His remarks came after Donald Trump suggested that there was infighting within Iran's political and military establishment.
Asian equities opened lower as US-Iran talks showed little progress in de-escalating the Middle East conflict, keeping the Strait of Hormuz effectively closed. Oil prices rose as geopolitical risks intensified, with Brent crude climbing to $106.20 a barrel. Investors remain cautious, awaiting signals on energy supply risks.
The Reserve Bank of India became a net buyer of $7.4 billion in February, a shift from January's net sales. This likely benefited from a stronger rupee after the India-US trade deal announcement. The real effective exchange rate (REER) for the rupee decreased in March, indicating undervaluation and supporting export competitiveness.
Shapoorji Pallonji Group is nearing the closure of a ₹25,400 crore debt raise by May 15, featuring annual coupons around 18.75%. This fundraising, part of Project Ascent, will utilize USD bonds and bespoke loans to refinance existing debt, including bonds secured against its Tata Sons stake.
The yuan is poised to surpass the yen as the second-most traded currency against the dollar in foreign-exchange options, according to LCH. This shift, expected by 2028, reflects growing yuan internationalization and market demand for currency diversification beyond the dollar.
Indian markets faced pressure on Thursday due to escalating West Asian tensions, with analysts expecting continued weakness. Stalled US-Iran talks and naval blockades are keeping risk sentiment fragile, impacting crude oil, the rupee, and institutional flows. The rupee also extended its losing streak against the dollar.
Markets experienced a corrective session on Thursday, extending previous weakness amid adverse global cues. Key companies like RIL, Infosys, and Adani Energy are in focus due to Q4 results and news developments. Tata Capital reported a 43% net profit growth, while Cyient approved a Rs 720 crore share buyback alongside a weak March quarter performance.
Indian IT firms are seeing steady new deals and operating margins. However, revenue growth is slowing down quarter-on-quarter because projects are delayed. Artificial intelligence also poses a risk to future earnings. Companies like Infosys and HCLTech have given cautious growth forecasts for the upcoming financial year. IT stocks may face pressure in the short term.
The Indian Rupee fell for the fourth consecutive day on Thursday. This decline followed the Reserve Bank of India's decision to remove restrictions on foreign exchange trading. Higher crude oil prices also contributed to the Rupee's weakening. The currency closed at 94.11 against the US Dollar. Brent crude futures surpassed the $100 per barrel mark.
Global oil price surges, triggered by the US-Iran conflict, have fueled a significant increase in retail trading of crude derivatives on Indian exchanges. Futures and options volumes saw a dramatic rise in March, with traders actively participating in short-tenure positions despite tightened trading conditions and higher margins.
HSBC has downgraded India to underweight, citing inflationary pressures from elevated oil prices and demand as key concerns. The brokerage anticipates a delay in India's economic recovery, with potential earnings cuts expected to impact valuations despite recent market sell-offs. This downgrade reflects weakening relative attractiveness for Indian equities compared to regional peers.
Indian stock markets declined nearly 1% on Thursday, mirroring losses in Asian benchmarks as Brent oil prices surpassed $100, fueling cautious sentiment. Analysts anticipate range-bound trading until strong market triggers emerge, with the Nifty closing at 24,173.05 and Sensex at 77,664.
Pharma stocks showed strength on Thursday, defying market weakness. Dr Reddy's Laboratories saw significant gains, fueled by anticipation of approval for its Semaglutide diabetes drug in Canada. Other pharma companies also experienced upward movement. This defensive sector appeal is attracting investors amid uncertain market conditions and geopolitical concerns.
The Inspector General’s office announced on Thursday that it will examine how the Justice Department collected, reviewed, and redacted documents before releasing them to the public.
U.S. stocks declined amid escalating Iran war concerns and mixed earnings. Hopes for a swift resolution dimmed as Iran tightened control over the Strait of Hormuz and reported air defense activations. Investors also reacted to AI disruption fears in the software sector, with IBM and ServiceNow shares falling, while Texas Instruments surged on positive forecasts.
Inaki Ereno, chief executive of Bupa, has said employees who prioritise work-life balance may be in the wrong role, arguing that people should enjoy their work enough to not feel the need for strict separation.
