Market View 1st April, 2025

View on market: Volatility Prevails, Market is searching for better value

Asian stock markets rebounded after three days of losses, but US stock futures showed signs of weakness, indicating ongoing market pressure. Markets in Japan, Australia, and South Korea saw gains, while gold remained near its highest levels due to strong demand for safe-haven assets. In the US, the stock market experienced volatility as concerns over upcoming tariffs continued to impact investor sentiment. The S&P 500 made a late recovery but still recorded its worst monthly and quarterly performance in years. The Dow Jones gained, while the Nasdaq 100 remained mostly unchanged. Among major companies, Tesla faced losses, while Apple saw gains. Newsmax had a strong debut in the stock market, whereas vaccine-related stocks fell due to a leadership change in the US FDA. In India, both the NSE Nifty 50 and BSE Sensex ended lower in the last session, experiencing fluctuations throughout the day. However, despite recent declines, both indices posted positive growth for the financial year, marking the second consecutive year of gains after a strong recovery from previous lows.

Economic Calendar:

• USD: ISM Manufacturing Employment (Mar) on 1^st April 2025.
• IND: S&P Global Manufacturing PMI (Mar) on 2^nd April 2025.
• USD: Crude Oil Inventories on 2^nd April 2025.
• IND: Foreign Reserves (USD) on 4^th April 2025.

Brokerage Radar:

UBS ON HAL:

Maintain Buy rating and revise target price from ₹4,800 to ₹5,440, Ended FY25 with a strong beat on orders, revenue acceleration ahead, Cabinet Committee has cleared an order for 156 Prachand helicopters to HNAL, Awarding of this order is a positive surprise in both value at *627bn vs our expectation of ₹450bn and timing as we expected it in Q1FY26.

JEFFERIES ON GMR AIRPORTS:

MAINTAIN BUY TARGET PRICE: ₹92, AERA’S FY25-FY29 tariff order for Delhi Airport aligns with expectations, Final aero tariff is broadly in-line with what was suggested in the recent consultation paper, Approx 148% increase in yield per pax vs prior period, Supports Recent Capex & Boosts Profitability Visibility.

CITI ON VODA IDEA:

MAINTAIN BUY TARGET PRICE: ₹12, Govt to convert part of Voda Idea’s spectrum dues to equity at 10/sh (47% premium to CMP), Govt stake to rise from 22.6% to 49% with promoters retaining control, Timely govt support eases cash flow for 3 years & aids bank debt raise.

International Markets:

U.S & Europe:

*As per 1^stApril.

 Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

NEWS UPDATES

Source: Moneycontrol, Bloomberg Quint, Investing

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