Market View 28th March, 2025

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

Asian stocks declined on Friday, mirroring losses in US markets, as concerns over potential reciprocal tariffs and rising trade tensions overshadowed strong US economic growth data. Markets in Japan and South Korea saw declines, following setbacks in major US indices. However, Australian stocks showed resilience with modest gains. US equity futures also trended lower in early Asian trading. In the currency market, the dollar index saw a slight dip, reflecting cautious sentiment. Brent crude prices remained stable with minor gains. Despite volatility in the previous session, Indian benchmark indices rebounded, closing higher on Thursday. The recovery followed a sharp intraday fall, signaling renewed investor confidence. Overall, market sentiment remained cautious, with trade concerns weighing on equities despite positive economic indicators. Investors continued to monitor global developments for further cues.

Economic Calendar:

• USD: Core PCE Price Index (YoY) (Feb) on 28^th March 2025.
• IND: Foreign Reserves (USD) on 28^th March 2025.
• USD: ISM Manufacturing Employment (Mar) on 1^st April 2025.
• IND: Federal Fiscal Deficit (Feb) on 31^st March 2025.

Brokerage Radar:

JEFFERIES ON BROKERS, ASSET MANAGERS & EXCHANGES:

SEBI’s push to spread out F&O expiry days may ease concerns for BSE, SEBI proposes exchanges stick to Tuesday & Thursday F&O expiry, NSE may revert to Thursday expiry (from Monday), while BSE stays with Tuesday, This could reduce concerns about BSE’s market share loss and estimated 12% EPS impact.

MOTILAL OSWAL ON HDFC AMC:

Buy – target price Rs 4800, Project equity AUM growth of 55%/12%/18% in FY25/FY26/FY27, FY26 anticipated to start on weaker note in terms of AUM growth, Despite adjustments in commission structures, factor in a 1bp decline in overall yields for FY26 & FY27.

JP MORGAN ON HAL:

Overweight, target price Rs 4958, GE Aerospace has started delivery of F404-IN20 engines for LCA Mk1A fighter aircraft as per a news story posted on GE Aerospace website, Delayed delivery of engines has been an overhang on CO, Continues to have large opportunity set & enjoys monopoly.

International Markets:

U.S & Europe:

*As per 28^th March.

 Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

NEWS UPDATES

Source: Moneycontrol, Bloomberg Quint, Investing

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