Columbia India Consumer

Fusemachines

Erayak Power Solution

Smart Powerr

Sky Quarry

Cue BioPharma

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

ZeZentalis Pharma

XCF Global

Rackspace Tech

U Power

India's electric vehicle (EV) ecosystem is lagging behind its Asian peers, with EVs making up only 4.1% of passenger vehicle sales compared to 50% in China and 37.9% in Vietnam. Despite strong policy support and growth in domestic production, infrastructure remains a significant barrier, with 84 EVs per public charger in India versus 10 in China. Additionally, India faces a higher import tariff on EVs at 103.8%. The EV market saw a contraction of 22.22% in FY25, highlighting the challenges ahead for India's EV adoption amid rising fuel prices and global energy concerns.

Business Standard

Statsguru: India yet to plug EV gap in the race with Asian peers

External Affairs Minister S. Jaishankar thanked the UAE for its support of the Indian diaspora during recent conflicts. He discussed India-UAE relations, including energy cooperation, with Emirati leaders. Meanwhile, Pakistan is set to receive $5 billion in financial aid from Saudi Arabia and Qatar, as it struggles with debt and IMF conditions. Qatar may replace the UAE as a creditor for Pakistan, which owes $3.5 billion to the UAE. Additionally, India is enhancing ties with France and Germany through high-level consultations on various bilateral issues.

Jaishankar thanks UAE for diaspora support; Qatar may replace UAE for Pak

IMVP

RBI Deputy Governor T. Rabi Sankar criticized banks for exacerbating the rupee's weakness through arbitrage trades during West Asia tensions. He highlighted that these trades strained dollar liquidity amid significant foreign outflows. Following RBI's restrictions on currency speculation, banks reversed $30 billion in trades. Sankar expressed discontent over banks transferring trades to corporate clients, which is prohibited. RBI Governor Sanjay Malhotra noted that while arbitrage positions are crucial for price discovery, excessive volatility can be destabilizing. The rupee has gained 2% since the RBI's intervention, becoming Asia's best-performing currency this year.

Invesco India ETF

Xtrackers Nifty 500 India ETF

RBI DG T Rabi Sankar criticises banks' arbitrage trades as rupee weakens

India's Foreign Secretary Vikram Misri concluded a three-day visit to the US, discussing energy cooperation with US Energy Secretary Chris Wright. The talks focused on enhancing energy security, bilateral trade, and new areas like coal gasification and LPG exports. US Ambassador Sergei Gor emphasized readiness for civil nuclear cooperation following India's SHANTI Act, which reforms the civil nuclear sector. Misri also engaged with senior US officials on defense cooperation, highlighting the strengthening US-India partnership.

Misri wraps US visit with talks to deepen nuclear ties, explore LPG exports

GS-D

GS-A

GS-C

Next week's memo: On April 13th, the Thai Songkran Festival holiday will result in a market closure, while important economic data will be released in countries such as New Zealand, the United States, and India, including the Services PSI, CPI, and existing home sales. On April 14th, the Monetary Authority of Singapore will release a monetary policy statement, and Australia and China will also announce several economic indicators. In terms of earnings announcements, Goldman Sachs and Fastly will release their financial reports

AASTOCKS

GOLDMAN SACHS GROUP INC DEP REP 1/1000TH PRF D

GOLDMAN SACHS GROUP INC DEP SHR REP 1/1000TH PFD SER A

GOLDMAN SACHS GROUP INC DEP SHS REPSTG 1/1000TH PRF SER C

Next Week's Memo

The Reserve Bank of India absorbed ₹2 trillion through a 7-day variable rate reverse repo auction, its first since December 2025, reducing surplus liquidity and increasing bond yields. The 10-year government bond yield rose to 7% but stabilized at 6.91% by day's end. The weighted average call rate was 5.04%. Analysts suggest more VRRRs may occur if rates fall below the SDF rate. This operation follows a period of liquidity infusion by the RBI, which injected ₹3.5 trillion since January 2026 to address liquidity tightness.

- The Reserve Bank of India absorbed Rs. 2 trillion through a 7-day variable rate reverse repo auction, its first since December 2025, decreasing surplus liquidity and pushing bond yields higher.  
- Following the auction, the yield on the benchmark 10-year government bond rose by 4 basis points to 7 percent but stabilized at 6.91 percent by the end of the day.  
- Analysts suggest that further VRRR operations may occur if market rates fall below the SDF rate, indicating excess liquidity in the banking system.

RBI absorbs ₹2 trillion via 7-day VRRR auction after four months

The Indian rupee opened slightly higher at 92.58 per US dollar, up 0.1% from the previous close of 92.66. Market volatility is expected as banks prepare to reduce their overnight foreign exchange positions by the Reserve Bank of India's deadline. Despite concerns of rupee depreciation, analysts suggest the RBI may intervene to stabilize the currency. Exporters are likely to sell on price increases, while importers may buy on dips. Asian currencies showed mixed performance, and the dollar index remained stable near 99.

Money Control

Nippon Life Insurance Co.

Rupee Watch: Rupee opens marginally higher against US dollar

In March 2026, debt mutual funds experienced a significant outflow of ₹2.95 lakh crore, primarily due to seasonal liquidity adjustments by corporates and institutions. Major outflows were seen in liquid funds (₹1.35 lakh crore), overnight funds (₹40,228 crore), and money market funds (₹29,207 crore). Despite the alarming figures, analysts suggest this is a routine occurrence at year-end, reflecting a shift towards long-term investing rather than panic selling. Investors are advised to focus on short-duration and money market funds for stability amid ongoing interest rate uncertainties.

₹2.95 lakh cr outflow: Why debt mutual funds saw a sharp March 2026 exit

Indian Ministry of External Affairs: India has not held discussions with Iran regarding the payment of transit fees for the Strait of Hormuz

Wallstreetcn

1678

The margin trading facility (MTF) book in March declined by 5.6% to ₹1.13 lakh crore, marking the second consecutive monthly drop due to cautious investor sentiment amid geopolitical uncertainties. However, it grew by 57.1% year-on-year. Average daily turnover (ADTO) rose by 46.5% year-on-year to ₹517.7 lakh crore, driven by strong derivatives activity. The National Stock Exchange (NSE) dominated the MTF space, accounting for over 95% of volumes. CareEdge Ratings anticipates steady investor participation but warns of potential impacts from increased Securities Transaction Tax and ongoing global uncertainties.

Nomura Holdings, Inc.

Liquidity, uncertainty hit MTF book growth in March, says report

The Tamil Nadu Assembly election is set for April 23, with 234 members to be elected. The contest is shaped by Dravidian ideology, the rivalry between DMK and AIADMK, and emerging parties like actor Vijay's Tamilaga Vettri Kazhagam. Key issues include the effectiveness of the DMK-led coalition's welfare policies and the AIADMK's potential comeback amid anti-incumbency. Tamil Nadu's politics is influenced by regional dynamics, caste identities, and federalism debates, with welfare schemes playing a crucial role in voter mobilization. The state has a diverse economy and a significant voter base of 56.7 million.

Tamil Nadu polls: A contest shaped by welfare politics, shifting alliances

Cyrus Poonawala, founder of the Serum Institute of India, will exhibit Raja Ravi Varma's painting, Yashoda and Krishna, at AstaGuru's ShowKeen exhibition in Mumbai on April 11-12. Recently sold for Rs 167.2 crore, it is the most expensive modern Indian artwork. Poonawala views it as a national treasure and aims to share its beauty with the public. The painting, a hallmark of Varma's fusion of Indian themes and European techniques, is rarely seen in public. Entry to the exhibition is free.

Poonawalla-owned iconic Raja Ravi Varma painting to be exhibited in Mumbai

NFTY

NDIA

INDH

The BSE Sensex rose 3.95% to 77,562.9, and the NSE Nifty 50 increased 3.78% to 23,997.35, driven by a global rally following a U.S.-Iran ceasefire and unchanged domestic interest rates. The Indian rupee strengthened 0.5% to 92.58 against the dollar. The 10-year government bond yield fell to 6.8984%, while one-year and five-year overnight index swap rates decreased to 5.85% and 6.31%, respectively. The overnight call money rate stood at 4.75%.

marketscreener

First Trust India Nifty 50 Equal Weight

Global X India Active ETF

WisdomTree India Hedged Equity

Ps India Port

India stocks, rupee, swaps, call at close

INCO

SMIN

The Indian stock market will be closed on March 31, 2026, for Shri Mahavir Jayanti, affecting trading and settlement activities on both the BSE and NSE. Regular trading will resume on April 1, 2026, but it will be a settlement holiday due to annual bank closing. The Multi Commodity Exchange (MCX) will have a split session, with evening trading from 5:00 PM to 11:55 PM. Additional holidays include April 3 for Good Friday and April 14 for Dr. Baba Saheb Ambedkar Jayanti.

ISHRS MSCI India S-Cap

Indian stock market holiday: Are NSE, BSE closed on March 31? find out here

The Indian government is projected to exceed a capital outlay of Rs 13 trillion in the FY2027 budget, with significant allocations for roads, railways, defence, and urban infrastructure. The capital outlay has shown a robust CAGR of 20.3% from FY2019 to FY2026, with an expected increase to Rs 13.1 trillion in FY2027, reflecting a 14% rise from FY2026. The Ministry of Road Transport and Highways is set to receive a substantial increase, while the Railways will focus on infrastructure modernization and capacity augmentation. Overall, the infrastructure sector is expected to maintain strong growth momentum.

- The Indian infrastructure sector is projected to maintain strong growth, with significant capital outlay expected in roads, railways, defence, and urban infrastructure, reaching Rs. 11.2 trillion in FY2026.  
- The capital expenditure is forecasted to increase to Rs. 13.1 trillion by FY2027, driven by an uptick in government spending and initiatives aimed at modernizing infrastructure.  
- Key areas include road sector allocation rising to Rs. 2.72 trillion, the railways achieving Rs. 2.65 trillion, and a focus on renewable energy infrastructure emphasized through enhanced budgetary support.

Columbia India Consumer(INCO.US)

Columbia India Consumer Stock Performance Chart

Statsguru: India yet to plug EV gap in the race with Asian peers

Jaishankar thanks UAE for diaspora support; Qatar may replace UAE for Pak

RBI DG T Rabi Sankar criticises banks' arbitrage trades as rupee weakens

Misri wraps US visit with talks to deepen nuclear ties, explore LPG exports

Next Week's Memo