In a volatile session, Indian equity markets staged a smart rebound and settled with decent gains on Wednesday with Nifty and Sensex rising above 17,050 mark and 57,950 mark, respectively. Markets started on a positive note and extended the gains as the day progress, as traders took encouragement with Commerce and Industry Minister Piyush Goyal's statement that the country's merchandise and services exports are estimated to cross $760 billion in the current fiscal ending March 31. He said that at a time when the whole world is facing recession, high inflation and elevated interest rates, India is performing well. Sentiments remained positive amid fresh foreign fund inflows. Foreign Portfolio Investors (FPIs) turned buyers on Tuesday as they bought equities worth Rs 1,531.13 crore, according to exchange data. However, markets erased all the gains in mid-session, as traders got anxious with private report stating that the Reserve Bank of India will raise its main interest rate by 25 basis points on April 6 and then pause for the rest of the year. Depreciation in Indian rupee against dollar too weighed down sentiments. But, final hour buying across the sectors help to end session near day's high. Traders also found solace with a private report that India and China will contribute to half of the world's growth this year, and it highlighted that Asia will remain a crucial growth engine with an estimated 4.5 per cent GDP expansion, making it a standout performer amidst the global economic slowdown. Traders also took a note of Fitch Ratings' statement that even as the Union Budget has outlined a Rs 10 trillion capital expenditure plan for 2023-24 to spur growth, domestic companies are likely to see a 10% to 12% increase in capital expenditure in the coming fiscal. Finally, the BSE Sensex rose 346.37 points or 0.60% to 57,960.09 and the CNX Nifty was up by 129.00 points or 0.76% to 17,080.70.

The US markets ended higher on Thursday as concerns about turmoil in the banking sector continued to ease after sparking substantial volatility on Wall Street in recent weeks. A lack of major negative developments regarding the banking industry in recent days has led to confidence the situation has stabilized. Meanwhile, traders continued to look ahead to Friday's report on personal income and spending, which includes a reading on inflation said to be preferred by the Federal Reserve and could have an impact on the outlook for interest rates. With the Fed signaling last week that it expects just one more interest rate increase this year, traders will look to the data for clues about the timing of the final rate hike. On the sectoral front, Airline stocks turned in some of the market's best performances on the day, driving the NYSE Arca Airline Index up by 1.8 percent. On the economic data front, the Labor Department released a report showing a modest increase in first-time claims for U.S. unemployment benefits in the week ended March 25th. The report said initial jobless claims rose to 198,000, an increase of 7,000 from the previous week's unrevised level of 191,000. Street had expected jobless claims to inch up to 196,000. A separate report released by the Commerce Department showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2022. The report said real gross domestic product shot up by 2.6 percent in the fourth quarter compared to the previously reported 2.7 percent jump. Street had expected the pace of growth to be unrevised.

Crude oil futures ended sharply higher on Thursday, supported by a halt to exports from Iraq's Kurdistan region. Iraq was forced to halt around 450,000 barrels per day (bpd) of crude exports, or half a percent of global oil supply, from the Kurdistan region (KRI) on Saturday through a pipeline that runs from its northern Kirkuk oil fields to the Turkish port of Ceyhan. Further, crude oil prices also rose as easing concerns over turmoil in the banking sector helped reduce fears about risks to economic growth and fuel demand. Benchmark crude oil futures for May delivery gained $1.40 or about 1.9 percent to settle at $74.37 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged $0.99 or about 1.26 percent to settle at $79.27 a barrel on London's Intercontinental Exchange.

Indian forex market was closed on Thursday on account of Ram Navami. Rupee tumbled against dollar on Wednesday amid a rise in crude prices. Traders were worried as private report said that the Reserve Bank of India will raise its interest rate by 25 basis points on April 6 and then pause for the rest of the year. Traders ignored Commerce and Industry Minister Piyush Goyal's statement that the country's merchandise and services exports are estimated to cross $760 billion in the current fiscal ending March 31. He said that at a time when the whole world is facing recession, high inflation and elevated interest rates, India is performing well. On the global front, the British pound hit its highest level against the dollar in eight weeks on Wednesday as worries about the health of the global financial system continued to ease. Finally, the rupee ended at 82.31 (Provisional), weaker by 15 paise from its previous close of 82.16 on Tuesday.

The FIIs as per Wednesday's data were net buyers in both equity and debt segment. In equity segment, the gross buying was of Rs 7146.92 crore against gross selling of Rs 5200.07 crore, while in the debt segment, the gross purchase was of Rs 1225.09 crore against gross selling of Rs 634.37 crore. Besides, in the hybrid segment, the gross buying was of Rs 7.03 crore against gross selling of Rs 8.91 crore.

The US markets ended higher on Thursday for second straight session as bank worries faded and Fed officials reiterated their resolve to lower inflation. Asian markets are trading mostly in green on Friday as investors awaited the release of key U.S. inflation data later in the day that could influence the Fed's monetary policy path. Indian markets ended higher with gains of over half a percent each on Wednesday amid fresh foreign fund inflows and firm trends in global markets. The stock markets were closed on Thursday (March 30, 2023), on account of Ram Navami. Today, the final day of FY23 is likely to open on a flat-to-positive note tracking firm global cues, while rising oil prices likely to cap the gains. Traders will be taking encouragement as the World Bank said India's potential growth could benefit from accelerated implementation of an already ambitious reform agenda. Some support will also come as Commerce and Industry Minister Piyush Goyal said India was in the bright spot amid a series of economic challenges faced by many countries. Traders may take note of Chief Economic Advisor (CEA) V Anantha Nageswaran's statement that the Indian economy is likely to grow at the rate of 6.5 per cent in the coming decade on the back of the turnaround in financial and investment cycle. Meanwhile, India will unveil its much-awaited new Foreign Trade Policy 2023-28 on March 31, with a view to boost exports amid slowing global trade. However, traders may be concerned amid report that Covid-19 cases in India saw a sudden rise that has sounded alarm bells in the government. Union Health Ministry has advised all the states to monitor the situation and asked people to follow Covid protocols. On March 30, 3016 Covid cases were reported in the country, which is the highest in the last six months. There may be some cautiousness with a private report that the Reserve Bank may go for a final 25 basis points increase in the current rate hike cycle next week and a reduction would come in only by the end of the third quarter of FY24. Telecom industry stocks will be in focus with report that six telecom companies -- including Airtel, Reliance Jio and Vodafone Idea -- had a total debt of Rs 4.17 lakh crore in fiscal 2021-22. There will be some reaction in coal industry stocks as Coal minister Pralhad Joshi said India will start exporting thermal coal by 2025-26 and stop imports of some grades with an expected rise in domestic output. Metal stocks will be in limelight as Crisil Ratings said the domestic stainless steel demand is expected to grow at a compound annual growth rate (CAGR) of 9 per cent till 2024-25 financial year. Today is going to be busy for the primary market in the SME segment as four IPOs being launched for bidding on March 31.

                               Support and Resistance: NSE (Nifty) and BSE (Sensex)

Nifty Top volumes

• NTPC's step-down subsidiary -- NTPC Renewable Energy has signed Term Sheet with Greenko ZeroC on March 28, 2023 to Supply 1300 MW Round the Clock RE Power for powering Greenko's upcoming Green Ammonia Plant at Kakinada, India. 
• L&T's construction arm -- L&T construction has secured two orders for its Minerals & Metals Business from the Vedanta Group. 
• Power Grid Corporation of India has acquired Dharamjaigarh Transmission, the Project SPV to establish Transmission scheme for evacuation of 4.5GW RE injection at Khavda PS under Phase II- Part B, on BOOT basis from the Bid Process Coordinator - PFC Consulting. 
• JSW Steel has raised Rs 1500 crore through unsecured, listed, Rated, redeemable, non-convertible debentures bearing a face value of Rs 1,00,000 each.