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Morning Alert..
India’s exports shrink 3% in FY24 but tide is turning, says govt
Snapping the trend of growth in three consecutive months, goods exports in March year-on-year (Y-o-Y) contracted a moderate 0.67 per cent to $41.68 billion due to falling commodity prices and persistent geopolitical challenges. With March being the seventh month when exports contracted in 2023-24, on a cumulative basis outbound shipments saw a 3.11 per cent decline at $437.06 billion, the data released by the commerce department on Monday showed. The contraction came after exports grew during the last two financial years. However, Commerce Secretary Sunil Barthwal exuded optimism and said exports had moved into a “positive cycle of growth”, particularly in the calendar year 2024. “This year was extremely difficult for trade. The Russia-Ukraine war continues, and other conflicts came up. There was a huge issue due to the Red Sea (crisis) and Panama Canal. There were recessionary trends as well … We have beaten all odds,” Barthwal said. The commerce secretary said that sectors such as electronic goods, drugs, and pharmaceuticals had done well despite adversities.

West Asia flare-up roils equity, rupee; Sensex, Nifty slip over 1%
The Indian equity benchmarks declined on Monday as Iran’s missile and drone strike on Israel prompted investors to flee risky assets. The losses, however, were contained as investors shrugged off concerns of a wider war amid diplomatic efforts to contain the crisis. The rupee, too, depreciated to a fresh closing low of 83.45 per dollar on Monday but it performed better than most Asian currencies. Gold continued to witness a safe-haven rush but pressure eased. Though India’s 10-year government bond yield remained largely flat, the 10-year US Treasury yield rose as much as 11 basis points to 4.63 per cent, the highest level since mid-November. After declining more than 1 per cent for a second day, the Sensex ended the session at 73,400, dropping 845 points or 1.14 per cent — its sharpest decline since March 27. The Nifty 50 ended at 22,273, a drop of 247 points or 1.1 per cent. Foreign portfolio investors (FPIs) sold shares worth Rs 3,268 crore, while domestic institutional investors pumped in nearly Rs 4,800 crore.

Global market action
Dow Jones – Down by 0.30% or 111.93 points
FTSE – Down by 0.38% or 30.05 points
CAC – Up by 0.43% or 34.28 points
DAX – Up by 0.54% or 96.26 points
Gift Nifty – Down by 1.04% or 231.50 points

FII/DII activities
FII – Sold 3268 Cr worth of shares
DII – Bought 4762.93 Cr worth of shares.

Stocks with high delivery Percentage
Astrazeneca Pharma India Ltd – 87%
Blue Dart Express Ltd – 83.5%
Hindustan Unilever Ltd – 80.8%
SIS Ltd – 79%
DOMS Industries Ltd – 77.6%

Primary market activities
Listing today
DCG Cables & Wires Ltd (NSE SME) – Subscribed 16.96x
Teerth Gopicon Ltd (NSE SME) – Subscribed 75.54x

Commodities updates
Gold – Rs 74590/10gm, Silver – Rs 83810/kg, Brcrude – Rs 7134/barrel, Copper – Rs 831.95/kg.

Corporate News
Mahindra Group to invest nearly Rs 1,200 cr in renewable energy projects.

Vodafone Idea earmarks Rs 5,720 crore to roll out 5G wireless network.

Jio Financial-BlackRock JV to launch wealth management, broking business.

Vedanta secures 11-year Rs 3,900 crore loan from PFC, says report.

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