Amnish Aggarwal of Prabhudas Lilladher suggests focusing on domestic-oriented sectors like consumption, private banks, hospitals, and pharma due to global uncertainties. He notes potential margin expansion for paint companies from lower crude prices and benefits for OMCs and aviation. However, concerns exist about employment impacts on the middle class and potential slowdown in mutual fund inflows if market volatility persists.

India s Volatility Index surged over 6% amid global equity selloffs and escalating trade tensions, triggered by U.S. tariffs on pharmaceutical imports and increased duties on Chinese goods. Indian pharma and metal stocks declined, while concerns about stagflation and a potential U.S. recession impacted IT stocks.

Indian stock markets, including BSE and NSE, will remain closed on Thursday, April 10, for Mahavir Jayanti 2025. All trading segments—equities, derivatives, currencies, SLB, and EGR—will be suspended. Markets will resume normal operations on Friday, April 11. Investors should also note upcoming April holidays for Ambedkar Jayanti and Good Friday, along with key holidays later in 2025.

Nilesh Shah of Kotak AMC advises investors to prioritize quality stocks and valuation amidst global uncertainties, advocating a cautious approach to deploying capital during market corrections. He anticipates opportunities arising from President Trump s actions. Shah believes the rupee s movement will mirror the Chinese currency, emphasizing the need for competitiveness and trusting the RBI to manage volatility effectively.

Shares of Muthoot Finance, IIFL Finance, and Manappuram Finance fell sharply after the RBI announced plans to tighten gold loan regulations. The central bank also cut the repo rate by 25 bps to 6% and lowered the FY26 GDP growth forecast to 6.5%. Banking stocks declined broadly despite the easing, with PSU banks leading the fall.

Dinesh Kumar Khara welcomes the expanded scope of co-lending, now encompassing all loan types and ecosystem participants. He notes deposit rate cuts are contingent on system liquidity and credit growth, observing some banks have already reduced rates due to lower first-quarter credit growth.

On April 2, the Trump administration introduced reciprocal tariffs on over 60 countries, with a base tariff rate of 10%. India s reciprocal tariff is set at 26%. Additionally, a 25% tariff on steel and aluminum imports to the U.S. has been in effect since March 12.

Public sector banks were among the biggest losers, with Bank of India, Union Bank of India, Indian Bank, and Bank of Baroda dropping nearly 4%. Canara Bank, Punjab National Bank, and State Bank of India also saw declines between 1.5% and 2%.

​Our perspective is that yes, currency is somewhere an important variable which markets will be looking at, not only currency people will also look at what is happening on US bond yields. US bond yields in the last five days are up almost 60 odd basis.

The RBI cut repo rates by 25 bps to 6% and shifted to an accommodative stance, signalling more cuts ahead to support growth amid global uncertainty. Markets were subdued; gold loan NBFCs fell on tighter norms. Experts expect further easing to boost demand, though transmission may take time.