Assalamu Alaykum,
Welcome to our monthly economic and market update! As we enter a new month, here’s a recap of the key economic and market developments in India from March. Let’s get started.
Stock market updates
March continued the downward trend for India’s markets, though the losses were more moderate compared to the previous month. The BSE SENSEX slipped by 1.14%, closing at ₹76,617, while the NIFTY 50 fell by 1.46%, ending the month at ₹23,165. Ongoing global uncertainties and cautious investor sentiment weighed on market performance, leading to a second consecutive month of declines.
- Maruti Suzuki, India’s largest carmaker, will invest ₹74.1 billion ($864 million) to build a third plant at its Haryana facility, increasing total capacity to 750,000 vehicles per year by 2029. The new plant will help meet rising domestic and international demand.
- Dabur India shares fell over 8% after the company warned of flat Q4 FY25 revenue and a 150–175 bps drop in operating profit margins due to inflation and operating deleverage. While rural markets outperformed urban ones and organized trade stayed strong, general trade remained weak, leading to subdued overall FMCG volume growth.
- Ultratech Cement shares edged up after the company commissioned multiple brownfield expansions, including 3.35 mtpa clinker capacity and a 2.7 mtpa cement mill at its Maihar facility. The second mill is expected in Q1 FY26. The stock has risen 14% over the past month, outperforming the Nifty 50’s 6% gain.
- Markets ended the week sharply lower, with Nifty and Sensex both down over 2.5% amid fears from Trump’s tariff announcement and slowing growth. On Friday alone, indices fell over 1%, with the Nifty Metal index tumbling 6%. All sectoral indices ended in the red, with Nifty IT the top loser.
Top gainer and top loser Halal stocks in India
India Economic updates
- India’s gross GST collection in March rose 10% year-on-year to ₹1.96 trillion ($22.91 billion), according to the finance ministry. Net GST, excluding refunds, grew 7.3% YoY to ₹1.77 trillion, up from ₹1.63 trillion in February. The steady increase in GST collections reflects strong economic activity and improved compliance.
- India’s fiscal deficit for April-February stood at ₹13.47 trillion ($157.62 billion), reaching 85.8% of the full-year target. Net tax receipts totaled ₹20.16 trillion, or 78.8% of the annual goal, while total expenditure was ₹38.93 trillion (82.5% of target). Capital expenditure reached ₹8.12 trillion (79.7% of target), highlighting the government’s infrastructure push.
- India and New Zealand are targeting a free trade agreement within the next two months, aiming to boost bilateral trade in sectors such as agriculture, aerospace, and renewable energy. This marks a revival of negotiations after a decade-long pause, following a meeting between Indian Prime Minister Narendra Modi and New Zealand Prime Minister Christopher Luxon during Luxon’s visit to India.
- India is ramping up trade talks to offset upcoming U.S. tariffs, with American officials in New Delhi to finalize a bilateral deal ahead of Trump’s April 2 deadline. The move is part of India’s push to reduce reliance on the U.S. and expand global trade ties.
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