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Gold prices plummeted by Rs 6,004 to Rs 1,47,704 per 10 grams on Thursday, reversing a four-day rally. Intensifying West Asian geopolitical tensions and a strengthened US dollar, following President Trump’s warnings of further action against Iran, dampened investor sentiment. This shift also saw traders fully price out US Federal Reserve interest rate cuts for

India’s manufacturing sector experienced a slowdown in March, with growth moderating due to rising costs, intense competition, and global uncertainties like the Middle East conflict. While new orders and output saw slower expansion, employment surged, and export demand remained robust, indicating a mixed but resilient industrial landscape.

The Indian rupee rebounded strongly, gaining 151 paise to 93.19 against the US dollar after the Reserve Bank capped banks’ net open positions. Despite this regulatory intervention, underlying pressures from foreign fund outflows, a firming dollar, and high crude oil prices persist, impacting equity markets as well.

Amidst ongoing Middle East energy disruption, the government has announced a complete customs duty exemption on critical petrochemical products until June 30. This temporary measure aims to alleviate supply chain challenges, reduce cost pressures on downstream industries, and ensure the continued availability of essential inputs for various manufacturing sectors.

Hopes for peace in West Asia fueled a global market rally that extended to India, with the Sensex surging 1,187 points to 73,134. The rally was further supported by a strengthening rupee and softening crude oil prices, despite continued foreign fund outflows. Investors anticipate further gains if no negative news emerges overnight.

Top stock market recommendations: Grindwell Norton, Adani Power, and KSB are stocks that Aakash K Hindocha, Deputy Vice President – WM Research of Nuvama Professional Clients Group recommends. He shares target levels as well as his outlook on Nifty and Bank Nifty: