Slippery slope

Nifty50: 17,475 ▼ 54 (-0.3%) 
Sensex: 58,338 ▼ 237 (-0.4%)

• After a positive start, markets slipped and closed in the red for the third consecutive day in this holiday-shortened week.
• In all, 28 of the Nifty50 stocks closed in the red.
• Meanwhile, the US retail inflation rate rose to a 40-year high on the back of soaring fuel prices. Rising inflation could put pressure on central banks to raise interest rates aggressively.

Among the Nifty sectoral indices, Oil and Gas (+0.7%) and FMCG (+0.6%) saw top gainers, while Private Bank (-0.8%) and Auto (-0.8%) were the top losers.

Did you know?

You can now place Good-Till-Triggered (GTT) orders on the new Upstox app. To know more about GTT orders, click here.

For more updates on F&O, click here.

Here are the top stories of the day.

Domestic stainless steel demand to see steady growth

The domestic demand for stainless steel is expected to grow at a CAGR of 6.6-7.5% over the financial years 2022-2025 to 4.6-4.8 million tonnes (MT), according to an industry report. Demand from sectors like construction, infrastructure and manufacturing is expected to drive the growth. In FY22, the demand for stainless steel in India was 3.7-3.9 MT.

Meanwhile, Jindal Stainless in a statement today said the domestic demand for the company was muted in Q4 FY22, owing to cheap stainless steel imports from China and Indonesia. Exports as a contribution to total sales volume, were up to 32% in Q4, compared to 16% in the year-ago period.

Raymond witness strong demand recovery

According to a report, the management of Raymond said it has seen strong recovery in its textiles business, with demand in its lifestyle apparel segment surpassing pre-pandemic levels. The company also said spending per customer has risen by about 20%So far in 2022, shares of Raymond have risen by 50%. 

Meanwhile, according to the Retailers Association of India, the apparel market has grown 12% in March as compared to the pre-pandemic levels . However, inflation remains a concern with respect to demand.

Shriram City targeting to grow gold loan book

As per a media report, non-banking financial company Shriram City Union Finance is targeting to grow its gold loan book to ₹15,000-20,000 crore over the next five years. The company’s gold loan book stood at ₹4,110 crore as of 31 December 2021. For the last two years, demand for gold loans has risen, and the company’s gold loan portfolio contributes 13% of its assets under management as compared to 10% in December 2021.

Meanwhile, the company also announced the launch of its gold loan products across 70 branches in north India. The management believes that the company has a strong franchise for gold loans in the south, where they get their majority of business, and they want to replicate the same in the north.

IPO corner

Shares of steel product maker Hariom Pipe Industries made a strong debut on the exchanges today. They listed at a premium of around 44% over their issue price of ₹153. This IPO was subscribed around 8 times on the final day.

Good to know

What is assets under management?

Assets under management (AUM) is the total market value of the investments that an asset management company, such as a mutual fund, manages on behalf of its clients. A steady growth in AUM is generally seen as an indicator of the ability of an asset manager to deliver superior returns. The size of AUM fluctuates on a daily basis depending on the flow of money in and out of a fund and the price movements in the assets.

Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.

Yay 👍 or Nay 👎?

We'd love your thoughts on this market recap.

Haven't tried out Upstox yet? Click here to open your account now!