India’s defence exports surged to a record high of Rs 23,622 crore (about $2.76 billion) in the just-concluded FY25 -- a growth of Rs 2,539 crore or 12.04 per cent compared to Rs 21,083 crore in FY24, the government said on Tuesday.

The defence public sector undertakings (DPSUs) have shown a significant increase of 42.85 per cent in their exports in FY25, reflecting the growing acceptability of Indian products in the global market and the ability of the Indian defence industry to be a part of the global supply chain.

The private sector and DPSUs have contributed Rs 15,233 crore and Rs 8,389 crore, respectively, in defence exports in FY25, whereas the corresponding figures for FY24 were Rs 15,209 crore and Rs 5,874 crore, respectively.

In a post on social media platform X, Defence Minister Rajnath Singh said that under the leadership of Prime Minister Narendra Modi, India is marching towards achieving the target of increasing defence exports to Rs 50,000 crore by 2029.

While both India and the US are deeply interconnected through trade, investment, and strategic agreements, recent US tariff measures have introduced new complexities, as per a report.

The trade relationship between the United States and India, valued at $129.20 billion in 2024, is at a critical juncture as new US trade policies aim to introduce tariff realignments.

India has already kicked off some tariff adjustments specific to the US, beginning with the Budget 2025. It has relaxed tariffs for various goods on the US export list, such as motor bikes from 50 per cent to 40 per cent, and bourbon whiskey from 150 per cent to 100 per cent.

Simultaneously, both countries have started working towards negotiating the bilateral trade agreement (BTA) aimed at reaching a deal before the end of 2025.

Goldman Sachs has projected a positive outlook for BSE Limited, following a recent proposal by the Securities and Exchange Board of India (SEBI) to restrict index options expiry days to Tuesdays and Thursdays.

This regulatory change is expected to benefit BSE by strengthening its market position and reducing concentration risk in the segment.

SEBI published its consultation paper on March 27, outlining plans to space out expiry days for index options.

The move aims to improve product differentiation and limit market concentration, which could work in BSE’s favour.

Despite global headwinds, the credit ratio for India Inc strengthened in the second half of FY25 — improving to 2.35 times from 1.62 times in H1 FY25, a CareEdge Ratings report said on Tuesday.

The upgrade rate increased to 14 per cent from 12 per cent in the first half of last fiscal (FY25), driven by sectors that benefited from strong domestic consumption and government spending.

Meanwhile, the downgrade rate dropped 200 bps to 6 per cent, driven by asset quality concerns in NBFCs catering to microfinance and unsecured business loans, alongside pricing pressures faced by small-sized entities in the Chemical and Iron and Steel sectors, as well as export-focused Cut and Polished Diamond players.

In a big relief for industries and businesses that rely heavily on cooking fuel, oil marketing companies on Tuesday announced a price cut of Rs 41 on commercial LPG gas cylinders (19 kilograms).

However, the prices of domestic LPG cylinders used for household cooking remain unchanged in this revision.

Effective from April 1, the current retail sale price of 19 kg commercial LPG cylinders in New Delhi will be Rs 1,762.

In Mumbai, the current price is Rs 1,714.5, whereas in Kolkata, the price stands at Rs 1,872 and in Chennai, it is Rs 1,924.50.

Indian equity indices opened lower on Tuesday and recovered in the early trade, as heavyweights like Bharti Airtel and ITC turned green.

At 9:44 am, Sensex was down just 3 points at 77,412, and the Nifty was up 23 points or 0.10 per cent at 23,542.

Markets were led by smallcap and midcap stocks. Nifty Midcap 100 index was up 309 points, or 0.67 per cent, at 52,017, and the Nifty Smallcap 100 index was up 88 points, or 0.55 per cent, at 16,184.

As the US reciprocal tariff deadline looms, gold prices on Monday hit a record high of $3,106 per ounce for the first time, with people rushing towards accumulating the safe-haven asset amid global uncertainties.

The yellow metal has gained more than 18 per cent this year as retail investors continue to drive demand. Goldman Sachs, Bank of America, and UBS have raised their price targets for gold this month.

According to a report by BofA Global Research, the bullion is likely to reach $3,500 per ounce in the next 18 months if non-commercial purchases increase by 10 per cent.

"Gold could potentially reach USD3,500/oz over the coming 18 months, if non-commercial purchases increase by 10 per cent," it said in a note, adding that central banks around the world could increase their gold holdings to over 30 per cent from the current 10 per cent (on average) to make their portfolios more efficient.

Early April will be critical for market sentiment, with key economic data releases providing insights into global manufacturing, employment trends and economic activity, a report showed on Monday.

As April begins, the focus will shift to the United States, with the S&P Global Manufacturing PMI reflecting business sentiment and industrial output.

Auto companies will also release their numbers for the month of March.

“On April 2, India’s S&P Global Manufacturing PMI will indicate domestic manufacturing trends, while the US ADP Non-farm Employment Change report will provide a preview of private-sector job growth ahead of the official labour market data,” said Bajaj Broking Research in a note.

On March 31, China’s Chinese Composite PMI and Manufacturing PMI for March will offer insights into the country’s economic health, manufacturing activity, and demand trends, which could influence global markets, particularly commodities and industrial sectors.

The benchmark index Nifty is expected to post a 8–10 per cent annualised return in the next fiscal (FY26) while Sensex is projected to give 8–12 per cent return, according to a new report.

The domestic-focused companies are well positioned to mitigate risks like US tariff hikes or commodity price inflation.

Large cap private banks are expected to see a credit growth of 14–16 per cent in FY26. The benchmark indices have gained around 7 per cent in FY25, according to the report by GoalFi, a smallcase manager.

The report anticipates a growth of 12–16 per cent from current levels by March 2026, translating to a potential range of 8–10 per cent annualised return over the next 12 months from March 25, 2025.

Of the total 32 lakh defence pensioners, nearly 31 lakh have been onboarded on System for Pension Administration-Raksha (SPARSH) and their pensions are being directly credited into their bank accounts, the government informed on Saturday.

Launched in October 2020, SPARSH is a ‘Digital India’ initiative that aims to provide a comprehensive and efficient solution for managing defence pensions, including sanctioning and disbursing pensions to the Armed Forces personnel and Defence civilians living across the country.

Over 200 Defence Accounts Department (DAD) offices, 16 bank branches and nearly five lakh CSCs are operational to help pensioners, said the Ministry of Defence in a statement.