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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.

Amnish Aggarwal warns of global volatility amid the US-China trade war, advising caution in market bets. He sees limited short-term benefits for India, weak IT outlook, and tactical potential in crude-sensitive sectors. Domestic-focused stocks remain safer, but mutual fund flows and investor sentiment could weaken if global uncertainty persists.

European shares plummeted as U.S. reciprocal tariffs took effect, intensifying trade war anxieties and triggering recession fears in Germany. The STOXX 600 fell sharply, with Germany s index also declining significantly. Energy and mining stocks suffered substantial losses due to tumbling oil prices and levies on China, while investors sought refuge in cash amid economic uncertainty.

Japan s Nikkei share average slipped on Wednesday, ending nearly 4% lower in a broad sell-off, as traders gauged concerns over a potential economic slowdown amid an intensifying trade war between the United States and China.

Bitcoin and other cryptocurrencies experienced a decline on Wednesday due to heightened trade tensions following U.S. tariffs on Chinese imports. Bitcoin fell over 3%, trading around $76,929, while Ethereum dropped 7% to $1,464. Market volatility is expected to remain high, with traders advised to be cautious of leveraged positions as altcoins also shed gains.