Total domestic airline passengers increased by 21.4% YoY and 6.8% MoM to 128.9 lakh in March 2023. Departures by scheduled carriers rose 13.6% YoY to 90,423.

The Asian markets are trading in green as China left its 1-year and 5-year loan prime rates unchanged, while investors focus on US debt ceiling negotiations. Nikkei was trading higher by 0.02%, Hang Seng was trading higher by 1.21% and Shanghai was trading higher by 0.48%.

Spot HRC price in traders’ market declined by Rs500/te on average due to heightened pressure of imports and sustained weakness in Chinese export price. Spot spreads also contracted Rs600/te on average as raw material prices remain unchanged.

The RBI board may decide to nearly double its dividend to the government from official estimates due to revaluation gains and profits from selling dollars, which could help bridge the fiscal deficit.

New Parallel Trade Opportunity: Don't Miss Out

India's macroeconomic landscape in April 2023 witnessed easing inflation and a rise in unemployment. Foreign institutional investment inflows declined MoM, while mutual funds experienced outflows. Simultaneously, crude oil prices increased as domestic consumption declined.

Tracking positive cues from Wall Street overnight, the Asian markets are trading higher. Nikkei was trading higher by 1.46%, Hang Seng was trading higher by 1.16% and Shanghai, too, was trading higher by 0.45%.

Overall FPI inflows since Apr’23 till date have been strong at US$4.6bn although MFs sold stock worth US$0.8bn since then. However, overall DII flows since Apr’23 saw a marginal outflow of US$0.3bn indicating buying by insurance firms.

India’s merchandise trade deficit narrowed to US$15.24bn in Apr’23, the smallest in 20 months, as imports declined 14.1% YoY in Apr’23, while exports were reported to have declined 12.7% YoY.