NIFTY has declined by 4.8% since our last report (Jan10,2025) in an environment of tepid consumer demand, weak currency and geopolitical headwinds post resumption of office by President Trump in USA. Currency and FII lead headwinds abound as trade deficit is all set to cross USD250bn while decline in net FDI flows (USD38bn in FY22 to 0.5bn USD in FY25 YTD) is pressuring INR. While RBI has spent USD70bn+ in supporting INR, FII selling has also led to tight liquidity in markets