Stock market
The market is expected to open in the green as trends on the SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 266 points.
The BSE Sensex jumped 1,223 points to 54,647, while the Nifty50 rose 332 points to 16,345 and formed bullish candle on the daily charts after Bullish Engulfing pattern formation in the previous session.
According to the the pivot charts, the key support level for the Nifty is placed at 16,084, followed by 15,823. If the index moves up, the key resistance levels to watch out for are 16,512 and 16,679.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
US stocks surged on Wednesday, led by financial and tech shares, rebounding from several down days as oil prices pulled back sharply after fanning inflationary fears and investors gauged developments in the Ukraine crisis. The S&P 500 posted its biggest one-day percentage gain since June 2020, while the Nasdaq tallied its biggest rise since March 2021.
The Dow Jones Industrial Average rose 653.61 points, or 2 percent, to 33,286.25, the S&P 500 gained 107.18 points, or 2.57 percent, to 4,277.88 and the Nasdaq Composite added 460.00 points, or 3.59 percent, to 13,255.55.
Asian Markets
Shares in Asia-Pacific rose in Thursday morning trade, following an overnight bounce on Wall Street after oil prices fell sharply from a recent surge. The Nikkei 225 in Japan jumped 3.34 percent, while the Topix index climbed 3.46 percent. The Hang Seng index in Hong Kong advanced 1.26 percent.
SGX Nifty
Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 266 points. The Nifty futures were trading around 16,611 levels on the Singaporean exchange.
Oil Prices
Global oil prices fell on Wednesday by the most in nearly two years after OPEC member United Arab Emirates said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine.
Brent crude futures settled down $16.84, or 13.2 percent, at $111.14 a barrel, their biggest one-day decline since April 21, 2020. The US crude futures ended down $15.44, or 12.5 percent, at $108.70, their biggest daily decline since November.
Surge in commodity prices may push CAD to 2.8 percent of GDP in Q3: Report
The country’s current account deficit (CAD) is likely to widen to a 13-quarter high of $23.6 billion or 2.8 percent of GDP in October-December 2021-22 due to higher commodity prices following the Russia-Ukraine conflict, India Ratings and Research (Ind-Ra) said in a report.
The report said although the Omicron-led COVID wave has subsided, the geopolitical risks to the global recovery have increased due to the Russia-Ukraine conflict. "We expect the CAD to come in at the second-highest level of $23.6 billion (2.8 percent of GDP; 13-quarter high) in Q3 FY22 as against a deficit of $9.6 billion (1.3 percent of GDP) in Q2 FY22,” the agency said.
Gold Prices
Gold shed over 3 percent, as a retreat in oil prices helped riskier assets stage a comeback following sharp declines spurred by the Ukraine war. Spot gold fell 2.8 percent to $1,995.55 per ounce by 1554 GMT, snapping a four-session rally that took it to within reach of the August 2020 all-time high. US gold futures fell 2.2 percent to $1,999.40.
Japan's wholesale prices rise at record pace; Ukraine to spur prices further
Japan's wholesale inflation accelerated in February at the fastest annual pace in roughly four decades on rising fuel costs, a sign inflationary pressures were building up even before the Ukraine crisis triggered a broad-based surge in commodity prices.
The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, jumped 9.3 percent in February from a year earlier, Bank of Japan (BOJ) data showed on Thursday, marking the fastest annual pace since comparable data became available in 1981.
The rise exceeded market forecasts for an 8.7% gain and accelerated from a revised 8.9 percent gain in January, mainly due to a 34.2 percent jump in fuel prices. The February index, at 110.7, was the highest level marked since 1985.
Government focus turns to selling off CPSEs in non-strategic sectors
The Centre, which has set a disinvestment target of Rs 65,000 crore for FY23, is turning its focus towards the privatisation of central public sector enterprises (CPSEs), CNBC TV18 reported on March 9. A new panel of secretaries has been formed, under the watch of the government's topmost think-tank Niti Aayog, for the "privatisation , divestment and closure" of CPSEs in non-strategic sectors, sources told the news channel.
FII and DII data
Foreign institutional investors (FIIs) remained net sellers to the tune of Rs 4,818.71 crore. However, domestic institutional investors (DIIs) have bought shares worth Rs 3,275.94 crore on March 9, as per provisional data available on the NSE.
Russian rouble drops to record lows in Moscow amid fresh sanctions
Russia's rouble tumbled to record lows in onshore trading on Wednesday despite measures by Moscow to shore up its battered economy and safeguard hard currency availability amid fresh economic sanctions triggered by its invasion of Ukraine.
Catching up after two days of market closure, the rouble jumped to 120.83 to the dollar on the Moscow Exchange before clawing back some losses to close at 120, or 12.5 percent softer than its Friday close. It closed 6.3 percent weaker against the euro at 127 after hitting a record 131 per euro in early trade. Offshore rouble trading was also thin with large disparities in pricing: On Refinitiv, the rouble stood at 129 to the dollar while on the EBS platform it was bid at 138 from the previous 130 close, down 5.8 percent.
With inputs from Reuters & other agenciesTop 10 things to know before the market opens today - Moneycontrol
Read More
No comments:
Post a Comment