Stock Market News, Share Market News
The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 241 points.
The BSE Sensex plunged more than 700 points to 55,777, while the Nifty50 corrected over 200 points to 16,663 and formed bearish candle on the daily charts, while the Nifty Midcap 100 index was down 0.9 percent and Smallcap 100 index declined 1.4 percent.
As per the pivot charts, the key support level for the Nifty is placed at 16,503, followed by 16,342. If the index moves up, the key resistance levels to watch out for are 16,875 and 17,088.
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
The three main Wall Street stock indexes rallied on Tuesday, a day before an expected interest rate hike by the US Federal Reserve, while oil prices dropped 7% on hopes of an end to the conflict in Ukraine.
Investors are expecting the US central bank to raise interest rates for the first time in three years by at least 25 basis points amid surging prices. Traders will also be closely watching the Fed for details on how it plans to end its bond-buying program.
The Dow Jones Industrial Average rose 1.82% to 33,544.34, the S&P 500 gained 2.14% to 4,262.45 and the Nasdaq Composite added 2.92% to 12,948.62.
Asian Markets
Shares in Asia-Pacific rose in Wednesday trade, as investors watch for developments around the Covid situation in China as well as the upcoming rate decision by the US Federal Reserve.
In Japan, the Nikkei 225 climbed 1.36% while the Topix index gained 1.4%. South Korea’s Kospi advanced 0.68%.
SGX Nifty
Trends on SGX Nifty indicate a ga-up opening for the broader index in India with a gain of 241 points. The Nifty futures were trading around 16,893 levels on the Singaporean exchange.
Oil price benchmarks fall below $100, first time in weeks
Oil prices tumbled more than 6% on Tuesday to their lowest in almost three weeks, as Russia suggested it would allow a revival of the Iran nuclear deal to go forward and as traders worried growing pandemic lockdowns in China could dent demand.
Both Brent and US crude futures benchmarks settled below $100 per barrel for the first time since late February. Since reaching 14-year highs on March 7, Brent has slid nearly $40 and WTI more than $30. Trading has been extremely volatile since Russia invaded Ukraine more than two weeks ago.
During the session, Brent futures plummeted $6.99, or 6.5%, to settle at $99.91 a barrel. US West Texas Intermediate (WTI) crude fell $6.57, or 6.4%, to settle at $96.44 a barrel. Brent fell as low as $97.44 and WTI hit $93.53, their lowest since February 25.
SEBI comes out with clarifications on transactions in mutual funds units
Markets regulator SEBI on Tuesday came out with certain clarifications on transactions in the units of mutual funds and has also given guidelines for authentication in case of redemption of units. The clarifications pertain to transactions in units of mutual funds on stock exchange platforms and also for entities including online platforms other than exchanges.
A circular issued in October 2021 had said that stock brokers and clearing members shall not accept payment through one-time mandate or issuance of mandates or instruments in their name for mutual fund transactions.
Dollar falls as lower oil prices, Ukraine talks boost euro, pound
The US dollar lost value to the euro and other major currencies on Tuesday after oil prices fell on indications of COVID-crimped economic growth in China amid ongoing talks to halt the Russia-Ukraine conflict. The dollar index against major currencies fell nearly 0.4% to 98.735 but was still up nearly 3% since Russia invaded Ukraine on Feb. 24. The euro and British pound each gained about 0.5% on the greenback, which also lost 0.2% against the Japanese yen.
Japan posts bigger-than-expected trade gap as energy imports jump
Japan reported a wider-than-expected trade deficit in February as an energy-driven surge in import costs caused by massive supply constraints added to vulnerabilities for the world's third-largest economy. Exports rose slightly less than expected despite a rebound in China-bound shipments, in a worrying sign for an economy facing growing uncertainty from supply challenges and Russia's invasion of Ukraine.
Imports surged 34.0% in the year to February, Ministry of Finance data showed on Wednesday, above a median market forecast for a 28.0% gain in a Reuters poll.
Govt provides clarity in FDI policy for real estate sector
The Department for Promotion of Industry and Internal Trade (DPIIT) in its recent press note has changed the existing definition of the real estate business to provide more clarity in the FDI policy for the sector. As per the note, FDI is not permitted in a firm that is engaged or seeks to engage in real estate business, farmhouse construction, or trading in transferable development rights. It added that earning of rent/income on lease of a property, not amounting to transfer, will not amount to real estate business.
"Real estate business means dealing in land and immovable property with a view to earning profit there from and does not include development of townships, construction of residential /commercial premises, roads or bridges, educational institutions, recreational facilities, city and regional level infrastructure, townships...," the note said.
FII and DII data
Foreign institutional investors (FIIs) continue selling in India as they have net offloaded shares worth Rs 1,249.74 crore on March 15. However, domestic institutional investors (DIIs) have bought shares worth Rs 98.25 crore on the same day, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
One stock – Balrampur Chini Mills – is under the F&O ban for March 16. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
With inputs from Reuters & other agenciesTop 10 things to know before the market opens today - Moneycontrol
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