Stock Market Today: Top 10 things to know before the market opens

Stock Market Today

The benchmark Sensex and Nifty indices are likely to open on a negative note on March 18 as trends in the GIFT Nifty indicate a weak start for the broader index with a loss of 48 points.

On March 15, benchmark indices erased the gains from the previous session and ended lower with the Nifty around 22,000. At close, the Sensex was down 453.85 points or 0.62 percent at 72,643.43, and the Nifty was down 123.40 points or 0.56 percent at 22,023.30.

The pivot point calculator indicates that the Nifty 50 is likely to take immediate support at 21,953, followed by 21,908 and 21,836. On the higher side, the index may face resistance at 22,041, followed by 22,142 and 22,215 levels.

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.

GIFT Nifty

Trends in the GIFT Nifty indicate a negative start for the broader index in India, with a loss of 48 points or 0.22 percent. The Nifty futures were trading around the 22,048.50 level.

Trade setup for today: Top 15 things to know before the opening bell

US Markets

US stocks fell on Friday, led by technology-related megacaps that have propelled this year's rally, while investors weighed the interest rate outlook ahead of next week's Federal Reserve meeting.

The Dow Jones Industrial Average fell 190.89 points, or 0.49 percent, to 38,714.77. The S&P 500 lost 33.39 points, or 0.65 percent, at 5,117.09 and the Nasdaq Composite dropped 155.36 points, or 0.96 percent, to 15,973.17.

Asian Markets

Asian shares idled and the dollar held firm on Monday as investors looked to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and perhaps a slower glide path for US rate cuts.

General election to be held in 7 phases from April 19 to June 1, results on June 4

Lok Sabha elections 2024 will take place in seven phases from April 19 to June 1 and the counting of votes will take place on June 4, the Election Commission announced at a media briefing in the national capital.

As per the schedule, as many as 22 states will vote in a single phase while three states will see polling in all phases. Notably, no state will see voting in six phases.

India's February trade deficit widens to $18.71 billion, exports at 11-month high

India's merchandise trade deficit widened to $18.71 billion in February from $17.49 billion in January, the commerce ministry said on March 15. The trade deficit stood at $16.57 billion in February 2023.

While the trade deficit widened in February, exports rose by 11.9 percent from the year-ago period to $41.40 billion and imports were up 12.2 percent at $60.11 billion.

SEBI gives more time for ‘High Debt Value Listed Entities’ to comply with listing norms

The Securities and Exchange Board of India (SEBI) has given more time for High Debt Value Listed Entities (HDVLE) to comply with listing norms.

The regulator extended the deadline to March 31, 2025, after meeting with its Board on March 15.

“The Board has approved the proposal to extend the timeline for mandatory applicability of listing norms (i.e. Regulation 16 to 27 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015) and compliance thereof for ‘High-Value Debt Listed Entities till March 31, 2025,” SEBI said in press release on March 15.

Dollar

The dollar was steady on Monday as traders looked ahead to a week dominated by central bank meetings worldwide, with the Bank of Japan seemingly on the brink of ending negative rates and the focus on how many rate cuts the Federal Reserve projects.

Apart from Japan and the United States, central banks in England, Australia, Norway, Switzerland, Mexico, Brazil and Indonesia are all due to meet, with most expected to stand pat on rates.

Crude

Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening.

Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 848.56 crore, while domestic institutional investors (DIIs) sold Rs 682.26 crore worth of stocks on March 15, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has added Biocon, and Hindustan Copper to the F&O ban list for March 18, while retaining Aditya Birla Fashion & Retail, BHEL, Manappuram Finance, National Aluminium Company, Piramal Enterprises, RBL Bank, SAIL, Tata Chemicals and Zee Entertainment Enterprises on the said list.

With inputs from Reuters and other agencies