The market is expected to open in the red on Monday as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 85 points.
The BSE Sensex climbed 355 points to 57,990, while the Nifty50 jumped 114 points to 17,100 and formed a long-legged Doji candlestick pattern for the second consecutive session ended Friday, making a higher-high-higher-low formation, indicating that the market may be looking for a rebound.
As per the pivot charts, the Nifty has support at 16,996, followed by 16,952 and 16,880. If the index moves up, the key resistance levels to watch out for are 17,140, followed by 17,184 and 17,256.
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
Wall Street closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector and the gathering storm clouds of possible recession. All three indices ended the session deep in the negative territory, with financial stocks down the most among the major sectors of the S&P 500.
The Dow Jones Industrial Average fell 384.57 points, or 1.19 percent, to 31,861.98, the S&P 500 lost 43.64 points, or 1.10 percent, to 3,916.64 and the Nasdaq Composite dropped 86.76 points, or 0.74 percent, to 11,630.51.
Asian Markets
Asian stocks steadied and US futures rose on Monday in relief at a weekend rescue deal for Credit Suisse and a concerted effort from central banks to shore up the mood, though trade was tense and volatile as contagion fears stalked financial shares.
Beaten-down bank shares bounced 1 percent in Tokyo, while the broader Nikkei fell 0.2 percent. Financials in Australia fell 0.8 percent and the ASX 200 fell 0.5 percent.
SGX Nifty
Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 85 points. The Nifty futures were trading around 17,076 levels on the Singaporean exchange.
UBS to buy Credit Suisse in a historic deal brokered by Swiss government
UBS Group AG, Switzerland's largest banking group, has agreed to acquire the crisis-hit Credit Suisse Group AG in a $3.23-billion historic, government-brokered deal, news agency Bloomberg has reported.
The all-share deal has priced Credit Suisse at around one-fourth of its closing price at the end of the trading session on March 17, when the lender valued at about $8 billion.
The plan, negotiated in hastily arranged crisis talks over the weekend, seeks to address a massive rout in Credit Suisse stock and bonds over the past week following the collapse of smaller US lenders. A liquidity backstop by the Swiss central bank failed to end a market drama that threatened to send clients or counterparties fleeing, with potential ramifications for the broader industry.
Oil edges up on historic Swiss banks deal, central banks support
Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world's largest central banks sought to reassure and stabilise global financial markets.
Brent crude futures rose 35 cents, or 0.5 percent, to $73.32 a barrel by 0007 GMT after a near 12 percent loss last week, its biggest weekly fall since December. US West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6 percent, after a 13 percent decline last week, its biggest since last April.
Forex reserves down by $2.39 bn to three-month low of $560 bn: RBI
The country's forex reserves fell by $2.39 billion to a three-month low of $560.003 billion for the week to March 10, the Reserve Bank said in its latest weekly data release. In the week to March 3, the reserves rose by $1.46 billion and stood at $562.40 billion.
On an annualised basis, the RBI said, the reserves are down by $47.31 billion during the week under review while on a fiscal year basis, the same plunged by $62.23 billion. With this erosion, the forex kitty is at its lowest since early December, according to the weekly statistical supplement released by the RBI on March 17.
FII and DII data
Foreign institutional investors (FII) sold shares worth Rs 1,766.53 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,817.14 crore on March 17, the National Stock Exchange's provisional data showed.
S&P cuts First Republic deeper into junk, says $30 billion infusion may not solve problems
First Republic Bank saw its credit ratings downgraded deeper into junk status by S&P Global, which said the lender's recent $30 billion deposit infusion from 11 big banks may not solve its liquidity problems.
S&P cut First Republic's credit rating three notches to 'B-plus' from 'BB-plus', and warned that another downgrade is possible. Other ratings were also lowered.
The agency said First Republic likely faced "high liquidity stress with substantial outflows" last week, reflecting its need for more deposits, increased borrowings from the Federal Reserve, and the suspension of its common stock dividend.
Bitcoin rises 9.2% to $27,359
Bitcoin surged 9.2 percent to $27,359 at 2207 GMT on Friday, adding $2,309 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is up 65.9 percent from the year's low of $16,496 on January 1. Ether , the coin linked to the ethereum blockchain network, rose 5.5 percent to $1,768.5 on Friday, adding $91.6 to its previous close.
Stocks under F&O ban on NSE
The National Stock Exchange has retained Indiabulls Housing Finance and GNFC in its F&O ban list for March 20. Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
