The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 102 points.
On March 23, the BSE Sensex fell more than 300 points to 57,685, while the Nifty50 corrected 70 points to 17,246 and formed bearish candle on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 17,149, followed by 17,053. If the index moves up, the key resistance levels to watch out for are 17,392 and 17,539.
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 pushed stocks and Treasury yields down on Wednesday after both had powered higher earlier in the week as investors took in the strength of the economy and hawkish comments from US policymakers.
Two-year US Treasury yields have risen sharply so far in March and were set for their biggest monthly jump since 2004. Investors have been relatively sanguine about the implications of higher yields on stock market valuations, with many choosing to buy back in after a bruising few months for equity prices.
The Dow Jones Industrial Average fell 448.96 points, or 1.29%, to 34,358.5; the S&P 500 lost 55.41 points, or 1.23%, to 4,456.2; and the Nasdaq Composite dropped 186.21 points, or 1.32%, to 13,922.60.
Asian Markets
Chinese shares slipped, following other markets in Asia-Pacific on Thursday, as oil prices jumped around 5% on Wednesday. Hong Kong’s Hang Seng index fell 1.08% in early trade.
In mainland China, the Shanghai composite declined 0.78% while the Shenzhen component shed 1.166%. The Nikkei 225 in Japan declined 1.4%, shedding some of its 3% jump from Wednesday. The Topix index fell 1.21%.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 102 points. The Nifty futures were trading around 17,270 levels on the Singaporean exchange.
Oil futures climb as supply concerns linger
Oil futures extended gains on Thursday morning, after sharply rising in the first portion of the week, as traders weighed additional supply disruptions following reports of storm damage at a major export terminal system on the Black Sea.
Brent futures were up about $1.06, or 0.9%, to $122.66 a barrel and US West Texas Intermediate futures were up about 79 cents, or 0.7%, to $115.68 a barrel at 0051 GMT. U.S. futures opened the session down slightly.
Government freezes plans to allow local firms to list overseas: Report
The Government of India has frozen plans to allow local firms to list overseas as it seeks to bolster its own capital markets, government officials and industry sources said, in a blow to foreign funds and stock exchanges seeking to tap into the country's tech boom.
Three senior government officials with direct knowledge of the decision told Reuters the plan had been put on hold as India believes there is enough depth in local capital markets for firms to raise funds and get good valuations. They declined to be named as the move has not been made public.
FII and DII data
Foreign institutional investors (FIIs) have net bought shares worth Rs 481.33 crore, while domestic institutional investors (DIIs) have net sold shares worth Rs 294.23 crore on March 23, as per provisional data available on the NSE.
PLI scheme to account for 13-15% capex in key industrial sectors over next 3-4 years: Report
Production Linked Incentive (PLI) scheme will account for 13-15 percent of the average annual investment spending in key industrial sectors over the next three-four years, according to a report by Crisil. Since its introduction in March 2020, PLI has been announced for 15 sectors, involving government incentives to the tune of Rs 1.93 lakh crore.
Of this, 50-60 percent is to be spent on sectors with domestic manufacturing and export focus, and the rest on import localization.
Japan's March factory activity up, Ukraine crisis weighs on outlook - flash PMI
Japan's manufacturing activity sped up in March from the prior month as a reduction in COVID-19 cases in the country helped lift orders and production, however, surging input prices and Russia's war in Ukraine clouded the outlook.
Activity in the services sector, which has been battered by the pandemic, contracted for the third straight month, but the pace of decline slowed. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 53.2 in March from a final 52.7 in the previous month. A reading below 50 indicates contraction from the previous month, above 50 expansion.
Airline sector seeing revival, expects 40 crore passenger traffic by FY24: Jyotiraditya Scindia
As many as 3.82 lakh passengers undertook air travel daily in the last seven days, giving hopes of revival of the sector scarred by COVID-19, Civil Aviation Minister Jyotiraditya Scindia said on Wednesday as he set a target of nearly tripling total passenger traffic by 2023-24 to 40 crore.
Scindia further said that at a time when the airline industry world over is facing turbulence, two new airlines, Jet and Akasa, will soon launch their services.
Stocks under F&O ban on NSE
Six stocks – Balrampur Chini Mills, Delta Corp, GNFC, Indiabulls Housing Finance, SAIL, and Sun TV Network – are under the F&O ban for March 24. 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 agencies
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