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Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 159 points

March 30, 2022 / 08:08 AM IST

The Indian stock market is expected to open in the green as trends on the SGX Nifty indicate a gap-up opening for the broader index with a projected gain of 159 points.

The BSE Sensex climbed 350 points to 57,944, while the Nifty50 jumped 103 points to 17,325 and formed a small-bodied bullish candle which resembles the Hanging Man kind of pattern formation on the daily charts.

According to the pivot charts, the key support level for the Nifty is placed at 17,259, followed by 17,194. If the index moves up, the key resistance levels to watch out for are 17,367 and 17,410.

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 

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The S&P 500 rose for a third day on Monday, as a sharp climb in shares of Tesla overshadowed weakness in energy and bank stocks, while Russia and Ukraine were poised to hold their first face-to-face peace talks in more than two weeks.

The Dow Jones Industrial Average rose 94.65 points, or 0.27 percent, to 34,955.89, the S&P 500 gained 32.46 points, or 0.71 percent, to 4,575.52 and the Nasdaq Composite added 185.60 points, or 1.31 percent, to 14,354.90.

Asian Markets

Shares in Asia-Pacific were mixed in Wednesday trade as investors watch for developments surrounding the war in Ukraine. South Korea’s Kospi advanced 0.35 percent. In Australia, the S&P/ASX 200 climbed 0.86 percent. Japanese stocks lagged the broader region as the Nikkei 225 slipped 0.75 percent.

SGX Nifty

Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 159 points. The Nifty futures were trading around 17,537 levels on the Singaporean exchange.

Oil rises on supply tightness despite "constructive" Ukraine-Russia talks

Oil prices climbed on Wednesday, erasing losses from the previous session, on hopes of progress in peace talks between Russia and Ukraine and providing a fresh reminder supply remains tight as data showed US crude stocks fell sharply last week.

Brent crude futures touched a high of $112.78 shortly after opening and were up $1.35, or 1.2 percent, at $111.58 at 0005 GMT, reversing a 2 percent loss in the previous session. The US West Texas Intermediate (WTI) crude futures jumped $1.29, or 1.2 percent, to $105.53 a barre, erasing a 1.6 percent drop on Tuesday.

Sebi rejigs CIS norms at board meeting to 'remove regulatory arbitrage'

The Securities and Exchange Board of India (Sebi), at its board meeting held on March 29, approved amendments to the collective investment schemes (CIS) norms in order to bring them in line with the regulatory framework governing mutual funds.

"The board approved amendment to Sebi (Collective Investment Schemes)

Regulations, 1999 to strengthen the regulatory framework for collective investment schemes (CIS) in line with mutual fund regulations to remove regulatory arbitrage," the market regulator said.

ICRA cuts India's FY23 GDP growth estimate sharply to 7.2 percent on Ukraine conflict impact

Domestic ratings agency ICRA on Tuesday cut its FY23 real GDP growth estimate by a sharp 0.8 percent to 7.2 percent, primarily driven by the fallout of Russian invasion of Ukraine. Its chief economist Aditi Nayar attributed the downward revision to elevated commodity prices and also fresh supply chain issues arising from the conflict in Ukraine.

Hariom Pipe Industries IPO opens today

Hariom Pipe Industries will be the third and final initial public offering to open in March. Bidding for the shares on offer will start on March 30 and end on April 5. The anchor book, if any, will open for a day on March 29. The shares will be offered in the range of Rs 144 to Rs 153 each, which are 14.4 and 15.3 times, respectively, the face value (Rs 10) of the shares.

The company plans to raise Rs 122.4 crore at the lower end of the price band and Rs 130.05 crore at the upper end. The IPO is an offer of 8.5 million shares. The company has reserved 30 percent of the offer for qualified institutional buyers and 35 percent each for retail and non-institutional investors.

Investors can bid for a minimum of 98 shares and in multiples of 98 shares thereafter. The minimum investment by a retail investor is Rs 14,994 for a single lot of 98 shares and the maximum investment is Rs 1,94,922 for 13 lots (1,274 shares).

Japan February retail sales post first decline in 5 months on Omicron curbs

Japanese retail sales fell in February for the first time in five months, as extended COVID-19 curbs hit service sector businesses, casting doubts over the prospects of a consumption-led recovery this quarter. Retail sales fell 0.8 percent in February from a year earlier, government data showed on Wednesday, much weaker than the median market forecast for a 0.3 percent decrease.

FII and DII data

Foreign institutional investors (FIIs) have net purchased shares worth Rs 35.47 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,713.31 crore on March 29, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Three stocks - Vodafone Idea, PVR, and Sun TV Network - are under the F&O ban for March 30. 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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Sandip Das
first published: Mar 30, 2022 08:08 am
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