The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 79 points gain.
The BSE Sensex dropped 740.19 points to close at 48,440.12 on March 25 while the Nifty50 fell 224.50 points to 14,324.90.
US Markets
U.S. stocks rose in a late-day rally on Thursday as investors bought stocks likely to do well in the recovery and picked up beaten-down Apple and Tesla shares in anticipation that the U.S. economy grows at its fastest pace in decades this year.
The Dow Jones Industrial Average rose 199.42 points, or 0.62%, to 32,619.48. The S&P 500 gained 20.38 points, or 0.52%, to 3,909.52 and the Nasdaq Composite added 15.79 points, or 0.12%, to 12,977.68.
Asian Markets
Asian markets are set to open higher on Friday after U.S. equities rose as investors weighed the outlook for economic growth and inflation and welcomed progress on vaccination rollouts.
Australian S&P/ASX 200 futures rose 0.30% in early trading, while MSCI’s gauge of stocks across the globe gained 0.14%. Emerging market stocks lost 0.77%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.55% lower, while Japan’s Nikkei 225 futures fell 0.02%.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the index in India with a 79 points gain. The Nifty futures were trading at 14,510 on the Singaporean Exchange around 07:30 hours IST.
Sebi tweaks rules for delisting and sustainability reporting
The Securities and Exchange Board of India (Sebi) has approved a raft of measures including more transparent and efficient delisting of shares, reporting of sustainability issues by companies.
In its board meeting on March 25, the market regulator also mandated public disclosure of analyst calls, quick reporting of earnings, and expanded the requirement of setting up a Risk Management Committee to the top 1,000 listed companies by market capitalizatioin from the existing to 500 listed entities.
Under the new delisting norms, a promoter or acquirer will have to disclose the intention to delist by making an initial public announcement. A committee of Independent Directors will have to give “reasoned recommendations” on the proposal for delisting.
SEBI eases norms for public listing of startups
Market regulator Securities and Exchange Board of India (SEBI) on March 25 announced measures that will make it easier for startups to go public on the Innovators Growth Platform or IGP. The norms will also give early-stage investors in startups an easier way to exit.
Supreme Court to deliver judgement in Tata-Mistry case today
The Supreme Court is scheduled to pronounce on Friday its judgement on the cross appeals filed by Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd against the NCLAT order which had restored Cyrus Mistry as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate. As per the Friday's cause list uploaded on the apex court website, a bench headed by Chief Justice S A Bobde would pronounce the verdict.
Shapoorji Pallonji (SP) Group had told the top court On December 17 that removal of Cyrus Mistry as the chairman of Tata Sons in a board meeting held in October 2016 was akin to a blood sport and ambush and was in complete violation of principles of corporate governance and pervasive violation of Articles of Association in the process.
US weekly jobless claims hit one-year low; fourth-quarter GDP revised up
The number of Americans filing new claims for unemployment benefits dropped to a one-year low last week as economic activity rebounds after weather-related disruptions in February.
But the labor market is not out of the woods yet, with the weekly jobless claims report from the Labor Department on Thursday showing a staggering 18.953 million people were still receiving unemployment checks in early March. It will likely take years for a full recovery from the pandemic's scarring.
SEBI clarifies on definition of startup, eases norms for AIFs
Market regulator Securities and Exchange Board of India (SEBI) in its board meeting on March 25 approved proposals that will give more flexibility to venture capital funds to invest in, and remove friction arising out of multiple definitions of startups.
SEBI said it has approved proposals to provide a definition of ‘startup’ as specified by the government, removed the list of restricted activities or sectors from the definition of Venture Capital Undertaking to provide flexibility to Venture Capital Funds registered under Category I Alternative Investment Funds (AIFs) in making investments.
Kalyan Jewellers to make stock market debut today
Kalyan Jewellers India is set to make a debut on the bourses on March 26 and experts largely expect it to be a muted listing with some discount given the bearish market sentiment, tepid IPO subscription figures and expensive valuations.
The studded jewellery maker closed its Rs 1,175-crore public issue with 2.61 times subscription on March 18. The offer comprised a fresh issue of Rs 800 crore which would be used for working capital requirements.
Oil prices rebound
Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply.
Brent crude was higher by 43 cents, or 0.7%, at $62.38 a barrel by 0028 GMT. U.S. West Texas Intermediate (WTI) crude was down49 cents, or 0.8%, at $59.05 a barrel.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 3,383.60 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,267.69 crore in the Indian equity market on March 25, as per provisional data available on the NSE.
