The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a flat opening for the index in India with a 2 points loss.Nifty rose 2.33 percent to close at 14,845.10 on March 30 the biggest level seen since March 16, 2021, while the BSE Sensex posted 1,128.08 points gains, the 14th biggest one-day rally, to end the session above the psychological 15,000-mark at 50,136.58.
All sectoral indices closed in the green. Nifty IT, Metal, Pharma and FMCG marked the biggest gains among sectors, rising 2.9 percent, 2.79 percent, 2.72 percent and 2.25 percent, respectively.
The broader markets also participated in the run as the Nifty Midcap 100 index was up 1.7 percent and Smallcap 100 index gained 1.26 percent.
Stay tuned to Moneycontrol to find out what happens in 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:
U.S. stocks ended down slightly on March 30, with investors selling tech-related growth shares after U.S. Treasury yields hit a 14-month high.
The Dow Jones Industrial Average fell 104.41 points, or 0.31 percent, to 33,066.96, the S&P 500 lost 12.54 points, or 0.32 percent, to 3,958.55 and the Nasdaq Composite dropped 14.25 points, or 0.11 percent, to 13,045.39.
Asian stocks were set to open higher on March 31, as global financial shares retraced some of their recent losses, driven in part by higher bond yields, and investors awaited a closely watched Chinese factory activity survey.
In early Asian trade, Australian S&P/ASX 200 futures rose 0.84 percent while Hong Kong’s Hang Seng index futures were up 0.43 percent. Japan’s Nikkei 225 futures were down 0.29 percent.
Trends on SGX Nifty indicate a flat opening for the index in India with a 2 points loss. The Nifty futures were trading at 14,926 on the Singaporean Exchange around 07:30 hours IST.
The Union government on March 30 issued a draft notification that proposes to offer up to 25 percent concession on motor vehicle tax for all vehicles purchased along with a certificate of vehicle scrapping.
As per the draft notification issued by the Ministry of Road Transport and Highways, personal vehicles purchased with a certificate of vehicle scrapping will be given a concession of 25 percent on motor vehicle tax, while commercial vehicles will be given a concession of 15 percent.
The tax concession will be for a period of eight years for commercial vehicles, while for personal vehicles the concession will be for a period of 15 years from the date of registration, the government said.
India's inflation is at "uncomfortably high" level, which is an exception among Asian economies, Moody's Analytics said on March 30. Higher fuel prices will keep upward pressure on retail inflation and keep the RBI from offering further rate cuts, said Moody's Analytics, a financial intelligence company.
Retail inflation rose to 5 percent in February, from 4.1 percent in January. The Reserve Bank mainly takes into account retail inflation while deciding on the monetary policy.
India's economic output in 2021 is expected to remain below the 2019 level despite roll-out of the vaccine to deal with the menace of the coronavirus pandemic, said a report by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) released on March 30.
India, according to the 'Economic and Social Survey of Asia and the Pacific 2021: Towards post-COVID-19 resilient economies', is estimated to record an economic growth of 7 percent in 2021-22, over a contraction of 7.7 percent witnessed in the previous fiscal on account of the pandemic's impact on normal business activity.
Japan factory output falls in Feb in worrying sign for recovery
Japan’s industrial output fell in February due to declines in the production of cars and electrical machinery, in a worrying sign for an economy struggling to recover from the deep impact of the coronavirus pandemic.
Official data released on March 31 showed factory output shrank 2.1 percent from the previous month in February, dragged down by falls in production of cars, electrical machinery and information and communication equipment.
China's March factory activity expands at faster pace: official PMI
China’s factory activity expanded at a faster-than-expected pace in March, official data showed on March 31, as factories that had closed for the Lunar New Year holiday resumed production to meet improving demand.
The official manufacturing Purchasing Managers Index (PMI) rose to 51.9 from 50.6 in February, data from the National Bureau of Statistics (NBS) showed, remaining above the 50-point mark that separates growth from contraction.
Oil falls as Suez Canal reopens
Oil prices slid more than 1 percent on March 30 as the Suez Canal reopened to traffic and the U.S. dollar rallied. Brent crude fell 84 cents, or 1.3 percent, to settle at $64.14 a barrel while West Texas Intermediate U.S. oil ended the session down $1.01, or 1.6 percent, at $60.55 barrel.
FII and DII dataForeign institutional investors (FIIs) net bought shares worth Rs 769.47 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2181.01 crore in the Indian equity market on March 30, as per provisional data available on the NSE.
1 stock under F&O ban on NSE
SAIL is under the F&O ban for March 31. 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.