The BSE Sensex fell 100.53 points to 38,132.88 while the Nifty50 declined 38.20 points to 11,445.05 and formed bearish candle on daily charts. The Nifty Midcap and Smallcap indices outperformed frontliners, rising 0.5 percent and 1.24 percent respectively.
Bulls lost their power in last hour of trade on March 27 with the Nifty50 closing tad below 11,450 levels on profit booking ahead of expiry of March futures & options contracts on Thursday.
According to the Pivot charts, the key support level is placed at 11,389.93, followed by 11,334.87. If the index starts moving upward, key resistance levels to watch out are 11,523.13 and 11,601.27.
The Nifty Bank index closed at 30,019.80, up 137.65 points on March 27. The important Pivot level, which will act as crucial support for the index, is placed at 29,785.79, followed by 29,551.8. On the upside, key resistance levels are placed at 30,258.2, followed by 30,496.6.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street ends down as Treasury yields fall on slowdown worries
US stocks eased on Wednesday as Treasury bond yields fell again and a prolonged inversion in the yield curve fanned fears of a US economic slowdown. Benchmark 10-year Treasury yields slid, but came off 15-month lows reached overnight, as investors remained focused on central bank dovishness globally.
The Dow Jones Industrial Average fell 32.14 points, or 0.13 percent, to 25,625.59, the S&P 500 lost 13.09 points, or 0.46 percent, to 2,805.37 and the Nasdaq Composite dropped 48.15 points, or 0.63 percent, to 7,643.38.
Asian markets in red, Nikkei down 1.6%
Asian share markets were painted red on Thursday as recession concerns sent bond yields spiraling lower across the globe, overshadowing central bank attempts to calm frayed nerves.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trade, with South Korea off 0.7 percent. Japan’s Nikkei fell 1.6 percent, while E-Mini futures for the S&P 500 lost 0.4 percent
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 31 points or 0.27 percent. Nifty futures were trading around 11,415-level on the Singaporean Exchange.
Oil extends losses into second session as US stocks rise
Oil prices fell on Thursday, extending losses into a second straight session, after widely watched data showed a surprising increase in US stocks. International Brent crude oil futures were at $67.63 a barrel at 0045 GMT, down 20 cents, or 0.3 percent, from their last close. Brent closed down 0.2 percent on Wednesday.
US West Texas Intermediate (WTI) crude futures were at $59.18 per barrel, down 23 cents, or 0.4 percent, from their last settlement. WTI fell 0.9 percent on Wednesday.
Rupee settles marginally lower at 68.88 vs US dollar
The rupee weakened marginally by 2 paise to close at 68.88 against the US dollar Wednesday amid strengthening of the American currency and robust selling in domestic equities. Forex traders said increased demand for the US currency from importers weighed on the rupee. However, sustained foreign fund inflows and easing crude oil prices cushioned the fall.
At the Interbank Foreign Exchange (forex) market, the domestic currency opened lower at 68.98 a dollar but soon pared some losses. It finally settled at 68.88 per dollar, down 2 paise over its previous close.
Monsoon should be robust provided no El Nino surprise: IMD
India’s monsoon, crucial for Asia’s third largest economy, is likely to be a robust and healthy one this year provided there isn’t a surprise El Nino phenomenon, the top India Meteorological Department official said on Wednesday.
“It’s really early to talk about the pattern that this year’s monsoon will follow, but we do know that practically no one is predicting a strong El Nino,” said K.J. Ramesh, director general of the state-run India Meteorological Department.
The India Meteorological Department is likely to make its first official forecast of this year’s monsoon rains by the middle of April.
From April 1, shares can be transferred in demat form only: Sebi
Sebi on Wednesday said transfer of shares of listed companies can be done only in the dematerialised form from April 1 but investors are not barred from holding shares in the physical form. In December 2018, the watchdog extended the deadline for transfer of shares of listed companies only in dematerialised (demat) form to April 1.
In a release on Wednesday, Sebi said the measure would come into effect from April 1, 2019. Shares in the demat form would help in maintaining a transparent record of shareholding at companies amid rising concerns over beneficial ownership of entities.
US trade gap falls 15% to $51.1 bn in January
The US trade deficit tumbled nearly 15 per cent in January as imports fell and exports rose. Shipments of American goods to China skidded to the lowest level in more than eight years as the world's two biggest economies remained locked in a trade war.
The Commerce Department said Wednesday that the gap between the goods and services that the United States sells and what it buys from other countries dropped by 14.6 percent to USD 51.1 billion in January from USD 59.9 billion in December. Exports rose 0.9 percent to USD 207.3 billion, and imports dropped 2.6 percent to USD 258.5 billion.
Sebi defers implementation of amended norms for royalty payment
Regulator Sebi on Wednesday deferred implementation of revised norms pertaining to royalty payment by listed companies to related parties by three months. Following the decision taken at the Sebi's board meeting here, the implementation of a provision of the amended norms would have been deferred till June 30, 2019. They were to be implemented from April 1 this year.
Shareholders' approval would be needed for making royalty or brand payments to related parties exceeding 2 per cent of the particular listed entity's consolidated turnover.
Four stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For March 28, Adani Enterprises, Adani Power, IDBI Bank and Jet Airways are present in this list.With inputs from Reuters & other agencies