Stock Market Today: Top 10 things to know before the market opens today
The market is expected to step out of the Monday blues to open in the green today as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 26 points.
Bears tightened their grip further over Dalal Street, dragging the benchmark indices significantly lower for the third day in a row on March 13.
The turmoil in the US banking space with the failure of Silicon Valley Bank and the closure of Signature Bank weighed down the market.
Selling was seen across sectors with major correction in the banking and financial services, auto and realty stocks.
The BSE Sensex tanked 897 points or 1.52 percent to 58,238, while the Nifty50 plunged 259 points or 1.5 percent to 17,154, the lowest closing level since October 13, and formed a big, bearish candlestick pattern on the daily charts.
As per the pivot charts, the Nifty has support at 17,107, followed by 17,008 and 16,849. If the index moves up, the key resistance levels to watch out for are 17,425, followed by 17,523 and 17,682.
The market is expected to step out of the Monday blues to open in the green today as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 26 points.
Bears tightened their grip further over Dalal Street, dragging the benchmark indices significantly lower for the third day in a row on March 13.
The turmoil in the US banking space with the failure of Silicon Valley Bank and the closure of Signature Bank weighed down the market.
Selling was seen across sectors with major correction in the banking and financial services, auto and realty stocks.
The BSE Sensex tanked 897 points or 1.52 percent to 58,238, while the Nifty50 plunged 259 points or 1.5 percent to 17,154, the lowest closing level since October 13, and formed a big, bearish candlestick pattern on the daily charts.
As per the pivot charts, the Nifty has support at 17,107, followed by 17,008 and 16,849.
If the index moves up, the key resistance levels to watch out for are 17,425, followed by 17,523 and 17,682.
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
Sliding bank shares dragged Wall Street down on Monday with investors worried about contagion from the Silicon Valley Bank collapse, but trade was choppy and the Nasdaq composite actually ended higher as some sectors benefited from hopes the Federal Reserve could ease up on interest rates hikes.
The Dow Jones Industrial Average fell 90.5 points, or 0.28 percent, to 31,819.14, the S&P 500 lost 5.83 points, or 0.15 percent, to 3,855.76 and the Nasdaq Composite added 49.96 points, or 0.45 percent, to 11,188.84.
Asian Markets
Asia-Pacific markets tumbled on Tuesday in a volatile session, after sharp losses seen overnight on Wall Street as investors grappled with the fallout of failed banks in the US, including Silicon Valley Bank.
In Japan, the Topix led gains and fell 3.2 percent and the Nikkei 225 fell 2.3 percent as shares of Softbank Group fell as much as 3.4 percent to its lowest point since October last year in Asia’s morning trade.
South Korea’s Kospi also fell by 2.2 percent. In Australia, the S&P/ASX 200 slid 1.9 percent, largely led by losses in the banking sector.
SGX Nifty
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 26 points.
The Nifty futures were trading around 17,205 levels on the Singaporean exchange.
CPI inflation edges down to 6.44% in February
India’s headline retail inflation rate edged down to 6.44 percent in February from January’s three-month high of 6.52 percent, data released by the ministry of statistics and programme implementation on March 13 showed.
At 6.44 percent, the latest Consumer Price Index (CPI) inflation print is in line with consensus estimates. In a Moneycontrol survey, economists expected inflation to ease to 6.4 percent in February.
Retail inflation has now been above the Reserve Bank of India’s (RBI) medium-term target of 4 percent for 41 months in a row.
Oil prices fall 2% in choppy trade as banking fears rattle markets
Oil prices fell over 2 percent in volatile trading on Monday as the collapse of Silicon Valley Bank roiled equities markets and raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support.
Brent crude futures settled down $2.01, or 2.4 percent, to $80.77. The global benchmark earlier fell to a session low of $78.34, its lowest price since early January.
US West Texas Intermediate crude futures (WTI) dropped $1.88, or 2.5 percent, to $74.80 a barrel. WTI earlier declined to $72.30 a barrel, its lowest price since December.
FII and DII data
Foreign institutional investors (FII) sold shares worth Rs 1,546.86 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,418.58 crore on March 13, the National Stock Exchange’s provisional data showed.
Indian bond yield eases tracking fall in US yields
Indian bond yields eased on March 13, tracking a drop in US Treasury notes’ yields, dealers said. The yield on the 10-year benchmark bond eased to 7.3579 percent at the close from 7.4321 percent in the previous session. The bond yield opened at 7.3512 percent, the lowest since February 20.
The 10-year US treasury yields dropped over 20 basis points in the previous week to 3.69 percent.
On March 13, it fell over 10 basis points. One basis point is a hundredth of a percentage point.
Gold, silver soar as SVB collapse spurs flight to safety
Gold and silver prices surged on Monday, as their safe-haven appeal drew in investors spooked by the collapse of Silicon Valley Bank, with the crisis also sparking hopes the US Federal Reserve would have to slam the brakes on its aggressive monetary policy.
The US dollar and Treasury yields extended their declines despite efforts by regulators to control the Silicon Valley Bank and Signature Bank turmoil.
Spot gold jumped 2.4 percent to $1,921.06 per ounce by 1:34pm EDT (1734 GMT), the highest since early February. US gold futures gained 2.6 percent to settle at $1,916.50.
Sebi investigating market allegations against Adani group companies: MoS Finance
Regulator Sebi is investigating market allegations against Adani group, whose 9 listed companies saw a 60 percent decline in their market capitalisation between January 24 and March 1, Parliament was informed on Monday.
Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha that the volatility in the stocks of these companies have not had any significant impact at the systemic level.
Nifty 50 declined by around 4.5 per cent during the same period.
The Securities and Exchange Board of India (Sebi), as the statutory regulator of securities markets, is mandated to put in place regulatory frameworks for effecting stable operations and development of the securities markets including protection of investors.
Stocks under F&O ban on NSE
The National Stock Exchange has retained GNFC in its F&O ban list for March 14. Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
ByMoneycontrol
