Stock Market Today: Top 10 things to know before the market opens today

The market is likely to open lower on Monday as trends in the SGX Nifty indicate a negative start for the broader index in India with a loss of 49 points.

On Friday, the BSE Sensex corrected 671 points to 59,135, while the Nifty50 dropped 177 points to 17,413 and formed hammer kind of a candlestick pattern on the daily charts, which is generally a bullish reversal pattern, though for the week, with 1 percent loss, the index has formed a bearish engulfing sort of candle on the weekly scale.

As per the pivot charts, the Nifty has support at 17,348, followed by 17,318 and 17,269.

If the index moves up, the key resistance levels to watch out for are 17,445, followed by 17,475 and 17,523.

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 stocks closed sharply lower and Treasury yields extended their slide on Friday over fears of contagion in the financial sector and strong February employment data showing that the economy added more jobs than expected.

All three major US stock indices ended the session down more than 1 percent, with the tech-laden Nasdaq suffering the largest percentage loss.

The Dow Jones Industrial Average fell 345.22 points, or 1.07 percent, to 31,909.64, the S&P 500 lost 56.73 points, or 1.45 percent, to 3,861.59 and the Nasdaq Composite dropped 199.47 points, or 1.76 percent, to 11,138.89.

Asian Markets

Asian markets were trading mostly in the red in the early morning trade today.

Kospi in South Korea dropped 1 percent and Nikkei 225 in Japan fell 1.7 percent.

Taiwan Weighted down 1 percent, However, Hang Seng index up 1 percent and Shanghai Composite gained 0.7 percent.

SGX Nifty

Trends in the SGX Nifty indicate a flat to negative opening for the broader index in India with a loss of 49.50 points. The Nifty futures were trading around 17,388 levels on the Singaporean exchange.

Yes Bank stocks may face mass selling as 3-year RBI-mandated lock-in ends today

Shares of Yes Bank may face selling pressure as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds is ending on Monday, according to analysts.

The analysts expect distress on the bank counter on Monday as they expect investors, primarily nine banks led by State Bank, which picked up almost 49 percent of its stocks in March 2020 for Rs 10 per share at a premium of Rs 8 on the face value as part of the RBI bailout, are keen on making an exit.

Exchange-traded funds are also likely to press the exit button.

M&M to sell 4.6% stake in Mahindra CIE via block deal

Auto major Mahindra & Mahindra is likely to sell 4.6 percent stake in automotive component supplier Mahindra CIE Automotive Ltd at a floor price of Rs 355 per share, sources told CNBC-TV 18 on March 12.

The base size of the block deal is likely to be at Rs 615 crore with a 60-day lock up period on further sale of shares, the sources added.

Net direct tax collection reaches Rs 13.73 lakh crore, 83% of revised estimate for FY23

Net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 percent of the revised target for the full financial year, the Central Board of Direct Taxes (CBDT) has said.

The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections.

On a gross basis, the collection grew 22.58 percent to Rs 16.68 lakh crore.

Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022 to March 10, 2023, which are 59.44 percent higher than refunds issued during the same period in the preceding year.

SVB fallout: Nazara Tech says two subsidiaries hold cash worth Rs 64 crore in collapsed lender

Amid the collapse of the US-based Silicon Valley Bank (SVB), the largest vendor in the startup ecosystem, digital gaming and sports platform Nazara Technologies, on March 12 said that two of its step-down subsidiaries — Kiddopia Inc and Mediawrkz Inc — hold cash balances there.

The balances held at SVB by the subsidiaries sum up to for $7.75 million (approximately Rs 64 crore).

Kiddopia Inc is a subsidiary of Paper Boat Apps Private Limited (owned 51.5 percent by Nazara), while Mediawrkz Inc is a subsidiary of Datawrkz Business Solutions Private Limited (owned 33 percent by Nazara).

FII and DII data

Foreign institutional investors (FII) sold shares worth Rs 2,061.47 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,350.13 crore on March 10, the National Stock Exchange’s provisional data showed.

Stocks under F&O ban on NSE

The National Stock Exchange has retained Balrampur Chini Mills and GNFC on its F&O ban list for March 13. Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.

Dollar slides as US intervenes on SVB collapse

The US dollar slid on Monday as authorities stepped in to cap the fallout from the sudden collapse of Silicon Valley Bank, with investors hoping the Federal Reserve will take a less aggressive monetary path.

The US government announced several measures early on Monday, and said all SVB customers will have access to their deposits starting today.

Officials also said depositors of New York’s Signature Bank, which was closed Sunday by the New York state financial regulator, would also be made whole at no loss to the taxpayer.

The dollar index, which measures the US currency against six rivals, fell 0.153 percent at 104.080.

The Japanese yen strengthened 0.34 percent to 134.52 per dollar, the highest in a month as investors made a move to safe-haven Asian currencies.

ByMoneycontrol

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