Stock Market Today: Top 10 things to know before the market opens today
India’s equity benchmarks are expected to open on a positive note today, as trends in the SGX Nifty indicate a firm start for the broader index with a gain of 66.50 points.
In the previous session, the BSE Sensex climbed 127 points to 57,654, while the Nifty50 advanced 41 points to 16,986 and formed a Doji kind of indecisive pattern on the daily scale.
The index has been moving in a range of 16,900-17,100 levels for the last couple of sessions.
As per the pivot charts, the Nifty has support at 16,933, followed by 16,892 and 16,826.
If the index moves up, the key resistance levels to watch out for are 17,064, followed by 17,105 and 17,171.
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
The S&P 500 ended slightly higher on Monday as a deal for Silicon Valley Bank’s assets helped boost the bank shares, while a decline in technology-related stocks limited the day’s gains.
The S&P 500 banking index gained 3.1 percent, while the KBW regional banking index ended up 0.6 percent.
JPMorgan Chase & Co shares climbed 2.9 percent and Bank of America added 5 percent. They were among stocks giving the S&P 500 its biggest boost on Monday.
The Dow Jones Industrial Average surged 194.55 points, or 0.6 percent, to 32,432.08, the S&P 500 gained 6.54 points, or 0.16 percent, to 3,977.53 and the Nasdaq Composite dropped 55.12 points, or 0.47 percent, to 11,768.84.
Asian Markets
Asian markets traded mostly in the green in the early hours of March 28 with Straits Times up 0.5 percent, Kospi 0.3 and Nikkei trading flat.
SGX Nifty
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 66.50 points.
The Nifty futures were trading around 17,079 levels on the Singaporean exchange.
Global economy faces ‘lost decade’, says World Bank
The global economy faces the prospect of a “lost decade” on account of nearly all drivers of economic progress in recent history fading, the World Bank has said.
Writing in a report titled ‘Falling Long-Term Growth Prospects: Trends, Expectations, and Policies’, released on March 27, the World Bank’s staff warned that the global economy’s ‘speed limit’ is on track to crash to a three-decade low by 2030.
The ‘speed limit’ refers to the maximum long-term growth rate without sparking inflation concerns.
HDFC plans to raise Rs 57,000 crore through private placement ahead of merger with HDFC Bank
Ahead of the merger with HDFC Bank, the board of mortgage lending major Housing Development Finance Corporation (HDFC) has approved plans to raise another Rs 57,000 crore through the issue of Non-convertible Debentures (NCD).
This will be done through multiple tranches, the company said in a release.
This is the second major fundraising announced by HDFC in the last two months.
On February 26, HDFC raised Rs 25,000 crore through bonds at 7.97 percent coupon rate. It was the country’s largest-ever bond issue.
The HDFC-HDFC Bank merger is set to take effect by June-July after receiving the necessary approvals from various regulatory authorities. The merger was announced in April last year.
S&P keeps India economic growth forecast unchanged at 6% in FY24
S&P Global Ratings on Monday kept its forecast for India’s economic growth unchanged at 6 percent in the fiscal year starting April 1, before rising to 6.9 percent in the following year.
In the quarterly economic update for Asia-Pacific, S&P saw inflation rate easing to 5 per cent in 2023-24 fiscal, from 6.8 per cent in the current financial year.
It saw India’s gross domestic product (GDP) likely growing by 7 per cent in the current financial year ending March 31 (2022-23), before slowing to 6 per cent in the next 2023-24 fiscal.
Oil
Crude prices moved in a narrow range in early Asian trade on Tuesday after rallying in the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand.
Brent crude futures fell 2 cents to $78.10 a barrel at 0018 GMT. West Texas Intermediate US crude gained 8 cents, or 0.1 percent, to $72.89.
Aditya Birla Capital to sell off insurance broking arm to Edme Services
Financial Services firm Aditya Birla Capital has decided to exit the insurance broking business by selling its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services for an undisclosed amount.
The proposed deal includes the sale of the entire 25,65,103 equity shares of Rs 10 each held by the company (along with its nominees), representing 50.002 per cent of the issued and paid-up share capital of ABIBL to Edme Services Private Limited.
Dollar
The dollar rose to a five-day high against the Japanese yen on Monday as authorities’ efforts to rein in worries over the global banking system helped soothe investor nerves.
The dollar index, which measures the currency against six rivals, was 0.087 percent lower on the day at 102.9, not far from the near a seven-week low of 101.91 touched on Thursday.
FII and DII
Foreign institutional investors (FII) sold shares worth Rs 890.64 crore, whereas domestic institutional investors (DII) purchased shares worth Rs 1,808.94 crore on March 27, National Stock Exchange’s provisional data showed.
ByMoneycontrol
