Sensex Today Live: Stock Market LIVE Updates: Sensex erases early gains, trades flat; Nifty tests 17,400; IndusInd Bank falls 6%, Infy 2%
11:08 AM
Hyundai inks pact to acquire GM India’s Talegaon manufacturing facility
Hyundai Motor India on Monday said it has inked a term sheet to potentially acquire land, buildings and certain manufacturing equipment at General Motors India’s Talegaon-based manufacturing plant. The company has inked a “term sheet” for the potential acquisition of identified assets related to the Maharashtra-based facility, the country’s second largest carmaker said in a statement.
The term sheet covers the proposed acquisition of land and buildings and certain machinery and manufacturing equipment at the Talegaon plant, it added.
10:24 AM
Gold bounces 1% as investors seek cover from US banking rout
Spot gold was up 0.8% at $1,882.70 per ounce, as of 0416 GMT. Earlier in the session, bullion hit its highest level since Feb. 3 at $1,893.96.
U.S. gold futures gained 1% to $1,886.50. “Gold has certainly sprung back to life, with safe-haven flows sending prices to within a cat’s whisker of $1,900,” said Matt Simpson, senior market analyst at City Index.
As Nifty struggles to stop the slide that now aims atleast 17255-17050, a pull back above 17420 could signal that Nifty is in the mood to shrug off bearish vibes. And, once 17520 is cleared, 17800-18200 will be back in the radar. Alternatively, inability to float above 17420-520 band will attract rejection trades, which would have the potential for an expansive plunge towards 16500-200. While this is a possibility, we will go in this week not expecting an outright collapse.
– Anand James – Chief Market Strategist at Geojit Financial Services.
The SVB issue is unlikely to rattle markets for long. The quick joint statement by the US Treasury, the Fed and the Federal Deposit Insurance Corporation that all the depositors money will be safe is enough to calm the markets. The ‘Lehman’ comparison is totally inappropriate. However, investors have to be careful since there can be a sentimental impact on banking stocks. Since this crisis has near zero impact on Indian banking, investors with a higher risk appetite can use the weakness in the market to buy high quality bank stocks. A possible positive impact of the SVB crisis is that it may nudge the Fed to go less hawkish since the aggressive rate hike by the Fed lies at the root of the SVB crisis. If the US CPI inflation data tomorrow indicates a declining trend in inflation, the Fed is unlikely to raise rates by 50 bp in the March 22 meeting. That will be a positive from the market perspective.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
07:37 AM
Asian shares mostly sink on jitters after US bank failure
Asian shares mostly fell Monday, shaken by a Wall Street tumble that set off worries the biggest U.S. bank failure in nearly 15 years might have ripple effects around the world. Japan’s benchmark Nikkei 225 slipped 1.2% to 27,817.43 in morning trading. Australia’s S&P/ASX 200 slipped 0.6% to 7,104.30. South Korea’s Kospi was little changed at 2,394.10.
07:36 AM
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 65.5 points, or 0.38 per cent, lower at 17,372, signaling that Dalal Street was headed for negative start on Monday.
07:35 AM
Tech View: Nifty forms hammer pattern on daily charts
Indicating support-based buying at lower levels, Nifty on Friday formed a bearish candle with a long lower shadow that resembled a hammer pattern on the daily charts.
07:35 AM
Tokyo stocks open lower extending US losses
Tokyo stocks opened lower on Monday after a rout on Wall Street as banking shares wobbled on contagion fears after the failure of regional lender Silicon Valley Bank (SVB).The benchmark Nikkei 225 index was down 1.76 percent, or 495.49 points, at 27,648.48 about 80 minutes after the opening bell, while the broader Topix index lost 2.14 percent, or 43.43 points, to 1,988.15.
07:35 AM
Wall Street dives, Treasury yields tumble as bank worries spread
U.S. 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 the economy added more jobs than expected.
07:35 AM
Rupee ends flat at 82.06 against US dollar
The rupee pared its initial losses to settle flat at 82.06 against the US dollar on Friday, following a weak greenback in the overseas market amid a negative trend in domestic equities.
07:35 AM
Sensex, Nifty on Friday
Leaving Dalal Street investors poorer by Rs 1.6 lakh crore, the Sensex ended 671 points lower while Nifty fell below its 200-DMA. The sell-off was led by bank stocks as Nifty Bank slipped below the 40,500 mark with a loss of 771 points.
