Sensex today: Stock Market Highlights: Nifty charts show signs of upside breakout. What traders should do on Wednesday
06:48 PM
Banking turmoil pounding investor confidence, surveys show
A monthly survey carried out by investment bank BofA following the collapses of Silicon Valley Bank and Signature Bank, but before Sunday’s Credit Suisse takeover, showed the perception of risk levels worsening dramatically.
06:46 PM
Yellen says bank situation ‘stabilizing,’ system is ‘sound’
Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall “the situation is stabilizing.”
“And the U.S. banking system remains sound,” Yellen says.
Yellen’s remarks come after a series of troubling bank developments this month.
05:43 PM
Nifty charts show signs of upside breakout. What traders should do on Wednesday
The lower bottom reversal seems to have confirmed at Monday’s low of 16,828 levels and one may expect further upside in the short term towards the lower top formation. A decisive move above the hurdle of 17,200 levels is likely to bring sharp upside momentum for the Nifty in the near term. Immediate support is at 16,950 levels, said Nagaraj Shetti of HDFC Securities.
Gold prices trading muted in range between 59250 – 59650 as market participants await the FED’s policy statement and speech. Gold prices will continue to trade in range for an up-till policy announcement comes out tomorrow later in night at 11.30pm.
– Jateen Trivedi, VP Research Analyst at LKP Securities
05:18 PM
Hindustan Zinc to pay 1,300% fourth interim dividend
The interim dividend is 1,300% on face value of Rs 2 per equity share.
“The Board of Directors of the company in its meeting held on March 21 have approved fourth interim dividend of Rs 26 per equity share i.e. 1300 % on face value of Rs 2 per share for the financial year 2022-23 amounting to Rs 10,985 crore,” the company said in a filing.
04:20 PM
Gold plunges Rs 470; silver declines Rs 420
Silver also declined Rs 420 to Rs 68,550 per kilogramme.
“Spot gold prices in the Delhi markets traded at Rs 59,480 per 10 grams, down Rs 470 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
Gaining buoyancy from a slew of measures to shield the banking sector, global markets witnessed recovery ahead of the US Fed policy announcement on Wednesday. The momentum was passed onto domestic equities, which were led by large-cap banks. However, the gains were capped by IT stocks on caution over muted deal wins from the BFSI segment in the western markets.
– Vinod Nair, Head of Research at Geojit Financial Services
03:31 PM
SNB to follow ECB and hike policy rate by 50 bps on March 23
But markets are currently pricing just over a 50% chance of a smaller 25 basis point increase as a slump in bank shares, driven in part by the demise of Credit Suisse Group AG, sustain worries about the health of the global banking sector.
Despite Swiss rival UBS Group’s emergency takeover of Credit Suisse, investors remain concerned about the losses some Credit Suisse bondholders will be forced to take.
03:16 PM
Euro zone yields rise as central bank actions calm nerves
Germany’s 10-year yield, the benchmark for the euro area, was last up 9 basis points (bps) at 2.195%. It hit a more than 13-week low of 1.923% on Monday.
03:05 PM
Banks spur rebound in European stocks; focus on Fed meeting
The pan-European STOXX 600 index was up 0.9% by 0809 GMT, extending gains after the index sharply recouped intraday losses and closed the session up nearly 1% on Monday.
The Fed begins a two-day meeting later in the day and after a wild few sessions U.S. interest rate futures pricing implies that a peak in rates is either imminent or already reached, with newfound stability concerns to push inflation-fighting aside.
02:27 PM
SENSEX TODAY | Index jumps nearly 450 points, reclaims 58,000
Check out the top index performers and laggards at this hour
01:35 PM
Market View on gold | Jateen Trivedi, VP Research analyst at LKP Securities
Any hike in line with 25basis point or lower along with non visible or hawkish speech will be strongly positive for Gold and levels of 2040-2050 in Comex and 61500 odd will be seen in coming days. On the flip side any higher hike than 25basis with hawkish speech shall bring Comex Gold back to 1940 odd levels and 57000 in MCX which shall again act as buying bets. The Broad trend is positive, but with eyes on the FED’s speech after the banking collapse it looks very unlikely that the Fed would have much space left to keep increasing rates.
01:20 PM
IPO Watch | Udayshivakumar Infra IPO sails through on Day 2 despite weak market sentiments
Analysts were doubtful whether the issue would sail through amid negative market sentiments, but full subscription on Day 2 defied all the expectations.
The company has fixed a price band of Rs 33-35 and investors can bid for 428 shares in 1 lot and in multiples thereof.
12:55 PM
Crypto Price Today: Bitcoin holds above $27,800; Litecoin, Dogecoin fall up to 4%
Meanwhile, the global cryptocurrency market cap was trading lower around $1.15 trillion, falling 0.64% in the last 24 hours.
“Most cryptocurrencies slipped late Monday as investors await Wednesday’s US central bank’s next interest rate decision. Bitcoin traded above the US$28,000 level on Monday after the US Federal Reserve announced it had teamed up with five other major central banks to ensure the flow of the US dollar. However, it has since decreased slightly and is trading at the US$27,800 level,” Edul Patel, Co-founder and CEO at Mudrex, said.
10:43 AM
IndiaFirst Life Insurance Company gets SEBI approval to float IPO
The company had filed preliminary IPO papers with Sebi on October 21, last year. The public issue consists of a fresh issue of equity shares worth up to Rs 500 crore and an offer-for-sale (OFS) up to 141,299,422 equity shares by Promoter and selling shareholders.
Though bearish bias dominated yesterday for most part, and against our initial expectations, we were also clear on not going for an outright downside view until 16800also gave away. This patience was rewarded plenty by close, as a pull back unfolded putting the trend back into the 17470 trajectory that we had embarked on, late last week, anticipating a relief rally. But, as maintained yesterday, we would wait for a clear break of 17224 to be more confident. Alternatively, inability to float above17010 will render the trend sideways for the day, and the same tendencies may be expected on entry into the 17100-185 band as well.
– Anand James – Chief Market Strategist at Geojit Financial Services
Two data points indicate the current market mood. The stock price of the US bank First Republic crashed by 40% yesterday and gold zoomed by 2% . Fears of contagion in the global banking system is causing the nervous selling in vulnerable banking stocks and strength in gold is indicative of the flight to safety. Fears of banking contagion hitting equity markets have aggravated FII selling, which has reached a cumulative Rs 11757 crores in the last 11 days. FII’s net short position is at record highs indicating negative expectations. Even though the current texture of the market is sell on rallies, the huge short position may trigger a short-squeeze if the Fed decides to pause in the meeting tomorrow. Tomorrow’s Fed decision and commentary will be crucial.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
A sharp rebound in the overnight US markets could buoy local market sentiment in early trades Tuesday in the backdrop of the US banking concerns, which are seen subsiding. The takeover of Credit Suisse by its rival UBS is also seen as a positive development and, most importantly, soothing investor concerns over the health of the global banking sector. Now with Credit Suisse buyout behind it, markets’ focus would be on Wednesday’s FOMC decision where a 25 basis points hike is quite likely. However, the biggest headwind for our stock markets is the relentless selling by the FII camp, which sold Rs 2,546 crore on Monday. Technically, the biggest support for the day for Nifty is seen at 16827, while confirmation of strength can be seen above the 200-DMA at 17455 mark, with immediate hurdles at 17221 mark.
– Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
08:08 AM
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 52.50 points or 0.31% higher at 17,076, signalling a positive start for Dalal Street.
08:08 AM
Asian equities advance
- South Korea’s Kospi index rose 0.5%
- Australia’s S&P/ASX 200 Index rose 1.2%
- Hong Kong’s Hang Seng futures rose 1.3%
08:07 AM
Wall St ends higher
- Dow Jones Industrial Average rose 1.2%
- S&P 500 gained 0.89%
- Nasdaq Composite added 0.39%
08:07 AM
Dollar languishes as bank crisis fears ebb
The dollar regained some ground on Tuesday but was pinned near a five-week low as traders tiptoed back into riskier assets after UBS’ state-backed takeover of Credit Suisse allayed some fears of a widespread, systemic banking crisis. The dollar slipped 0.12% to 131.15 against the Japanese yen , while the U.S. dollar index, which measures the greenback against a basket of currencies, fell 0.04% to 103.30.
08:07 AM
Oil prices stabilize
Brent crude futures for May settlement gained 5 cents and traded at $73.84 per barrel by 0049 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $67.73 a barrel. In the previous session, both Brent and WTI fell about $3 a barrel before settling higher. The April WTI contract expires on Tuesday; May is the most active contract for WTI.
08:07 AM
Stocks in F&O ban today
2) Biocon
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
08:06 AM
FII/DII action
Foreign portfolio investors (FPIs) have net sold shares worth Rs 2,545 crore on Monday. DIIs, on the other hand, bought shares worth Rs 2,876 crore.
08:05 AM
Rupee Watch
The rupee fell by 4 paise to 82.63 against the US dollar on Monday, tracking negative sentiments in the domestic as well as global equity markets.
08:04 AM
Sensex, Nifty close lower on Monday
The NSE Nifty fell 111.65 points or 0.65% to close at 16,988.40. The BSE Sensex declined 360.95 points or 0.62% to end at 57,628.95.
08:03 AM
Good Morning, Dear Readers
Here’s something to kickstart your trading session.
