Market
Updated : 2021-03-02 08:06:05
The Indian market is likely to open lower on Tuesday as the trend on SGX Nifty indicates a weaker start for the broader index in India. The Nifty futures were trading 33.75 points or 0.23 percent lower at the 14,878.20 level on the Singaporean Exchange at 7:10 am.
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1. Wall Street: Stocks rallied on Wall Street, pushing the S&P 500 to its biggest gain in nine months. The yield on the 10-year Treasury fell to 1.43 percent after reaching its highest level in more than a year last week. Technology stocks and smaller companies led the way higher. The S&P 500 rose 90.67 points, or 2.4 percent, to 3,901.82. The Dow Jones Industrial Average rose 603.14 points, or 2 percent, to 31,535.51. The Nasdaq rose 396.48 points, or 3 percent, to 13,588.83.
2. Asian shares: Asian shares are poised to rally on Tuesday as a halt in a recent bond markets sell-off calmed investor nerves and lifted riskier assets. South Korea’s Kospi jumped 1.82 percent, following its return from a Monday holiday. Shares in mainland China also rose in morning trade, with the Shanghai composite up 0.22 percent. Hong Kong’s Hang Seng index advanced 0.28 percent. In Japan, the Nikkei 225 was above the flatline while the Topix index dipped 0.28 percent. Meanwhile, shares in Australia rose as the S&P/ASX 200 gained 0.79 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.79 percent higher.
3. D-Street: Indian indices ended over 1.5 percent higher on Monday, recovering from a 3 percent decline in the previous session, as bond markets calm triggering a rally in the global peers. The gains in the domestic indices were led by a broad-based rally across sectors. Auto, energy and financial sectors contributed the most to the rise. The sentiment was also bullish after India reported a 0.4 percent rise in GDP growth in the December quarter after 2 quarters of negative growth.
4. Oil: Oil prices fell more than 1 percent on Tuesday, extending losses that began last week, as investors unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week and Chinese demand may be slipping. Brent crude dropped 78 cents, or 1.2 percent, to $62.91 a barrel by 0138 GMT, after losing 1.1 percent the previous day. US West Texas Intermediate (WTI) crude slid 74 cents, or 1.2 percent, to $59.90 a barrel, having lost 1.4 percent on Monday.
5. Rupee: The rupee dropped by 8 paise to close at 73.55 against the US dollar on Monday, extending its falling streak to a third day due to spike in global crude oil prices and strong American currency. At the interbank forex market, the local unit opened lower at 73.76 against the greenback and witnessed an intra-day high of 73.19. The local currency finally ended at 73.55 against the American currency, registering a fall of 8 paise over its previous closing.
6. Gold: Gold prices on Monday rose by Rs 241 to Rs 45,520 per 10 grams in the national capital in line with the strong global bullion market trend, according to HDFC Securities. The precious metal had closed at Rs 45,279 per 10 grams in the previous trading session. Silver also jumped by Rs 781 to Rs 68,877 per kg, compared with the previous close of 68,096 per kg.
7. Bitcoin: Goldman Sachs Group Inc has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said. The team will sit within the U.S. bank’s Global Markets division, the person said. The desk is part of Goldman’s activities within the fast-growing digital assets sector, which also includes projects involving blockchain technology and central bank digital currencies, the person said.
8. Interest rates: The State Bank of India (SBI) on Monday announced that it was cutting interest rates on home loans starting from 6.70 percent onwards until March 31. Soon after the decision, Kotak Mahindra Bank announced that it was cutting the interest rate on home loans by 10 bps to 6.65 percent.
9. GST: The finance ministry’s Department of Expenditure released the 18th weekly instalment of Rs 4,000 crore to meet the GST compensation shortfall to states.
10. SEBI: India’s market regulator proposed on Monday tighter eligibility and appointment rules for independent directors of listed companies, a move seen aimed at protecting minority investors. The Securities and Exchange Board of India (SEBI) proposed that if listed companies in India wish to appoint or remove independent directors they should require the “dual approval” of shareholders and a majority of the company’s minority investors.
