India VIX was up 16% on Monday morning. Often called the fear gauge of domestic markets, India VIX was sitting at 23.22 after opening at 19.99 earlier in the day.
Nifty has gone below 14,670 which was supposed to act as a crucial support zone for the index. Domestic brokerage firm Angel Broking had said in its weekly note that Nifty slipping below 14,670 would negate the bullish structure for the index.
Nifty was sitting below 14,700 a crucial support zone for the index. While the Bank Nifty index was well below 33,000 — its support zone, according to ICICI Direct.
TOPIX was up 0.65% on Monday while Nikkei 225 gained 0.79%. In South Korea KOSPI was up 0.20% and KOSDAQ was flat with positive bias.
Nifty PSU Bank index was the worst-performing sectoral index on NSE on Monday morning, down 4.67%. Canara Bank, Bank of Baroda, and Indian Overseas Bank were the worst performers, down over 5% each.
BSE IT index surged nearly 2 per cent before cooling off a little, while BSE Sensex tanked over 2 per cent on Monday. Infosys and Happiest Minds Technologies stocks hit 52-week highs of Rs 1,425 and Rs 675, respectively. Research and brokerage firms expect Information Technology companies to post strong revenue growth in the fourth quarter of the previous fiscal, despite cost pressures.
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While benchmark indices dived, some S&P BSE 500 stocks were seen hitting fresh 52 week highs. Adani Transmission, SAIL, JSW Steel, Tata Steel, Infosys, and Vedanta were some of those stocks.
Nifty Private Bank index dived 4% on Monday morning. All constituents of the index were in the negative territory with bandhan Bank and IndusInd Bank among top drags.
Nifty Bank index was down 3.94% on Monday morning. Bandhan Bank was the top drag, tanking over 6%. It was followed by IndusInd Bank, IDFC First Bank, SBI, and Federal Bank.
S&P BSE Sensex was down 1,100 points on Monday morning, falling below 49,000 mark. The broader Nifty 50 index was down nearly 300 points at 14,560.
India VIX, the volatility index zoomed 15% on Monday morning as benchmark indices nosedived. India VIX jumped to breach 23 levels after having opened at 19.99.
Among sectoral indices only Nifty IT was up in the green. Bank Nifty was down nearly 4% at 33,525 points.
Sensex nosedived 700 points on Monday morning as the index dropped below 49,200. Nifty was below 14,700.
“We are still trading in a restricted range which is between 14,650 and 14,900. Unless we are able to get past 14,950, the Index won’t propel further. If we manage to do that, the markets could move towards 15,300. On the flip side, if we break 14,500-14,600 on a closing basis, the Nifty can go down further to retest the previous lows of 14,200,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Indian Rupee could remain under pressure due to stronger dollar on account of an improved US job report, Biden’s infrastructure growth plan and weakening emerging market fundamentals as rising covid cases could indicate higher investments into US treasuries again. The RBI with no option left than to keep interest rates unchanged at their first meet in this new financial year 2022 indicates divergence to other Emerging market central banks. All in all, the USDINR pair is likely to move upward towards 73.80-74.00 in the near term. On another side, 73.00 likely to act as key support. Amit Pabari, managing director, CR Forex Advisors
The 14870 region which had posed stiff challenge all through last week had given away on Thursday, clearing path towards our upside objective of 15300. We will start with a modest objective of 14970-15060 though. Dips are expected, and 14870-800 region may be considered as an accumulation region and can be bought into, but a slippage past 14770 will force us to look at the bearish prospects.
~ Geojit Financial Services
“The fundamental factors influencing markets are changing fast. There are both positives & negatives. On the positive side, the better than expected job numbers & economic recovery in the US is a big positive. This will support global growth, which, in turn, will be a boost for stock markets. On the other hand, back home in India, the fast-rising Covid cases is a cause of concern. Restriction of economic activity in many areas might impact growth recovery. But, as of now, there are no signs of a slowdown in the economy. Macro numbers like GST collection (record Rs 1.24 lakh cr in March) and auto sales numbers in March indicate a strong economic rebound. Q4 results will be very good and this can impart resilience to markets. How the Covid cases pan out, going forward, is a crucial factor,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Among sectoral indices, only Nifty IT and Nifty Metal were the gainers. Nifty Media was down 2.46%.
Sensex and Nifty began trading down in the negative territory on Monday morning. Sensex gave up 50,000 mark and fell over 300 points while Nifty 50 was below 14,800. IT stocks were surging higher.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were unchanged today. The price of petrol and diesel has been the same for nearly a week now after falling across major cities on March 30, 2021. Nation Capital Delhi was quoting a petrol price of Rs 90.56 per litre, diesel in the city was priced at Rs 80.87 per litre. Fuel prices remain the highest in Mumbai at Rs 96.98 per litre for Petrol. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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Sensex gave up 50,000 while Nifty was still above 14,850 mark during the pre-open session on Monday.
Sensex was still above 50,000 in the pre-open session while Nifty 50 moved between gains and losses but holding above 14,800 levels.
Indian share market benchmarks BSE Sensex and Nifty 50 were likely to start the week on a negative note due to rising COVID-19 cases and stricter curbs in the country. This week may witness volatility as earnings season starts from today. Moreover, market participants will track global cues, following the announcement of the investment plan by US President Joe Biden. Among other major events, the Monetary Policy Committee headed by the RBI Governor is scheduled to meet from April 5-7. The PMI data for the manufacturing and services sectors are also scheduled to be announced this week.
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Commodity prices traded firm during the previous week while most of the commodities in the non-agro segment witnessed recovery. Bullion prices recovered from the support levels on safe-haven buying while crude oil futures traded volatile on OPEC talks. Base metals witnessed mixed trade keeping the firm trading range on China demand.
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Nifty futures were trading 70.50 points or 0.47 per cent down at 14,922 on Singaporean Exchange, suggesting a weak start for BSE Sensex and Nifty 50 on Monday. In the previous week, Indian stock markets were closed on Monday (Holi) and Friday (Good Friday) for holidays. The 30-share index gained 1,021.33 points or 2 per cent during the week.
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One of India’s largest cryptocurrency exchanges, WazirX, faced an outage late Sunday night. The Binance-owned exchange’s founder and CEO, Nischal Shetty took to Twitter to allay fears among investors saying that their wallets and money was safe and that the exchange was looking to fix the problem as soon as possible. WazirX is one of the many cryptocurrency exchanges investors use to trade in Bitcoin, Ethereum, and even the exchange’s own tokens WRX.
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SGX Nifty was down 70 points during the early hours of Monday. Nifty futures trading lower hints at a negative start for domestic markets. However, SGX Nifty has recouped after being down 80 points earlier in the day.
Baseline projection for FY22 (year-end March 2022) GDP growth is 13.5% yo-y, up from an estimated -7.4% in FY21. This is underpinned by medium-term tailwinds from the lagged impact of easy financial conditions, fiscal activism, strong global growth and continued vaccine momentum alongside activity normalisation. Our annual growth assumptions are based on expectation of GDP growth picking up to 1.0% y-o-y in Q1 2021 from 0.4% in Q4 2020, before escalating to 34.5% in Q2, reflecting favourable base effects. This inherently projects sequential momentum of 4.3% q-o-q (sa) in Q1 (from 6.3% in Q4), which subsequently moderates to 0.5% in Q2.