The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a flat to positive opening for the index in India with a 26 points gain.
The BSE Sensex gained 35.75 points to 50,441.07 on March 8 while the Nifty50 rose 18.10 points to 14,956.20.
According to pivot charts, the key support levels for the Nifty are placed at 14,880.33, followed by 14,804.47. If the index moves up, the key resistance levels to watch out for are 15,071.63 and 15,187.07.
Stay tuned to Moneycontrol to find out what happens in 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:
Technology-related shares sold off on Monday in a big downturn that pushed the Nasdaq into a correction and offset stocks that rose on hopes the $1.9 trillion COVID-19 relief bill will spur the U.S. economic recovery.
The Dow hit a record intra-day high but the big tech stocks that have led Wall Street to scale successive peaks over the past year fell, with the Nasdaq closing down 2.41%. The Nasdaq is now down 10.6% from its Feb. 12 record close, or more than a 10% slide the market considers a correction.
Trends on SGX Nifty indicate a flat opening for the index in India with a 26 points gain. The Nifty futures were trading at 15,008 on the Singaporean Exchange around 07:30 hours IST.
NCLT has jurisdiction to adjudicate disputes solely relating to insolvency of corporate debtor: SC
The Supreme Court on Monday held that the NCLT has jurisdiction to adjudicate disputes, which arises solely or relates to the insolvency of a corporate debtor. The top court, however, cautioned the National Company Law Tribunal (NCLT) and its appellate tribunal (NCLAT) to ensure that they do not usurp the legitimate jurisdiction of other courts, tribunals and forum, when the dispute is not related to the insolvency of the Corporate Debtor.
Dismissing the appeal, the top court said that the institutional framework under the Insolvency and Bankruptcy Code (IBC) contemplated the establishment of a single forum to deal with matters of insolvency, which were distributed earlier across multiple fora.
Sebi tweaks framework on Unique Client Code, PAN
Market regulator Sebi on Monday rationalised the compliance requirement of collecting and maintaining copies of PAN of clients by members of the exchanges having commodity derivatives segment and enhanced the use of e-PAN. In the Union budget 2020, launch of instant PAN facility was announced and subsequently, Income Tax (IT) Department launched the facility of e-PAN which is generated instantly through Aadhaar-based e-KYC.
In a circular, Sebi has tweaked provisions related to Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN). The regulator said it would be mandatory for the members of the exchanges, having commodity derivatives segment, to use UCC for all clients transacting on the commodity derivative segment.
Japan downgrades fourth-quarter GDP as companies scale back spending
Japan’s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand.
The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday.
SEBI orders to attach bank, demat accounts of entities to recover Rs 3.24 crore dues
Markets regulator SEBI has ordered attachment of bank as well as share and mutual fund holdings of six entities to recover dues of Rs 3.24 crore in the case of erstwhile Bank of Rajasthan.
The recovery proceedings have been initiated against the entities after they failed to pay the Rs 3 crore fine imposed on them by SEBI in May 2020 in the case of alleged insider trading in the shares of erstwhile Bank of Rajasthan.
The entities are – Premkumar Gupta, Navin Kumar Tayal, Jyotika Sanjay Tayal, Advik Textiles & Realpro Pvt Ltd, Kulwinder Kumar Nayyar and Azam Mohammed Ashan Shaikh.
Oil settles lower
Oil prices settled lower on Monday, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the COVID-19 pandemic began.
Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since Jan. 8, 2020. It settled down $1.12 or 1.6% at $68.24. U.S. West Texas Intermediate (WTI) crude settled down $1.04 or 1.6% at $65.05. The session high was $67.98 a barrel, its highest since October 2018.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,494 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 484 crore in the Indian equity market on March 8, as per provisional data available on the NSE.
Dollar reigns supreme on yields, recovery advantage
The U.S. dollar held near a 3 1/2-month high against its rivals on Tuesday as higher bond yields and expectations of faster economic normalisation from the pandemic in the United States put the U.S. currency at an advantage.
The dollar’s index against six major currencies rose 0.1% to 92.469, its highest since late November, building on its 0.5% gains on Monday.
5 stocks under F&O ban on NSE
Bank of Baroda, BHEL, Punjab National Bank, SAIL and Sun TV Network are under the F&O ban for March 9. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
With inputs from Reuters & other agencies