It was a weak start for benchmark indices this week with the Sensex and Nifty losing nearly 1 percent each on March 25. This was the second consecutive session of decline for the market. The 30-share BSE Sensex fell 355.70 points at 37,808.91, and the Nifty was down 102.65 points at 11,354.25.
India VIX moved up by 1.93 percent at 16.59 levels. Volatility fell down from highs but moved from its base of 14 zones so some volatile cues could be seen.
All the sectoral indices ended in the red. The Nifty Midcap index and Smallcap index fell 1 percent each.
According to the Pivot charts, the key support level is placed at 11,311.97, followed by 11,269.73. If the index starts moving upward, key resistance levels to watch out are 11,396.07 and 11,437.93.
The Nifty Bank index closed at 29,281.2, down 301.1 points on March 25. The important Pivot level, which will act as crucial support for the index, is placed at 29,181.8, followed by 29,082.4. On the upside, key resistance levels are placed at 29,355, followed by 29,428.8.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
S&P 500 slips with Apple, lingering fears on global growth
The S&P 500 Index ended a choppy session slightly lower on Monday as worries about a slowdown in global economic growth lingered and as Apple Inc shares fell after the company unveiled its video streaming service. Indexes moved between negative and positive territory throughout the session, with investors keeping their eyes on the US Treasury market.
The Dow Jones Industrial Average rose 14.51 points, or 0.06 percent, to 25,516.83, the S&P 500 lost 2.35 points, or 0.08 percent, to 2,798.36 and the
Nasdaq Composite dropped 5.13 points, or 0.07 percent, to 7,637.54.
Asian shares shaky as US bond yields hit lowest since late 2017
Asian shares were shaky on Tuesday after US Treasury yields sank to their lowest since late 2017, further below short-term interest rates and adding to fears of a US recession.
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early trade after two days of losses. Japan’s Nikkei rebounded 1.1 percent after a 3.0 percent fall on Monday.
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 7.5 points or 0.07 percent. Nifty futures were trading around 11,358-level on the Singaporean Exchange.
Oil prices rise amid supply cuts, but economic slowdown looms
Oil prices firmed on Tuesday, pushed up by ongoing supply cuts led by producer club OPEC and by US sanctions on Iran and Venezuela, but analysts warned that signs of a sharp economic slowdown could soon drag on crude markets.
Brent crude oil futures were at $67.46 per barrel at 0110 GMT, up 25 cents, or 0.4 percent, from their last close. US West Texas Intermediate (WTI) futures were at $59.31 per barrel, up 49 cents, or 0.8 percent, from their last settlement.
Rupee settles flat at 68.96 against US dollar
The rupee ended almost flat at 68.96 per US dollar on Monday as participants preferred to wait on the sidelines to see the outcome of RBI’s first-ever rupee-dollar swap auction. The Forex market sentiment revived towards the fag-end, offsetting early losses amid increased selling of the greenback by exporters, traders said.
At the Interbank Foreign Exchange market, the rupee opened on a weak note at 69.09 then fell further to 69.17 against the U.S. dollar. The local unit, however, erased the initial gains and finished at Rs 68.96, down by just 1 paisa over its previous close.
Only 10% of Rs 38K-crore debt raised via share pledges meet RBI norms: Crisil
As much as 90 percent of the Rs 38,000 crore debt raised by promoters by pledging their shares do not meet the collateral prescriptions of the Reserve Bank, finds a report. The findings come amid multiple instances of sharp corrections in the price of pledged shares, which led to concerns on how to deal with the problem.
“As much as 90 percent of the rated pledged debt has transaction cover of less than two times. This is in contrast to the RBI prescription of a minimum collateral cover of two times for lending against shares by banks and non-banking financial firms,” Crisil said in a report Monday.
Food inflation likely to go up to 2% in FY20: Report
Food inflation in the country is likely to go up to 2 percent in fiscal year 2019-20 from the 0.7 percent estimated for FY19, a report said on March 25. It can be noted that the low food prices have been one of the prime factors which has aided the RBI to be more accommodatory in its rate setting recently.
In the report, foreign brokerage Goldman Sachs attributed the low food prices in the last few months to the prices of cereals and vegetables which have been low for some time.
Job creation dips 6.9% in Jan to 11.23 lakh: ESIC payroll data
Job creation fell by 6.91 percent in January to 11.23 lakh compared to 12.06 lakh in the same month last year, according to payroll data of the Employees State Insurance Corporation (ESIC) released Monday. During September 2017 to January 2019, as many as 2.08 crore new subscribers joined the ESIC scheme, the data showed.
The ESIC provides health insurance and medical services to its insured persons covering all those establishments which have 20 or more workers and all those employees whose monthly wages are up to Rs 21,000.
Sebi modifies commissions, disclosure norms for MF industry
Markets regulator Sebi on Monday reviewed and modified the commission as well as disclosure norms for the mutual fund industry. The move comes after the regulator in October 2018 asked the asset management companies (AMC) to adopt full trail model of commission in all schemes while allowing upfronting of trail commission only in case of inflows through systematic investment plans (SIPs).
The Sebi amended the conditions required for upfronting of trail commission based on SIP inflows at the mutual fund level. “The upfronting of trail commission may be for SIP of upto Rs 3,000 per month, per scheme, for an investor who is investing for the first time in mutual fund schemes,” Sebi said in a circular.
Five stocks under ban period on NSE
Securities in ban period for the next day’s trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For March 26, Adani Enterprises, Adani Power, IDBI, Punjab National Bank and Reliance Power stocks are present in this list.
With inputs from Reuters & other agencies
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