The SGX Nifty’s Trends Point to a Favorable Start for the Wider Indian Index on Monday, Maintaining the Bullish Momentum from the Previous Trading Session: Stock Market Updates Reveal. This Morning, Asian Markets Displayed an Optimistic Tone Based on Positive Signals from Western Markets.
According to the latest updates on the SGX Nifty, the market is anticipated to commence on a positive note, with a gain of 68 points for the broader Indian index on Monday. On Friday, the BSE Sensex surged by 900 points to 59,809, while the Nifty50 rose by 272 points to 17,594, creating a long bullish candlestick pattern on the daily charts, with volumes exceeding the average at market close.
Pivot charts suggest that the Nifty has support at 17,473, followed by 17,421 and 17,338, whereas key resistance levels to observe in case of upward movement are 17,639, followed by 17,690 and 17,773. Keep an eye on the currency and equity markets by following CityTelegraph. Additionally, we have compiled a list of significant headlines from various news sources that may impact both Indian and international markets.
On Friday, Wall Street experienced a surge in response to the week’s volatility, as the decline in US Treasury yields and positive economic data caused investors to overlook the increasing likelihood of the Federal Reserve maintaining its restrictive policy until later in the year. The Dow Jones Industrial Average climbed by 387.4 points or 1.17 percent, while the S&P 500 increased by 64.29 points or 1.61 percent, and the Nasdaq Composite saw an addition of 226.02 points or 1.97 percent, reaching 33,390.97, 4,045.64, and 11,689.01, respectively.
On Monday, Asian equities inched up, while bond markets awaited an update on the US rate outlook from the world’s most influential central banker and a jobs report that could determine whether the next hike should be substantial. MSCI’s Asia-Pacific shares index, excluding Japan, increased by 0.8 percent, following a 1.5 percent rebound last week. Japan’s Nikkei rose by 1.0 percent, reaching a three-month high, while South Korean stocks advanced by 0.6 percent, aided by a milder reading on inflation.
The Government reduces windfall tax on diesel and eliminates it entirely on ATF.
In the latest review, the Centre has raised the windfall profit tax on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been lowered to Rs 0.5 per litre from Rs 2.5, while it has been eliminated entirely on ATF. Petrol will continue to have zero special additional excise duty. The windfall profit tax on domestically produced crude oil and fuel exports is expected to generate approximately Rs 25,000 crore in the current fiscal year ending March 31. These taxes were first imposed on energy companies on July 1, 2022, following a surge in crude oil prices, with export duties of Rs 6 per litre on petrol and ATF, and Rs 13 per litre on diesel.
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 68 points. The Nifty futures were trading around 17,700 levels on the Singaporean exchange.
China sets modest growth target of about 5% as parliament opens
China set a modest target for economic growth this year of around 5 percent on Sunday as it kicked off the annual session of its National People’s Congress (NPC), which is poised to implement the biggest government shake-up in a decade.
The economy gave one of its weakest performances in decades last year, when gross domestic product (GDP) grew by just 3 percent, squeezed by three years of Covid controls, a crisis in the vast property sector and a crackdown on private enterprise.
This year’s growth target is at the low end of expectations, as policy sources had recently told Reuters a range as high as 6 percent could be set. It is also below last year’s target of around 5.5 percent.
FII and DII data
Foreign institutional investors (FII) bought shares worth Rs 246.24 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,089.92 crore on March 3, the National Stock Exchange’s provisional data showed.
ECB Half-Point March Rate Hike Very Likely, Lagarde Says
European Central Bank is set to raise borrowing costs by another half point at its March decision, according to President Christine Lagarde.
“It is very likely that we will raise interest rates by 50 basis points,” Lagarde told El Correo when asked what would happen later this month. “This was a decision that was indicated at our last monetary policy meeting and all the numbers we have been seeing in recent days are confirming that this interest rate hike is very, very likely.”
A move of that size would take the ECB’s rate increases since July to 350 basis points. What happens beyond March 16, is less certain.
Oil rises by $1 per bbl after denial of reported UAE plan to exit OPEC
Oil prices rose by more than $1 a barrel on Friday, recovering from an early slump after Reuters reported that the United Arab Emirates is not planning an exit from the Organization of Petroleum Exporting Countries (OPEC).
Brent crude futures were up $1.01, or 1.2 percent, to $85.76 a barrel by 1:52pm EST (1852 GMT). US West Texas Intermediate (WTI) crude futures gained $1.38, or 1.8 percent, to $79.54.
Gold eases on firmer dollar, rate-hike fears
Gold prices ticked lower on Monday in the international markets as the dollar firmed, with a fresh set of data cementing fears that central banks across the globe would keep raising rates to contain sticky inflation.
Spot gold was down 0.1 percent at $1,853.19 per ounce, as of 0037 GMT, after climbing to its highest since February 15 on Friday. US gold futures rose 0.3 percent to $1,859.60.
Bitcoin falls 5.2% to $22,253
Bitcoin dropped 5.2 percent to $22,253 at 2204 GMT on Friday, losing $1,213 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is down 11.9% from the year’s high of $25,270 on Feb. 16.
Ether , the coin linked to the ethereum blockchain network, dropped 5.3 percent to $1,560.9 on Friday, losing $87.1 from its previous close.