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Trading could be volatile today as traders roll over positions in the F&O segment from the near month March series to April series. The March 2023 F&O contracts will expire today, 29 March 2023. The domestic stock market will remain shut on Thursday, 30 March 2023 on account of Ram Navami.
SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 17 points at the opening bell.
Global markets:
Overseas, Asian stocks are mostly higher on Wednesday as Alibaba's Hong Kong-listed shares spiked at the open after the Chinese tech giant announced it will split into six business groups.
Australia's monthly inflation pace for February came in at a slower pace at 6.8% compared to the same period a year ago. This is lower than January's figure of 7.4%. Data from the country's statistics bureau revealed that the most significant price rises were in the housing, followed by food and non-alcoholic beverages, then in transport.
US stocks ended slightly lower on Tuesday as investors weighed comments from a top US regulator on struggling banks and sold shares of technology-related names after their recent strong run.
Consumer confidence inched up in March after two straight monthly declines. The Conference Board reported Tuesday that its consumer confidence index rose to 104.2 in March from 103.4 in February. The board said that despite the uptick in confidence, the index remains below 2022's average level of 104.5.
Domestic markets:
Back home, the headline equity indices ended with minor cuts after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex fell 40.14 points or 0.07% to 57,613.72. The Nifty 50 index lost 34 points or 0.20% to 16,951.70.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,531.13 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 156.11 crore in the Indian equity market on 28 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 47 points at the opening bell.
Overseas, Asian stocks are largely trading higher on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.
Overnight in the U.S., stocks on Wall Street ended higher – bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.
Back home, the domestic equity barometers ended with minimal gains on Monday, snapping a two-day losing run. The barometer index, the S&P BSE Sensex rose 126.76 points or 0.22% to 57,653.86. The Nifty 50 index added 40.65 points or 0.24% to 16,985.70.
Foreign portfolio investors (FPIs) sold shares worth Rs 890.64 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,808.94 crore in the Indian equity market on 27 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 85 points at the opening bell.
As per reports, Life Insurance Corporation of India (LIC) plans to invest a record Rs 2.4 lakh crore across markets, including shares of locally traded companies, in 2023-24. Around 35 per cent of the total investment, or up to Rs 85,000 crore, could be allocated in shares of domestic listed companies.
Overseas, Asian stocks are trading mixed on Monday as investors continue to assess the impact of the banking troubles in the U.S and Europe.
US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.
Back home, the frontline equity barometers ended a volatile session with steep losses on Friday. The barometer index, the S&P BSE Sensex declined 398.18 points or 0.69% to 57,527.10. The Nifty 50 index shed 131.85 points or 0.77% to 16,945.05.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,720.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,555.53 crore in the Indian equity market on 24 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 26 points at the opening bell.
Overseas, Asian stocks are mostly trading lower on Friday, as investors weigh remarks from U.S. Treasury Secretary Janet Yellen, who said federal emergency actions to back up failed regional banks could be used again if necessary.
Japan's core inflation reading fell from its January peak of 4.2% to 3.1% year-on-year in February, government data showed Friday. Overall, nationwide inflation was at 3.3% for the month compared to a year ago, also lower than the January print of 4.3%.
Wall Street closed higher on Thursday as market participants were reassured by US Treasury Secretary Janet Yellen's reassurances that measures will be taken to keep Americans' deposits safe.
The Bank of England raised interest rates by a further quarter of a percentage point on Thursday and said it expects the surge in British inflation to cool faster than before. The BoE's nine rate-setters voted 7-2 in favour of a 25 basis-point increase in Bank Rate to 4.25%.
Back home, domestic shares snapped a two-day streak on Thursday, amid negative global cues. The barometer index, the S&P BSE Sensex declined 289.31 points or 0.50% to 57,925.28. The Nifty 50 index lost 75 points or 0.44% to 17,076.90.
Foreign portfolio investors (FPIs) sold shares worth Rs 995.01 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,668.85 crore in the Indian equity market on 23 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 5 points at the opening bell.
Overseas, Asian stocks are trading lower on Thursday, following Wall Street's reaction overnight after the U.S. Federal Reserve hiked rates by another 25 basis points.
US stocks end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike. U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.
The Federal Reserve hiked its benchmark interest rate by another 25 basis points, in line with Wall Street's predictions. The increase takes the benchmark federal funds rate to a target range between 4.75%-5%.
The Federal Open Market Committee said in a post-meeting statement that it “will closely monitor incoming information and assess the implications for monetary policy.” Fed projections call for just one more hike this year.
Treasury Secretary Janet Yellen said Wednesday that the FDIC was not considering providing “blanket insurance” for banking deposits. Yellen made the remarks at a hearing of a U.S. Senate appropriations subcommittee. Yellen said the administration was not considering expanding bank deposit guarantees beyond the current limit of $250,000, as per reports.
Back home, Indian equity indices advanced for the second consecutive session on Wednesday amid positive global cues. The barometer index, the S&P BSE Sensex rose 139.91 points or 0.24% to 58,214.59. The Nifty 50 index added 44.40 points or 0.26% to 17,151.90.
Foreign portfolio investors (FPIs) bought shares worth Rs 61.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 383.51 crore in the Indian equity market on 22 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 33 points at the opening bell.
Overseas, Asian stocks are trading higher on Wednesday as investors looked ahead to the U.S. Federal Reserve's latest update on its rate hike decision.
Wall Street closed higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate.
Treasury Secretary Janet Yellen said Tuesday that while authorities believe they've taken sufficient action to stem liquidity problems in the banking sector, the government is prepared to guarantee even more deposits if the banking crisis gets worse.
Back home, domestic stock market jumped on Tuesday, tracking positive global cues. The S&P BSE Sensex rose 445.73 points or 0.77% to 58,074.68. The Nifty 50 index added 119.10 points or 0.70% to 17,107.50.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,454.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,946.06 crore in the Indian equity market on 21 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 77 points at the opening bell.
Overseas, Asian stocks are trading higher on Tuesday after Wall Street staged a relief rally overnight on hopes the banking crisis may be easing, following the $3.2 billion takeover of Swiss bank Credit Suisse by rival UBS.
Meanwhile, Japanese Prime Minister Fumio Kishida is heading to Ukraine, as per reports. Kishida has left India after meeting his counterpart Narendra Modi. The Japanese prime minister is reportedly expected to hold talks with Ukrainian President Volodymyr Zelenskyy later in the day.
US stocks jumped on Monday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors.
The Federal Open Market Committee (FOMC) meeting is scheduled for March 21 and 22. The US Fed rate hike decision will be announced on March 22 followed by a press conference. Investors will keep an eye on the actions of the American Central Bank to see how it will proceed in its fight against inflation in light of the shakeup in the banking sector.
Back home, the key equity benchmarks tumbled on Monday amid turmoil in the global banking sector, recession fears and an exodus of foreign fund flows. The barometer index, the S&P BSE Sensex fell 360.95 points or 0.62% to 57,628.95. The Nifty 50 index declined 111.65 points or 0.65% to 16,988.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,545.87 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,876.64 crore in the Indian equity market on 20 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 78 points at the opening bell.
Overseas, Asian stocks are mostly trading lower on Monday after UBS agreed to buy its banking rival Credit Suisse in a $3.2 billion takeover over the weekend.
The People's Bank of China left the loan prime rates for 1-year and 5-year unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, both unchanged since August last year.
UBS Group AG, Switzerland's largest banking group, has agreed to acquire the crisis-hit Credit Suisse Group AG in a $3.23-billion deal. Swiss regulators played a key role in facilitating the deal in an effort to quell a contagion threatening the banking sector. Under the deal, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares. The combined bank will have $5 trillion of invested assets, according to UBS.
Wall Street closed lower on Friday as investors pulled back from positions in bank shares amid lingering concerns over the state of the U.S. banking sector.
Back home, the key equity barometers settled with strong gains on Friday. The barometer index, the S&P BSE Sensex, was up 355.06 points or 0.62% to 57,989.90. The Nifty 50 index added 114.45 points or 0.67% to 17,100.05.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,766.53 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,817.14 crore in the Indian equity market on 17 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 113 points at the opening bell.
Overseas, Asian stocks are mostly trading higher Friday after major Wall Street banks pledged a deposit of $30 billion in First Republic Bank in an attempt to bolster confidence in the banking system. The group of 11 banks, included Bank of America, Wells Fargo, Citigroup and JPMorgan Chase.
US stocks finished solidly higher Thursday after a consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic.
Meanwhile, U.S. Treasury Secretary Janet Yellen said the U.S. banking system remains sound and Americans can feel confident that their deposits will be there when needed.
The European Central Bank followed through with the 50 basis point rate hike it flagged at its prior meeting, despite ongoing volatility in the banking sector. It takes the bank's main rate to 3%.
Back home, the key equity indices ended a volatile session with small gains on Thursday, snapping a five-day losing streak. The barometer index, the S&P BSE Sensex gained 78.94 points or 0.14% to 57,634.84. The Nifty 50 index rose 13.45 points or 0.08% to 16,985.60.
Foreign portfolio investors (FPIs) sold shares worth Rs 282.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,051.45 crore in the Indian equity market on 16 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.
Overseas, Asian stocks are trading lower on Thursday as turmoil around Credit Suisse added onto banking fears in the region.
Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
The decision comes shortly after shares of the lender fell sharply Wednesday, hitting an all-time low for a second consecutive day after its top investor Saudi National Bank said it won't be able to provide further assistance.
US stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller US rate hike this month.
US retail sales and wholesale prices slipped in February. Retail sales contracted in February by 0.4% to $698 billion, down from a revised $701 billion a month earlier, the Commerce Department said on Wednesday.
Back home, the benchmark indices reversed early gains and settled with modest losses on Wednesday, sliding for the fifth trading session. The barometer index, the S&P BSE Sensex declined 344.29 points or 0.59% to 57,555.90. The Nifty 50 index fell 71.15 points or 0.42% to 16,972.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,271.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,823.94 crore in the Indian equity market on 15 March, provisional data showed.
Overseas, Asian stocks are trading higher on Wednesday after bank stocks on Wall Street rebounded on optimism of contagion risk from Silicon Valley Bank being contained.
China's industrial output rose 2.4% in the January to February period, official data showed. Retail sales rose 3.5% for the same period. The People's Bank of China kept the rate on 481 billion yuan of one-year medium-term lending facility loans at 2.75%.
US stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve's policy meeting next week.
Underlying US consumer prices rose in February by the most in five months. The consumer price index, excluding food and energy, increased 0.5% last month and 5.5% from a year earlier, according to Bureau of Labor Statistics data out Tuesday. The overall CPI climbed 0.4% in February and 6% from a year earlier.
Moody's Investors Service on Tuesday revised its outlook on the US banking system to "negative" from "stable", citing heightened risks for the sector after the rapid unraveling of SVB Financial Group fueled fears of contagion. Moody's also said it was expecting the Federal Reserve to continue tightening monetary policy, in contrast to some others who are expecting the bank collapses this month to reshape the trajectory for interest rate hikes.
Back home, the key equity indices ended a volatile session with significant losses on Tuesday, sliding for the fourth straight session. The barometer index, the S&P BSE Sensex, was down 337.66 points or 0.58% to 57,900.19. The Nifty 50 index lost 111 points or 0.65% to 17,043.30.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,086.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,121.94 crore in the Indian equity market on 14 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 55 points at the opening bell.
Retail inflation, measured by the consumer price index (CPI), eased marginally in February but remained stubbornly above the 6% mark for the second straight month. Data released on Monday revealed that retail inflation stood at 6.44% in February against 6.52% in January. It stood at 6.07% a year ago. Both food and core inflation remained sticky and elevated at over 6% last month and the price pressures were higher in rural areas than urban centres.
Overseas, Asian stocks are trading lower on Tuesday as investors grappled with the fallout of failed banks in the U.S., including Silicon Valley Bank.
US stocks ended lower on Monday even as a plan to backstop all the depositors in failed Silicon Valley Bank, along with other extraordinary measures, failed to boost bank shares. The fallout from SVB's collapse prompted President Joe Biden to promise stronger regulation of U.S. lenders, while reassuring depositors that their money is safe.
Traders are looking to the US consumer price index report later in the day for cues that may trigger further shifts in bets on the Fed's next move ahead of its meeting on March 21 and 22. As per reports, a hot inflation report will raise expectations the Fed could hike rates by 50 basis points, up from the 25 points it implemented in February.
Back home, the frontline equity indices tumbled on Monday, extending losses for the third straight session. The barometer index, the S&P BSE Sensex slumped 897.28 points or 1.52% to 58,237.85. The Nifty 50 index lost 258.60 points or 1.49% to 17,154.30.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,546.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,418.58 crore in the Indian equity market on 13 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 56 points at the opening bell.
India's consumer inflation data for February will be unveiled today, 13 March 2023. The annual consumer price inflation in India accelerated to 6.52% in January of 2023, the highest in three months, compared to 5.72% in December.
Overseas, Asian stocks are trading lower on Monday as U.S. regulators announced plans to backstop both depositors and financial institutions associated with Silicon Valley Bank (SVB). SVB last week was shuttered by regulators, after customers withdrew a staggering $42 billion of deposits by the end of Thursday.
US stocks closed sharply lower on Friday over fears of contagion in the financial sector and strong February employment data showing that the economy added more jobs than expected.
Back home, the domestic equity benchmarks ended with deep cuts after a weak session on Friday. The barometer index, the S&P BSE Sensex, tumbled 671.15 or 1.12% to 59,135.13. The Nifty 50 index dropped 176.70 points or 1% to 17,412.90.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,061.47 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,350.13 crore in the Indian equity market on 10 March, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 158.50 points at opening today.
Global Markets:
Brent crude futures fell $1.07, or 1.3%, to settle at $81.59 a barrel on Thursday, their lowest close since 22 February.
The US Dow Jones index futures were down 124 points, indicating a positive opening in the US stocks today.
Asian stocks fell across the board on Friday, as investors await the closely watched February non-farm payrolls report from the U.S. that could further determine the direction on the Federal Reserve's rate hikes ahead.
The Hang Seng index in Hong Kong slumped 2.32%, leading losses in the region.
The US stocks tumbled Thursday, as investors braced for a key payroll report Friday that could shape the direction of interest rates. The S&P 500 slid 1.85% to end at 3,918.32, while the Dow Jones Industrial Average dove 543.54 points, or 1.66%, to settle at 32,254.86. The Nasdaq Composite shed 2.05% to finish at 11,338.35.
Thursday's losses brought the Dow to close below its 200-day moving average for the first time since 9 November 2022.
The number of Americans filing new claims for unemployment benefits increased more than expected last week. Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended 4 March, the Labor Department said on Thursday.
Domestic Equity Market:
The domestic equity benchmarks ended with deep cuts on Thursday, snapping a three-day gaining streak. Trading was volatile due to expiry of weekly index options on the NSE. The barometer index, the S&P BSE Sensex fell 541.81 or 0.90% to 59,806.28. The Nifty 50 index lost 164.80 points or 0.93% to 17,589.60.
Foreign portfolio investors (FPIs) sold shares worth Rs 561.78 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 42.41 crore in the Indian equity market on 8 March 2023, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could decline 17.50 points at opening today.
The US Dow Jones index futures were down 41 points, indicating a positive opening in the US stocks today.
Asian shares were mixed on Thursday as Bank of Japan kicks off its two-day monetary policy meeting.
Japan's GDP grew slower at 0.1% on an annualized for the October-December quarter. The reading is weaker compared with preliminary estimates of a 0.6% growth, and also comes in lower than a 0.8% expansion. Private consumption, which accounts for around 57% of Japan's GDP, inched up by only 0.3%.
Meanwhile, China's consumer price index (CPI) for February was 1.0% higher than a year earlier, rising at the slowest pace since February 2022 and compared with the 2.1% annual rise seen in January, said the National Bureau of Statistics (NBS).
In the US, major stock indexes ended mixed as traders parsed stronger than expected economic data, sparking concerns of bigger rate increases following Fed Chairman Jerome Powell's congressional speech.
Stronger-than-expected private payrolls numbers for February reaffirmed the strength of the US economy. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. Data for January was revised higher to show 119,000 jobs added instead of 106,000 as previously reported.
Vacancies at US employers retreated at the start of the year but remained historically elevated. The number of available positions decreased to 10.8 million in January from an upwardly revised 11.2 million a month earlier, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday.
The key equity barometers ended with decent gains after a volatile session on Wednesday, rising for the third straight session. The barometer index, the S&P BSE Sensex rose 123.63 points or 0.21% to 60,348.09. The Nifty 50 index added 42.95 points or 0.24% to 17,754.40. In three consecutive sessions, the Sensex gained 2.44% while the Nifty increased 2.5%.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,671.56 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 937.80 crore in the Indian equity market on 8 March 2023, provisional data showed.