The Nifty fell for the second consecutive day on March 8 and but gained 1.5 percent during the week despite global growth concerns. The 30-share BSE Sensex fell 53.99 points to 36,671.43 as the Nifty slipped 22.80 points to 11,035.40 and formed ‘Doji’ kind of candle on the daily chart. The index managed to settle the week above 11,000 and formed bullish candle on the weekly scale with the highest weekly close in the last 24 weeks.
India VIX fell 8.17 percent to 14.94. The decline in VIX has given a comfort zone to bulls to hold beyond 11,000.
Interestingly, the Nifty is trading above its three major simple moving averages 20-DMA, 50-DMA, and 200-DMA that are placed between 10,830 and 10,870. This suggests a validated up move is in progress and strong support zone exists on the lower side, experts said.
According to Pivot charts, the key support level is placed at 11,013.27, followed by 10,991.13. If the index starts moving upward, key resistance levels to watch out are 11,053.27 and 11,071.13.
The Nifty Bank index closed at 27,761.80, down 2.80 points on March 8. The important Pivot level, which will act as crucial support for the index, is placed at 27,667.7, followed by 27,573.6. On the upside, key resistance levels are placed at 27,833.6, followed by 27,905.4.
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.
Wall Street extends losing streak after weak US jobs data
Wall Street’s main indexes fell for a fifth straight session on Friday and posted their biggest weekly declines since the market tumbled at the end of 2018, as a weak US jobs report ignited more concerns about the global economy.
The Dow Jones Industrial Average fell 22.99 points, or 0.09 percent, to 25,450.24, the S&P 500 lost 5.86 points, or 0.21 percent, to 2,743.07 and the Nasdaq Composite dropped 13.32 points, or 0.18 percent, to 7,408.14. The Nasdaq snapped a 10-week streak of weekly gains.
Asian shares decline as US jobs data clouds global outlook
Asian shares pulled back on Monday after US employment data raised doubts about the strength of the global economy while investor jitters ahead of crucial Brexit votes in the UK parliament this week weighed on the pound.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed from Friday’s three-week low. Japan’s Nikkei gained 0.4 percent in early trade after four consecutive sessions in the red last week.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 22.5 points or 0.2 percent. Nifty futures were trading around 11,035-level on the Singaporean Exchange.
Lok Sabha polls: EC announces 7-phase election from April 11
The Election Commission of India (EC) on March 10 announced schedule for the general elections to constitute the 17th Lok Sabha. The election will be held in seven phases. Counting of votes will be held on May 23. The EC announced that the Lok Sabha polls will be conducted across the country in seven phases.
Phase 1 voting: April 11 (91 constituencies in 20 states)
Phase 2 voting: April 18 (97 constituencies in 13 states)
Phase 3 voting: April 23 (115 constituencies in 14 states)
Phase 4 voting: April 29 (71 constituencies in 9 states)
Phase 5 voting: May 06 (51 constituencies in 7 states)
Phase 6 voting: May 12 (59 constituencies in 7 states)
Phase 7 voting: May 19 (59 constituencies in 8 states)
Single phase Lok Sabha polls will be held in Andhra Pradesh, Arunachal Pradesh, Goa, Gujarat, Haryana, Himachal Pradesh, Kerala, Meghalaya, Mizoram, Nagaland, Punjab, Sikkim, Telangana, Tamil Nadu, Uttarakhand, Andaman and Nicobar Islands, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep, Delhi, Puducherry and Chandigarh.
Karnataka, Manipur, Rajasthan and Tripura will see two-phase voting while Assam and Chhattisgarh will have polling in three-phases. Jharkhand, Madhya Pradesh, Maharashtra and Odisha will head for polls in four-phases. Voting for the Lok Sabha in Jammu and Kashmir will happen in five-phases. Uttar Pradesh and Bihar will head for polls in seven phases.
Oil rises as OPEC’s output cuts set to continue
Oil prices edged up on Monday after Saudi oil minister Khalid al-Falih said an end to OPEC-led supply cuts was unlikely before June, while a report showed US drilling activity fell for a third straight week.
US West Texas Intermediate (WTI) crude oil futures were at $56.26 per barrel at 0016 GMT, down 19 cents, or 0.3 percent, from their last settlement. Brent crude futures were at $65.91 per barrel, down 17 cents, or 0.3 percent.
Working with US day and night to get trade deal: China
China and the United States are still working day and night to achieve a trade deal that matches the interests of both sides and the hopes of the world, Chinese Vice Commerce Minister Wang Shouwen said on March 9. Wang, speaking at a news conference on the sidelines of China’s ongoing annual meeting of parliament, has been deeply involved in the trade talks with the United States.
Wang said he was optimistic about negotiations with Washington, and that the two sides are working on a deal to eliminate the tariffs imposed on each other during the trade war, as tit-for-tat tariffs are not beneficial for either.
Govt will meet fiscal deficit target of 3.4% in FY’19: Subhash Chandra Garg
Economic Affairs Secretary Subhash Chandra Garg Friday exuded confidence that fiscal deficit target of 3.4 per cent for 2018-19 would be met as shortfall in indirect tax collection would be compensated by lower expenditure. “I am very confident (of meeting fiscal deficit target of 3.4 per cent for 2018-19),” Garg said on the sidelines of IVCA conference here.
As per the interim Budget 2019-20, the government has pegged fiscal deficit target of 3.4 per cent for the current fiscal year ending March 31. “Our assessment at this stage is, in direct taxes, we will probably do as per the revised estimate, in indirect taxes, there might be some shortfall, and on the expenditure side there might be some savings.
Rupee closes lower at 70.15 per dollar
The Indian rupee closed near to day’s low at 70.15 per dollar, down 15 paise versus Thursday’s close of 70 per dollar. It opened lower by 17 paise at 70.17 per dollar and remained in the range of 69.81 to 70.22 during the day. The dollar-rupee March contract on the NSE was at 70.15 in the previous session. March contract open interest declined 4.0% in the previous session, said ICICIdirect.
Forex reserves soar past $400 bn-mark again
The country’s foreign exchange reserves increased by $2.599 billion in the week to March 1 to reclaim the $400 billion-mark, RBI data showed. The forex reserves stood at $401.776 billion in the reporting week.
In the previous week, the reserves had risen by $944.7 million to $399.217 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, swelled by $2.061 billion to $374.060 billion.
FPIs pour in over Rs 2,700 crore in March so far
Overseas investors have pumped in a net Rs 2,741 crore into the Indian capital markets in the first five trading sessions of March, mainly due to positive market sentiment. As per analysts, the positive change is triggered by domestic as well as global factors and the trend is likely to continue for some time.
According to depositories data, FPIs put in a net amount of Rs 5,621 crore in equities during March 1-8. However, they pulled out a net sum of Rs 2,880 crore from the debt markets, leading to an overall investment of Rs 2,741 crore in the capital markets.
Mutual fund assets marginally slip to Rs 23.16 lakh crore
The assets under management (AUMs) of the mutual fund industry has declined by a marginal 0.89 percent to Rs 23.16 lakh crore in February due to outflows from income and liquid funds. Waning interest in equity funds can be seen in the other equity-oriented category in the industry-balanced funds.
Net outflows and MTM (mark-to-market) losses led to the erosion in asset base worth Rs 2,825 crore, or 1.61 percent to Rs 1.73 lakh crore.
Three 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 11, IDBI Bank, Reliance Power and Jet Airways are present in this list.
With inputs from Reuters & other agencies