A few cues from the market in India and abroad that could help you with your trade today.
The BSE Sensex was up 2.72 points to close at 37,754.89 while the Nifty50 rose 1.60 points to 11,343.30 and formed bearish candle on the daily charts as closing price is higher than opening.
Failing to breakout critical resistance placed around 11,370 led to day long consolidation. The market is expected to remain in a consolidative phase for coming session also due to lack of trigger, experts said, adding the range could be around 11,300-11,400 levels.
According to Pivot charts, the key support level is placed at 11,310.17, followed by 11,277.13. If the index starts moving upward, key resistance levels to watch out are 11,379.87 and 11,416.53.
The Nifty Bank index closed at 28,923.10, up 38.80 points on March 14. The important Pivot level, which will act as crucial support for the index, is placed at 28,805.17, followed by 28,687.23. On the upside, key resistance levels are placed at 29,055.67, followed by 29,188.23.
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 eases amid US-China trade uncertainty
The S&P 500 slipped on Thursday, snapping a three-day streak of gains, as uncertainty over when a trade deal between the United States and China would be reached left investors on edge.
The Dow Jones Industrial Average rose 7.05 points, or 0.03 percent, to 25,709.94, the S&P 500 lost 2.44 points, or 0.09 percent, to 2,808.48, and the Nasdaq Composite dropped 12.50 points, or 0.16 percent, to 7,630.91.
Asian stocks higher on Brexit reprieve but trade concerns limit gains
Asian stocks made modest gains on Friday, tracking improved global sentiment after UK lawmakers voted to delay Brexit and as a weaker yen supported Japanese shares, but a fresh flare up in US-China trade concerns is expected to cap gains.
MSCI broadest index of Asia-Pacific shares outside Japan inched up 0.06 percent. Japan’s Nikkei climbed 0.9 percent and South Korea’s KOSPI rose 0.45 percent.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 19 points or 0.17 percent. Nifty futures were trading around 10,366-level on the Singaporean Exchange.
Oil prices stable, supported by signs of emerging supply deficit
Oil prices were steady on Friday, supported as production cuts led by OPEC and US sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019. But oil prices have been capped by concerns that an economic slowdown will soon start denting growth in fuel demand.Brent crude oil futures were at $67.15 per barrel at 0126 GMT, 8 cents below their last close, but still within a dollar of the $68.14 2019-high reached the
previous day. US West Texas Intermediate (WTI) crude oil futures were at $58.55 per barrel, down 6 cents from their last settlement, and not far off their 2019 -high of $58.74 from the previous day.
China and US to push back Trump-Xi summit to at least April: Report
A meeting between US President Donald Trump and Chinese President Xi Jinping to resolve the ongoing trade war won’t take place this month and is more likely to occur in April at the earliest, Bloomberg reported on March 14 citing unnamed sources.
Negotiatiors from both countries have been working towards a deal to resolve the trade dispute. The Wall Street Journal reported earlier this month that Xi and Trump could reach a formal trade deal at a summit around March 27, but Trump said on March 13 he was in no rush to complete a deal.
Rupee spurts 20 paise to end at 69.34 vs dollar
The rupee appreciated by 20 paise to close at a seven-month high of 69.34 against the US dollar Thursday, extending gains for a fourth session in a row, on robust foreign inflows ahead of general elections. The domestic currency in the four sessions to Thursday has appreciated by 80 paise or 0.8 per cent on hopes of forex inflows.
At the Interbank Foreign Exchange market, the rupee opened weak at 69.75 a dollar over its previous closing price of 69.54. The local unit moved in a range of 69.78 to 69.26 before finally ending at 69.34, showing a gain of 20 paise over its last close.
India’s oil imports rose 4.6% in February
India’s oil imports rose 4.6 percent in February from a year earlier to about 5 million barrels per day (bpd), according to tanker arrival data from shipping and industry sources. India’s February imports on the basis of tanker arrivals were at a record high although some cargoes were discharged in March.
The share of Middle Eastern oil in India’s imports declined to about 63 percent in February compared with about 70 percent in the same month last year, although Iraq continued to be the top oil supplier to India, followed by Saudi Arabia. The share of South American and African oil rose in February, the data showed.
PSBs may report net profit of Rs 23,000-37,000 cr in FY20: ICRA
After four years of consecutive losses, the state run banks are likely to report a profit of Rs 23,000-37,000 crore in the next financial year, with their gross non performing loans declining to 8.1-8.4 percent by March 2020, says a report.
In the last four years, with large capital infusion from the government, the state-run banks have been able to recognise and provide for their stressed assets with a steady decline in their gross NPAs (GNPAs) and net NPAs (NNPAs).
“PSBs are expected to report net profits of Rs 23,000-37,000 crore during FY20, after four consecutive years of losses, even though overall profitability will remain weak with return on net worth (RoNW) of 4-6.3 percent,” rating agency Icra said in a note.
RBI Governor Das to meet heads of Small Finance Banks today
Reserve Bank of India (RBI) Governor Shaktikanta Das will hold a meeting with heads of Small Finance Banks on March 15 to discuss their participation in priority sector lending and financial inclusion.
“Small Finance Banks have an important role in promoting financial inclusion and priority sector lending,” RBI Governor Shaktikanta Das wrote on his Twitter page on March 14. “Will hold meeting with MD/CEOs of Small Finance Banks tomorrow.”
There are 10 Small Finance Banks in India currently. In 2017, RBI gave out differentiated banking licences to Equitas Holdings, Ujjivan and eight others with an objective to ensure credit flow to small businesses; small and marginal farmers; micro and small industries.
MSTC IPO subscribed 12% on second day of bidding
The initial public offer of state-owned e-commerce company MSTC was subscribed 12 per cent on the second day of bidding Thursday. The Rs 226-crore IPO received bids for 21,04,200 shares against the total issue size of 1,76,70,400 shares, as per data available with the NSE.
Equirus Capital Private Ltd is managing the IPO. There are three main business verticals in the company– e-commerce, trading and recycling. The equity shares of MSTC are proposed to be listed on BSE and NSE.
Six 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 15, Adani Enterprises, BEML, IDBI Bank, Jet Airways, Reliance Infrastructure and Reliance Power are present in this list.
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