What changed for the market while you were sleeping? Top 10 things to know

A list of important headlines from across news agencies that could help in your trade today.

The 30-share BSE Sensex was up 89.32 points at 36,725.42 while the Nifty 50 gained 5.20 points at 11,058.20 and formed a small bearish candle resembling a ‘Hanging Man’ kind of formation on the daily charts.

Most analysts believe that the market seems to be in an overbought zone after the recent rally along with optimism in broader indices, which indicated that consolidation could be seen further.

According to Pivot charts, the key support level is placed at 11,027.2, followed by 10,996.2. If the index starts moving upward, key resistance levels to watch out are 11,089.1 and 11,120.

The Nifty Bank index closed at 27,764.60, up 138.95 points on March 7. The important Pivot level, which will act as crucial support for the index, is placed at 27,611.23, followed by 27,457.87. On the upside, key resistance levels are placed at 27,866.73, followed by 27,968.87.

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 drops for fourth day as ECB stokes growth worries

Wall Street’s main indexes fell for a fourth consecutive session on Thursday, after Europe’s central bank said it would defer interest rate hikes and offered banks a new round of cheap loans, raising fresh concerns about global economic growth.

The Dow Jones Industrial Average fell 200.23 points, or 0.78 percent, to 25,473.23, the S&P 500 lost 22.52 points, or 0.81 percent, to 2,748.93 and the Nasdaq Composite dropped 84.46 points, or 1.13 spercent, to 7,421.46.

Asia stocks shudder as ECB reversal spooks markets

Asian stocks shuddered lower on Friday after the European Central Bank slashed its growth forecasts and launched an emergency round of policy stimulus, leaving investors fearing the worst for the global economy.

Japan’s Nikkei led the way with a drop of 0.9 percent, while Australian stocks lost 0.5 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent, having already shed 0.9 percent the day before. E-Mini futures for the S&P 500 dithered either side of flat after a weak close for Wall Street.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 42.5 points or 0.38 percent. Nifty futures were trading around 11,045-level on the Singaporean Exchange.

ECB cuts growth, inflation forecastsThe European Central Bank slashed its growth and inflation forecasts for 2019 and lowered those for 2020 and 2021 on Thursday, acknowledging that

Europe’s slowdown was longer and deeper than earlier thought.

ECB President Mario Draghi said that, unusually, the central bank had not changed its assessment that risks were balanced to the downside despite the policy changes.

He said that was because, although Thursday’s decisions would increase the resilience of the euro zone economy, it could not affect external factors such as rising protectionism and the still-uncertain course of Brexit.

Oil prices drop as ECB warns on weaker economy

Oil prices fell on Friday after the European Central Bank (ECB) warned economic weakness would continue and as US crude output and exports chase new records, undermining efforts by producer club OPEC to tighten global markets.

US West Texas Intermediate (WTI) crude oil futures were at $56.39 per barrel at 0122 GMT, down 27 cents, or 0.5 percent, from their last settlement. Brent crude futures were at $65.96 per barrel, down 34 cents, or 0.5 percent.

Rupee closes at 70 against USD

The rupee darted up 28 paise to close at 70 against the dollar on Thursday amid robust foreign inflows and strong buying in domestic equities. Forex traders said optimism regarding a trade deal between the US and China and weakening of the greenback versus other currencies overseas also supported the rupee.

At the forex market, the rupee opened stronger at 70.08 a dollar. The local unit moved in a range of 70.15 to 69.94 before finally ending at 70.00, showing a gain of 28 paise over its last close.

11 Indian banks to go live on SWIFT gpi for cross-border payments

As many as 11 Indian banks have signed up for SWIFT global payments innovation (SWIFT gpi) network to provide faster cross-border payment services to their customers. They will go live on the payments platform this year, subject to completion of their respective implementation processes.

These include private lenders like ICICI Bank, HDFC Bank, Axis Bank, YES Bank, Federal Bank, IndusInd Bank and City Union Bank. State-run banks like Punjab National Bank, Union Bank of India, Bank of India and Indian Bank have also signed up. Together, they represent over 60% of India’s cross-border payments, SWIFT said.

State Bank of India is in the process of availing internal approvals and will also join the network this year.

RBI notifies 2% interest subsidy scheme for short-term crop loans

The Reserve Bank of India (RBI) on Thursday notified the norms for banks with regards to two per cent interest subvention or subsidy for short-term crop loans during 2018-19 and 2019-20. The Centre has already approved the scheme.

To provide short-term crop loans up to Rs 3 lakh to farmers at an interest rate of 7 per cent, the RBI said it has been decided to offer interest subvention of 2 percent per annum to lending institutions.

“This interest subvention of 2 percent will be calculated on the crop loan amount from the date of its disbursement/drawal up to the date of actual repayment of the crop loan by the farmer or up to the due date of the loan fixed by the banks whichever is earlier, subject to a maximum period of one year,” it said in a notification.

SEBI turns down AMFI’s request to do away with daily AUM disclosure

The Securities and Exchange Board of India (SEBI) has said that mutual funds will have to disclose assets under management of their schemes on a daily basis, coupled with an additional benchmark and product labelling.

In a clarification letter to the Association of Mutual Funds India (AMFI) on March 7, the market regulator said, “The AUM of all schemes except liquid schemes has to be disclosed on daily basis on AMFI website.”

US weekly jobless claims unexpectedly fall

The number of Americans filing applications for unemployment benefits unexpectedly fell last week, pointing to strong labor market conditions despite signs that job growth was slowing.

Initial claims for state unemployment benefits slipped 3,000 to a seasonally adjusted 223,000 for the week ended March 2, the Labor Department said on Thursday. Data for the prior week was revised up to show 1,000 more applications received than previously reported. The Labor Department said no states were estimated. Economists polled by Reuters had forecast claims would be unchanged at 225,000 in the latest week.

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 8, IDBI Bank, Reliance Power and Wockhardt are present in this list.?

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