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

Trends on SGX Nifty indicate a negative opening for the index in India with a 45 points loss.

Powered by short-covering rally, benchmark indices on March 25 surged nearly 7 percent. Sensex jumped 2,116 points while Nifty topped 8,376 in intraday trade.

Among the sectoral indices, the BSE Energy index surged over 10 percent while the Bankex and Finance indices jumped 9 percent. All sectoral indices ended in the green.

According to the pivot charts, the key support level is placed at 7,896.15, followed by 7,474.45. If the index moves upward, key resistance levels to watch out for are 8,558.15 and 8,798.45.

The Nifty Bank index closed at 18,481.05, up 8.03 percent. The important pivot level, which will act as crucial support for the index, is placed at 17,164.33, followed by 15,847.57. On the upside, key resistance levels are placed at 19,269.03 and 20,056.96.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

The S&P 500 rallied for a second straight session on Wednesday as the US Senate appeared near a vote on a $2 trillion package to support businesses and households devastated by the coronavirus pandemic.

The Dow Jones Industrial Average rose 2.39% to end at 21,200.55 points, while the S&P 500 gained 1.15% to 2,475.56. The Nasdaq Composite dropped 0.45% to 7,384.30, giving up its earlier gains.

Asian Markets

Asian stock markets made a cautious start on Thursday following two days of rallies, as investors await the passage and details of a $2 trillion stimulus package in the United States to combat the economic fallout from the coronavirus.

Australia’s S&P/ASX 200 index rose 1.5% in early trade – its third positive start in as many sessions, but also its most muted. Japan’s Nikkei fell 2.2%. Hong Kong futures were 1% higher and China A50 futures were up 0.2%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 15 points loss. The Nifty futures were trading at 8300 on the Singaporean Exchange around 07:30 hours IST.

Oil prices mixed as demand shrinks, but stimulus hopes support

Oil prices were mixed on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a U.S. $2 trillion emergency stimulus will shore up economic activity.

West Texas Intermediate (WTI) crude futures slipped 4 cents, or 0.2%, to $24.45 as of 0018 GMT, while Brent crude futures rose 12 cents, or 0.4%, to $27.51.

India likely to unveil $20 billion-plus stimulus package to tackle coronavirus downturn: Sources

India is likely to agree on an economic stimulus package of more than 1.5 trillion rupees ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, said two sources familiar with the matter. The Indian government has not yet finalised the package and discussions are ongoing between Prime Minister Narendra Modi’s office, the finance ministry, and Reserve Bank of India (RBI), said both the sources, who asked not to be named as the matter was still under discussion.

The package, which could be announced by the end of the week, will be used to put money directly into the accounts of more than 100 million poor and to support businesses hit the hardest by the lockdown, the sources said.

Stock hammered, companies request govt, SEBI to relax share buyback norms

Several companies have requested the government and markets regulator Securities and Exchange Board of India (SEBI) to relax the mandatory one-year cooling period between two share buybacks, as stocks get hammered over the coronavirus pandemic, sources said. Many companies have seen their stock haemorrhage as Indian markets tank to historic lows, mirroring the world-wide trend driven by fears for the health of the global economy n the wake of the spiralling virus outbreak.

“These companies have cash in their books and they feel this is the right time for increasing their stake in the company, or the downfall in their stock is not justified. So, they approached us for relaxation in the cooling period of 12 months between two buybacks,” a source in the ministry of corporate affairs told Moneycontrol.

One month’s lockdown can erode 8-10% of construction firms’ 4th quarter revenue: Report

A nationwide lockdown to contain the COVID-19 pandemic will adversely impact construction companies and a month’s lockdown can erode 8-10 per cent of their fourth quarter revenue, a report says. According to ratings agency India Ratings, fourth quarter of every fiscal typically accounts for 30-35 percent of the annual revenue of construction companies, of which a month’s lockdown can erode 8-10 percent.

The agency believes that construction activities across cities like Mumbai Metropolitan Region, Delhi, Pune, and Bengaluru are likely to be stalled or progress at a significantly slower-than-anticipated pace for a major portion of March 2020 which may continue in April as well.

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 1,893.36 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 737.98 crore in the Indian equity market on March 25, provisional data available on the NSE showed.


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