1. Global Market Overview
World markets have been giving out mixed signals lately. While Wall Street ended on a high note, Asian shares have begun to rally. The Dow Jones Industrial Average saw an upswing of 269.24 points or 0.68%, while the S&P 500 gained 16.9 points or 0.32%. The tech-heavy Nasdaq Composite also saw a surge of 32.43 points or 0.20%.
2. Asian Markets
Asian markets are exhibiting a mixed trend. Nikkei 225, Japan’s premier stock index, surged to hit an all-time high, buoyed by accelerated inflation in February. However, other Asia-Pacific markets commenced on a mixed note.
3. US Federal Reserve’s Decision
The financial world is keenly awaiting the outcome of the US Federal Reserve’s meeting, which many consider as the most challenging Fed policy decision in recent times. Jerome Powell, the Chair of the Federal Reserve, is expected to reveal new economic projections and the bank’s trajectory for interest rate hikes post-meeting.
4. Bank of England’s Interest Rate Decision
The Bank of England has chosen to maintain its main interest rate at a 16-year high of 5.25%, despite inflation continuing to drop from multi-decade peaks.
5. Updates on Electoral Bonds in India
The Election Commission of India (ECI) has updated the electoral bonds data provided by the State Bank of India (SBI) as per the Supreme Court’s instructions. The information now links the donors to the unique alphanumeric bond numbers and provides details about the political party that has encashed the bond.
6. Securities and Exchange Board of India (SEBI) Framework
SEBI, on March 21, issued a framework for implementing the beta version of same-day or T+0 settlement on an optional basis, in addition to the T+1 settlement cycle. This will be available in the equity cash segment for 25 scrips initially.
7. Accenture’s Revised Revenue Forecasts
IT services giant Accenture has lowered its revenue forecast for fiscal year 2024 due to economic uncertainty leading clients to reduce spending on consulting services. This revised outlook could potentially impact the Indian IT industry, which often considers Accenture’s performance as a benchmark.
8. US Job Market Overview
The US job market remains robust in March, with the number of Americans filing new claims for unemployment benefits unexpectedly falling last week. Initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 210,000 for the week ended March 16.
9. Crude Oil Prices
The price of crude oil sank in early Asian trading on the possibility of a nearing Gaza ceasefire, which could loosen global supply. Concurrently, a stronger U.S. dollar and faltering gasoline dampened demand sentiment.
10. Foreign and Domestic Institutional Investors
Foreign institutional investors (FIIs) sold off shares worth Rs 1,826.97 crore, while domestic institutional investors (DIIs) purchased Rs 3,208.87 crore worth of stocks on March 21, according to provisional data from the NSE.
11. Stocks Under F&O Ban on NSE
The NSE has added SAIL to the F&O ban list for March 22, while retaining Balrampur Chini Mills, Biocon, Indus Towers, Piramal Enterprises, Tata Chemicals, and Zee Entertainment Enterprises on the said list.