Key Market Indicators
Market Sentiment
The benchmark Sensex and Nifty indices are tipped to open on a promising note on March 26, as trends in the Global International Financial Tec-City (GIFT) Nifty suggest a robust start for the broader index with a gain of 50.50 points.
Previous Market Performance
On March 22, equity benchmarks closed higher, extending the winning streak to the third consecutive session. Broad-based buying across sectors, except for information technology, aided the rally.
Resistance and Support Levels
The pivot point calculator points towards a resistance at 22,124 levels for the Nifty 50, followed by 22,237 and 22,351 levels. Conversely, the index might find immediate support at 21,940, followed by 21,870 and 21,756.
Global Market Indicators
US Markets
US stocks lost ground at the start of the holiday-limited week on Monday, with investors positioning themselves ahead of imminent inflation data. The Dow Jones dipped 162.26 points while the S&P 500 and the Nasdaq Composite also edged lower.
Asian Markets
Asian markets were trading higher, with Kospi and Taian Weighted up 1.3% and 0.7% respectively, while the Nikkei index was trading flat.
Cryptocurrency Corner
Bitcoin
Bitcoin enthusiasts seem to have shrugged off last week’s outflows from US exchange-traded funds. The largest cryptocurrency climbed back above $70,000, marking the first time in over a week.
Corporate Buzz
Mankind Pharma
Beige Ltd is set to sell up to 2.90 percent stake in Mankind Pharma through block deals, a CNBC-TV18 source reported. The offer price is in the range of Rs 2,103-2,214 per share.
ICICI Securities
The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Securities following an inspection of the firm’s books and records for its merchant banking activities conducted in December 2023.
Currency and Commodity Markets
Dollar
The dollar was on the defensive, succumbing to profit-taking and a slightly stronger yen as Japanese government officials continued their jawboning to protect the currency.
Gold Prices
Gold prices rose on the back of expectations of interest rate cuts by the US Federal Reserve this year. Investors are watching the inflation readings this week to confirm the timing of these reductions.
Crude Oil
Oil prices climbed more than 1% as hostilities intensified in Russia and Ukraine and in the Middle East.
FII and DII Data
Foreign institutional investors (FIIs) sold shares worth Rs 3,309.76 crore, while domestic institutional investors (DIIs) bought stocks worth Rs 3,764.87 crore on March 22, according to provisional data from the NSE.
Stocks under F&O; Ban on NSE
The stocks of Biocon, SAIL, Tata Chemicals, and Zee Entertainment Enterprises remain under the F&O ban on NSE for March 26. Balrampur Chini Mills, Indus Towers, and Piramal Enterprises have been removed from the list.
Election Buzz
With the upcoming elections, market sentiment is expected to be significantly influenced. Analysts have lined up their top 10 bets as bulls regain strength amid a sharp fall in volatility.
Commercial Real Estate Investment
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Other Significant Developments
Gucci Sales Slump
French luxury giant Kering issued a warning about falling sales for its Gucci brand in Asia. The company expects a 10% decline in revenue in the first quarter of 2024 compared with the same period a year earlier.