As the GIFT Nifty is showing a solid start for the whole index with a rise of 26.50 points, the main Sensex and Nifty indices are expected to open on a high note on March 12.
With the Nifty closing below 22,350, Indian markets ended their two-day winning streak lower as investors remained cautious ahead of tomorrow’s release of US inflation data.
The Nifty was down 160.80 points, or 0.71 percent, at 22,332.70, and the Sensex was down 616.75 points, or 0.83 percent, at 73,502.64 at the closing.
The Nifty may encounter resistance at 22,353, followed by 22,524 and 22,608 levels, according to the pivot point calculator. The index is expected to find immediate support at 22,305 on the lower end, then move on to 22,253 and 22,169.
With a gain of 26.50 points, or 0.12 percent, the GIFT Nifty trends suggest that the broader index in India is off to a good start. Around 22,440.00 was the trading level for the Nifty futures.
US Exchanges
A measure of world stocks fell for a second straight day on Monday, retreating even more from a record high set ahead of this week’s U.S. inflation data, which might have a significant impact on the Federal Reserve’s decision to raise interest rates.
At 38,769.66, the Dow Jones Industrial Average increased by 46.97 points, or 0.12%. The Nasdaq Composite dropped 65.84 points, or 0.41 percent, to 16,019.27, while the S&P 500 lost 5.74 points, or 0.11 percent, to 5,117.95.
Markets in Asia
Early on Tuesday, Asian markets were moving in mixed directions following the unexpected release of Japan’s January corporate inflation data.
Japan’s corporate inflation rate increased from 0.2 percent in January to 0.6 percent in February, exceeding the 0.5 percent forecast by Reuters’ panel of experts.
The Kospi increased 0.30 percent, while Japan’s Nikkei 225 fell 1%.
According to British American Tobacco, the ITC selldown might begin as soon as this week.
According to persons with knowledge of the situation, British American Tobacco Plc, the company that manufactures Lucky Strike cigarettes, is getting ready to start selling off a portion of its ownership in Indian partner ITC Ltd as soon as this week.
Listed in London According to the people, BAT has been in discussions with Bank of America Corp. and Citigroup Inc. over the possible sale of between $2 billion and $3 billion worth of ITC stock through block trades.
These transactions typically involve a price reduction from the going rate. The individuals, who wished to remain anonymous due to the confidentiality of the information, stated that specifics of the deal might still alter and that the offering’s launch might extend into next week, contingent on market circumstances.
As per Bloomberg statistics, BAT’s current ownership of the Mumbai-listed ITC is approximately 29%. The UK business announced last month that it may decide to monetize a portion of its holding.
DoT publishes regulatory sandbox guidelines for spectrum.
To facilitate business dealings and encourage the use of “Made in India” in wireless devices, the telecom department has released guidelines for Wireless Test Zones and Spectrum Regulatory Sandbox.
According to the agency, the sandbox will contribute in the advancement of technologies that will make better use of and efficiency improvements for greenfield spectrum bands.
Gold Rates
Following a record run last week, gold saw a halt on Monday as traders braced themselves for U.S. inflation data that may shed more light on the Federal Reserve’s interest rate trajectory.
-Daisy