HomeMarket AnalysisSensex, Nifty likely to start steady amid positive global cues

Sensex, Nifty likely to start steady amid positive global cues

Today’s Indian markets are predicted to open in the green due to a good global turnover. The SGX Nifty is up 69 points at 6:50 AM, indicating a bullish start for the Nifty today. Markets in the United States recovered on optimism of lessening banking sector instability after UBS’ takeover of Credit Suisse. The Dow Jones, S&P 500, and Nasdaq all finished up by 1.2%, 0.8%, and 0.3%, respectively.

The Indian benchmark indexes Sensex and Nifty finished down on Monday, driven by selling in banking and technology firms. The Sensex finished 360 points down at 57,628 while the Nifty fell 111 points to 16,988.40. “Volumes on the NSE fell compared to the recent average. Broad market indices fell more than the Nifty reflecting higher panic among non-institutional players. Advance decline ratio fell to 0.39:1,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Today’s Nifty levels to watch are 16,830 on the downside and 17,150 on the upside. Nifty Bank support is now around 39,800, and a break below these levels might lead to more losses.

Foreign institutional investors continued to be net sellers in the cash markets for the eighth straight session on Monday, totaling Rs 2,546 crore, according to preliminary data from exchanges. According to exchange statistics, FIIs sold in the cash market for Rs 11,572 crore in the recent seven days.

The US Federal Reserve Meeting, set for March 21–22, is a significant event for investors to monitor. Some worldwide brokerages, however, predict a slowdown in rate-raising activity due to the banking sector’s impending crisis. Nonetheless, many investors continue to anticipate that the Fed will raise interest rates by 25 basis points.
Today’s stocks to watch are HDFC AMC, PVR, Indian Oil, NTPC, CEAT, PNC Infratech, and Adani Enterprises, among others.

Aryan Jakhar
Aryan Jakhar
Aryan Jakhar is an Indian Journalist with over two years of active working experience. Aryan is currently working as editor-in-chief at BusinessHeadline.in and he is reachable on contact@businessheadline.in
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