The market is set to begin in the green, as trends in the SGX Nifty forecast a 109-point rise for the wider index in India.
The BSE Sensex plummeted 502 points to 58,909, while the Nifty50 fell 129 points to end at 17,322 and established a bearish candlestick pattern on the daily charts, with lower highs and lower lows, with support around 17,300.
The Nifty has support around 17,304, followed by 17,272 and 17,218 on the pivot charts. If the index rises, the main resistance levels to look for are 17,411, 17,444, and 17,498.
Keep an eye on Moneycontrol to see what happens in the currency and equity markets today. We have compiled a list of key headlines from various news outlets that may have an influence on both Indian and worldwide markets:
US Markets
US markets rose on Thursday as Treasury rates fell from previous highs after remarks from Atlanta Federal Reserve President Raphael Bostic regarding the central bank’s preferred path of interest rate rises.
The Dow Jones Industrial Average increased by 341.73 points, or 1.05 percent, to 33,003.57; the S&P 500 increased by 29.96 points, or 0.76 percent, to 3,981.35; and the Nasdaq Composite increased by 83.50 points, or 0.73 percent, to 11,462.98.
Asian Markets
After Wall Street’s advances overnight, Asia-Pacific markets rallied on Friday as Atlanta Fed President Raphael Bostic said that he is “firmly” in favour of continuing with quarter-point raises.
The Nikkei 225 increased 0.73 percent, while the Topix increased 0.52 percent, as Japan’s jobless rate fell to 2.4 percent in January, the lowest level since February 2020. The S&P/ASX 200 index in Australia climbed 0.30 percent. The Kospi in South Korea rose 0.22 percent.
SGX Nifty
Indications in the SGX Nifty suggest a gap-up opening for India’s wider index, with a gain of 109 points. In the Singapore market, the Nifty futures were trading at approximately 17,464 levels.
Oil rises on easing US rate hike fears, China demand hopes
Oil prices increased on Thursday, lifted by evidence of a solid economic recovery in China, the world’s largest petroleum importer, and alleviating concerns about fast US rate rises.
Brent oil futures finished at $84.75 a barrel, up 44 cents or 0.5%. WTI oil futures in the United States finished at $78.16 a barrel, up 47 cents or 0.6 percent.
Adani group firms sell shares worth Rs 15,446 crore to GQG Partners via block deals
Adani Group firms sold shares worth Rs 15,446 crore in a secondary equity transaction to US private equity company GQG Partners through block transactions on March 2. Adani Ports and Special Economic Zone Ltd., Adani Green Energy Limited, Adani Transmission Limited, and Adani Enterprises Limited were involved in the block trade activities.
“This transaction demonstrates global investors’ sustained trust in the governance, management practises, and development of the Adani Portfolio of businesses,” said Jugeshinder (Robbie) Singh, Group CFO of Adani Group.
After a scathing report by a US short seller, the Supreme Court ordered Sebi to investigate claims of stock price manipulation by the Adani Group and any failures in regulatory disclosures within two months and also established a panel to look into the protection of Indian investors.
US labour market remains tight; Q4 labour costs revised higher
The number of Americans filing new jobless claims decreased again last week, indicating continued labour market resilience and fueling financial market concerns that the Federal Reserve may continue to raise interest rates for an extended period of time.
The Labor Department said that initial applications for state unemployment benefits fell by 2,000 to a seasonally adjusted 190,000 for the week ending Feb. 25. For the eighth week in a row, claims remained below 200,000. Reuters surveyed economists, who predicted 195,000 claims for the most recent week.
Analysts also thought that the low number of claims was due to seasonal adjustment variables, a formula used by the government to get rid of seasonal differences in data.Towards the end of March, the seasonal adjustment parameters for 2023 will be revised.
FII and DII Data
On March 2, foreign institutional investors (FII) acquired shares worth Rs 12,770.81 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,128.80 crore, according to preliminary data from the National Stock Exchange.
Japan’s Feb service-sector activity grows at fastest rate in 8 months – PMI
The services industry in Japan increased at the quickest rate in eight months in February, according to a private sector poll released on Friday, as the worldwide economic effect of the coronavirus epidemic faded.
The final au Jibun Bank Japan Services purchasing managers’ index (PMI) rose to 54.0 in February, up from 52.3 in January after taking into account the weather.For the sixth month in a row, the final total was higher than the flash reading of 53.6 and far beyond the 50-point threshold that distinguishes expansion from contraction.
Japan’s jobless rate falls to 2.4% in January
Japan’s unemployment rate dropped to 2.4% in January, but the number of jobs available fell for the first time in almost two and a half years, according to statistics released by the government on Friday.The seasonally adjusted unemployment rate was lower than the 2.5 percent figure that was predicted by the middle of the analysts Reuters polled.According to labour ministry statistics, the jobs-to-applicants ratio decreased to 1.35 from 1.36 in December, the first decrease since August 2020.
Gold eases as US jobs data lifts dollar, yields
Gold prices fell on Thursday as US weekly employment data suggested a strong labour market, which might keep the Fed on its rate-hiking cycle, supporting the currency and Treasury rates.
After increasing in the previous three sessions, spot gold was down 0.1 percent at $1,834.80 per ounce at 14:36 GMT. Gold futures in the United States declined 0.3 percent to $1,840.40.