HomeMarketsIndian MarketsSensex, Nifty likely to start lower; SGX Nifty down 90 pts

Sensex, Nifty likely to start lower; SGX Nifty down 90 pts

The SGX Nifty, which was down 90 points at 7:25 a.m., indicates that Indian markets will open in the red today. Dow futures gained more than 100 points after UBS stepped in to save Credit Suisse late Sunday evening. The US markets closed lower on Friday as worries over the banking sector persisted.

On Friday, buying in banking, technology, and metal companies helped the Indian benchmark indexes Sensex and Nifty end the day with gains.The BSE Sensex rose 355 points to 57,990, while the Nifty gained 114 points to 17,100. According to technical experts, the Nifty will find support today between 16,950 and 16,800, while a rise over 17,250 will push the Nifty towards 17,500.

Foreign institutional investors continued to be net sellers for the seventh consecutive session on Friday, selling shares worth Rs 1,766 crore in the cash market. FIIs sold Rs 9,000 crore in the cash market in the past seven days, according to exchange statistics.

The US Federal Reserve Meeting, slated for March 21–22, will be a significant event for investors to monitor. Experts predict that the Fed will raise rates by 25 basis points at the forthcoming FOMC meeting. Yet, other investors believe that the current instability in the banking industry would encourage the Fed to cease increasing interest rates at the forthcoming meeting.

On the strength of news flows, stocks to watch today include HDFC Bank, HDFC, Can Fin Homes, Sun Pharma, and RVNL, 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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