Sensex up, Nifty above 17,200


Stock markets opened with minor gains. On March 25, the benchmark Sensex was up 188.51 points or 0.33% at 57784.19. Nifty was 46.70 points or 0.27% at 17,269.50.

Among Nifty’s top gainers were UPL (0.99%), HDFC (0.98%), M&M (0.96%), SBI (0.95%) and Tata Motors (0.88%).

On March 24, the Sensex stood 0.15% or 89.14 points lower at 57,595.68 points. Similarly, Nifty settled 22.90% or 0.13 points at 17,222.75 points.

Actions to watch

Tata Power and IDFC will be in the spotlight over the coming sessions as plans materialize for the deal for their renewable energy and asset management businesses respectively.

CMOs raise fuel prices

Petrol and diesel prices rose by 80 paise a liter each on Friday, the third increase in four days as oil companies recoup losses from holding rates in the run-up to assembly elections recently concluded.

Petrol in Delhi will now cost Rs 97.81 per liter from Rs 97.01 previously, while diesel tariffs have risen from Rs 88.27 per liter to Rs 89.07, according to a price notification from fuel retailers of State. In the financial capital, Mumbai, petrol retails at Rs 112.51 per liter and diesel now costs Rs 96.70 per litre.

In Kolkata, petrol retails at Rs 106.34 while diesel costs Rs 91.42 per litre. In Chennai, petrol is available at Rs 103.67 and diesel at Rs 93.71.

This is the largest one-day increase since the start of the daily price review in June 2017. With three increases from March 22, petrol and diesel prices rose by Rs 2.40 the liter.

Rising diesel and gasoline prices by public sector MOCs, which will be effective from today, may have a further impact on corporate earnings, as companies are already facing pressure from rising input costs. We advise investors to remain selective while picking stocks as the shrewd ones may face tough resistance around 17350, Nigam said.

Asian stocks are stable

Asian stocks were heading for a second straight week of gains on Friday, although trading was choppy amid hawkish U.S. monetary policy, shifts in Chinese economic policy and continued turmoil in commodity markets due to the war in Ukraine, Reuters noted.

MSCI’s broadest index of Asia-Pacific stocks outside Japan traded flat, but was up 1% on the week. Japan’s Nikkei was also little changed after closing the day before at a nine-week high.

Hong Kong shares held back the regional benchmark, falling 0.5%, weighed down by tech stocks, as dual-listed US and Hong Kong names were hit by renewed fears that a row over the audit records forces them to delist in the United States. . Australian shares rose 0.4%, helped by miners, while Chinese blue chips lost 0.4%.

US stock closes higher

U.S. stocks closed near session highs on Thursday as world leaders gathered to respond to Russia’s invasion of Ukraine and investors watched remarks from Federal Reserve officials.

The Dow Jones Industrial Average rose 217.61 points, or 0.63%, to 34,576.11, the S&P 500 gained 39.88 points, or 0.89, to 4,496.12. The pan-European STOXX Europe 600 index fell 0.2% and MSCI’s main global stock index, which no longer includes Russian companies, rose 0.41% on the day. Reuters noted.

Good economic data contributed to the rise in the indices. The S&P Global US services purchasing managers’ flash index for March rose to 58.9 from 56.5 a month earlier, while the manufacturing PMI flash rose to 58.5 from 57.3. A reading above 50 indicates expanding activity.

The benchmark 10-year Treasury yield rose 3.2 basis points to 2.354%; German 10-year Bunds climbed more than 0.53%.

Crude prices close lower

Oil and gas markets also remained jittery amid all the geopolitical uncertainty.

Crude oil prices ended down 2.3% on Thursday after no new oil sanctions against Russia emerged from the gathering of world leaders.

Unemployment claims fall

US economic data showed first-time jobless claims fell 28,000 to 187,000 last week, the lowest since 1969. US durable goods orders fell 2.2 % in February, below forecasts

Chipmaker Nvidia’s stock jumped nearly 10% and Intel 7% after reports that Nvidia may consider sourcing computer chips from Intel.

USDINR Outlook

On March 24, the Indian rupee made a lackluster opening at 76.34 levels and then traded in a range between 76.23 and 76.40 due to continued demand for dollars by importers coupled with alleged IPO-related entries in the system. Heena Naik, Research Analyst – Currency, Angel One Ltd, said that in the upcoming session the local unit is expected to continue its sideways trend as investors refrain from taking risky bets until the weekend. . However, the possibility of the USDINR heading south has more to do with year-end dollar sales by IT companies. USDINR is expected to trade in a range between 76.00 and 76.50, Naik said.

Stocks under F&O ban

Seven stocks – Balrampur Chini Mills, Delta Corp, Indiabulls Housing Finance, Vodafone Idea, L&T Finance Holdings, SAIL and Sun TV Network – have been under an F&O ban since March 25.

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Posted: Friday, March 25, 2022, 9:22 AM IST


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