08:01 PM
ECB watchdog sees no Europe contagion after US, Swiss bank rescues
Big U.S. banks swooped on Thursday with a $30 billion lifeline for San Francisco-based First Republic, which has been under scrutiny since the collapse of two other mid-size U.S. banks, and tapped record amounts from the Federal Reserve.
07:57 PM
India banking system remains stable, resilient, says RBI Governor Shaktikanta Das
“We continuously do stress tests. We identify any potential build-up of risk in any institution and we constantly engage with the management of banks through supervisors,” RBI Governor Shaktikanta Das said.
“Our job is to keep on supervising and highlighting the risks and challenges that are emerging.”
07:41 PM
IREDA gets Cabinet go-ahead for listing on stock exchanges
An Initial Public Offer (IPO) via part sale of government’s stake in IREDA will raise funds through issue of fresh equity shares. DIPAM will drive the listing process. The IPO will serve the dual purpose of unlocking the value of Government’s investment while providing an opportunity to the public to acquire stake in the national asset.
07:30 PM
India bond yields little changed ahead of Fed policy, ends week lower
The government bond yields ended little changed on Friday, tracking overnight movement in U.S. peers, while awaiting the Federal Reserve’s policy decision due Wednesday.The 10-year benchmark 7.26% 2032 bond yield ended at 7.3511%, after closing lower at 7.3526% on Thursday. The yield, however, fell 8 basis points (bps) this week, after remaining largely unchanged for the last two weeks.
07:23 PM
US stocks open lower as bank worries linger
The Dow Jones Industrial Average fell 29.23 points, or 0.09%, at the open to 32,217.32.
05:53 PM
SVB Financial seeks bankruptcy protection
SVB Financial Group said on Friday it planned to seek bankruptcy protection among other restructuring alternatives to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. banking regulators.
05:40 PM
Doorstep lender NSF shareholders may lose all in sale plan
Shares in the company fell 9.7% to 0.44 pence by 0832 GMT after its unsecured lending unit Everyday Lending on Friday launched a business rescue proposal to enable the capital raise.
A Doji pattern followed by a recovery candle on the daily chart indicates the possibility of a bullish reversal. On the higher end, immediate resistance is placed at 17250, where the bears might try to return to the market. However, if bulls take the Nifty above 17250, the index may move towards 17500–17600. On the lower end, support remains intact at 16950.
– Rupak De, Senior Technical Analyst at LKP Securities
04:57 PM
Gold climbs Rs 400; silver tumbles Rs 430
Silver, however, tumbled Rs 430 to Rs 67,600 per kilogram.
“Spot gold prices in the Delhi markets traded at Rs 58,040 per 10 gram, up Rs 400 per 10 gram,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
In the overseas markets, gold was quoting higher at USD 1,928 per ounce while silver was down at USD 21.87 per ounce.
The Bank Nifty index witnessed a sharp recovery from the lowest levels and the index formed a morning star pattern on the daily chart. The index if it manages to hold the support of 39,000 on the downside can witness a pullback rally towards 40,000. A sustained move above 40,000 will open up room for a big rally toward the 41,000 level.
– Kunal Shah, Senior Technical Analyst at LKP Securities.
04:50 PM
Tech View: Nifty trying to form near-term bottom. What should traders do next week
Option data suggests a broader trading range between 16,600 and 17,500 zones while an immediate trading range between 16,800 and 17,250 zones.
Chart readers said the formation of two back to back Doji patterns in the last two sessions indicate that the market is in the process of a near-term bottom formation.
04:34 PM
Tata Consumer drops acquisition talks with Bisleri
Bisleri chairman Ramesh Chauhan had decided to sell the company to Tata Consumer Products for up to 70 billion rupees ($848 million), the Economic Times newspaper reported in November.
“The company has not entered into any definitive agreement or binding commitment on this matter,” Tata Consumer, which sells the popular Tata Salt and Himalayan-branded mineral water, said in a stock exchange filing after market closed.
Rupee traded positive above 82.60 today as the participants offloaded the dollar after positive sentiments as Eleven U.S. banks, JP Morgan and others will deposit up-to $30 billion into First Republic Bank coming to rescue the lender caught up in a crisis triggered by the collapse of two U.S. lenders. Rupee can continue the volatile moves as prices shall factor in the FED’s policy and FED’s view point into the financial sector impacted by interest rate high cycle.
– Jateen Trivedi, VP Research Analyst at LKP Securities.
03:50 PM
Sebi makes stringent disclosure norms for FPIs
Capital markets regulator Sebi has made stringent norms for Foreign Portfolio Investors (FPIs), asking them to disclose any material change in their structure and common ownership within seven working days. With regard to new FPI registrations, the Securities and Exchange Board of India (Sebi) can ask them for any additional documents which may be required, according to a notification.
Under the new rules, FPIs will inform Sebi and designated depository about any false or misleading information about change in material respect and any change in their structure or control within seven working days in writing.
Global equity markets reacted to the crisis in US and European banks. Indian markets were under pressure from these global developments. Accordingly, key domestic benchmark indices Nifty-50 and Sensex-30 were down during the week. Broader indices including BSE Midcap, BSE Small-cap and majority of the sectoral indices too posted negative returns in this week. On the economy front, India’s February 2023 CPI inflation moderated to 6.44% and trade deficit remained in check with marginal increases (over January 2023) in exports and imports. Crude oil prices corrected sharply this week amid the recent banking crisis. The yield on the 10-year US Treasury was lower as compared with last week. Meanwhile, the European Central Bank raised interest rates by 50 bps and continued with its policy tightening measures. Market participants will keenly watch-out for next week’s Federal Reserve policy decision.
– Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
03:16 PM
Oil rises on demand hopes as banking crisis fears subside
Brent crude futures firmed by 30 cents to $75 a barrel by 0704 GMT, having snapped three days of losses to settle 1.4% higher on Thursday.
03:08 PM
Goldman Sachs and other banks expect smaller hike from ECB in May
Goldman earlier expected the ECB to deliver a 50 bps hike in May. The Wall Street bank’s terminal rate forecast now stands at 3.5%, down from 3.75% previously.
The change in forecast follows the ECB’s decision to press ahead with a 50 bps hike, taking the deposit facility rate to 3%, despite calls from some rate-setters for a smaller raise amid uncertainty in the banking sector.
02:16 PM
TCS, Infosys have highest exposure to U.S. regional banks – J.P.Morgan
Regional banks in the United States account for 2-3% of their revenue, J.P. Morgan said in a note, adding that the exposure to the recently collapsed Silicon Valley Bank could be 10-20 basis points for TCS, Infosys and smaller rival LTIMindtree, with the Tata group company in the lead.
All three companies might need to set aside provisions in the fourth quarter due to their exposure to SVB, J.P. Morgan said in a note.
01:57 PM
European shares rise as banking turmoil fears ease; set to end week lower
The pan-European STOXX 600 rose 0.8% by 0805 GMT, as banks gained 1.3%, after a $30 billion lifeline by large U.S. banks for embattled lender First Republic Bank . The package came less than a day after Swiss bank Credit Suisse clinched an emergency central bank loan of up to $54 billion to shore up its liquidity.
Credit Suisse rose 1.8% in early trade, after jumping 19% on Thursday.
01:57 PM
Credit Suisse shares trade 1.8% higher in early activity on Swiss market
The stock, which plunged to 1.55 Swiss francs on Wednesday, rose to 2.087 francs from Thursday’s closing price of 2.022 francs.
It later gave back the gains to trade at 2.008 francs or 0.8% lower on the day.
01:34 PM
Japanese shares end higher as worries over banking crisis ease
The Nikkei closed 1.2% higher at 27,333.79, while the broader Topix ended up 1.15% at 1,959.42.
The Nikkei index, however, ended lower for the week, amid a brewing banking crisis that sent bond yields plunging, while market participants sharply lowered expectations of future interest rate hikes in Western economies.
The stronger closings for the day follow a risk rally in the broader Asian markets and Wall Street overnight, which are set to spill over to European equities.
12:46 PM
Crypto Price Today: Bitcoin rises above $25,900; BNB, Dogecoin surge upto 5%
“Bitcoin is inching closer towards the $26,000 mark. Following the Arbitrum Airdrop announcement that came out yesterday evening, the sentiments across the crypto market took a positive turn. It is one of the biggest and most awaited events since the past several months,” Edul Patel, Co-founder and CEO at Mudrex, said.
Other top crypto tokens were also trading higher. BNB and Polygon surged over 4%. Dogecoin, Solana and Shiba Inu were also trading with gains. Meanwhile, the global cryptocurrency market cap was trading higher around $1.11 trillion, rising 3.85% in the last 24 hour
11:16 AM
Maiden Forgings to launch IPO next week; aims to raise Rs 24 crore
Steel bars and wires manufacturer Maiden Forgings on Friday said it will launch Initial Public Offering (IPO) to raise Rs 24 crore. The IPO will open on March 22 and close on March 24, Maiden Forgings said in a statement. Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.
10:37 AM
TOP READ | Vijay Kedia’s funda to deal with confused Nifty
“Prudent investors must think about what will happen next year and not this year. Spend time in the market, don’t be too adventurous. Just wait for the bottom. Remember that inactivity is also an activity in the market,” says Kedia when asked about investing strategy in the current market situation.
09:48 AM
Nifty outlook by Anand James – Chief Market Strategist at Geojit Financial Services.
That the bearish onslaught failed to push beyond 16800 encourages us to keep the upside trajectory inplay. We had pencilled in 17470 as the measured objective for the recovery push. The first challenge would obviously be from the recent reaction peak of 17224, which had held supreme on multiple days, but we do not expect much drama this time. However, if exhaustion sets in on approach to 17320, be advised on the importance of 17000 as a downside reversal level from here on.
