What not to miss today

Here are the important news to watch out for today.

Mar 08, 2019 07:03 IST India Infoline News Service

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-SGX Nifty is at 11053, down 45 points. For today, we expect the same as, mid caps consolidate & foreign flows continue to see strength in the rupee and large caps. The Nifty is now set to outperform the global weakness as we catch up on the flows and rupee strength.

-Nifty finds support around 10,970, while 11,089 will act as resistance on the upside. Bank Nifty finds support around 27,500, while 27,900 will act as resistance.

-In yesterday’s trading session FIIs bought 1138 crores worth of stock in cash whereas DIIs sold 925 crores worth of stock. In the derivative market, FIIs bought 533 crores of Index futures and bought 2073 crores worth of Index options. In the Stock futures segment, FIIs sold 378 crores worth of stock futures and sold 84 crores stock options.

-The US stocks end lower after ECB cuts global growth outlook and the  Euro hit 2017 lows. Bond yields fall sharply globally with US 10 year yields hitting 2.65% lowest in last 3 years. Globally equities seeing consolidation with US/China trade break through the next trigger for upside.

-Asian markets opened with deep cuts as the Japanese Nikkei traded lower by over 270 points in early trade. Most Asian indices will see profit booking as the Euro weakness will see pressure on trade balances with exporters hurting. For today, we expect currencies, bonds & equities to see rebalancing as markets price in lower European growth.

-ECB injects more stimulus as Mario Draghi reveals slashed economic forecasts.

-Rupee gains 28 paise at 70/$.

-Tata Motors JLR sales down 4.1% yoy in February. Read more.

-RIL leased 4,000acre land from Navi Mumbai SEZ for the economic hub.

-Lupin receives FDA approval for Atorvastatin Calcium tablets USP.

-Nomura cut TP to Rs1,965 on Alkem Labs.

-Goldman Sachs cut TP to Rs907 on HCL Tech; hikes TP to Rs2,359 on TCS.

-CLSA cut TP to Rs180 on Hindalco.

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