Indian benchmark indices, Nifty and Sensex likely to open higher on March 17 following the global market. The GIFT was also trading 174 points higher earlier this morning around 22,592.
On March 13, Indian equity indices ended on a negative note with Nifty below 22,400 on March 13. At close, the Sensex was down 200.85 points or 0.27% at 73,828.91, and the Nifty was down 73.30 points or 0.33% at 22,397.20.Shriram Finance, Tata Motors, Hero MotoCorp, IndusInd Bank, Hindalco Industries were among major losers on the Nifty, while gainers included Bharat Electronics, SBI, ICICI Bank, Cipla, NTPC. BSE Midcap and smallcap indices shed 0.5% each. On the sectoral front, auto, IT, metal, media, realty down 0.5-1% each, while PSU Bank index up 0.5%.
Global Markets:
Asian shares climbed after China pledged more steps to revive consumption. The gains came after the S&P 500 jumped 2.1% Friday as the government avoided a shutdown, while the tech-heavy Nasdaq 100 advanced 2.1%. The Golden Dragon index rose 2.7% with Chinese authorities set to announce measures to boost consumption on Monday. At 8.15 AM IST, the CSI 300 index was up by 2.96 points the Nikkei 225 was up by 417.55 points and the Hang Seng index was up by 339.09 points.
Wall Street will be focused on the Federal Reserve in the coming week, looking to its decision on interest rates and Chair Jerome Powell’s thoughts on the path forward and on the general health of the US economy. A weeks-long slide in stocks accelerated in recent days with the benchmark S&P 500 (.SPX), opens new tab on Thursday confirming it was in a correction, ending down over 10% from its February 19 record high. While stocks ended the week on a positive note, with the S&P 500 rebounding sharply on Friday, the decline had wiped off more than $4 trillion in market value.
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