Indian stock markets will open today after a day holiday for Holi, but the global signal is very bad for the markets. American markets closed with a heavy fall on Tuesday, Asian markets have also started with a big fall.
US markets fell due to Fed chairman’s statement
Fed Chairman Jerome Powell’s statement regarding interest rates spoiled the mood of the US markets. The Dow Jones closed at the day’s low, down 575 points (-1.72%), the Nasdaq lost 145 points (-1.25%), while the S&P500 also closed down 62 points (-1.53%). Jerome Powell said that due to rising inflation, interest rates may increase more than expected. European markets also closed with weakness yesterday.
Slow start for Asian markets
There is a big decline in SGX Nifty in Asian markets. Opened at 17,738 with a fall of more than 100 points, this fall has further increased. At present it is trying to sustain above 17,700 with a weakness of more than 135 points. The condition of other Asian markets is also not very good. Japan’s Nikkei market is only a quarter percent strong. China’s market is Shanghai flat. Hong’s market Hang Seng is broken about 500 (-2.5%) points. Korea’s market Cospi is also showing weakness close to -1.5%.
Crude oil slips, rupee strengthens
Crude oil has weakened by 3.5%. Brent crude is trading at $83, WTI crude is trading at $77 per barrel. The rupee strengthened by 5 paise to close at 81.92 against the dollar on Monday.
Apart from these, which stocks should you keep an eye on, where movement can be seen on the basis of news. take a look at that too
Stocks in News
- Allcargo Logistics: The company will acquire 38.87% stake from partners in the contract logistics business at an enterprise value of Rs 373 crore. With this, it will take its stake in the contract logistics business to 100%.
- GAIL (India): The company’s board will meet on March 13 to consider and approve the interim dividend for the current financial year.
- Ajanta Pharma: The board will consider the proposal for buyback of equity shares of the company on 10 March. The trading window for transactions in the securities of the Company shall remain closed till 48 hours after the conclusion of the Board meeting.
- Zee Entertainment Enterprises: The company has entered into an agreement with operational creditor Indian Performing Rights Society (IPRS) to settle all claims and disputes, after which IPRS has withdrawn its bankruptcy petition against the company.
- Coffee Day Enterprises: The Securities Appellate Tribunal (SAT) stayed SEBI’s penalty of Rs 26 crore against the company for alleged diversion of funds from seven subsidiary companies to a unit belonging to the promoters.