It is weak start for the Indian indices on Monday with Nifty below 11,400 level.
At 09:16 hrs IST, the Sensex is down 323.35 points at 37841.26, while Nifty is down 92 points at 11,364.90. About 224 shares have advanced, 562 shares declined, and 46 shares are unchanged.
Godrej Properties, Voltas, Jet Airways, Vedanta, Tata Motors, Hindalco, Yes Bank, JSW Steel, DLF, Sobha, Godrej Properties, Zee Entertainment, RIL, ICICI Bank, are among major gaienrs on the indices, while losers are IOC, Coal India, Dhampur Sugar and Balrampur Chini.
All the sectoral indices are trading in red led by PSU bank, pharma, metal, auto, FMCG and energy.
Technically now we view climbs in Nifty with suspicion and some downside to 11,367-11,291 is not ruled out, while stiff resistance exists at 11,649.
For Nifty Bank some downside to 29,407-29,036 is a possibility and stiff resistance exists at 30,000-30,324
Rupee Opens:
The Indian rupee slipped in the early trade on Monday. It has opened lower by 11 paise at 69.06 per dollar on Monday versus Friday's close 68.95.
Global Markets :
Global stocks tumble, bonds rally as US recession risk flashes 'amber'.
US stocks futures turned negative in early Asian trading with E-minis for the S&P 500 skidding 0.5 percent. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.6 percent to a one-week low.
Japan's Nikkei tumbled 2.9 percent, South Korea's Kospi index declined 1.5 percent while Australian shares faltered 1.3 percent.
On Friday, all three major US stock indexes registered their biggest one-day percentage losses since Jan.3 with the Dow sliding 1.8 percent, the S&P 500 off 1.9 percent and the Nasdaq dropping 2.5 percent.
Concerns about the health of the world economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018.
Asian markets trade weak:
Investors dumped shares on Monday and fled to the safety of bonds while the Japanese yen hovered near a six-week high as risk assets fell out of favour on growing worries about an impending U.S. recession, sending global yields plunging.
SGX Nifty:
Trends on SGX Nifty indicate a negative opening for the broader indices in India, a fall of 48 points or 0.42 percent. Nifty futures were trading around 11,422-level on the Singaporean Exchange.
Crude Update:
Oil prices dropped on Monday as concerns of a sharp economic slowdown outweighed supply disruptions from OPEC’s production cutbacks and US sanctions on Iran and Venezuela.
US crude fell 33 cents to USD 58.71 per barrel. Brent crude futures eased 24 cents to USD 66.79.
POLITICAL HEADWINDS
Much of the concerns around global growth is stemming from Europe and China which are battling separate tariff wars with the United States.
Politics was also in focus in the United States and Britain.
A nearly two-year US investigation found no evidence of collusion between Donald Trump's election team and Russia, in a major political victory for the U.S. President.
The long-awaited Mueller report into whether Trump's campaign colluded with Russia to help Trump defeat his Democratic opponent, Hillary Clinton, marked a major milestone of his presidency as he prepares for his 2020 re-election battle.
Political turmoil in Britain over the country's exit from the European Union also remains a drag on risk assets.
On Sunday, Rupert Murdoch's Sun newspaper said in a front page editorial British Prime Minister Theresa May must announce on Monday she will stand down as soon as her Brexit deal is approved.
The British pound was a shade lower at USD 1.3189 after three straight days of wild gyrations. The currency slipped 0.7 percent last week.
In currency markets, the Japanese yen - a perceived safe haven - held near its highest since Feb. 11. It was last flat at 109.95 per dollar.
The Australian dollar, a liquid proxy for risk play, was down for its third straight session of losses at USD 0.7073.
Domestic Markets :
Nifty could hit 12k before elections; if ruling party wins it may touch 13,000.
The only threat to the domestic investors is if there is no 2nd term for PM Modi which will definitely have a knee jerk reaction to the market.
Here are the stocks that are in the news today:
Jet Airways: Additional seven aircraft grounded due to non-payment of amounts outstanding to lessors.
Escorts: The company appoints Shailendra Agrawal as executive director.
SBI: The board gives an extension of validity period for raising Rs 20,000 crore from market till March 31, 2020.
The lender approves issue of bond worth Rs 1,251.30 crore.
Insecticides (India) naugurates new factory for commercial production agrochemicals
Tata Steel BSL approved allotment of convertible redeemable preference shares worth Rs 6700 crore to Tata Steel
International Paper - Maintenance at Rajahmundry facility from March 25, 2019 to March 30, 2019 would lead to estimated loss of production of around 500 tonnes per day
Tata Motors will increase prices of its passenger vehicles range by up to Rs 25,000 from April on account of rising input costs and external economic conditions - PTI
Amber Enterprises: The company approves to enter into the definitive agreements to acquire 80 percent stake of Sidwal Refrigeration Industries.
Tata Coffee appoints Chacko Purackal Thomas as MD & CEO of the company for a period of 3 years with effect from April 1, 2019
Dr Reddy's Laboratories - USFDA completed audit of research and development facility of Aurigene Discovery Technologies, a wholly owned subsidiary, situated at Miyapur, Hyderabad
Bharat Gears: The company will issue equity shares on rights basis in the ratio of 1:7. Issue price is Rs 105 per share.
ONGC declared an interim dividend of Re 1 per equity share
CCL Products declared an interim dividend of Rs 1.75 per equity share for the financial year 2018-19
Max India: The company appointed Analjit Singh as the non-executive director and chairman.
Ramco Cements: The company acquires 45 lakh shares of Ramco Industrial and Technology for Rs 10 per share.
Karnataka Bank reported a fraud to RBI amounting to Rs 13.26 crore
Sylph Technologies: The company approves to sell 7,11,598 shares of Sakshi Powertech for a consideration of Rs 5.59 crore at Rs 78.68 per share.
James Warren Tea: The company approves to a buyback of 23,25,000 equity shares at a price of Rs 115.
Infosys will be entering into an agreement with The House Fund II, L.P to invest USD 10 million
Manpasand Beverages: The company incorporates a wholly owned subsidiary company i.e. Manpasand Products.
TRF board approved allotment of non-convertible redeemable preference shares worth Rs 250 crore to Tata Steel on private placement basis
Bombay Dyeing received part occupancy certificate from MCGM for company's residential building project in Dadar
EID Parry: The company declares a second interim dividend of Re 1.
EID Parry board approved investment of Rs 70 crore in wholly owned subsidiary Parry Sugars Refinery
TV Today Network - Income Tax Appellate Tribunal, Delhi Bench (ITAT) disposed off demands of Rs 69 crore foe assessment years 2013-14 and 2014-15
Deepak Nitrite - ICRA has re-affirmed the long-term rating of Line of credit at ICRA A+ and short term rating at ICRA A1+
Analyst or Board Meet/Briefings
Krebs Biochemicals & Industries: Board meeting is on March 25 to consider and approve the allotment of shares.
Integrated Capital Services: Board meeting is scheduled on March 27 to take note of implementation of the order of the NCLT.
Acrysil: Board meeting is on March 29 to consider and approve the annual operational plan of the company for the Financial Year 2019-20.
Galaxy Surfactants: Board meeting is on March 29 to consider declaration of interim dividend for the financial year 2018-19.
D&H India: Board meeting is on March 29 to approve the appointment of additional director.
Aris International: Board meeting is on March 26 for the appointment of Sushma Anuj Yadav as chief financial officer of the company.
India Infraspace: Board meeting is on March 27 to consider and approve the appointment of the chief financial officer of the company.
TTK Prestige: Board meeting is on March 29 to consider and approve cancellation of forfeited shares and issue of bonus shares.
Power Finance Corporation: Board meeting is on March 27 to consider and approve a proposal for raising of resources
Atlas Cycles: Board meeting is on April 2 to consider and approve the un-audited financial results of the company for the quarter ended 31st December, 2018.
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