Indian share market is likely to start on a tepid note on Monday, after posting a 2 per cent fall in the previous week
Factors such as rising COVID-29 cases in the country, ongoing vaccination drive, the expiry of March derivative series scheduled on Thursday, oil prices, movement in rupee and other global cues will set the market direction.
Indian share market is likely to start on a tepid note on Monday, after posting a 2 per cent fall in the previous week. On Friday, NSE’s Nifty rose 186.15 points or 1.28 per cent to 14,744 while the Sensex rallied by 641.72 points or 1.3 per cent to 49,858.24. Factors such as rising COVID-29 cases in the country, ongoing vaccination drive, the expiry of the March derivative series scheduled on Thursday, oil prices, movement in rupee and other global cues will set the market direction. Asian peers were seen trading mixed in the early trade on Monday.
SGX Nifty in red: Nifty futures were trading 24 points or 0.16 per cent down at 14,723 on Singaporean Exchange, hinting at a cautious opening for BSE Sensex and Nifty 50 on Monday.
FPIs invest over Rs 8,000 cr in Indian markets so far in March: Foreign portfolio investors FPIs have invested a net sum of Rs 8,642 crore in Indian markets so far in March. According to depositories data, FPIs poured in Rs 14,202 crore into equities but pulled out Rs 5,560 crore from debt segment between March 1-19. This took the total net investment to Rs 8,642 crore.
Barbeque Nation IPO: The Rs 453-crore Barbeque Nation Hospitality’s IPO will open for subscription on Wednesday, in a price band of Rs 498-500 per share. The issue will close on Friday. The hospitality chain IPO comprises a fresh issue of shares worth Rs 180 crore and OFS of 5.4 million shares.
Global markets: Asian stock markets were trading mixed on Monday. Japan’s Nikkei 225 fell nearly 2 per cent while the Topix index dipped 1.25 per cent. South Korea’s Kospi lost 0.23 per cent. US stocks settled mixed on Friday. The Dow Jones Industrial Average fell 0.71 per cent, the S&P 500 lost 0.07 per cent, while the Nasdaq Composite added 0.76 per cent.
Oil prices fall: Oil prices fell around one per cent on Monday, as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading. According to Reuters, Brent crude was down 60 cents, or 0.9%, at $63.93 a barrel. US oil was off by 68 cents, or 1.1%, at $60.74 a barrel.
Technical talk: The sustainable upside bounce from the lower supports and a formation of bullish candlestick pattern of Friday raises hopes for bulls to make a comeback, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Further upmove from here could confirm reversal pattern and that could open more upside in the coming sessions 14900-15000 levels in the short term. Immediate support is placed at 14600,” he added.