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The benchmark Sensex and Nifty indices are likely to open higher on March 28 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 14 points.
The market erased previous session’s losses helped by buying in heavyweights and auto, realty, power and capital goods stocks on March 27. At close, the Sensex was up 526.01 points, or 0.73 percent, at 72,996.31, and the Nifty gained 119 points, or 0.54 percent, to 22,123.70.
The pivot point calculator indicates that the Nifty 50 may face resistance at 22,137, followed by 22,210 and 22,264 levels. On the lower side, the index may take immediate support at 22,070, followed by 22,036 and 21,983.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
GIFT Nifty
Trends in the GIFT Nifty indicate a flat to positive start for the broader index in India, with a gain of 14 points or 0.06 percent. The Nifty futures were trading around the 22,195 level.
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US Markets
US stocks were higher on Wednesday, with the Dow leading gains and the S&P 500 setting a closing record, paced drugmaker Merck, while investors looked towards the next piece of inflation data and the Federal Reserve commentary for signals on the rate path.
The Dow Jones Industrial Average rose 477.75 points, or 1.22 percent, to 39,760.08, the S&P 500 gained 44.91 points, or 0.86 percent, to 5,248.49 and the Nasdaq Composite gained 83.82 points, or 0.51 percent, to 16,399.52.
Asian Markets
Asian markets were trading lower in the early trade on Thursday with Nikkei down 1 percent, while Kospi marginally in he red.
Centre to borrow Rs 7.5 lakh crore via dated securities in H1FY25
The Centre will borrow Rs 7.50 lakh crore via the issuance of government securities in the April-September period of FY25.
At Rs 7.50 lakh crore, the scheduled first-half borrowing of the central government amounts to 53.08 percent of the full-year estimate, the finance ministry said in a statement on March 27.
The Interim Budget for 2024-25 had pegged the Centre’s full-year gross borrowing estimate at Rs 14.13 lakh crore from the markets.
The Reserve Bank of India (RBI) manages the borrowing programme on behalf of the government by issuing bonds via auctions every Friday.
Central bank keen to further build up record high FX reserves, say sources
India’s central bank will keep building its forex reserves as it seeks to build larger buffers, and strong inflows into the country’s equity and debt markets give it an opportunity to do so, two sources familiar with the bank’s thinking said.
The Reserve Bank of India’s absorption of dollar inflows will indirectly prevent a sharp appreciation of the rupee despite high growth in the economy and a positive balance of payments, analysts said.
The Reserve Bank of India’s (RBI) FX reserves rose to a record high of $642.49 billion as of March 15.
Cloverdell Investment likely to sell its entire stake in IDFC First Bank via block deals
Cloverdell Investment, which is an affiliate of Warburg Pincus, is looking to exit private lender IDFC First Bank. According to CNBC-TV18 report, the company may sell its entire 2.25 percent stake via block deals on March 28.
The offer size is likely to be at Rs 1,191.40 crore and the company is looking to sell 15.9 crore shares. The floor price set at Rs 75 per share, implying 4 percent discount to current market price.
Gold Prices
Gold prices gained on Wednesday as investors awaited U.S. inflation data that could cast further light on the Federal Reserve’s policy path.
Crude
Oil prices were broadly level on Wednesday, after official numbers were released for U.S. crude stockpile and signs the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 2,170.32 crore, while domestic institutional investors (DIIs) purchased Rs 1,197.61 crore worth of stocks on March 27, provisional data from the NSE showed.
Stock under F&O ban on NSE
The NSE has added Hindustan Copper and Zee Entertainment Enterprises to the F&O ban list for March 28. SAIL was removed from the said list.
With inputs from Reuters and other agencies
