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Rising crude prices bring Nifty down! Will 17000 again act as support!

Good Morning, Everyone, Crude prices are rising again and bringing the Nifty lower again, bringing big volatility to the market again, however, 17000 is major support that will be watched out today, which if broken can again increase the fear factor in the market.

On the higher side, the Nifty has a strong resistance at the 17300-17400 range for now, which needs to be broken for higher movements.

Yesterday, Nifty Opened with a big gap up but went on a big selling pressure bringing it lower as seen below.

On the daily candle, we can see a strong bearish candle.

Global Markets:

US stock markets closed lower on Wednesday, giving back nearly all of the gains they made a day earlier, as crude oil prices rose sharply again. Technology, health care, and financial stocks were among the biggest losers. Retailers and communications companies also lost ground. Energy stocks rose along with crude oil prices. The S&P 500 fell 55.37 points, or 1.2 percent, to 4,456.24. The Dow Jones Industrial Average fell 448.96 points, or 1.3 percent, to 34,358.50. The Nasdaq fell 186.21 points, or 1.3 percent, to 13,922.60.

Oil prices jumped 5 percent to over $121 a barrel on Wednesday as disruptions to Russian and Kazakh crude exports via the Caspian Pipeline Consortium (CPC) pipeline added to worries over tight global supplies. Oil futures extended gains on Thursday morning. Brent futures were up about $1.06, or 0.9 percent, to $122.66 a barrel, and U.S. West Texas Intermediate futures were up about 79 cents, or 0.7 percent, to $115.68 a barrel at 0051 GMT. U.S. futures opened the session down slightly.

Russian forces bombed areas of the Ukrainian capital Kyiv on Wednesday and U.S. President Joe Biden arrived in Brussels for a series of summit meetings on the war while NATO's chief said the alliance was bolstering battle groups in Eastern Europe.

Chinese shares slipped, following other markets in Asia-Pacific on Thursday, as oil prices jumped around 5% on Wednesday. Hong Kong’s Hang Seng index fell 1.08% in early trade.

In mainland China, the Shanghai composite declined 0.78% while the Shenzhen component shed 1.166%. The Nikkei 225 in Japan declined 1.4%, shedding some of its 3% jump from Wednesday. The Topix index fell 1.21%.

Indian Markets:

Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 102 points.

Production Linked Incentive (PLI) scheme will account for 13-15 percent of the average annual investment spending in key industrial sectors over the next three-four years, according to a report by Crisil. Since its introduction in March 2020, PLI has been announced for 15 sectors, involving government incentives to the tune of Rs 1.93 lakh crore.

Of this, 50-60 percent is to be spent on sectors with domestic manufacturing and export focus, and the rest on import localization.

As many as 3.82 lakh passengers undertook air travel daily in the last seven days, giving hopes of revival of the sector scarred by COVID-19, Civil Aviation Minister Jyotiraditya Scindia said on Wednesday as he set a target of nearly tripling total passenger traffic by 2023-24 to 40 crore.

Scindia further said that at a time when the airline industry world over is facing turbulence, two new airlines, Jet and Akasa, will soon launch their services.

FII and DII data

Foreign institutional investors (FIIs) have net bought shares worth Rs 481.33 crore, while domestic institutional investors (DIIs) have net sold shares worth Rs 294.23 crore on March 23.

Stock Specific News:

Hero Motocorp: The Income Tax Department on Wednesday conducted raids at multiple premises of Hero Motorcorp as part of a tax evasion investigation. Offices and residential premises of the company including that of chairman and CEO of the group Pawan Munjal were also searched.

Zee Entertainment Enterprises: In the latest in Zee-Invesco case, Invesco has issued a statement welcoming the Bombay High Court ruling and has decided to not pursue an EGM. Also, the merged Zee-Sony entity’s board will be reconstituted to achieve the objective of strengthening board oversight, the company said.

Ruchi Soya: The Rs 4,300 crore FPO of Ruchi Soya Industries, which is controlled by the Patanjali Ayurved group, opens today.

Sun Pharma: Sun Pharmaceutical Industries Ltd said that along with its US-based arm Ranbaxy, Inc, it has signed a $485 million settlement with two plaintiff groups regarding Ranbaxy generic drug application antitrust litigation.

ICICI Bank: Reserve Bank of India has granted approval to SBI Funds Management (SBIFML) together with all other group entities of SBI Group to increase stake up to 9.99 percent in ICICI Bank.

Oil & Gas Stocks: ONGC, BPCL, HPCL, and Indian Oil Corporation among other O&G stocks will be in focus today as Brent oil has climbed back to $122.

Tata Motors: Brokerage firm CLSA has given a ‘sell’ rating to the stock and has cut its price to Rs 392 from Rs 408 per share earlier.

TCS: The Rs 18,000-crore share buyback programme of Tata Consultancy Services, India’s second-most valuable firm, ended on March 23 and was subscribed over 7.5 times.

Kotak Mahindra Bank: Sources say CPPIB will sell up to 4 crore shares of Kotak Mahindra Bank via block deal today.

Adani Gas: Adani Total Gas Limited participated in the 11th CGD Bidding Round conducted by Petroleum and Natural Gas Regulatory Board (PNGRB) and received authorization letters for laying, building, operating and expanding CGD networks for several areas.

Paytm | Share price of One 97 Communications, the parent firm of Paytm, rose over 3 percent in the early trade today after the company clarified on the BSE query. The BSE on March 22 sought clarification from One 97 Communications, over the sharp fall in its share prices. The shares, however, ended 4 percent lower.

Bajaj Electricals | Bajaj Electricals share price edged higher by over 2 percent intraday on Wednesday after the company renewed trade licensing agreement with Morphy Richards for 15 years. The shares closed at 1.31 percent higher.

Indian Hotels | A meeting of the QIP Committee of the board of directors of Indian Hotels Company is scheduled to be held on March 25 to consider and approve the issue price, including a discount, if any, for the equity shares to be allotted to qualified institutional buyers. The shares ended 3.50 percent higher.

Gland Pharma | Jefferies kept a 'buy' rating on Gland Pharma with a target at Rs 4,578 per share. Jefferies hosted Gland Pharma for a UK/EU roadshow recently. The management guided growth visibility in all key markets. The company expects 20-25 percent revenue CAGR in the medium term, while margin is expected to be steady with volume growth countering gross margin dilution. Shares of the company ended 2.35 percent higher.


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