Sensex Today: Equity benchmark indices opened with losses on Monday monitoring blended cues in world markets. The BSE Sensex fell 150 factors to 72,483 and the NSE Nifty50 slipped 57 factors to 21,966.
Tata Steel, Bharti Airtel, M&M, NTPC, and Bajaj Finance amongst others led the features on the Sensex. At the identical time, SBI, Maruti, HUL, and ICICI Bank had been among the many prime losers.
HDFC Life, Apollo Hospital, Wipro, Coal India had been among the many prime gainers on Nifty 50 whereas Adani Ports, Grasim, SBI Insurance, and Hero Motocorp led losses falling between 0.5 to 2.5 per cent.
Share of the Adani group had been in free fall Monday morning as prosecuters within the US are probing the corporate and its founder for bribery fees, bloomberg reported on Friday. The shares of the corporate such Adani Enterprises, Adani Ports and Adani Power fell between 1-3 per cent.
“With the Federal Reserve’s decision looming on Wednesday, March 20, market volatility is expected to intensify. Investor attention is also shifting towards the upcoming Lok Sabha polls, slated to commence on April 19 and conclude on June 4. Meanwhile, apprehensions loom over the SEBI-mandated Mutual Funds stress test results, indicating potential market stress. Intraday support for Nifty is at 21861, with major support at 21530, while immediate resistance stands at 22250. A cautious and nimble approach is advised amidst prevailing uncertainties,” mentioned Prashanth Tapse, Senior VP (Research), Mehta Equities.
3 occasions that can form the markets in close to-time period
The week forward is prone to be extremely unstable. Many occasions just like the US Fed assembly end result on Wednesday, the spike within the US 10-yr bond yield to 4.3%, and the doable Sebi directives primarily based on the stress checks in mid and small cap schemes will affect the market within the close to-time period.
US Fed
If the Fed message has any barely hawkish tone in response to the latest cussed inflation pattern, that might be unfavourable for the mom market and consequently for different markets too.
The spike in US 10-yr bond yield to 4.3% is unfavourable for overseas portfolio flows.
Mid, small-caps
The concern concerning the elevated valuations within the mid and smallcaps continues regardless of the soundness witnessed in these segments final Friday.
Strategy
Investors could undertake a wait and watch technique and should purchase largecaps in capital items, banking, telecom and vehicles on dips.
Views by: V Ok Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Global Cues
Asian shares firmed on Monday as Chinese knowledge shocked on the upside for as soon as, whereas buyers appeared to navigate a minefield of central financial institution conferences this week that might see the top of free cash in Japan and a slower glide path for US charge cuts.
Tokyo shares opened increased Monday as buyers cheered the yen’s slide whereas the Bank of Japan ready to start out a two-day coverage assembly. The benchmark Nikkei 225 index added 0.83 p.c or 319.87 factors to 39,027.51 in early commerce, whereas the broader Topix index climbed 0.93 p.c, or 24.93 factors, to 2,695.73.
US shares fell on Friday, led by know-how-associated megacaps which have propelled this yr’s rally, whereas buyers weighed the rate of interest outlook forward of subsequent week’s Federal Reserve assembly.
