Business
Dalal Street Week ahead | 10 key factors that will keep traders busy this week
The benchmark indices shed around 2.5 percent over the week. The Sensex plunged 1,525 points, or 2.73 percent, to 54,334, and the Nifty50 declined 413 points,. (2.48 percent). Losses were led by auto, banking & financials and consumption stocks.
The coming week is expected to favour bears again, given the elevated volatility unless the Ukraine situation subsides. The election results on March 10 could also influence the market’s direction. Investors will be keeping a careful eye on China’s and the United States’ inflation numbers.
Here are 10 key factors that will keep traders busy next week:
Ukraine-Russia War:
Russian President Vladimir Putin warned that Ukrainian statehood was in jeopardy. A promised ceasefire in the besieged port city of Mariupol collapsed amid scenes of terror. Ukraine’s President Zelenskyy has asked for weapons from western countries and has sought more sanctions against Moscow.
The United States has asked its citizens to leave Russia immediately over fears of harassment by Russian security officials. Around 1.5 million people have fled Ukraine, triggering the worst refugee crisis of the century. Thousands of Indians, most of them students, have left the war-torn country and are being brought home.
Oil price :
Worries over rising oil prices raised risks of inflation and worries for corporate earnings. India’s trade deficit could widen as it imports 80-85 percent of its oil requirement.
Global data points :
US and China’s inflation numbers for February will be closely watched by global investors. In January, US inflation hit a 40-year high of 7.5 percent, favouring expectations of more rate hikes in coming quarters.
Relentless Selling Pressure by FIIs :
Domestic institutional investors offset FII outflow to a great extent. FIIs have sold more than Rs 2 lakh crore worth of shares since October 2021. Experts expect the selling to remain intense and feel the market may get support from DIIs, though the upside is feeling pressure from FIIs.
Economic Data :
Economic and financial data for February will be released on March 3, the Reserve Bank of India (RBI) has said in its latest bulletin. The bank loan and deposit growth for fortnight ended February 25, as well as foreign exchange reserves data for the week ended March 4 will also be published.
Technical View :
The Nifty has moved closer to its crucial support of 16,130 on March 4. The index has formed a bearish candle, which resembles the Spinning Top pattern. Trend seems to be in favour of the bears with consolidation, says analyst Nagaraj Shetti.
F&O Cues :
The Nifty50 could see a wider trading range of 15,800 to 16,700 in the coming sessions. Maximum Call open interest was seen at 17,000 strike followed by 16,.700 and 16,800 strikes. The maximum Put open interest saw at 16,300 strike then 16,200 and 15,500 strikes.
The fear index :
India VIX, the fear index, climbed above the 30-mark again before settling at 27.95 on March 4. Volatility has to fall below the 20-mark for stability and to bring the bulls back on street.
Corporate action:
Moneycontrol.com advises users to check with certified experts before taking any investment decisions. The views and investment tips expressed by experts are their own and do not necessarily reflect those of the website or its management.
Sharekhan’s research report on NMDC :
NMDC has taken cumulative price hikes of 14%/12% or Rs. 700/Rs. 500 per tonne for iron ore lump/fines over Jan-Feb 2022. Domestic iron ore price is at steep discount of 43% to international iron prices.
Complete News Source : MONEYCONTROL
india
Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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