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Top 10 things to know before the market opens today

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3 years ago

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Top 10 things to know before the market opens today

The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 100 points.

The BSE Sensex climbed 936 points or 1.68 percent to 56,486, while the Nifty50 jumped 241 points or 1.45 percent to 16,871 and formed a bullish candle on the daily charts.

As per the pivot charts, the key support level for the Nifty is placed at 16,689, followed by 16,507. If the index moves up, the key resistance levels to watch out for are 16,971 and 17,070.

Consumer Price Index inflation rises 

India’s retail inflation in February rose marginally to 6.07 percent from 6.01 percent in the previous month, data released on March 14 by the Ministry of Statistics and Programme Implementation showed. Inflation based on the Consumer Price Index (CPI) was 5.03 percent in February 2021.

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The CPI inflation print for February is above the consensus estimate. As per a Reuters poll, economists had expected retail inflation to slip to 5.93 percent.

FII and DII data

Foreign institutional investors (FIIs) continue selling in India as they have net sold shares worth Rs 176.52 crore on March 14, the lowest offloading in a single day in the last one month. However, domestic institutional investors (DIIs) have bought shares worth Rs 1,098.62 crore on the same day, as per provisional data available on the NSE.

NBFC-retail’s assets under management likely to grow 8-10% in FY23: Report

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The asset under management (AUM) of non-banking financial companies (retail) is expected to grow 5-7 per cent in fiscal 2022 and 8-10 per cent in fiscal 2023, according to a report. Housing finance companies (HFCs) are likely to see their AUM expanding by 8-10 per cent in the current fiscal and 9-11 per cent in the next financial year, rating agency ICRA Ratings said in a report on Monday.

The agency’s Vice-President (Financial Sector Ratings) Manushree Saggar said that within the NBFC-retail segment, personal credit, microfinance and gold loans are likely to be the primary growth drivers as other traditional asset segments-vehicle finance and business credit are still facing headwinds because of supply constraints and asset quality concerns.

Stocks under F&O ban on NSE

One stock – Balrampur Chini Mills – is under the F&O ban for March 15. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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3 days ago

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November 21, 2024

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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.

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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.

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“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%

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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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