Market Live Updates Today: The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a gap-up opening for the index in India with a 142 points gain.
The BSE Sensex was down 440.76 points at 50,405.32 on March 5 while the Nifty50 fell 142.70 points to 14,938.10. According to pivot charts, the key support levels for the Nifty are placed at 14,836.03, followed by 14,733.97. If the index moves up, the key resistance levels to watch out for are 15,066.23 and 15,194.37.
image for illustrative purpose
The BSE Sensex was down 440.76 points at 50,405.32 on March 5 while the Nifty50 fell 142.70 points to 14,938.10. According to pivot charts, the key support levels for the Nifty are placed at 14,836.03, followed by 14,733.97. If the index moves up, the key resistance levels to watch out for are 15,066.23 and 15,194.37.
Wall Street, and a gauge of global equity markets, on Friday recovered from earlier losses as investors took stock of a report that showed faster-than-expected U.S. jobs growth but which had previously stoked inflation concerns.
The Dow Jones Industrial Average rose 446.98 points, or 1.45%, to 31,371.12, the S&P 500 gained 59.5 points, or 1.58%, to 3,827.97 and the Nasdaq Composite added 147.19 points, or 1.16%, to 12,870.66.
Asian shares rallied on Monday while the dollar held near three-month peaks after the U.S. Senate passage of a $1.9 trillion stimulus bill and a surprisingly strong payrolls report augured well for a global economic rebound.
The prospect of yet faster growth helped MSCI's broadest index of Asia-Pacific shares outside Japan firm 0.4%. Japan's Nikkei gained 1.2%, while S&P 500 futures rose 0.3%, after a sharp turnaround on Friday.
Live Updates
- 8 March 2021 9:06 AM IST
Oil soars to near 14-month high as OPEC+ extends output cuts into April
Oil prices jumped more than $1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.
Brent crude futures for May rose to as high as $68 a barrel on Friday, a level not seen since Jan. 8, 2020. The contract was up $1.09, or 1.6%, to $67.83 a barrel at 0730 GMT, and was on track for a near 3% gain in the week.
- 8 March 2021 9:06 AM IST
FPIs turn net sellers; pull out Rs 5,156 crore in March so far
Reversing the two-month buying streak, foreign portfolio investors (FPIs) pulled out Rs 5,156 crore from Indian markets in the first week of March amid profit booking and rising bond yields in the US.
According to FPI statistics available with depositories, overseas investors pulled out a net Rs 881 crore from equities and Rs 4,275 crore from the debt segment between March 1-5, taking the total net withdrawals to Rs 5,156 crore.
- 8 March 2021 9:05 AM IST
China February exports post record surge from COVID-19-depressed 2020 levels
China's February exports grew at a record pace from a year earlier when COVID-19 battered the world's second-biggest economy, customs data showed on Sunday, while imports rose less sharply. Exports in dollar terms skyrocketed 154.9% in February compared with a year earlier, while imports gained 17.3%, the most since October 2018. The data did not include figures for January alone.
In the January-February period, exports jumped 60.6% from a year earlier, when lockdowns to contain the pandemic paralysed the country's economic activity. That exceeded the forecast of analysts in a Reuters poll for a 38.9% surge.
- 8 March 2021 9:05 AM IST
MFs selling spree continues; withdraw 16,306 crore from equities in February on profit booking
Mutual funds pulled out Rs 16,306 crore from equities in February, making it the ninth consecutive monthly outflow as small investors booked profit amid a rally in stock markets. Gopal Kavalireddi, head of research at FYERS, said this trend of redemptions could continue till the time stock market rally slows down and consolidates, giving investors the opportunity to deploy their profits into longer time frame instruments like mutual funds.
Overall, mutual funds withdrew a net amount of over Rs 56,400 crore in 2020, data available with Securities and Exchange Board of India (Sebi) showed.
