Market Live Updates Today: The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a gap-down opening for the index in India with a 142 points loss.
The BSE Sensex fell 598.57 points or 1.16 percent to 50,846.08 on March 4 while the Nifty50 shed 164.80 points or 1.08 percent to 15,080.80.
image for illustrative purpose
The BSE Sensex fell 598.57 points or 1.16 percent to 50,846.08 on March 4 while the Nifty50 shed 164.80 points or 1.08 percent to 15,080.80.
According to pivot charts, the key support levels for the Nifty are placed at 14,973.23, followed by 14,865.67. If the index moves up, the key resistance levels to watch out for are 15,195.33 and 15,309.87.
Wall Street ended sharply lower on Thursday, leaving the Nasdaq down nearly 10% from its February record high, after remarks from Federal Reserve Chair Jerome Powell disappointed investors worried about rising longer-term U.S. bond yields.
The Dow Jones Industrial Average fell 1.11% to end at 30,924.14 points, while the S&P 500 lost 1.34% to 3,768.47. The Nasdaq Composite dropped 2.11% to 12,723.47.
Asian stocks skidded on Friday as rising U.S. Treasury yields again rattled equity investors while hoisting the dollar to a three-month high, which in turn dragged the Japanese yen to an eight-month trough.
In early Friday trade, Australian stocks shed 1%, Japan's Nikkei share average lost 0.7%, shares in Seoul fell 0.24% and E-Mini S&P futures were a touch lower at 0.04%.
Live Updates
- 5 March 2021 8:53 AM IST
RBI announces simultaneous bond buy, sale on March 10
The Reserve Bank of India (RBI) on March 4 said it will conduct simultaneous purchase and sale of government bonds on March 10 under the so-called Open Market Operations (OMOs). OMOs refer to purchase or sale of government bonds by the central bank.
“On a review of current liquidity and financial conditions, the Reserve Bank has decided to conduct simultaneous purchase and sale of government securities under OMO,” the RBI said in a release. This will be conducted for an aggregate amount of Rs20,000 crore under purchase and Rs 15,000 crore under sale on March 10, 2021, the RBI said.
- 5 March 2021 8:53 AM IST
U.S. 10-year Treasuries borrowing rate in repo market goes negative, indicating stress
The cost of borrowing U.S. 10-year Treasuries in the overnight repurchase, or repo market, went deeply negative on Thursday, analysts said, as investors sought to short the notes, causing market stress.
The 10-year cost to borrow repo rate, which is typically positive, has been negative since Monday and hit as low as -4.25% on Thursday, analysts said. It was last at -0.50% as the Federal stepped in on Thursday to sell U.S. 10-year Treasuries in the market. The last time U.S. 10-year repo rates went negative before this week was June 2020 and before that in March of the same year, Skyrm said.
- 5 March 2021 8:51 AM IST
Fed's Powell pledges patience, says easy policy appropriate
U.S. Federal Reserve Chair Jerome Powell on Thursday repeated his pledge to keep credit loose and flowing until Americans are back to work, rebutting investors who have openly doubted he can stick to that promise once the pandemic passes and the economy surges on its own.
With vaccines rolling out and the government fiscal taps open “there is good reason to think we will make more progress soon” toward the Fed’s goals of maximum employment and 2% sustained inflation, Powell said.
- 5 March 2021 8:51 AM IST
71% of India Inc optimistic about economic recovery in 2021, higher than global average
Around 71 percent of India Inc leaders are optimistic of an economic recovery in 2021, higher than the global average, said the report released by Grant Thornton International on March 4. Globally, around 57 percent of the top business leaders are expecting an economic recovery this year, the study claimed. On the higher rate of optimisim in India, Grant Thornton Bharat CEO Vishesh C Chandiok said this could be attributed to the government's focus on 'Make in India' campaign.
"The government’s consistent push for ‘Make in India’ and rising interest from companies and governments across the globe in meeting their sourcing requirements from India will pave the way for robust exports," he said.
