Market Live Updates Today: Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 415 points.
image for illustrative purpose
As per the pivot charts, the key support level for the Nifty is placed at 16,101, followed by 15,956. If the index moves up, the key resistance levels to watch out for are 16,423 and 16,601.
US Markets
Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in US jobs growth last month that pointed to strength in the economy. Most of the 11 major S&P sector indexes declined, with financials leading the way with a 2% drop as investors worried about how the West's sanctions against Moscow may affect the international financial system.
The Dow Jones Industrial Average fell 0.53% to end at 33,614.8 points, while the S&P 500 lost 0.79% to 4,328.87. The Nasdaq Composite dropped 1.66% to 13,313.44. For the week, the S&P 500 and Dow both fell 1.3%, while the Nasdaq gave up 2.8%.
Asian Markets
Shares in Asia-Pacific declined in Monday morning trade as oil prices surged, with the ongoing Russia-Ukraine war continuing to weigh on investor sentiment globally.
The Hang Seng index in Hong Kong led losses regionally, dropping 4.14% as shares of HSBC plummeted 6.02%. Mainland China's Shanghai composite shed 1.13% and the Shenzhen component slipped 2.076%. In Japan, the Nikkei 225 also saw heavy losses as it tumbled 3.5% while the Topix index shed 3.12%.
Live Updates
- 7 March 2022 9:11 AM IST
FII and DII data
The selling by foreign institutional investors (FIIs) seems unstoppable as they have net sold shares worth Rs 7,631.02 crore. However, domestic institutional investors (DIIs) have bought shares worth Rs 4,738.99 crore on March 4, as per provisional data available on the NSE.
- 7 March 2022 9:10 AM IST
War in Ukraine will have 'severe impact' on global economy: IMF
The International Monetary Fund on Saturday said it expected to bring Ukraine's request for $1.4 billion in emergency financing to its board for approval as early as next week and was in talks about funding options with authorities in neighboring Moldova.
In a statement, the global lender said the war in Ukraine was already driving energy and grain prices higher, and had sent a wave of more than 1 million refugees to neighboring countries, while triggering unprecedented sanctions on Russia.
"While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious," the IMF said in a statement after a board meeting chaired by Managing Director Kristalina Georgieva.
- 7 March 2022 9:10 AM IST
War in Ukraine will have 'severe impact' on global economy: IMF
The International Monetary Fund on Saturday said it expected to bring Ukraine's request for $1.4 billion in emergency financing to its board for approval as early as next week and was in talks about funding options with authorities in neighboring Moldova.
In a statement, the global lender said the war in Ukraine was already driving energy and grain prices higher, and had sent a wave of more than 1 million refugees to neighboring countries, while triggering unprecedented sanctions on Russia.
"While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious," the IMF said in a statement after a board meeting chaired by Managing Director Kristalina Georgieva.
- 7 March 2022 9:09 AM IST
GlobalData cuts Indian economy growth forecast for 2022 amid Russia-Ukraine crisis
GlobalData, a London-based data analytics and consulting company, on Friday said it has lowered India’s economy growth forecast to 7.8 percent for 2022 due to the nation’s exports being impacted by the Russia-Ukraine war and spiking oil prices causing ripple effects.
In a statement, it said rupee is likely to further depreciate against US dollar while soaring commodity prices will push inflation up. However, Indian banking sector will likely remain resilient. "The ongoing Russia-Ukraine war will have a negative impact on India’s exports and spike in oil prices will cause ripple effects on input prices and consumer goods leading to inflationary pressures."
- 7 March 2022 9:08 AM IST
US economy adds 678,000 jobs in February, jobless rate 3.8%: Govt
US employers added 678,000 workers to their payrolls in February, driving the unemployment rate down to 3.8 percent and edging it closer to the pre-pandemic rate, the government reported Friday. Job gains were widespread, according to the Labor Department, led by the 179,000 new jobs in the leisure and hospitality sector that was hard hit by Covid-19 shutdowns and restrictions.
The surge in hiring far surpassed the consensus forecast, although some economists were calling for a big increase as the world's largest economy gets back on track.
- 7 March 2022 9:08 AM IST
India's forex reserves decline by $1.425 billion on a dip in currency assets
India’s forex reserves declined by $1.425 billion to $631.527 billion for the week ended in February 25 due to a dip in currency assets, according to the Reserve Bank data released on Friday. The overall reserves had increased by $2.762 billion to $632.952 billion in the previous reporting week.
During the reporting week, the foreign currency assets (FCA) declined by $2.228 billion to $564.832 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
- 7 March 2022 9:07 AM IST
China lowers GDP target to 5.5% for 2022
China on March 5 lowered its GDP target to 5.5 percent for this year from last year's 6.1 percent. The new target for the second-largest economy was announced by Premier Li Keqiang in his work report presented to the National People's Congress (NPC), the country's parliament which opened its annual session in Beijing on March 5.
China's economy grew by 8.1 percent in 2021 to about $18 trillion a performance that was stated to be the best in a decade. The pace of the growth was well above the government target of above 6 percent in 2021. In his work report presented to the NPC, Li said China plans to create more than 11 million new jobs in 2022.
- 7 March 2022 9:07 AM IST
Oil price surges to highest since 2008 on delays in Iranian talks
Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil.
Brent rose $11.67, or 9.9%, to $129.78 a barrel by 6:50 p.m. EST (2350 GMT), while US West Texas Intermediate (WTI) crude rose $10.83, or 9.4%, to $126.51, putting both contracts on track for their highest daily percentage gains since May 2020.
