Market Live Updates Today: Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 296 points.
The BSE Sensex climbed more than 1,000 points to close at 56,817, while the Nifty50 surged more than 300 points to 16,975 and formed bullish candle on the daily charts.
image for illustrative purpose
The BSE Sensex climbed more than 1,000 points to close at 56,817, while the Nifty50 surged more than 300 points to 16,975 and formed bullish candle on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 16,879, followed by 16,783. If the index moves up, the key resistance levels to watch out for are 17,029 and 17,084.
US Markets
The S&P 500 closed up more than 2 percent, while the Nasdaq rallied almost 4 percent on Wednesday, as investors shrugged off initial jitters following the US Federal Reserve's interest rate increase and its signal that more hikes would be needed to fight inflation, ending the pandemic-era's easy monetary policy.
The Dow Jones Industrial Average rose 518.76 points, or 1.55 percent, to 34,063.1, the S&P 500 gained 95.41 points, or 2.24 percent, to 4,357.86 and the Nasdaq Composite added 487.93 points, or 3.77 percent, to 13,436.55.
Asian Markets
Shares in Asia-Pacific rose in Thursday morning trade following overnight gains on Wall Street, while the US Federal Reserve announced its first rate hike in more than three years. The Nikkei 225 in Japan jumped 3.54 percent in morning trade as shares of Fast Retailing soared 6.71 percent while SoftBank Group surged 8.79 percent. The Topix index climbed 2.53 percent.
South Korea's Kospi gained 1.87 percent. Over in Australia, the S&P/ASX 200 advanced 1.2 percent.
Live Updates
- 17 March 2022 9:16 AM IST
Canada's inflation rate surges to a fresh 30-year high
Canada's annual inflation rate accelerated in February to hit a fresh 30-year high, with broad price gains hitting consumers on all fronts, data showed on Wednesday, bolstering the case for the Bank of Canada to move forcefully on rates.
At 5.7 percent, the gain beat analysts' estimates of a rise of 5.5 percent and is the highest since August 1991, when the inflation rate hit 6 percent, Statistics Canada said. It was the 11th consecutive month above the Bank of Canada's 1 percent to 3 percent control range.
- 17 March 2022 9:15 AM IST
US retail sales slow; massive savings seen cushioning blow from inflation
US retail sales increased moderately in February as more expensive gasoline and food forced households to cut back spending on other goods like furniture, electronics and appliances, which could restrain economic growth this quarter.
Retail sales increased 0.3 percent last month. Data for January was revised sharply higher to show sales surging 4.9 percent instead of 3.8 percent as previously reported. Economists polled by Reuters had forecast retail sales growth slowing to 0.4 percent, with estimates ranging from as low as a 0.7 percent fall to as high as a 1.7 percent rise.
- 17 March 2022 9:15 AM IST
FII and DII data
Foreign institutional investors (FIIs) turned net buyers for the first time since February 11 this year as they have net bought shares worth Rs 311.99 crore, while domestic institutional investors (DIIs) have net purchased shares worth Rs 772.55 crore on March 16, as per provisional data available on the NSE.
- 17 March 2022 9:15 AM IST
International Court of Justice orders Russia to cease military operations in Ukraine
The International Court of Justice (ICJ) ordered Russia on Wednesday to stop the military actions it started in Ukraine on February 24. "The Russian Federation shall immediately suspend the military operations that it commenced on February 24 in the territory of Ukraine," the court said.
The judges added Russia must also ensure that other forces under its control or supported by Moscow should not continue the military operation.
- 17 March 2022 9:14 AM IST
Oil dips on Russia-Ukraine talks, US inventory data
Oil lost ground for the fifth time in the last six days on Wednesday as traders reacted to hoped-for progress in Russia-Ukraine peace talks and a surprising increase in US inventories. The oil market has been on a roller-coaster for more than two weeks, and both major benchmarks have traded in their largest high-to-low range over the last 30 days than at any time since the middle of 2020.
Global benchmark Brent traded in a $6 range, between $97.55 and $103.70 before settling at $98.02, down $1.89 a barrel, or 1.9 percent. US West Texas Intermediate (WTI) crude ended down $1.40, or 1.5 percent, at $95.04 a barrel.
