Market Live Updates Today: Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 74 points.
image for illustrative purpose
As per the pivot charts, the key support level for the Nifty is placed at 15,735, followed by 15,607. If the index moves up, the key resistance levels to watch out for are 15,968 and 16,073.
US Markets
Wall Street's main indices fell sharply on Monday, with the Nasdaq Composite confirming it was in a bear market, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fuelled concerns about rising inflation.
Nasdaq ended down 20.1 percent from its November 19 record high close, confirming that the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition. That marks the Nasdaq's first bear market since 2020, when the coronavirus outbreak crushed global economies.
The Dow Jones Industrial Average fell 797.42 points, or 2.37%, to 32,817.38, the S&P 500 lost 127.79 points, or 2.95%, to 4,201.08 and the Nasdaq Composite dropped 482.48 points, or 3.62%, to 12,830.96.
Asian Markets
Shares in Asia-Pacific mostly dipped in Tuesday trade, following heavy losses for the major indexes overnight stateside as the Russia-Ukraine war continues to keep investors on edge. In Japan, the Nikkei 225 slipped 0.14% while the Topix index shed 0.41%. South Korea's Kospi dipped 0.33%.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 74 points. The Nifty futures were trading around 15,769 levels on the Singaporean exchange.
Live Updates
- 8 March 2022 8:59 AM IST
Joe Biden to order studies on regulating, issuing cryptocurrency: Source
US President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a US central bank digital currency, a source familiar with the matter said on Monday.
The White House last year said it was considering a wide-ranging oversight of the cryptocurrency market - including an executive order - to deal with growing threat of ransomware and other cyber crime. Biden's order sets an 180-day deadline for a series of reports on "the future of money" and the role that cryptocurrencies will play in the evolving landscape.
"We could see a significant shift in policy in 180 days. This is a likely step toward creation of a central bank digital currency," the source said, citing significant momentum behind such a move within the Biden administration.
- 8 March 2022 8:58 AM IST
FII and DII data
The selling by foreign institutional investors (FIIs) remains strong as they have net offloaded shares worth Rs 7,482.08 crore. However, domestic institutional investors (DIIs) have bought shares worth Rs 5,331.03 crore on March 7, as per provisional data available on the NSE.
- 8 March 2022 8:57 AM IST
Rupee plummets 84 paise to all-time low of 77.01/USD amid Ukraine crisis
The rupee tanked 84 paise to close at its lifetime low of 77.01 (provisional) against the US dollar on Monday as intensifying geopolitical risks due to the Russia-Ukraine conflict pushed investors to safe haven assets. Forex traders said escalating tensions between Russia and Ukraine kept crude oil prices at an elevated level and heightened worries about domestic inflation and wider trade deficits.
- 8 March 2022 8:57 AM IST
Japan logs biggest current account deficit since 2014 as oil import costs surge
Japan recorded its largest current account deficit since the start of 2014 in January as a jump in oil import costs offset gains in investment incomes, with continuing uncertainty due to the Ukraine crisis and COVID-19 pandemic.
Japan, the world's No. 3 economy, posted a current account deficit of 1.1887 trillion yen ($10.31 billion) in January, the data showed, versus economists' median estimate of a 880 billion yen deficit in a Reuters poll.
- 8 March 2022 8:56 AM IST
Barclays raises CPI inflation level for FY22-23 to 5.1% from 4.5%, on crude price rise
Barclays has revised its CPI-based inflation upwards to 5.1% year-on-year for FY2022-23. It's earlier estimate of 4.5% was in line with Reserve Bank of India’s (RBI) projection, which was given in February 2022 Monetary Policy Committee (MPC) meeting.
“Accounting for the recent rise in international crude oil prices, we have recently revised our CPI inflation forecasts,” said Rahul Bajoria, Chief India Economist at Barclays Investment Bank, in an email interview with Moneycontrol.
- 8 March 2022 8:56 AM IST
Oil, commodities surge amid selloff in global shares
Oil and other commodities prices soared while global shares tanked on Monday as the United States said it was willing to ban Russian oil imports, stoking investor fears over inflation and slowing economic growth.
Brent, the international benchmark, briefly hit more than $139 a barrel, its highest level since 2008. Nickel prices rocketed 90%, gold broke through $2,000 an ounce and wheat jumped to a 14-year high, as industrial buyers and traders scrambled amid supply disruptions linked to Russia's invasion of Ukraine.
- 8 March 2022 8:55 AM IST
Russia warns on oil import ban as little progress is made at Ukraine talks
A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow warned on Monday, as talks on Ukraine hardly advanced amid efforts to agree on civilian safe passage.
"A rejection of Russian oil would lead to catastrophic consequences for the global market," said Russian Deputy Prime Minister Alexander Novak, saying the price could more than double to over $300 per barrel.
