Market Live Updates Today: Trends on SGX Nifty indicate a positive opening for the index in India with a 57 points gain.
The Indian stock market is expected to open in the green following positive global cues. Trends on SGX Nifty indicate a positive opening for the index in India with a 57 points gain.
image for illustrative purpose
The Indian stock market is expected to open in the green following positive global cues. Trends on SGX Nifty indicate a positive opening for the index in India with a 57 points gain.
The S&P BSE Sensex declined 86.95 points to close at 49,771.29 on March 22 while the Nifty50 fell 7.60 points to 14,736.40. According to pivot charts, the key support levels for the Nifty are placed at 14,634.83, followed by 14,533.27. If the index moves up, the key resistance levels to watch out for are 14,800.93 and 14,865.47.
Wall Street rallied on Monday as technology stocks rebounded from a recent sell-off sparked by surging bond yields, and Tesla jumped after a fund run by an influential investor in the electric-car maker said its shares could approach $3,000 by 2025.
Asian stocks were set to track Wall Street gains on Tuesday as bond yields pulled back, easing concerns about inflation although investors are keeping a close eye on rising COVID-19 cases in Europe.
Live Updates
- 23 March 2021 10:00 AM IST
Credit guarantee fund trust approves 6.19 lakh loan applications from small businesses in FY21
The credit guarantee fund trust for micro and small enterprises (CGTMSE), which extends collateral-free credit guarantee scheme for small businesses, has approved 6.19 lakh loans for an amount of Rs 31,349.39 crore in the FY21 so far as per the MSME Dashboard.
The number of applications approved by CGTMSE in FY20 was the highest since FY15, the data reveals. While 8,38,947 loan applications were approved in FY20, in FY21, 6,19,687 applications were approved.
The data reveals that so far twelve public sector banks have approved loans worth Rs 18,000 crore whereas eighteen private banks have approved loans worth Rs 4,556 crore. Other lending institutions include the regional rural banks, small finance banks, foreign banks and scheduled cooperative banks.
- 23 March 2021 9:56 AM IST
Supreme Court verdict in loan moratorium case on March 23
The Supreme Court would deliver its judgment in the loan moratorium case on March 23, news agency ANI reported. The verdict would be pronounced by a bench of Justices Ashok Bhushan, R Subhash Reddy and MR Shah.
In its affidavit, the RBI said that any waiver of interest on interest would entail significant economic costs which cannot be absorbed by the banks without serious dent of their finances, and this, in turn, would have huge implications for the depositors and the broader financial stability.
- 23 March 2021 9:40 AM IST
Sebi tightens rules for exchange disruptions
India’s market regulator said on Monday that stock exchanges and other market entities will need to switch quicker to their backup sites to resume operations in case of disruptions, weeks after a top exchange was shut down during trading.
The Securities and Exchange Board of India (SEBI) said in when critical systems are disrupted, institutions must declare a “disaster” within 30 minutes and take steps - including going to a back up - within the next 45 minutes.
On the technical glitch that happened on February 24, 2021, it said, "On 24th February, post link failure, the SAN system at the primary data centre stopped functioning, which was completely unexpected."
The NSE added that the problem was caused by failover logic implemented by the vendor which did not conform to NSE’s stated design requirements, coupled with issues in the configuration done by the SAN vendor. The stock exchange even said that the specific failure logic used by the vendor was not communicated to NSE and was not appropriate for NSE’s setup, which led to the SAN failure.
- 23 March 2021 9:37 AM IST
RBI announces panel to evaluate applications for Universal Banks, Small Finance Banks
The Reserve Bank of Indi (RBI) on Monday announced the creation of a Standing External Advisory Committee for evaluating applications for Universal Banks and Small Finance Banks.
This is part of the central bank's earlier announced plan to give banking permits on a continuous basis to candidates, a process that is is commonly known as 'on-tap' licensing. The RBI has appointed former RBI deputy governor, Shyamala Gopinath as the Chairperson of the panel.
The RBI guidelines for 'on-tap' licensing of universal banks in the private sector dated August 1, 2016 and Guidelines for 'on tap' Licensing of small finance banks in the private sector dated December 5, 2019, had indicated that the applications will be initially screened by the RBI to ensure prima facie eligibility of the applicants.
- 23 March 2021 9:23 AM IST
Oil prices
Oil steadied on Monday as hopes for a pick-up in demand later this year helped arrest last week’s broad sell-off, but prices stayed under pressure as new European coronavirus lockdowns made a quick recovery look less likely.
Brent crude ended the session up 9 cents or 0.1% at $64.62 a barrel, while U.S. oil for delivery in April fell 13 cents, or 0.2%, to settle at $61.55 a barrel as it expired.
