Trade setup for Monday 21 March 2022- Morning report
Trade setup for Monday- Good morning and welcome to the morning reports, the top things to know before the market opens today March 21, 2022
Asian markets are trading mostly in the green on Monday tracking positive cues from Wall Street on Friday. Nikkei is not trading today due to a holiday. Hang Seng and Shanghai are trading higher by 0.13 percent and 0.18 percent respectively at 7.45 am IST. SGX Nifty is also trading higher by 123 points or 0.71 percent at 17405 levels. The indication from Asian markets is positive, Indian stock markets are likely to open in the green today.
The US and European market Indexes update
The US market indexes closed higher on Friday on the back of buying in technology shares. Traders weighing mixed signals from the peace talks between Russia and Ukraine amid market volatility. The upside remained capped as oil touched around $108 per barrel. The US market indexes Dow and S&P 500 gained 0.80 percent and 1.17 percent while tech-heavy Nasdaq was up by 2.05 percent on Friday.
European market indexes managed close in the green on Friday despite Russia started shelling cities in western Ukraine and slow progress in the peace talks. European market indexes, FTSE gained 0.26 percent while CAC and DAX were up by 0.12 percent and 0.17 percent respectively.
Indian stock market updates
Indian stock markets opened a huge gap up last Thursday and closed on a strong note. On Friday, Indian markets were closed on account of the Holi Festival. The benchmark indices, Sensex and Nifty closed higher by 1.84 percent each on the last trading daying day of the week. FIIs were buyers and DIIs were sellers in the cash segment. FIIs bought Rs 2800.14 crore while DIIs sold Rs 678.45 crore on Thursday.
Top news and updates you should know before the trade setup for Monday, March 21, 2022
The rating agency Moody’s has trimmed India’s growth forecast for the current year to 9.1 percent from 9.5 percent estimated earlier. According to the rating agency, high fuel and fertilizer import costs could limit the government’s capital expenditure.
The global economic fallout of the war in Ukraine is expected to negatively impact India’s economy. While the immediate impact of the Russia-Ukraine crisis is likely to be relatively less, the IMF said on Thursday evening. It further said that the ongoing crisis will lead to higher inflation and a current account deficit.
According to the RBI, the country’s foreign exchange reserves dropped $9.646 billion to $622.275 billion in the week ended 11 March. The sharpest decline in nearly 24 months, as RBI heavily sold dollars to prevent the slide in the value of the rupee. In the previous week March 4, the foreign exchange reserves jumped by $394 million to $631.92 billion
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