The US Market trading halts for 15 mins, Nifty50 for tomorrow

 

The US Market, European Market & NIfty50 today: Indian stock market opened in the red as indicated by SGX Nifty in the morning. Bears were holding a tight grip on Indian equity markets later in the afternoon and extended its morning losses due to weak European markets opening. 

WPI data was announced in the morning and it sharply fell from 3.1% in January to 2.26% in the month of February. The easing WPI inflation data has failed to provide any relief to the markets. Even the US market and Europen market failed to cheer the investors after their Central Banks cut the interest rate.

   

Nifty 50 share price

At close, the Nifty50 share price was down by 757.80 points or 7.61% and at 9197.40 while Sensex tanks 2713.41 points or 7.96% and at 31390.07. The Bank Nifty plunged 2065.25 points or 8.21% and closed at 23101.20. In the Banking sectors Yes Bank was the only gainers whereas the IndusInd bank performed worst among all Nifty50 banking stocks.

The Nifty midcap 100 index was down by 912.80 points or 6.25% and at 13695.30. Whereas the Nifty smallcap 100 index fell 302.70 points or 6.41% and at 4418.90.

The gainer in the Nifty50 stock for the day was Yes Bank whereas the losers are IndusInd Bank, JSW Steel, Tata Steel, Vedanta, and HDFC.

In the Nifty Midcap 100 space, the gainers are Godrej Agrovet, Glenmark and the losers were RBL Bank, Prestige Estate. The gainers in the Nifty smallcap 100 space were India Cements, Avanti Feeds, and the losers were Future life, Strides Pharma.

Sectors wise the gainers were Aviation and Manufacturing whereas the major losers were Banking & Finance, Real Estate, IT & Software, Infrastructure, Metals & Mining, Oil & Gas, and Power. All these sectors fell 7-9% for the day.

Today FIIs and FPIs sold Rs 3809.93 crores and DIIs bought Rs 2614.54 crores in the cash market. So far in the month of March FIIs sold Rs 34144.23 crores and DIIs bought Rs 30303.72 crores in the cash segment.

 

On the Global front: US Market & Europen Markets

The US Market on 16th March crashed at the open. The Dow Jones was down more than 9% whereas Nasdaq plunged  6.1% in the opening session. The S&P triggered 8% hit the circuit breaker and trading halted across all indices for 15 mins.

Earlier US Fed reserve had slashed interest rates by 150 bps to bring down it to zero. Various other quantitative ease programs have failed to attract attention in the US markets. Traders are more worried that the pandemic is paralyzing supply chains and squeezing company finances.

At present at 9.30 pm IST, European markets are trading 4-5% down whereas the US markets are also down by 6-7%. The SGX Nifty is showing 36 points down.

 

Crude and Rupee updates 

Crude oil is trading lower today, even after cutting the interest rate today, Fed Reserve failed to cheer the investors in the US Market. The Brent crude future is down by 9.5% today and trading at $30.71 per barrel. It has touched day’s low at $29.55 per barrel today.

The Indian rupee closed at Rs 74.23 against the US dollar today. The rupee has become weaker by 0.49 paise or 0.66% against the US dollar.

 

Conclusions:

The benchmark indices Nifty50 share price and Sensex closed today in the negative zone. The global cues were also negative in the morning and the Indian market followed the same. The Fed Reserve rate cut and stimulus package have got no impact on the US market today. 

There is no positive news on the virus front. Investors are worried more about coronavirus impact on global economic growth. The US Market circuit breaker and trading halt may open the Asian Market in a negative zone tomorrow. The Indian market may also follow the same.

Tomorrow the Nifty50 tomorrow could range between 8840 on the downside and 9450 on the higher side. Traders are advised to trade with strict stop loss and should avoid carrying overnight positions.

 

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Happy Investing

Editor’s desk