Live stock market updates: Major benchmarks are likely to start Monday’s session with nominal gains. SGX Nifty futures traded at 17,260 levels at 7:45 am, indicating an opening gain of 70 single points for the Nifty50 index.
On Friday, the markets ended the range bound session in the red. BSE Sensex lost 233 pips and Nifty50 closed 70 pips lower at 17,153.
Volatility may continue in the new week as well due to the monthly expiration of derivative contracts in March and developments related to the Russo-Ukrainian war, and the two sides are likely to hold talks again between March 28-30 in Turkey.
Investors will also be watching Friday’s auto sales data, along with February’s fiscal deficit and infrastructure output numbers, which will be released on Thursday.
Regardless, among the stocks, PVR and Inox Leisure will be in focus today as the two companies have approved the merger plan. The merged entity will be named PVR Inox and Inox Leisure shareholders will receive three shares of PVR for every 10 shares.
Major Emami FMCG will also be on the radar as the company announced its acquisition of ‘Dermicool’ – one of the leading brands in the spiky heat powder and cold talc segment – from Reckitt for a total consideration of Rs 432 crore (excluding taxes and duties).
On Friday, US markets closed mixed, with the Dow and Standard & Poor’s rising 0.4 percent and 0.5 percent, respectively. The Nasdaq Composite Index fell 0.2 percent. The benchmark 10-year yield also touched a new multi-year high of 2.5 per cent as investors price in a bolder price-raising cycle.
Meanwhile, after closing at $120.65 a barrel on Friday, Brent crude fell to $116 a barrel in early trading on Monday amid expectations of lower demand in China as the financial hub, Shanghai, was reported to be shutting down to carry out a nine-day COVID-19 test. .
As a result, Asian stocks were under pressure this morning. The Nikkei fell 0.77 percent, while the Hang Seng fell 0.8 percent. The Shanghai Composite and Shenzhen Composite were down 1.6 percent. The Kospi index fell 0.5 per cent.