Nifty today: What changed for D-Street while you were sleeping

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NEW DELHI: After Finance Minister Nirmala Sitharaman’s economic relief package for the poor, all eyes will be on the scheduled address of RBI Governor Shaktikanta Das on Friday.

Here’s breaking down the pre-market actions.



TRADE SETUP


Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange traded 69.50 points or 0.78 per cent lower at 8,821.50, indicating a negative start for Dalal Street.

Tech view: Nifty resistance at 8,750
Nifty on Thursday climbed for the third straight session. The index formed a bullish candle on the daily chart, and analysts now believe that the ongoing rally may extend beyond 8,750. The immediate support for the NSE barometer is seen at the 8,300 level, they said.

Market-wide rollovers at 83%
The market-wide rollovers stood at 83 per cent. Stock futures rollovers stood at 90 per cent, which were in line with an average rollovers of last three F&O series. Nifty futures rollovers stood at 62 per cent which is a tad lower than the average rollovers of 71 per cent seen in the last three series, an Edelweiss report suggests.

Asian shares rise on more stimulus hopes
Asian stocks rose on Friday as investors wagered policymakers will roll out additional stimulus measures to combat the coronavirus pandemic after U.S. unemployment filings surged to a record. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1 per cent. Australian shares were up 2 per cent, while Japan’s Nikkei stock index rose 3.65 per cent. E-Mini futures for the S&P500 rose 0.81 per cent in Asia.

US stock indices jump 6% each
The Dow Jones Industrial Average index jumped 6.38 per cent to end at 22,552.17, while the S&P500 index surged 6.24 per cent to 2,630.07. The Nasdaq Composite index added 5.6 per cent to 7,797.54.

Citi cuts Nifty target
Citigroup Global Markets has cut its March 2021 Nifty target to 10,100 from 11,400 as the three-week lockdown amid the coronavirus scare threatens to hit the economy sharply.

DIIs sell Rs 770 crore worth of stocks

Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 484.78 crore on Thursday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 769.93 crore, data suggests.

MONEY MARKETS


Rupee: The Indian rupee surged by another 78 paise to 75.16 (provisional) against the US dollar on Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to tide through the coronavirus crisis.

10-year bonds: India 10-year bond yield fell 1.27 per cent to 6.22 after trading in 6.2`-6.34 range.

Call rates: The overnight call money rate weighted average stood at 4.99 per cent, according to RBI data. It moved in a range of 3.40-5.50 per cent.(NOT UPDATED)

MACROS


RBI Governor to address media today
RBI Governor Shaktikanta Das will address to the media at 10:00 am today. On Thursday, Suman Chowdhury of Acuité Ratings & Research said that special regulatory dispensation for NPA recognition or loan restructuring may need to be considered soon to address the challenges in the financial sector arising from the likely spurt in delinquencies from all asset classes in the short term, said

FM announces Rs 1.7L crore stimulus
The government announced a Rs 1.7 lakh crore relief package aimed at providing a safety net for those hit the hardest by the Covid-19 lockdown, along with insurance cover for frontline medical personnel. About 800 million people will get free cereals and cooking gas apart from cash through direct transfers for three months. The 21-day lockdown began on March 25.

US House leaders look to clear $2.2 trillion bill
Leaders of the US House of Representatives are determined to pass a $2.2 trillion coronavirus relief bill on Friday, or at the very latest on Saturday, hoping to provide the quickest help possible as deaths mount and the economy reels.

PSU banks throw customers a Covid lifeline
As many as 15 PSBs out of the total 18 government-owned banks have announced COVID-19 Emergency Credit Line to deal with the hardship faced by various sectors of the economy. Though public sectors banks (PSBs) were quick to respond with steps to deal with the hardship faced by various sectors of the economy, private sector banks are yet to come out with any relief measures for their customers. The additional liquidity facility COVID-19 Emergency Credit Line will provide funds up to Rs 200 crore and will be available till June 30, said SBI.

RBI to hold Rs 3.5 L cr reverse repo auction
RBI has stepped up its liquidity management efforts with a record Rs 3.5 lakh crore reverse repo exercise scheduled for Friday, aiming to correct the anomalies between two overnight interest rates. RBI will conduct a variable reverse repo auction where banks can park their excess cash in the system that is sloshing about with Rs 2.60 lakh crore of liquidity. The tenor of these auctions will be 13 days. So, banks will earn interest on parked money for the period.

Citi, Morgan Stanley pause job cuts
Thousands of bankers are set for a reprieve as Morgan Stanley and Citigroup Inc. joined European lenders in pledging to preserve jobs amid the widespread impact of the coronavirus. Citigroup will suspend any planned job cuts, according to a person familiar with the matter. And Morgan Stanley Chief Executive Officer James Gorman told employees in a memo Thursday that the bank won’t trim the workforce this year.

Crisil cuts FY21 growth estimate sharply
The severe dent in the economic activity due to the coronavirus pandemic led rating agency Crisil to sharply cut its growth estimate for 2020-21 to 3.5 per cent, on Thursday. Earlier, the agency had predicted an economic growth of 5.2 per cent for the next financial year. The agency welcomed the Rs 1.70-lakh crore package announced by the Finance Minister earlier in the day but said more measures like loan forbearances for small businesses and households are necessary.

Supply woes ease, but still a long road ahead
The disruption in supplies of essentials eased on Thursday, although consumers and the trade still complained about goods not getting through. This prompted the government to issue guidelines late on Thursday to ensure that holdups could be overcome. Retailers, both offline and online, said they saw an improvement after local authorities and police acted to reverse the indiscriminate shutting of retail outlets and warehouses besides allowing free movement of workers needed to get the supply chain to work.

Govt extends ban on international flights
All international commercial passenger flights will remain suspended till April 14, the Directorate General of Civil Aviation (DGCA) announced on Thursday, amid a nationwide lockdown to prevent the spread of the Covid-19. The DGCA on March 19 had announced that no international commercial passenger flight operations will take place in India from 1.30 am on March 23 to 5.30 am on March 29.

US jobless claims hit record 3.3 million
Nearly 3.3 million Americans applied for unemployment benefits last week – more than quadruple the previous record set in 1982 – amid a widespread economic shutdown caused by the coronavirus. The surge in weekly applications was a stunning reflection of the damage the viral outbreak is inflicting on the economy. Filings for unemployment aid generally reflect the pace of layoffs. Layoffs are sure to accelerate as the U.S. economy sinks into a recession. Revenue has collapsed at restaurants, hotels, movie theaters, gyms, and airlines. Auto sales are plummeting.

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