The bull run goes unabated:
Sensex >50980: NSE :>15080
The Indian markets open higher on Monday as the trend on SGX Nifty indicates a positive start for the broader index in India. The Nifty futures were trading 136.50 points or 0.91 percent higher at the 15,090.00 level on the Singaporean Exchange at 8:00 am.
- US stocks | Wall Street ended sharply higher after a volatile session on Friday, with the Nasdaq rebounding at the end of a week that saw it extend losses to about 10 percent from its previous record high. The Dow Jones Industrial Average rose 1.86 percent to end at 31,497.94 points, while the S&P 500 gained 1.95 percent to 3,841.78. The Nasdaq Composite climbed 1.55 percent to 12,920.15.
- Asian markets | Asian shares rallied on Monday while the dollar held near three-month peaks after the U.S. Senate passage of a $1.9 trillion stimulus bill and a surprisingly strong payrolls report augured well for a global economic rebound. The prospect of yet faster growth helped MSCI’s broadest index of Asia-Pacific shares outside Japan firm 0.4 percent. Japan’s Nikkei gained 1.2 percent, while S&P 500 futures rose 0.3 percent, after a sharp turnaround on Friday.
- Indian market on Friday | Indian equity market ended lower Friday amid weak global cues as rising bond yields spooked investors. The Sensex ended 440.76 points, or 0.87 percent lower at 50,405.32, while the Nifty settled at 14,938.10, down 142.65 points, or 0.95 percent. All the sectoral indices ended in the red with banks, financials and metal indices leading the losses. Broader markets also succumbed to selling pressure.
- Crude oil | Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while US crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities. Brent crude futures for May reached $71.16 a barrel in early Asian trade and were at $70.76 a barrel, up $1.40, or 2 percent. US West Texas Intermediate (WTI) crude for April rose $1.32, or 2 percent, to $67.41. The front-month WTI price touched $67.86 a barrel earlier, the highest since October 2018.
- Rupee | The rupee slumped by 19 paise to close below the 73 mark against the US currency on Friday due to a stronger dollar and risk aversion in the global markets. At the interbank forex market, the local unit opened at 72.98 against the greenback and traded in the range of 72.73 – 73.09 during the day. The rupee finally ended at 73.02 against the American currency, registering a fall of 19 paise over its previous closing.
- US Senate passes $1.9 trillion Covid relief bill | The Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks, and aid to state and local governments. The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.
- US labor market roars back | The US Labor Department’s closely watched employment report on Friday showed at least 4.1 million Americans have been out of work for more than six months, accounting for 41.5 percent of the unemployed population in February. Another 3.5 million have permanently lost their jobs. Nonfarm payrolls surged by 379,000 jobs last month after rising 166,000 in January. (Image: Reuters)
- FPIs pull out investments amid rising bond yields | As the rising bond yields in the US cause panic in the global markets, foreign portfolio investors (FPI) have turned to sell their holdings. FPIs have pulled out a net Rs 881 crore from the Indian equity market in the first week of March. They have pulled out a net investment of Rs 5,595 crore from the debt segment, showed NSDL data.
- Mutual funds withdraw 16,306 crores from equities in Feb | Mutual funds pulled out Rs 16,306 crore from equities in February, making it the ninth consecutive monthly outflow as small investors booked profit amid a rally in stock markets. Overall, mutual funds withdrew a net amount of over Rs 56,400 crore in 2020, data available with the Securities and Exchange Board of India (Sebi) showed.
- SEBI | The Securities & Exchange Board of India (SEBI) on Friday came out with guidelines on votes cast by mutual funds to further improve transparency and encourage such fund houses to diligently exercise their voting rights in best interest of the unitholders. Mutual funds, including their passive investment schemes like index funds, exchange-traded funds (ETFs), will be required to cast votes compulsorily in respect of related party transactions of the investee companies and corporate governance matters, SEBI said in a circular.
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