Sensex, Nifty likely to start steady amid positive global cues

Indian markets today are expected to start in the green on the back of a positive global handover

Indian markets today are expected to start in the green on the back of a positive global handover. The SGX Nifty signals a positive start for the Nifty today, up 69 points at 6:50 AM. Markets in the US bounced back on hopes of easing in the banking sector turmoil after UBS’ acquisition of Credit Suisse. Dow Jones, S&P 500, and Nasdaq ended higher by 1.2%, 0.8% and 0.3%, respectively.

Indian benchmark indices Sensex and Nifty ended lower on Monday led by selling in banking, technology stocks. The Sensex ended lower by 360 points at 57,628, while the Nifty declined 111 points to 16,988.40. “ Volumes on the NSE fell compared to the recent average. Broad market indices fell more than the Nifty reflecting higher panic among non-institutional players. Advance decline ratio fell to 0.39:1,” said Deepak Jasani, Head of Retail Research at HDFC Securities.


Levels to track for Nifty today are 16,830 on the downside, whereas on the upside, the resistance for Nifty today stands at 17,150. Nifty Bank support today stands at 39,800, and sliding below these levels could trigger a further downside.
Foreign Institutional Investors continued to remain net sellers for the 8th consecutive session on Monday, being net sellers to the tune of Rs 2,546 crore in the cash markets, provisional data from exchanges showed. . In the last seven days, FIIs have sold to the tune of Rs 11,572 crore in the cash market, shows data from exchanges.
The US Federal Reserve Meet, scheduled between March 21-22, stands as an important event to watch out for investors. Several global brokerages however expect a pause in the rate hike action amidst the looming crisis of the banking sector. However, a large part of investors still expect a 25 bps rate hike by the Fed.
Stocks to watch today are HDFC AMC, PVR, Indian Oil, NTPC, CEAT, PNC Infratech, Adani Enterprises, besides others.