Indian markets today are expected to start in the red, as indicated by the SGX Nifty, down 90 points at 7:25 AM. Dow Futures rose over 100 points after UBS came into rescue for Credit Suisse late evening on Sunday. The US markets on Friday ended lower with lingering concerns over the banking sector.
Indian benchmark indices Sensex and Nifty ended higher on Friday led by buying action in banking, technology and metal stocks. The BSE Sensex surged 355 points to 57,990, while the Nifty climbed 114 points to 17,100. Nifty today will see support at 16,950 and 16,800, whereas a move above 17,250 will take the Nifty towards 17,500, said technical analysts.
Foreign Institutional Investors continued to remain net sellers for the 7th straight session on Friday, selling shares worth Rs 1,766 crore in cash market on Friday. In the last seven days, FIIs have sold to the tune of Rs 9,000 crore in the cash market, shows data from exchanges.
The US Federal Reserve Meet will be an important event to watch out for investors, and the meet is scheduled between March 21-22. The Fed is expected to hike rates by 25 bps in the upcoming FOMC meet, according to experts. However, some investors also expect that the recent turmoil in the banking sector could also promote the Fed to stop raising rates in the upcoming meet.
Stocks to watch today will be HDFC Bank, HDFC, Can Fin Homes, Sun Pharma, RVNL, besides others on the back of news flows.