Markets Wrap – Thu, 16 Mar ‘23: Nifty, Sensex gain, rupee dips; Asia, US markets, Gold, Crude updates Domestic indices ended Thursday’s volatile session in positive territory, but despite multiple attempts, Nifty failed to settle above 17000. The top gainers on the Nifty 50 were BPCL, Hindustan Unilever Asian Paints, Nestle India and Titan while the losers were Hindalco, Tata Steel, IndusInd Bank, JSW Steel and HDFC Life. “With the turbulence at Credit Suisse and ahead of the ECB policy announcement, investors’ attention has switched to developments in the European market. Consistently unfavourable signs in global markets are encouraging investors to move to safe havens such as the dollar and gold, while FIIs are withdrawing funds from the domestic market in response to the Indian rupee’s depreciation. Though the SVB & Credit Suisse crisis has eased, the market lacks the confidence to hold positions on contagion fears,” said Vinod Nair, Head of Research at Geojit Financial Services.Asian Markets Asian markets concluded Thursday’s session broadly in the red territory. Hong Kong’s Hang Seng tanked 1.72%, South Korea’s KOSPI dipped 0.08%, Japan’s Nikkei 225 fell 0.80% and China’s Shanghai Composite index sank 1.12% The US market ended the overnight session mostly in the red territory with Dow Jones Industrial Average falling 0.87%, S&P 500 dropping 0.70 while the tech-heavy Nasdaq rose marginally by 0.05%. The Indian rupee depreciated 0.16% to 82.73 against the US dollar at 3:55 PM (IST). Gold futures for April delivery were down 173 points or 0.30% at Rs 58,163 at 3:55 PM (IST) while Silver futures on the multi-commodity exchange for May delivery were trading at Rs 67,400, up 101 pts or 0.15%. WTI Crude futures for April delivery were up 0.83% at $68.20 while Brent Crude futures for April delivery were trading 1.02% higher at $74.44 at 3:55 PM (IST).
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FII and DII trades: Foreign Institutional Investors (FII) have been net buyers of domestic stocks for successive days now. On Wednesday, FIIs pumped in Rs 2,347 crore. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 510 crore yesterday.
IPO watch: Syrma SGS Technology enters the final day of bidding today. So far the issue, that opened last week, has been subscribed 2.27 times. Retail investors have subscribed their portion 2.66 times while NIIs have bid for their quota 3.58 times and QIB portion has been bid for 0.71 times.