2nd March Market Report

Daily Market Report:

The Indian Equity benchmark indices BSE Sensex and Nifty 50 were closed positive at the end of the day(28/02/2022). BSE Sensex was up by 388.76 points (0.70%) to 56247.28 and Nifty was up by 135.50 points (0.81%) to 16793.90

Hindalco, Tata steel, Powergrid were the top gainers

Nifty immediate support is at 16356 and resistance is at 16900

Market will remain volatile and wait for the outcome of Russia-Ukraine talks.

India's economy is growing slow as Q3 GDP shows growth at 5.4% vs Previous 8.4%.Estimated GDP growth of financial year 2022 reduced to 8.9% from 9.1%

Rise in crude oil price, commodity price increases in manufacturing, semi-conductor shortages are the challenges in near future for economic growth

Tech Mahindra on Monday announced the launch of TechMVerse, its Metaverse practice to deliver interactive and immersive experiences in the Metaverse for its customers.

Govt's fiscal deficit in April 2021-January 2022 rises to 58.9%

Madhabi Puri Buch appointed Sebi chairperson for a term of three years

India's Infrastructure output rose by 11.6% year on year over the April-January period

According to the finance ministry, GST revenue for January (collected in February) is at Rs.1.3 Lakh crore

Open Interest:

On open interest, Maximum put open interest was seen at 16500 followed by 16000. Maximum call open interest was seen at 17000 followed by 18000

Put Writing seen at 16700 followed by 16800

Call Writing seen at 18000 followed by 17000

India VIX up by 6.84% from 26.74 to 28.57 level.

Participant wise open interest data of FII Shows put selling in the index is more than call selling. FII's were 58.05% long in index future was decreased compared to the previous day.

In Cash Market, FII's are net sellers 3948.47 crores, and DII's are net buyers 4142.82 crores.

Options data suggests a trading range between 16500 to 17000

Global Markets:

U.S Markets were closed negative at the end of the day

Dow Jones industrial average was down by 597.65 points (-1.76%) to 33294.95

S&P 500 Index was down by 67.68 points (-1.55%) to 4306.26

Nasdaq Composite was down by 218.94 points (-1.59%) to 13532.46

European markets were negative at the end of the day

Asian markets are negative right now 07.30 IST

SGX Nifty trading 151 points lower to 16557  07.30 IST

SGX Nifty indicates a negative start for Indian markets.

Keep an eye on these Economic Data:

India Nikkei Markit Manufacturing Purchasing Managers Index (PMI) Data at 10.30 IST

Eurozone Consumer Price Index (CPI) YoY Data at 15.30 IST

India Trade Balance Data after Indian market hours