Market Ahead, March 18: All you need to know before the Opening Bell

After four-days of bear hammering, Dalal Street looks poised to bounceback on a dovish US Fed, strong global cues and weak oil Although, volatility could remain high on account of weekly F&O expiry. At 7.20 am, SGX Nifty was trading 1.11% higher at 14,935, indicating a gap-up start for the benchmark indices.

However, investors would keep a close watch on the rising Covid cases in the country which touched their highest in three months yesterday.

In the overnight session, the S&P 500 and Dow Jones Industrial Average closed at record highs after the US Fed predicted a fast economic recovery from the coronavirus pandemic.

At the end of its 2-day policy meeting, the Federal Reserve projected a rapid jump in US economic growth and inflation this year as the Covid-19 crisis winds down, and repeated its pledge to keep its target interest rate near zero for years to come.

Following the Fed’s statement, the yield on 10-year Treasuries ticked lower to 1.6374% while the Dow Jones Industrial Average rose 0.58% and the S&P 500 gained 0.29%. The Nasdaq Composite climbed 0.4%.

in Asian too mirrored the upbeat sentiment and were trading with modest gains. Japan’s Topix Index rose 1.3% and South Korea’s Kospi Index added 1.1%. S&P 500 futures also edged up 0.3%.

Meanwhile, in the oil markets, prices dropped for a fifth day after official data showed a sustained rise in US crude and fuel inventories, while the ever-present pandemic clouded the demand outlook.

Brent crude was down 0.2% at $67.88 a barrel after dropping by 0.6% on Wednesday. U.S. oil was also down 0.2% at $64.48 a barrel, having fallen 0.3% the previous session.

Now, a look at the stock-specific triggers that are likely to guide the market today:

Punjab National Bank has set up a wholly-owned subsidiary to manage its credit card business, the bank said on Wednesday.

Blue Star expects a growth of 25 per cent in sales of refrigeration products and cooling products next fiscal compared to 2019-20, according to a top company official.

BHEL said it has emerged as the lowest bidder for supply of equipment for nuclear power projects of Nuclear Power Corporation of India at Rs 10,800 crore

Satin Creditcare Network said its promoters have reduced their pledge percentage from 8.90 per cent on July 16 last year to 3.09 per cent as on March 16, 2021.

Lastly, an update on the primary market

The initial public offer by Nazara Technologies sailed through on Day 1 of the bidding process and was subscribed 4 times while Suryoday SFB IPO which also opened yesterday received 42% subscription.

That apart, the issue by Kalyan Jeweller sailed through on Day 2 and was subscribed 1.21 times. While the IPOs of Laxmi Organics and Craftsman Automation that closed yesterday saw 106.79 times and 3.81 times subscription.

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