Indices at previous closing
Nifty50: 17,117 ▼169 (-0.9%)
Sensex: 57,292 ▼571 (-0.9%)
Nifty Bank: 36,018 ▼410 (-1.1%)
For more updates on F&O, click here.
Economic growth a priority, says RBI
The Reserve Bank of India (RBI) has reportedly said that it is committed to supporting economic growth. The central bank added that it has resisted temptations to reverse its accommodative stance.
This statement comes at a time when the oil prices have been volatile due to the Russia-Ukraine conflict. It’s important to note that the Indian central bank has kept the key rates at a record low despite the rising retail inflation. Meanwhile, the Nifty50 was down 0.9% yesterday.
Ruchi Soya aims to reduce debt
According to reports, the management of the diversified FMCG company has said that it will use the ₹3,300 crore raised through the follow-on public offer (FPO) to reduce debt. This would account for around 80%-85% of the company’s debt. The company is looking to raise a total of ₹4,300 crore via the FPO route.
The management also reportedly said that the company plans to be debt free as early as possible. The FPO will be open for subscription between 24 March and 28 March. Meanwhile, shares of Ruchi Soya were down around 9% yesterday.
Supply concerns fuel oil prices
Oil prices rose around 3% over the fears of supply-demand mismatch. The continuation of the Russia-Ukraine war and reports that some major oil products could reportedly struggle to meet their supply quota led to a rise in oil prices.
Three million barrels of Russian crude and products per day would be off the markets next month, according to the International Energy Agency. Analysts said that the delay in Iran-US nuclear deal and supply concerns emanating from Russia could lend support to oil prices at lower levels.
Sectoral indices (March 21)
| Top gainers | Top losers |
| Nifty Metal ▲ 1.5% | Nifty FMCG ▼ 1.7% |
| Nifty Media ▲ 0.4% | Nifty PSU Bank ▼ 1.2% |
Global markets (at 8:00 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.0% |
| Nikkei 225 (Japan) | ▲ 1.5% |
| Hang Seng (Hong Kong) | ▲ 0.9% |
| SSE Composite (China) | ▼ 0.0% |
| Dow Jones (US) (March 21) | ▼ 0.5% |
| NYSE (US) (March 21) | ▼ 0.0% |
| Nasdaq (US) (March 21) | ▼ 0.4% |
| S&P 500 (US) (March 21) | ▼ 0.0% |
Fact of the day
The US was the world’s largest arms exporter between 2017 and 2021, accounting for 39% of the market share.
Source: Statista
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