NIFTY50, SENSEX today: Wall Street cues, FII activity, key things to know before markets open on March 11

The Indian equity benchmarks are set to open lower on Wednesday, march 11, as indicated by GIFT NIFTY futures. NIFTY futures at GIFT City in Ahmedabad fell 79 points to 24,315 despite stable cues from Asian markets.

The benchmark indices SENSEX and NIFTY50 closed in the green on Tuesday, March 10, as investor sentiment improved amid a decline in crude oil prices due to signals of de-escalation in the Middle East conflict.

The SENSEX rose 639.82 points or 0.82% to close at 78,205.98, while the NIFTY50 ended 233.55 points or 0.97% higher at 24,261.60.

Asian markets

Asian markets were trading higher on Wednesday after sentiment improved after a Wall Street Journal report suggested that International Energy Agency (IEA) has proposed the largest ever release of crude oil reserves.

Japan's Nikkei rose 1.94%, Hong Kong's Hang Seng advanced 0.26%, South Korea's KOSPI gained 3.3% and China's Shanghai Composite rose 0.06%.

Wall Street update

US stocks ended on a subdued note on Tuesday as investors looked for cues beyond Iran war while crude oil price steadied.

S&P 500 index fell 0.21%, Dow Jones Industrial Average declined 0.07% and tech heavy Nasdaq ended 0.01% higher.

Crude oil price update

Crude oil prices in international markets declined on Wednesday after a report suggested that International Energy Agency (IEA) proposed the largest release of oil reserves in its history to bring down crude prices that have soared amid the US-Iran war.

As per a Wall Street Journal report, the IEA will release more than 182 million barrels of oil that its member countries put on to the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine.

Brent crude dropped below $90 a barrel which had surged to $119 per barrel on Monday amid conflict in West Asia.

FII/DII activity

Foreign institutional investors sold shares worth ₹4,672.64 crore on Tuesday while domestic institutional investors bought shares worth ₹6,333 crore, data from the National Stock Exchange showed.

The FIIs have so far this month sold shares worth ₹33,917 crore compared with shares worth ₹22,615 bought by them in February, according to the data from National Securities Depository Limited (NSDL).

Stocks to watch

Co-Founder and Managing Director Rahul Bhatia will manage the affairs of IndiGo on an interim basis till a new person is appointed, which the airline said is expected shortly.

“The US Navy has not escorted a tanker or a vessel at this time,” White House Press Secretary Karoline Leavitt told reporters Tuesday.

US crude oil fell 11.94% to close at $83.45 per barrel. Brent crude, the global benchmark, lost 11.28% to settle at $87.80. Prices fell more than 17% immediately after Wright’s post.

So, upstream companies, OMCs, paints, tyres, and aviation stocks will be in focus.

Hit hard by the shortage of commercial LPG cylinders, the hoteliers' body, FHRAI, on Tuesday said a large number of hotels and eateries in Mumbai will have to shut operations in the next two days if the situation is not resolved.

'Similar disruptions are also reported from Pune, Aurangabad, Nagpur, Delhi, Karnataka, Telangana, and Andhra Pradesh,' Pradeep Shetty, vice president of the Federation of Hotel and Restaurant Associations of India (FHRAI), said.

On Tuesday, the stock of food delivery player Swiggy fell by 2.26%, while Eternal lost 1.50% on the BSE.

Jubilant FoodWorks, which operates fast-food chains Domino's Pizza and Dunkin' Donuts, declined 1.45%.

Also, United Foodbrands slipped 1.42%, Sapphire Foods India edged lower by 0.94%, and Restaurant Brands Asia dipped 0.73%.

The project was launched by Prime Minister Narendra Modi in 2019 to provide safe and adequate drinking water through tap connections to all households in rural India.

The facility, spread across 40,000 sq ft, is located in the Free Trade and Warehousing Zone (FTWZ) in Mannur village, about 30 km from the city on the Chennai-Bengaluru Industrial Corridor.

With approximately 4,000 pallet positions, the modern facility will enable Caterpillar to optimise lead times, reduce landed costs, and respond swiftly to global demand and supply needs.

Following his departure, Girish Taurani, Executive Director, and Sushant Dalmia, Chief Financial Officer, will jointly take Nair’s responsibilities.

The company has initiated the process of identifying and appointing a suitable candidate as the new CEO.

Subscription Agreement (“SSA”) with United Solar Holdings Inc. (“USH”), for the subscription of approximately 53,68,551 series B preferred shares of USH for an aggregate consideration of approximately. USD $30,000,000 subject to conditions precedent to closing.

Trade setup

On the hourly charts, the NIFTY50 has closed above the hourly 20 EMA for the first time since February 26. The index has lost nearly 5% during the same period. As highlighted yesterday, the index is showing signs of stabilising after entering into oversold territory. If the positive cues remain consistent, the index may try to touch the 50 EMA level of 24,548 in the coming sessions.

On the options data front, the initial buildup for 17 March expiry indicates a broad trading range of 24,000 to 24,500. The 24,000 puts hold the highest open interest, indicating a strong support on the downside. Similarly, the 24,500 calls hold the highest open interest, indicating a strong resistance on the upside.