10 things you need to know before the opening bell on Mar 21

SUMMARY

Asian share markets were trading lower while oil prices gained by $2 today as war between Ukraine and Russia continued with no sign of stopping. Here are the 10 vital things to know before the opening bell:

By CNBCTV18.comMar 21, 2022 8:52:23 AM IST (Published)

Global stocks: Asian share markets started the week in a sober mood on Monday as fighting in Ukraine raged on with no sign of stopping, leaving investors clutching at hopes for an eventual peace deal. Trade was sluggish with Japan on holiday, leaving S&P 500 stock futures down 0.3 percent and Nasdaq futures 0.4 percent. EUROSTOXX 50 futures dipped 0.1 percent and FTSE futures edged up 0.1 percent. MSCI's broadest index of Asia-Pacific shares outside Japan was flat. Japan's Nikkei was shut, but futures traded around 200 points above the cash close. Chinese blue chips firmed 0.1 percent, with investors waiting on further details of possible stimulus from Beijing.

Oil: Oil prices gained by $2 on Monday, after easing from $130 a barrel that hit in the first week of March, as Ukrainian forces dug in against heavy Russian attacks. Major oil producers reported that they were struggling to produce their allotted quotas under a supply agreement.

Indian market on Thursday: Indian equity benchmarks surged on Thursday amid a broad-based rally, as the Fed's first rate hike in more than three years and upbeat commentary on the world's largest economy boosted global shares. Both headline indices held on to strong gains throughout the session before closing up 1.8 percent. The Sensex rose 1,047.3 points to end at 57,863.9 and the Nifty50 settled at 17,287.1, up 311.7 points from its previous close. The market remined closed on Friday on account of Holi.

Rupee: The rupee spurted by 41 paise to close at 75.80 (provisional) against the US dollar on Thursday, supported by positive domestic equities and broad dollar weakness. At the interbank forex market, the local unit opened at 75.96 against the greenback and witnessed an intra-day high of 75.77 and a low of 75.97. The rupee settled at 75.80, registering a rise of 41 paise over its previous close of 76.21. The currency market remained close on Friday for Holi.

Diesel price: The price of diesel sold to bulk users has been hiked by about Rs 25 per litre in line with a near 40 percent rise in international oil prices, sources told PTI.

Gold: Gold prices were flat on Monday even as the Russia-Ukraine war continues to rage. The yellow metal hovered near a two-week low it hit last week despite the US Federal Reserve's aggressive measures to combat inflation. Spot gold was flat at $1,921.80 per ounce by 0113 GMT, after touching its lowest since February 28 at $1,894.70 last week. US gold futures was trading 0.3 percent down at $1,923.90.

Reliance Retail: Reliance Retail Ventures Limited (RRVL) on Sunday announced the acquisition of majority 89 percent equity stake in Clovia, an industry leader in the bridge-to-premium intimate wear category, with an investment of Rs 950 crore.

Cryptocurrency: The government is working on the classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions, officials told PTI. Currently, 18 percent Goods and Services Tax (GST) is levied only on services provided by crypto exchanges and is categorised as financial services.

FMCG: Consumers may have to pay more for their daily essential items with FMCG companies mulling another round of price hike to offset the impact of an unprecedented level of inflation in commodity prices such as wheat, palm oil and packaging materials. Besides, the ongoing war between Russia and Ukraine has also added another blow to FMCG makers as they expect a rise in the prices of wheat, edible oil and crude.

Oil imports: State-run Indian Oil Corporation Ltd (IOC) bought 3 million barrels of crude oil from Russia last week to secure its energy needs, resisting Western pressure to avoid such purchases, an Indian government official said Friday.