Home/ Markets / Stock Markets/  Global market: SGX Nifty to SVB deal — factors that may dictate stock market today

Global market update: US stock market ascended on Monday as concerns over the banking turmoil eased, causing treasuries to retreat. After more than a week of uncertainty, Silicon Valley Bank (SVB) crisis, finally an ease in bank crisis in US arrived after the SVB deal, which lifted the morale of stock market investors. SGX Nifty today opened upside at 17,052 and went on climb to its intraday high of 17,122 levels.

Here we list out key triggers that may dictate stock market today:

US stock market

After ease in bank crisis in US after the SVB deal, US stock market gained momentum as bulls showed buying interest at the evening hours. Dow Jones finished 0.60 per cent higher, S&P 500 index gained 0.16 per cent but tech index Nasdaq shed 0.47 per cent.

"A gauge of regional lenders increased by approximately 2.5% following First Citizens BancShares Inc.'s announcement that it would purchase SVB Financial Group's Silicon Valley Bank, leading to First Republic Bank jumping due to a report by Bloomberg that US authorities were considering expanding an emergency lending facility that would provide the lender with more time to strengthen its balance sheet," said Marc Despallieres, Chief Strategy and Trading Officer at Vantage.

Asian stock market

In early morning deals, the Japanese Nikkei added 0.04 per cent, Shanghai index trade tepid with 0.01 per cent gain, Hang Seng went up 0.30 per cent whereas KOSPI surged 0.39 per cent.

SGX Nifty today

SGX Nifty today opened higher at 17,052 levels and went on to hit intraday high of 17,122 levels. However, in the mean time, it made its intraday low of 17,004 as well.

US dollar rate

US dollar witnessed some profit-booking in early morning session and Dollar Index came down 0.23 per cent to 102.282 levels.

Speaking on US dollar to INR, Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas said, "We expect Indian Rupee to trade with a slight negative bias on month end Dollar demand from importers and sustained FII outflows. Worries over credit crunch in US and Europe due to the banking crisis may lead of risk-off sentiments. Renewed geopolitical tensions on Russia’s nuclear threat may lead to safe haven demand for Dollar. We expect USDINR spot price to trade in a range of 81.80 to 82.80 in the near term."

Crude oil price

After rising on Monday evening deals, crude oil prices are under profit booking pressure in morning session today. WTI crude oil price are quoting 0.24 per cent lower at around $77.50 per barrel levels.

US bond yield

Extending the treasuries retreat, US 10 years bond yield is 03.54 per cent lower at 3.509 while US 30 years bond yield is 0.44 per cent lower at 3.744 levels.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Updated: 28 Mar 2023, 07:58 AM IST
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