Market Bizzz

Mukesh Ambani, promoter of India’s most valued company Reliance Industries, is the richest Asian, followed closely by Gautam Adani, promoter of Adani Group, according to the latest billionaire list released by Forbes. Compared to Ambani’s total net worth at $90.

Private equity firm Carlyle Group will sell its entire 3 per cent stake in SBI Card and Payment Services for about Rs 2,550 crore through a block trade.

Oil futures rose in early trading on Tuesday as the potential for more sanctions following alleged war crimes by Russian troops in Ukraine added to concerns about supply disruptions, while Iran nuclear talks stalled. Brent crude futures were up $1.58, or 1.5%, to $109.11 a barrel, while U.S. West Texas Intermediate futures were up $1.61, or 1.6%, to $104.89 a barrel at 0028 GMT.

The proposed HDFC Ltd and HDFC Bank amalgamation will involve HDFC Investments and HDFC Holdings merging with the parent mortgage company. Subsequently, HDFC will merge with its banking arm, resulting in all group companies becoming direct subsidiaries of HDFC Bank.

Asian shares opened higher on Monday, tracking gains on Wall Street, but early trade was volatile and gains were majorly capped as investors eyed developments in Ukraine and Covid-19 lockdowns in China. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.35 per cent.

Auto manufacturers, which have announced their sales numbers for the month of March, will remain under focus.

The dollar made a firm start to the week as Treasury yields rose with expectations of rapid-fire U.S. interest rate hikes, while talk of bans on Russian gas kept the euro within sight of its 2022 lows. The euro has been weighed down by worries about the economic damage from war in Ukraine and last bought $1.1047, not too far from last month’s almost two-year trough of $1.0806.

Monday may see a stable start to the week. The levels of 17,800 and 17,905 will act as probable resistance points while the supports may come in at 17,500 and 17,320 levels. The trading range for the week will stay wider than usual.