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Market Summary

The market is likely to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 89 points on Friday. The BSE Sensex fell 542 points to 59,806, while the Nifty50 shed 165 points to 17,590 .

Wall Street's three major stock indices closed lower on Thursday, with bank stocks creating the biggest drag, while investors also worried that Friday's jobs report could spur more aggressive interest rate hikes from the Federal Reserve. The Dow Jones Industrial Average fell 543.54 points, or 1.66 percent, to 32,254.86, the S&P 500 lost 73.69 points, or 1.85 percent, to 3,918.32 and the Nasdaq Composite dropped 237.65 points, or 2.05 percent, to 11,338.36.

Stocks in the Asia-Pacific fell on Friday, as investors await the closely watched February non-farm payrolls report from the US that could further determine the direction on the Federal Reserve's rate hikes ahead. The Nifty futures were trading around 17,529 levels on the Singaporean exchange.

Stocks under F&O ban on NSE The National Stock Exchange has added Balrampur Chini Mills and GNFC on its F&O ban list for March 10.

Macro News

India's February fuel demand hits at least 24 year high

India's fuel demand hit its highest level in at least 24 years in February, data showed on Thursday, with industrial activity in Asia's third biggest economy boosted by cheap Russian oil. Consumption of fuel, a proxy for oil demand, rose by more than 5 percent to 4.82 million barrels per day (18.5 million tonnes) in February, its 15th consecutive year-on-year rise, data showed. Demand was the highest recorded in data compiled by the Indian Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) going back to 1998

China consumer inflation slowest in a year, leaves room for more stimulus:

China's annual consumer inflation slowed to the lowest rate in a year in February as consumers remained cautious despite the abandonment of strong pandemic controls late in 2022. The consumer price index (CPI) in February was 1 percent higher than a year earlier, rising at the slowest pace since February 2022, said the National Bureau of Statistics (NBS). The result was well below the median estimate of 1.9 percent in a Reuters poll and the 2.1 percent annual rise seen in January.

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