Bonds, Berkshire, Exxon – key factors moving the market today

Today’s main Global market news –

1. Dow Jones Futures Drop 500 Points as European Banks Sell Out After Credit Suisse
2. US markets decline as Credit Suisse puts additional pressure on the banking sector.
   • As a major investor, the Saudi National Bank, claimed that it was unable to continue supporting Credit Suisse Group (NYSE:CS) financially due to legal restrictions, the stock of the Swiss financial institution fell 24.24%.
3. Unexpected decline in the producer price index (PPI):
   • The index fell by 0.1% in February, significantly less than the 0.3% growth predicted. Retail sales fell 0.4% last month as shoppers reduced their spending.
4. Berkshire Hathaway raises its shareholding in Occidental to 23.1%.
   • Berkshire paid around $466.68 million for 7.9 million shares of Occidental.
5. Exxon is considering selling a share in an LNG facility off the coast of Italy.
   • Exxon Mobil Corp. (NYSE:XOM) is contemplating selling its majority ownership in the Rovigo LNG facility off the coast of Italy as part of a strategy to divest non-core assets, according to a statement released on Wednesday.
6. Gold prices dipped from a six-week high on Thursday as speculators took gains, but worries of a growing financial crisis and monetary policy uncertainty kept the yellow metal’s safe haven appeal strong.
7. 2-Year Treasury yield is below 4%.
   • Since the October 1987 crisis, this 5-day fall has been the largest.

Market at Closing Yesterday

Technical Picture –

Second closed in green after breakdown

Dow still below 50 and 200 EMA 

Both short and long term trend is down 

Midterm trend is sideways

Swing high is around 32620

Indian Market news Today

At close on 16th March, 2023

1. NBCC (India) shares are up 3% after receiving a Rs 500-crore order from Puducherry.
2. Sumitomo Wiring is expected to sell a 3.4% holding in Samvardhana Motherson in a block transaction.
3. Shriram Finance intends to sell a 15% share in its housing financing division for Rs 1,000 crore
4. Stock exchanges have been shut down. Patanjali Foods promoter group companies sold 292.5 million shares for failing to fulfil the minimum public ownership requirement by the deadline.
5. Samvardhana Motherson International Big Transaction | Block trades transfer 23.2 crore shares (3.7% equity).  On the BSE, shares fell as far as Rs 7.7 to settle in the 10% lower circuit at Rs 69.1.
6. With an open market transaction, Life Insurance Company (LIC) lowered its exposure to state-owned NMDC from 13.69% to 11.69%. The transaction was completed at an average price of Rs 119.37 per share.
7. DLF shares on the high side after the real estate developer sold 8,000 crore in Gurugram homes in three days.
8. Due to a significant transaction involving 7.35 lakh shares, or 0.13 percent of the company, IndusInd Bank saw a 3 percent decline in share price.
9. As a result of Anup Bagchi’s appointment as CEO, ICICI Prudential increased by 9%.
10. HAL is up 2% after receiving a Rs 667 crore order from the defense department.
11. Zee Entertainment agrees to pay 837 million rupees to IndusInd Bank; lender likely to drop bankruptcy case. Zee Ent gained 10% in today’s session.

Economic Calendar for Today