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Domestic equities will take cues from global markets for direction as uncertainties persist amid the banking crisis.

Stock Market Today: Asia-Pacific markets largely fell on Friday, as investors weigh remarks from US Treasury Secretary Janet Yellen, who said federal emergency actions to back up failed regional banks could be used again if necessary.

Mirroring positive sentiment globally ahead of the crucial Fed rate decision on the interest rate later today, Indian equities ended in the green. Nifty topped 17,150 levels, while Sensex settled at 58,214 levels. HDFC Life, Bajaj twins, Sun Pharma and Tata Consumer Products were the notable gainers from the Nifty pack, while losers included BPCL, NTPC and Coal India, among others.

Based on the OI percentage, 53 stocks including JK Cement, Metropolis Healthcare, GAIL India, Max Financial Service and Manappuram Finance witnessed a long build-up

Ajay Bagga, Chairman of Elyments Platforms says the global banking crisis is not going away too easily. He expects Indian markets to be rangebound but doesn’t rule out the possibility of a 15% fall in the event of a global selloff. Bagga says it’s best to stick to domestics now, in what appears to be a “stock-picker’s” market

Mumbai: India's equity indices fell on Monday, mirroring the weakness in global markets as the emergency bailout of Credit Suisse by UBS and a move to enhance dollar liquidity failed to ease risk aversion. The mood is also jittery ahead of the US Federal Reserve's rate-setting meeting on March 22 which could give the market an understanding of the central bank's plans to deal with the banking crisis.

After a smart recovery towards the fag end of last week, equity markets resumed selloff on Monday, tracking the rout in global equities as concerns lingered over the banking crisis fallout.

Stock Market Update: Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 84 points in step with surge in Wall Street on ebbing fears of banking crisis contagion and rise in Asian peer markets

Vinay Rajani of HDFC Securities believes that Nifty could show move towards 17,500-17,600 band in the short term and same should be utilised to lighten long positions.

After the crisis-ridden banks were bailed-out in the overseas markets, equities in India on Friday ended higher for the second consecutive day. Nifty logged 0.7% gains and topped 17,100 levels. Within the Nifty pack, top gainers were HCL Technologies, Hindalco, UPL, Nestle and UltraTech Cement.

Based on the OI percentage, 71 stocks were on the short-covering list. These included Nestle India, Hindalco Industries, JK Cement, Intellect Design Arena, and Gujarat Gas

Even as clouds of uncertainty hover over the global banking system amid Credit Suisse woes and bank failures in the US, the domestic equity market on Thursday snapped the five-day losing streak as a positive opening in the European market lifted investor sentiments.

Banking sector funds have lost around 9% in this year till date. These sector funds lost around 5% in the last one week. Banking sector has been facing troubles since the Silicon Valley Bank crisis started in the US. Credit Suisse, a Swiss bank, is raising money to deal with liquidity concerns. Concerns about the health of the banking industry are changing the complexion of the markets abroad.

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