Best Stocks to Buy – Stock Market Live: Indian indices likley to start the week on a higher note tracking gains in global peers

Brent cracks $70 for first time since pandemic began after Saudi facilities attacked

Brent crude futures jumped above USD 70 a barrel on Monday for the first time since the COVID-19 pandemic began, while US crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities. Brent crude futures for May reached USD 71.16 a barrel in early Asian trade and were at USD 70.76 a barrel by 0036 GMT, up USD 1.40, or 2 percent. US West Texas Intermediate (WTI) crude for April rose USD 1.32, or 2 percent, to USD 67.41. The front-month WTI price touched USD 67.86 a barrel earlier, the highest since October 2018. Yemen’s Houthi forces fired drones and missiles at the heart of Saudi Arabia’s oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security. More here

Julius Baer upgrades India, fastest growing major economy

Singapore-based fund house, Bank Julius Baer, has upgraded India to overweight as it will be the fastest growing major economy in 2021. “We change our stance on India from market-weight to overweight and see 15 percent upside from current levels with a Sensex price target of 58,450,” it said in a note. “An economic recovery is underway, and we look for 9 percent y/y GDP growth this year, followed by 7 percent next year. We look for earnings per share to grow on average over 25 percent over the next 3 years. It would be unprecedented for the stock market to fall in an environment of such strong growth,” it added. More here

Shares, dollar cheer US stimulus, bonds downcast

Asian shares rallied on Monday while the dollar held near three-month peaks after the US Senate passage of a USD 1.9 trillion stimulus bill augured well for a global economic rebound, though it also put fresh pressure on Treasuries. There was also upbeat news in Asia, as China’s exports surged 155 percent in February compared with a year earlier when much of the economy shut down to fight the coronavirus. BofA analyst Athanasios Vamvakidis argued the potent mix of US stimulus, faster reopening and greater consumer firepower was a clear positive for the dollar. The prospect of yet faster growth helped MSCI’s broadest index of Asia-Pacific shares outside Japan firm 0.5 percent. Japan’s Nikkei gained 0.9 percent, and Chinese blue chips 0.7 percent. S&P 500 futures rose 0.3 percent, after a sharp turnaround on Friday. EUROSTOXX 50 futures caught up with Wall Street by rising 1.2 percent and FTSE futures 1.3 percent.

First up, here is quick catchup of what happened in the markets on Friday

Equities fell for a second straight session on Friday as investors remained spooked by a sharp rise in US yields. Frontline indices closed 1-2 percent lower and even the broader market indices finished the day in the red. The Sensex managed to hold 50,000 and closed 0.87 percent or 441 points lower. Nifty gave up 15,000 as it lost nearly 1 percent or 142 points. Broader market indices traded in red as well, with mid-caps and small-caps shedding nearly 2 percent. Total 38 Nifty stocks closed in red, with IndusInd Bank, Wipro, Tata Motors among the top losers, while ONFC, Gail, Hero MotoCorp, Maruti, and Kotak Mahindra Bank were the top gainers. All the sectoral indices on Nifty50 were trading in red, and financials and metals emerged as the top losers. Both Nifty Metal and PSU Bank fell three-four percent. The volatility index rose nearly 6 percent today.

Welcome to CNBC-TV18’s Market Live Blog

Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!