US President Donald Trump on Wednesday announced the opening of a mega oil refinery in Brownsville, Texas, built with investment from Reliance Industries Ltd. This will be the country’s first new refinery in 50 years with a record investment of $300 billion, the leader said.
Trump announces mega oil refinery in Texas with Reliance investment – Daily Market Update 11th March 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat note.
- European equity markets ended higher in range 1.5% to 2.33%.
- Majority of Asian equity markets are trading in green.
- GIFT Nifty is little changed, Nifty futures likely to open around 24300 levels.
The benchmark Nifty index ended higher at 24262 spot levels after adding 234 points to its previous closing values.
The broader markets outperformed the benchmark as Mid and Small cap indices gained 1.62% & 2.12% respectively.
All sectoral indices, barring IT and Oil & Gas, ended significantly higher. Amongst them, Auto, Financial Services, PSU Banks and Consumer Durables were the best performers, rose in range 2% to over 3%.
The pullback rally that started on 9th March is likely to face resistance around 24400-24450 spot levels. A sustained trading above 24450 might lead it towards 24600-24700 spot levels. Conversely, a fall below 24100 spot levels might drag it towards 23800 spot levels. News driven volatility is likely to persist in short term.
Derivatives Overview & Outlook
Yesterday, Nifty futures remained almost unchanged on open interest front. Banknifty and Midcap Nifty futures rose on short covering as both shed around 3% of open interest each. Finnifty futures added around 1.5% of open interest as long buildup.
All F&O sectors settled higher. Amongst them, Banking, Capital Goods, Power and Telecom stocks witnessed maximum addition of long positions.
On options front, Nifty will start the new weekly contract with maximum positions at 25000 CE and 21500 PE followed by 23000 PE.
Institutional Trading Activity
Yesterday, FIIs further sold stocks worth Rs 4673 Cr in the cash segment, bought stocks futures worth Rs 428 Cr and also bought index futures worth Rs 1107 Cr. On the other hand, DIIs were net buyers in the cash segment to the tune of Rs 6333 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24500-24640; Supports 24225-24100
Banknifty – Resistances 57500-58000; Supports 56800-56350
Finnifty – Resistances 26850-27000; Supports 26400- 26170
F&O stocks in ban today – SAIL, SAMMAANCAP
Disclosure
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