Asian markets are mixed. Japan's benchmark Nikkei is up a percent while China's CIS300 shed half a percent. Hong Kong's Hang Seng and South Korea's Kospi are up 0.5%. US stock indices closed with moderate gains on Wednesday, spurred by rising oil prices.
The market seems to be in a mood to lap up some more gains with rate-sensitives like banking, auto and realty indices leading the upmove. Power, capital goods and utilities have also contributed in recent gains. Infosys will dominate morning headlines as a block trade in early hours will see key shareholders offer 7.5m shrs at Rs1,149–1,178.5 each.
Expect a mildly positive start with expectations of further stimulus by ECB and rebound in oil. Although China is down due to higher than estimated food prices data published, many other Asian indices are up as global money lying idle has been buying anticipating measures to boost growth by Asian economies. Back home, rate cut action by RBI is also anticipated after the government achieved the fiscal deficit target. Going forward, the rally could soften as and when the Nifty approaches 7600.
The Nifty managed to find support even before hitting the 50DMA, which is placed at 7400 mark. It also has formed a “Last Engulfing” candle stick pattern, which indeed is a bearish reversal pattern. However, this pattern has a tendency of acting as a bullish continuation. As long as there are no evident signs of a trend reversal, investors can ride the ongoing uptrend.
Asian markets are mixed. Japan's benchmark Nikkei is up a percent while China's CIS300 shed half a percent. Hong Kong's Hang Seng and South Korea's Kospi are up 0.5%. US stock indices closed with moderate gains on Wednesday, spurred by rising oil prices. Technology shares out-performed the blue chip indices ahead of Thursday's ECB policy announcement. The Dow rose 0.2%, S&P 500 index added 0.5% and Nasdaq climbed 0.6%.
Crude oil futures settled 4.9% higher at US$38.29 per barrel following weekly supply data from the US Energy Information Administration (EIA).
The ECB is expected to push its deposit rate further into negative territory, but analysts are also betting on an expansion of the ECB’s QE programme besides another round of cheap loans to banks.
The Union Cabinet is expected to meet today to discuss various issues related to the oil & gas sector, including the awarding of Ratna and R-series oil fields, according to media reports.
Four oil sector related items are said to be on the Cabinet agenda, say reports, adding that ONGC is likely to be awarded Ratna and R Series oil fields. Essar Oil was initially awarded the Ratna and R Series oil fields in 1996. ONGC had claimed to have discovered these oil fields, but Essar Oil won the rights via bidding in 1996.
The Cabinet is also likely to extend the production sharing contracts (PSCs) of 28 small fields.
The Cabinet Committee on Economic Affairs (CCEA) will likely decide on a slew of measures aimed at giving impetus to the country’s upstream hydrocarbon sector today, reports a business daily.
Topping the CCEA agenda will be the Union Budget proposal to accord gradual marketing freedom and higher pricing power to natural gas producers from unexploited difficult areas, says the daily.
IMF Financial Counselor Vinals will speak on "Global Financial Stability - Where Do We Stand" where RBI Governor Raghuram Rajan is expected to chair the presentation.
A large number of regional rural banks across the country will remain closed for four days this weekend because of the two-day strike on Thursday and Friday. The United Forum of Regional Rural Bank Unions has given a call for strike on March 10 and 11 to press for a host of demands, including dumping the move for nationalisation of RRBs. Central trade unions will observe day-long protest across the country on Thursday against the government's "attack on PF" and "anti-labour anti-labour policies", a union leader said today.
Banking stocks would again be in focus, especially those who have given loans to Vijay Mallya. The Supreme Court on Wednesday issued notice to Vijay Mallya, the business tycoon who owes Rs 9,000 crore (including interest) to a consortium of 17 banks, and sought his reply within two weeks in response to a petition filed by the banks to block him from fleeing the country. However, latest reports suggest that Mallya has already left the country.
Market-participants would continue to track rupee, oil and FII momentum.
The Indian rupee pared early morning losses and closed higher on improved equities.
According to The Brand Trust Report 2016 launched by TRA, ICICI Bank (All-India Rank 10) tops the list for the first time as India’s Most Trusted Bank. ICICI Bank leaps 38 ranks from its previous years’ ranking to beat the government-owned corporation - State Bank of India (All-India Rank 23) who reigned this sector for the past five years.
Mahindra & Mahindra Financial Services Limited announced that Bharat Doshi has stepped down from his position as a member of the Board, and consequently as its Chairman, with immediate effect.
Prime Minister Narendra Modi will inaugurate by remote control 100 mw power supply from Tripura's Palatana project to Bangladesh on March 23, according to reports.
Moody's Investors Service has affirmed ICICI Bank Limited's local and foreign currency deposit ratings of Baa3/P-3.
Report says that the telecom regulator has given mobile phone companies an extra week to March 14 for submitting compliance report on compensating consumers for call drops. -
The market seems to be in a mood to lap up some more gains with rate-sensitives like banking, auto and realty indices leading the upmove. Power, capital goods and utilities have also contributed in recent gains. Infosys will dominate morning headlines as a block trade in early hours will see key shareholders offer 7.5m shrs at Rs1,149–1,178.5 each.Expect a mildly positive start with expectations of further stimulus by ECB and rebound in oil. Although China is down due to higher than estimated food prices data published, many other Asian indices are up as global money lying idle has been buying anticipating measures to boost growth by Asian economies. Back home, rate cut action by RBI is also anticipated after the government achieved the fiscal deficit target. Going forward, the rally could soften as and when the Nifty approaches 7600.
The Nifty managed to find support even before hitting the 50DMA, which is placed at 7400 mark. It also has formed a “Last Engulfing” candle stick pattern, which indeed is a bearish reversal pattern. However, this pattern has a tendency of acting as a bullish continuation. As long as there are no evident signs of a trend reversal, investors can ride the ongoing uptrend.
Asian markets are mixed. Japan's benchmark Nikkei is up a percent while China's CIS300 shed half a percent. Hong Kong's Hang Seng and South Korea's Kospi are up 0.5%. US stock indices closed with moderate gains on Wednesday, spurred by rising oil prices. Technology shares out-performed the blue chip indices ahead of Thursday's ECB policy announcement. The Dow rose 0.2%, S&P 500 index added 0.5% and Nasdaq climbed 0.6%.
Crude oil futures settled 4.9% higher at US$38.29 per barrel following weekly supply data from the US Energy Information Administration (EIA).
The ECB is expected to push its deposit rate further into negative territory, but analysts are also betting on an expansion of the ECB’s QE programme besides another round of cheap loans to banks.
The Union Cabinet is expected to meet today to discuss various issues related to the oil & gas sector, including the awarding of Ratna and R-series oil fields, according to media reports.
Four oil sector related items are said to be on the Cabinet agenda, say reports, adding that ONGC is likely to be awarded Ratna and R Series oil fields. Essar Oil was initially awarded the Ratna and R Series oil fields in 1996. ONGC had claimed to have discovered these oil fields, but Essar Oil won the rights via bidding in 1996.
The Cabinet is also likely to extend the production sharing contracts (PSCs) of 28 small fields.
The Cabinet Committee on Economic Affairs (CCEA) will likely decide on a slew of measures aimed at giving impetus to the country’s upstream hydrocarbon sector today, reports a business daily.
Topping the CCEA agenda will be the Union Budget proposal to accord gradual marketing freedom and higher pricing power to natural gas producers from unexploited difficult areas, says the daily.
IMF Financial Counselor Vinals will speak on "Global Financial Stability - Where Do We Stand" where RBI Governor Raghuram Rajan is expected to chair the presentation.
A large number of regional rural banks across the country will remain closed for four days this weekend because of the two-day strike on Thursday and Friday. The United Forum of Regional Rural Bank Unions has given a call for strike on March 10 and 11 to press for a host of demands, including dumping the move for nationalisation of RRBs. Central trade unions will observe day-long protest across the country on Thursday against the government's "attack on PF" and "anti-labour anti-labour policies", a union leader said today.
Banking stocks would again be in focus, especially those who have given loans to Vijay Mallya. The Supreme Court on Wednesday issued notice to Vijay Mallya, the business tycoon who owes Rs 9,000 crore (including interest) to a consortium of 17 banks, and sought his reply within two weeks in response to a petition filed by the banks to block him from fleeing the country. However, latest reports suggest that Mallya has already left the country.
Market-participants would continue to track rupee, oil and FII momentum.
The Indian rupee pared early morning losses and closed higher on improved equities.
According to The Brand Trust Report 2016 launched by TRA, ICICI Bank (All-India Rank 10) tops the list for the first time as India’s Most Trusted Bank. ICICI Bank leaps 38 ranks from its previous years’ ranking to beat the government-owned corporation - State Bank of India (All-India Rank 23) who reigned this sector for the past five years.
Mahindra & Mahindra Financial Services Limited announced that Bharat Doshi has stepped down from his position as a member of the Board, and consequently as its Chairman, with immediate effect.
Prime Minister Narendra Modi will inaugurate by remote control 100 mw power supply from Tripura's Palatana project to Bangladesh on March 23, according to reports.
Moody's Investors Service has affirmed ICICI Bank Limited's local and foreign currency deposit ratings of Baa3/P-3.
Report says that the telecom regulator has given mobile phone companies an extra week to March 14 for submitting compliance report on compensating consumers for call drops. -
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