Asian indices are subdued with Japan's Nikkei down marginally. China's CSI300 has dropped half a percent and so has Hong Kong's Hang Seng. South Korea's Kospi and Taiwan's TWSE are trading flat.US stock indices finished mostly flat on Monday but the Dow Jones Industrial Average managed to close at a new high for the year 2016.
Central bank meets, crude movement and macro data from around the world are rolling by the market which seems to be feeling heavy at current levels. 7600 appears to be stiff resistance; little wonder that investors prefer to lighten positions around these levels. The central banks’ meetings will be closely watched. The Bank of Japan, which adopted a negative interest rate in January, will conclude a policy review and a Federal Reserve Open Market Committee two day meeting will commence today. The FOMC is widely expected to keep interest rates on hold on Wednesday. Back home, the finance ministry and Reserve Bank of India officials will also meet during March 15-20 to decide borrowing calendar for the financial year beginning from April 1.
The outlook is a weak start. Asian indices are subdued with Japan's Nikkei down marginally. China's CSI300 has dropped half a percent and so has Hong Kong's Hang Seng. South Korea's Kospi and Taiwan's TWSE are trading flat.US stock indices finished mostly flat on Monday but the Dow Jones Industrial Average managed to close at a new high for the year 2016.
The Dow advanced by 15.82 points, or 0.1%, to end at 17,229.13 - a new closing high for the year. The S&P 500 index dropped 2.55 points to close at 2,019.64, after settling at a 2016 high of 2,022.19 on Friday. Six of the 10 main sectors in the S&P 500 index ended lower. Consumer discretionary stocks were the best performers while the materials sector lost 0.7% and the energy sector declined 0.6%. The Nasdaq Composite index gained 1.81 points to finish at 4,750.28. It is still significantly down from its 2016 closing high, which is 4,903.09, struck on Jan. 4.
Crude oil futures dropped by 3.4% to settle at US$37.18 per barrel, giving up half of last week’s gains, after OPEC left its estimate on global oil demand growth unchanged.
A number of other central banks, including the Bank of Japan, Bank of England and Swiss National Bank, are expected to announce their monetary policy reviews later this week.
India Finsec Limited has sold total 230,000 shares of ARYAMAN, at a price of Rs. 15.7 to Mukesh Babulal Shah in a bulk deal valued at Rs. 0.36 crore.
New India Investment Trust PLC has purchased total 234,000 shares of ACC at a price of Rs. 1,227.15 from New India Investment Company Mauritius Limited in a block deal valued at Rs. 28.7 crore.
Government’s proposal to cut corporate tax to 25 per cent over three years is likely to bring in transparency in tax collections, India Ratings and Research reportedly said.
The Gujarat government has accelerated the process to look into the demands of workers agitating at the Tata Motors Ltd Sanand factory in a bid to resolve the ongoing labour unrest, reports a financial newspaper.
Finance minister Arun Jaitley criticised reports of huge write-off by banks. Jaitley said that no public sector bank had written off a single rupee, says report.
Wipro Ltd’s chief executive officer (CEO) Abidali Neemuchwala has set an ambitious revenue growth target of 12-14% for the fiscal year 2016-2017, reports a business daily.
The Serious Fraud Investigation Office (SFIO) is looking into the brand evaluation carried out by the tax and advisory firm Grant Thornton India for the Vijay Mallya-promoted Kingfisher Airlines Ltd, reports a business daily. A notice has been sent to Grant Thornton seeking clarification on Kingfisher Airlines' valuation, says the paper.
ADB president Takehiko Nakao stated that GST will integrate Indian economy and help attract FDI.
Oil and Natural Gas Corporation Ltd is planning to undertake drilling of nine development wells in KG-OSN-2004/1 and GS-49-2 fields, according to reports.
Government reportedly said it may pass the benefit of this "cushion" of earning to the consumers if there is a spectacular hike in the prices.
India's wholesale prices remained in negative territory for the 16th straight month in February at -0.91% as compared to -0.90% (provisional) for the previous month and -2.17% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was -1.19% compared to a build up rate of -2.61% in the corresponding period of the previous year.
Central bank meets, crude movement and macro data from around the world are rolling by the market which seems to be feeling heavy at current levels. 7600 appears to be stiff resistance; little wonder that investors prefer to lighten positions around these levels. The central banks’ meetings will be closely watched. The Bank of Japan, which adopted a negative interest rate in January, will conclude a policy review and a Federal Reserve Open Market Committee two day meeting will commence today. The FOMC is widely expected to keep interest rates on hold on Wednesday. Back home, the finance ministry and Reserve Bank of India officials will also meet during March 15-20 to decide borrowing calendar for the financial year beginning from April 1.The outlook is a weak start. Asian indices are subdued with Japan's Nikkei down marginally. China's CSI300 has dropped half a percent and so has Hong Kong's Hang Seng. South Korea's Kospi and Taiwan's TWSE are trading flat.US stock indices finished mostly flat on Monday but the Dow Jones Industrial Average managed to close at a new high for the year 2016.
The Dow advanced by 15.82 points, or 0.1%, to end at 17,229.13 - a new closing high for the year. The S&P 500 index dropped 2.55 points to close at 2,019.64, after settling at a 2016 high of 2,022.19 on Friday. Six of the 10 main sectors in the S&P 500 index ended lower. Consumer discretionary stocks were the best performers while the materials sector lost 0.7% and the energy sector declined 0.6%. The Nasdaq Composite index gained 1.81 points to finish at 4,750.28. It is still significantly down from its 2016 closing high, which is 4,903.09, struck on Jan. 4.
Crude oil futures dropped by 3.4% to settle at US$37.18 per barrel, giving up half of last week’s gains, after OPEC left its estimate on global oil demand growth unchanged.
A number of other central banks, including the Bank of Japan, Bank of England and Swiss National Bank, are expected to announce their monetary policy reviews later this week.
India Finsec Limited has sold total 230,000 shares of ARYAMAN, at a price of Rs. 15.7 to Mukesh Babulal Shah in a bulk deal valued at Rs. 0.36 crore.
New India Investment Trust PLC has purchased total 234,000 shares of ACC at a price of Rs. 1,227.15 from New India Investment Company Mauritius Limited in a block deal valued at Rs. 28.7 crore.
Government’s proposal to cut corporate tax to 25 per cent over three years is likely to bring in transparency in tax collections, India Ratings and Research reportedly said.
The Gujarat government has accelerated the process to look into the demands of workers agitating at the Tata Motors Ltd Sanand factory in a bid to resolve the ongoing labour unrest, reports a financial newspaper.
Finance minister Arun Jaitley criticised reports of huge write-off by banks. Jaitley said that no public sector bank had written off a single rupee, says report.
Wipro Ltd’s chief executive officer (CEO) Abidali Neemuchwala has set an ambitious revenue growth target of 12-14% for the fiscal year 2016-2017, reports a business daily.
The Serious Fraud Investigation Office (SFIO) is looking into the brand evaluation carried out by the tax and advisory firm Grant Thornton India for the Vijay Mallya-promoted Kingfisher Airlines Ltd, reports a business daily. A notice has been sent to Grant Thornton seeking clarification on Kingfisher Airlines' valuation, says the paper.
ADB president Takehiko Nakao stated that GST will integrate Indian economy and help attract FDI.
Oil and Natural Gas Corporation Ltd is planning to undertake drilling of nine development wells in KG-OSN-2004/1 and GS-49-2 fields, according to reports.
Government reportedly said it may pass the benefit of this "cushion" of earning to the consumers if there is a spectacular hike in the prices.
India's wholesale prices remained in negative territory for the 16th straight month in February at -0.91% as compared to -0.90% (provisional) for the previous month and -2.17% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was -1.19% compared to a build up rate of -2.61% in the corresponding period of the previous year.
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