Here’s the breaking down of the pre-market actions:
State of Markets
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 14 points, or 0.09 per cent, higher at 14,997 in signs that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty hurdle at 20-DMA
Nifty50 on Tuesday climbed over 1 per cent and settled above the 14,900 mark. The index formed a bullish candle on the daily chart, with a long lower wick, suggesting that every intraday selling got bought into. Analysts said the 15,000 level will be a key hurdle for Nifty50 to watch out for.
Asian shares mixed in early trade
Asian shares were trading mostly mixed on Wednesday. Japan’s Nikkei fell 0.18 per cent to 29,355.64.China’s Shanghai Composite rose 0.42 per cent to 3,523.20. Hong Kong’s Hang Seng climbed 1.13 per cent to 29,425. Korea’s Kospi edged 0.3 per cent lower.
US stocks settled lower
Stocks closed lower on Wall Street after a wobbly day, giving back some of their big gains from a day earlier. The S&P 500 fell 31.53 points to 3,870.29. The Dow Jones Industrial Average lost 143.99 points, or 0.5 per cent, to 31,391.52. The tech-heavy Nasdaq composite dropped 230.04 points, or 1.7 per cent, to 13,358.79.
MTAR IPO to hit market today
The Rs 596 crore IPO by a precision engineering company MTAR Technologies hit the market today. On Tuesday, the company raised Rs 178.92 crore from 15 anchor investors at Rs. 575 per share including Nomura Funds Ireland, Jupiter South Asia Investment, White Oak Capital and Goldman Sachs India.
FIIs buy Rs 2,223 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 2,223 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 854 crore, data suggests.
Rupee: The rupee rose by 18 paise to close at 73.37 against the US dollar on Tuesday, ending its three-day losing streak on the back of gains in domestic equities amid improving risk appetite.
10-year bonds: India 10-year bond yield rose 0.43 per cent to 6.23 after trading in 6.18-6.23 range.
Call rates: The overnight call money rate weighted average stood at 3.21 per cent, according to RBI data. It moved in a range of 1.90-3.50 per cent.
Data/events to watch
- India Markit Services PMI Feb (10:30 am)
- US Total Vehicle Sales Feb (05:30 am)
- Japan Jibun Bank Services PMI Final Feb (06:00 am)
- China Caixin Services PMI Feb (07:15 am)
- Euro Area Markit Services PMI Final Feb (02:30 pm)
- UK Markit/CIPS UK Services PMI Final Feb (03:00 pm)
- UK Budget 2021 (06:00 pm)
RBI intervenes to arrest rupee slide… RBI is said to have intervened lately in the currency market to arrest the rupee’s slide that, many believe, owes more to speculative trade than the business fundamentals of a fast-reviving economy. The central bank is reportedly selling dollars on a large scale after nearly three quarters to stem the local unit’s value erosion, dealers said. The rupee ended a three-day losing streak, climbing 18 paise to 73.37 to a dollar. Since February 25, the day before the US Treasury benchmark hit a recent high of 1.62%, the rupee has lost nearly 1.5% to the dollar.
NBFCs, HFCs told to check money laundering… RBI has asked several NBFCs, housing finance companies and co-operative banks to get their house in order over the anti-money laundering monitoring mechanism and risk-based assessment, two people with knowledge of the matter said. The central bank has raised concerns around these mechanisms for at least 50 entities, and asked them to complete these tasks by the end of March.
S&P red-flags Covid spike… Global ratings agency S&P is closely monitoring the recent spike in Covid-19 cases in India and the reimposition of restrictions on movement and behaviour, Andrew Wood, its director of sovereign and international public finance ratings, said. The agency raised concerns over the potential cooling impact the resurgence in cases could have on India’s economic recovery if it turned into a more broad-based trend.
India’s exports dipped in Feb… India’s exports dipped 0.3% to $27.7 billion, largely due to lower global oil prices, while imports rose 7% to $40.6 billion, resulting in a higher trade deficit. Preliminary numbers released by the commerce department on Tuesday estimated trade deficit at $12.9 billion, compared to $9.9 billion in the corresponding period last year, but a tad lower than January 2021 level of $14.5 billion.
Spectrum sale fetches govt Rs 78K cr… India’s first spectrum auction in five years ended on day two, with the government mopping up ₹77,814 crore. The government will get ₹19,000-20,000 crore in upfront payment this month, and around ₹10,000 crore in the next fiscal. Reliance Jio, which faced a mustbuy situation in18 circles to ensure continued service, bid for 488.35 MHz of bandwidth worth ₹57,122.65 crore, and accounted for 73% of the total auction proceeds. Bharti Airtel bought 355.45 MHz of spectrum for ₹18,698.75 crore, and Vodafone Idea, financially the weakest of the three private telcos, paid ₹1,993.40 crore to buy 11.8 MHz of airwaves across five circles.
FMCG firms eye online-only brands… Large, traditional fast-moving consumer goods (FMCG) companies such as Nestle, Reckitt Benckiser, Wipro Consumer Care, Marico and Tata Consumer said they are intensifying focus on online-only brands and businesses. They are either setting up dedicated venture funds or investing in smaller startups that sell through online channels to consumers in response to ecommerce sales doubling and niche, evolving categories that emerged amid the pandemic.
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