Feb 16, 2017 08:49 AM IST | Source: Moneycontrol.com

Nifty may open flat, resistance seen at 8,800; SBI, TCS in focus

In stock specific action, State Bank of India will be in focus as the Cabinet late Wednesday evening approved merger of the state-owned lender with 5 associate banks. The move will make the bank figure among top 50 banks in the world. TCS will be also be closely watched as the company board will meet on February 20 to consider a share buyback.

Nifty may open flat, resistance seen at 8,800; SBI, TCS in focus

Moneycontrol Bureau

After ending at a 2-week closing low of 8,724 Wednesday, the 50-share Nifty is likely to open flat today on lack on fresh triggers following the conclusion of the third quarterly earnings season. SGX Nifty was trading fractionally up at 8,760.

Indian indices underperformed most of the globe in the last trading session with market breaking the consolidation phase to end lower. Nifty is seen facing stiff resistance at 8,800 mark.

In stock specific action, State Bank of India will be in the limelight as the Cabinet late Wednesday evening approved merger of the state-owned lender with 5 associate banks. The move will make the bank figure among top 50 banks in the world.

TCS will also be closely watched as the company board will meet on February 20 to consider a share buyback. 

Among other markets, Asia was largely in the red in early trade with Japanese Nikkei down around 0.7 percent. Korea, Taiwan and Singapore were trading with marginal losses.

US stocks closed at fresh highs for a fifth-straight day as traders continued to bet on a pro-growth agenda under President Donald Trump and Federal Reserve chair Janet Yellen hinted at a possible rate hike next month. The president continued to tout his economic agenda in a meeting with retail CEOs yesterday.  

In currency trade, the US dollar retreated from 1-month high as investors took profits after US data showed robust growth in retail sales and consumer prices in January.

Crude prices declined after government data showed US crude inventories rose to the highest levels.

Gold regained its footing following some weakness in the dollar.

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