The benchmark Sensex and Nifty indices are likely to open higher on February 27 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 74.50 points.
In yet another volatile session, the Indian equity indices ended on a negative note on February 26 with the Nifty below 22,150 amid selling across the sectors, barring oil and gas, power and capital goods.
At close, the Sensex was down 352.67 points, or 0.48 percent, to 72,790.13, and the Nifty was down 90.70 points, or 0.41 percent, to 22,122.
The pivot point calculator indicates that the Nifty is likely to take immediate support at 22,085, followed by 22,055 and 22,006 levels, while on the higher side, it may see immediate resistance at 22,182 followed by 22,212 and 22,260 levels.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
GIFT Nifty
Trends in the GIFT Nifty indicate a strong start for the broader index in India, with a gain of 74.50 points or 0.34 percent. The Nifty futures were trading around the 22,165.50 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
US stocks ended with modest losses on Monday, as the focus shifted after last week's AI-fuelled rally to upcoming economic data that could affect the timing of the Federal Reserve's expected interest rate cut.
The release of January's personal consumption expenditures price index (PCE)- the Fed's preferred inflation gauge - on Thursday could dampen the recent enthusiasm should the data indicate price pressures are not cooling fast enough.
The Dow Jones Industrial Average fell 62.30 points, or 0.16 percent, to 39,069.23. The S&P 500 lost 19.27 points, or 0.38 percent, at 5,069.53 and the Nasdaq Composite lost 20.57 points, or 0.13 percent, at 15,976.25.
Asian Markets
Asian markets were mixed on early Tuesday. Japan’s Nikkei index up 0.4 percent, while Kospi index down marginally.
Canara Bank Board approves split of each share into 5 shares
PSU lender Canara Bank on Monday said its Board approved split of each share into five shares.
The bank said in a stock exchange filing that the move was made "to improve the liquidity of the Bank’s share and to make it affordable for retail investors and also to broaden the retail investors base".
Expected time of completion for stock split is 2-3 months, said Canara Bank. "Expected time of completion is 2 to 3 months from intimation of date of Board Meeting (February 7, 2024) to Stock Exchanges, considering the time taken for receiving RBI’s approval," said Canara Bank.
CMS Info's promoter likely to offload entire 26.7% stake at Rs 360 per share
CMS Info Systems' promoter Sion Investment is likely to sell their entire 26.7 percent stake in the company through block deals, sources told CNBC Awaaz on Monday. The shares will be sold at Rs 360 per share, which is a 9 percent discount to current market price through block deals.
Sion Investment’s stake sale will be likely worth over Rs 1,500 crore. IIFL Securities will be the broker.
Dollar
The dollar traded on the back foot on Tuesday, as markets looked ahead to a week of key U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.
The yen firmed slightly after figures showed consumer inflation stayed at the Bank of Japan's 2% target, rather than dipping below it for the first time in nearly two years, as economists had forecast.
The U.S. dollar index, which measures the currency against a basket of peers including the yen and euro, traded flat at 103.78 early in Asian time, following a 0.17% slide on Monday.
Gold Prices
Gold inched lower on Monday as the market focus shifted to U.S. inflation data due this week which could influence the timeline of Federal Reserve interest rate cuts.
Spot gold edged 0.5 percent to $2,025.91 ounce. U.S. gold futures dropped 0.6 percent to $2,036.60.
Crude oil
Oil prices ticked up in early Asian trading on Monday, extending gains for the third straight day, as shipping disruptions spurred supply worries.
Brent crude futures rose 16 cents, or 0.2%, to $82.69 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures (WTI) climbed 15 cents, or 0.2%, to $77.73 a barrel.
Both benchmarks had settled more than 1% higher on Monday.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 285.15 crore, while domestic institutional investors (DIIs) offloaded Rs 5.33 crore worth of stocks on February 26, provisional data from the NSE showed.
Stocks under F&O ban on NSE
The NSE has retained Aditya Birla Fashion & Retail, Balrampur Chini Mills, Canara Bank, SAIL and Zee Entertainment Enterprises to the F&O ban list for February 27. Ashok Leyland, Biocon, GMR Airports Infrastructure, GNFC, Hindustan Copper, Piramal Enterprises, PVR INOX and RBL Bank were removed from the said list.
With inputs from Reuters and other agencies
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