The Nifty, which closed above its crucial psychological level of 9,100 on Friday could consolidate further in absence of any fresh triggers. The Nifty took a breather after hitting a record high of 9,218 in the previous week and closed 0.56 percent lower for the week ended March 24, 2017.
Investors who went long in this market should continue with their positions as long as index holds 9,048 levels, suggest experts.
Here’s are top cues from domestic as well as international markets which could have a bearing on D-Street.
Govt may table GST on Monday
The government is likely to table supplementary goods and services tax legislations in Parliament on Monday. Sources said C-GST, I-GST, UT-GST and the compensation law are likely to be introduced in the Lok Sabha and could be taken up for discussion as early as March 28.
According to the sources, the government is looking at the passage of the GST Bills in the Lower House by March 29 or latest by March 30.
Wall Street ends flat
The US stocks ended flat on Friday as the Trump administration struggled in Congress to repeal Obamacare. For traders, it heightened concerns about Trump’s ability to push through major tax reforms as well as infra spending that had spurred equity valuations to fresh records.
Benchmark US stock market indices ended the session. The S&P 500 index ended fractionally lower, the blue-chip Dow Jones Industrial Average slipped about 0.3 percent and the Nasdaq Composite Index rose about 0.2 percent.
SGX Nifty
The Nifty futures on the Singapore Stock Exchange were trading 6 points higher at 9,118 indicating a flat-to-positive opening for the domestic market.
Reliance to appeal against SEBI verdict
Reliance Industries on Friday said it would appeal against SEBI's decision to ban the company and 12 others from equity derivatives trading for a year and disgorge nearly Rs 1,000 crore for alleged fraudulent trading in a 10-year-old case.
The company said it had full confidence in the judicial process and proposed to vigorously exercise all options available to challenge the untenable findings in the order.
Coal India announces dividend
The state-owned Coal India announced another interim dividend of Rs 1.15 per share of face value Rs 10 on Sunday. Following instructions from the government, Coal India (CIL) at a scheduled board meet decided to shell out another Rs 714 crore as dividends.
Earlier this month, CIL declared an interim dividend of Rs 18.75 per share of face value Rs 10 per share. Government being the single largest shareholder in the company with a 79.11 percent stake was entitled to receive Rs 9,208 crore, said a report.
Dollar pares losses
The US dollar index, which measures the greenback against a basket of six major rivals, hit a seven-week low of 99.527 before the healthcare decision but pared losses after the announcement and was last marginally higher at 99.765, said a report.
Benchmark 10-year US Treasuries prices turned flat after the decision, with their yields last at 2.418 per cent after hitting a session low of 2.393 percent earlier.
Oil Output cut
A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday.
Oil largely fell during the week as concerns persisted over an excess of crude. Brent crude settled up 24 cents, or 0.47 per cent, at $50.80 a barrel. U.S. crude settled up 27 cents, or 0.57 per cent, at $47.97.
Rupee may depreciate to 68-69/USD
The Indian rupee on Friday closed stronger against the US dollar as foreign investors continued to buy in local equities and debt markets.
The home currency closed at 65.42, up 0.19 per cent from its previous close of 65.53. On a Year to date basis, the rupee has gained 4 per cent supported by large buying by FIIs which have pumped close to USD 4.60 billion and $3.03 million from local equity and debt markets.
According to Edelweiss, the rupee will depreciate to 68-69 range by December 2017 and global political risks and strengthening of the US dollar could be the key factors affecting rupee as against the greenback.
HDFC issues India’s largest masala bonds
HDFC, the country's biggest private mortgage player, will raise Rs 3,300 crore by issuing the largest masala bonds in the country. The Rs 3,000-crore issue of unsecured rupee-denominated bonds bears a fixed semi-annual coupon of 7.35 percent per annum.
"Under the USD 750 million MTN programme, the Corporation earlier on Friday launched an issue of Rs 2,000 crore ($306 million) plus a greenshoe option ($198 million or Rs 1300 crore)," HDFC said in a statement.
Masala bonds or rupee-denominated bonds are those wherein an Indian company raises money from overseas investors in Indian rupees.
Nifty forms ‘Doji’ pattern on charts
The Nifty index opened higher on Friday but failed to continue its momentum and made a 'Doji' type of pattern on daily charts which suggests that bulls might be losing their grip on the market. Traders are advised to stay long and maintain strict stop loss below 9,048.
A 'Doji' is formed when the index opens and then closes approximately around the same level but remain volatile throughout the day which is indicated by its long shadow on either side. It appears like a cross or a plus sign.
For the week, it will be important for the index to hold above 9,075-9,100 level to continue its journey towards 9,160-9218 levels. Recently, it took support at its 13 DEMA and formed a bottom near to 9,020 zone.
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