Market Today
The benchmark Sensex and Nifty indices are likely to open higher on February 28 as trends in the GIFT Nifty indicate a firm start for the broader index with a gain of 43.50 points.
The Indian benchmark indices erased most of their recent losses to end higher on February 27 with Nifty around 22,200 amid buying seen in the auto, capital goods, IT and realty names.
At close on February 27, the Sensex was up 305.09 points or 0.42 percent at 73,095.22, and the Nifty was up 76.30 points or 0.34 percent at 22,198.30.
The pivot point calculator indicates that the Nifty is likely to take immediate support at 22,117 followed by 22,086 and 22,035 levels, while on the higher side, it may see immediate resistance at 22,218 followed by 22,249 and 22,300 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 43.50 points or 0.20 percent. The Nifty futures were trading around the 22,236.50 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
US stocks closed near flat on Tuesday ahead of inflation and other economic data that could shed light on the possible timing of a Federal Reserve interest rate cut.
The Dow Jones Industrial Average fell 96.82 points, or 0.25 percent, to 38,972.41. The S&P 500 gained 8.65 points, or 0.17 percent, to 5,078.18 and the Nasdaq Composite rose 59.05 points, or 0.37 percent, to 16,035.30.
Asian Markets
Asian markets opened flat Wednesday as investors awaited key US inflation and China data later this week, while the interest rate decision from New Zealand was also on tap.
China’s manufacturing purchasing managers’ index reading and U.S. personal consumption expenditures price index — the Federal Reserve’s preferred inflation metric — is due Thursday.
Vodafone Idea Board approved fundraising of up to Rs 45,000 crore through equity and debt, said the telecom company in an exchange filing on February 27.
The company said it will raise Rs 20,000 crore through a combination of equity or equity-linked instruments and the rest via debt and promoters will also participate in the proposed equity raise.
The company said it will call for a meeting of its shareholders on April 2, 2024 and post-shareholder approval it expects to complete the equity fund raise in the coming quarter.
Titan to acquire balance 0.36% stake in CaratLane for Rs 60 crore
Titan Company on February 27 said it would buy a 0.36 percent stake held by individual shareholders in jewellery brand CaratLane for Rs 60.08 crore.
The acquisition of the stake would make CaratLane a wholly-owned subsidiary of Titan. At present, the luxury accessories manufacturer owns 99.64 percent of the total equity share capital of CaratLane.
Titan, in an exchange filing, said it “executed relevant documents today” to purchase a balance of 1,19,489 equity shares held by the individual shareholders, “representing 0.36 percent of the total paid-up equity share capital of face value of Rs 2 each”.
The cost of the acquisition came in at “Rs 60.08 crore”, and the indicative period for completion of the transaction would be March 31, 2024, Titan added.
Dollar
The US dollar held steady as traders brushed off durable goods data overnight and awaited the Federal Reserve’s preferred measure of inflation due Thursday for clues on when the U.S. central bank may start cutting interest rates.
Gold Prices
Gold prices moved up on Tuesday as the US dollar and Treasury yields lacked momentum, while investors await key inflation reading and comments from Federal Reserve officials this week.
Spot gold firmed 0.3 percent at $2,035.92 per ounce. U.S. gold futures rose 0.3 percent to $2,044.10 per ounce.
Crude oil
Oil prices rose on Tuesday as the market focused on uncertainty over a potential Gaza ceasefire and some expectations that producer group OPEC+ will extend voluntary supply cuts in March. Brent crude futures rose 50 cents, or 0.61 percent, to $83.03 a barrel. US West Texas Intermediate crude futures (WTI) were up 60 cents, or 0.77 percent, at $78.18.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,509.16 crore, while domestic institutional investors (DIIs) bought Rs 2,861.56 crore worth of stocks on February 27, provisional data from the NSE showed.
Stocks under F&O ban on NSE
The NSE has added Indus Towers to the F&O ban list for February 28, while retaining Aditya Birla Fashion & Retail, Canara Bank, SAIL and Zee Entertainment Enterprises to the said list. Balrampur Chini Mills was removed from the list.
With inputs from Reuters and other agencies
