CMS Info Systems: The board of directors has appointed Puneet Bhirani as the President, Operations, of the company, with effect from March 11.
The benchmark Sensex and Nifty indices are likely to open on a positive note on March 12 as trends in the GIFT Nifty indicate a firm start for the broader index with a gain of 26.50 points.
Indian markets snapped a two-day winning run and ended lower with Nifty below 22,350 as investors remained cautious ahead of the release of US inflation data tomorrow.
At close, the Sensex was down 616.75 points or 0.83 percent at 73,502.64, and the Nifty was down 160.80 points or 0.71 percent at 22,332.70.
The pivot point calculator indicates that the Nifty may face resistance at 22,353 followed by 22,524 and 22,608 levels. On the lower side, the index is likely to take immediate support at 22,305, followed by 22,253 and 22,169.
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 positive start for the broader index in India, with a gain of 26.50 points or 0.12 percent. The Nifty futures were trading around the 22,440.00 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
A gauge of global stocks retreated for a second straight session on Monday, easing further from a record high ahead of U.S. inflation data this week which could heavily influence the Federal Reserve’s interest rate path.
The Dow Jones Industrial Average rose 46.97 points, or 0.12 percent, to 38,769.66. The S&P 500 lost 5.74 points, or 0.11 percent, at 5,117.95 and the Nasdaq Composite fell 65.84 points, or 0.41 percent, to 16,019.27.
Asian Markets
Asian markets were trading mixed in the early trade on Tuesday as Japan’s corporate inflation figures for January came in higher than expected.
Japan’s corporate inflation rate for February rose to 0.6 percent, beating the 0.5 percent expected by economists polled by Reuters and climbing from January’s figure of 0.2 percent.
Japan’s Nikkei 225 slipped 1 percent, while Kospi was up 0.30 percent.
British American Tobacco said preparing to launch ITC selldown as soon as this week
British American Tobacco Plc, the maker of Lucky Strike cigarettes, is preparing to kick off a sale of part of its stake in Indian partner ITC Ltd as soon as this week, people with knowledge of the matter said.
London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades, the people said.
Such deals are usually done at a discount to the market price. Details of the transaction could still change, and the launch of the offering may spill into next week depending on market conditions, the people said, asking not to be identified because the information is private.
BAT currently owns about 29 percent of Mumbai-listed ITC, according to data compiled by Bloomberg. The UK company said last month that it’s considering monetizing part of its holding.
DoT issues guidelines for spectrum regulatory sandbox
The telecom department has issued guidelines for spectrum regulatory sandbox and Wireless Test Zones to enhance the ease of doing business and promote “Make in India” in wireless products.
The department said that the sandbox will help in the development of technology for utilising and improving the efficiency of greenfield spectrum bands.
Union Telecom and IT Minister Ashwini Vaishnaw said that the spectrum regulatory sandbox will give easy portal-based permission to engineering colleges to test telecom equipment.
Bitcoin tops $72,000 for the first time as rally builds steam
Bitcoin topped $72,000 for the first time, advancing for a sixth straight day and taking gains this year to almost 70 percent on the back of massive inflows into US exchange-traded funds.
Gold Prices
Gold traded flat on Monday, hitting pause after a record rally last week, as traders hunkered down for U.S. inflation data that could provide more clarity on the Federal Reserve’s interest rate trajectory.
Spot gold was steady at $2,179.69 per ounce at 9:32 a.m. ET (1332 GMT), after hitting a record high on Friday at $2,194.99 after U.S. labour market data boosted rate cut bets.
U.S. gold futures were also little changed at $2,186.20.
The U.S. consumer price inflation (CPI) data for February is due on Tuesday.
Crude
Oil slipped on Monday, with global benchmark Brent dipping below $82 a barrel as concern faded about fighting in the Middle East disrupting supply and softening demand in China also weighed.
Brent futures were down 58 cents at $81.50 a barrel, while U.S. West Texas Intermediate (WTI) slipped 93 cents, or 1.2 percent, to $77.08.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 4,212.76 crore, while domestic institutional investors (DIIs) purchased Rs 3,238.39 crore worth of stocks on March 11, provisional data from the NSE showed.
Stock under F&O ban on NSE
The NSE has added Aditya Birla Fashion & Retail, and Hindustan Copper to the F&O ban list for March 12, while retaining Manappuram Finance, Mahanagar Gas, SAIL, Tata Chemicals, and Zee Entertainment Enterprises on the said list.
With inputs from Reuters and other agencies
