What not to miss to today

Here are the important news to watch out for today.

Mar 01, 2019 02:03 IST India Infoline News Service

-Markets to open higher. For today, we expect global cues to determine early trade as more reconciliatory moves from the border see sentiment improve. 

-Nifty finds support around 10730, while 10930 will act as resistance. Bank Nifty finds support around 26750, while 27000 will act as resistance on the upside.

-March expiry starts with maximum OI buildup in Nifty call options at 11,000CE; Nifty put options, at 10,600PE. Meanwhile, Rollovers of Nifty/Bank Nifty in December stood at 60%/76% (1.49cr/11.2 lakh shares) as against  62%/77% (1.87cr/14.4 lakh shares) in the last series, while market-wide rollovers stood at 86% vs. 88% in the previous month.

-Nifty rollovers were lower in terms of total open interest (number of open positions) vis-à-vis last month, indicating an unwinding of short positions in the index. Cost of carrying for both Nifty & Bank Nifty is above its 3-month average levels. We expect a positive start to the March series with the benchmark index likely to retest its immediate resistance level of 11,000.

-FIIs' have changed their stance to bullish on speculative index futures, as the long/short ratio hovered above 1x level for a major part of the series. FIIs posted highest buying figures of FY18-19, by pumping in ~13000 Cr into Indian equities.

-US stocks closed lower another day as geopolitical tension arises with no deal between US/North Korea; Asian stocks end lower. Markets consolidate as earnings upgrade and trade talks between the US and China hold the key to market direction. Oil remains range bound while US$ rises as geopolitics sees a flight to safety. 

-Asian markets opened in the green led by the Japanese Nikkei, which traded up over 160 points in early trade as yen weakness saw exporters rise. Expect more flows towards emerging markets in Asia as valuations relatively inexpensive even after a stellar rally in most indices. For today, expect Chinese trade data to see markets react as the most weakness is being priced in.

-Rupee appreciates 52 paise at 70.72/$. The appreciation could be attributed to the de-escalation of tensions between India and Pakistan. A weaker dollar and slipping oil prices also propped up the local unit.

-Bharti Airtel’s Board approved fundraising of upto Rs32,000cr. The company's board approved raising Rs32,000-Rs 25,000cr via a rights issue and rest through perpetual bonds-with the rights issue price set at Rs220/share, which at a discount of 31% to the closing price. The rights entitlement ratio set at 19 shares for every 67 shares held by shareholders. Read more.

-The Board of Directors of Forbes & Company Ltd in its meeting held on February 27, 2019, has approved the sale of 50% Business Undertaking in Project Vicinia, ongoing concern, and as-is-where-is basis by way of slump sale for a consideration of Rs155cr to Paikar Real Estate Private Limited. Read more.

-Cabinet approved FDI proposal of Vodafone Idea of up to Rs25,000cr. Read more.

-India Q3 GDP growth moderates to 6.6%, slowest in 5 quarters. Read more.

-Govt. approved Rs10,540cr soft loan to help sugar mills clear cane arrears. Read more.

-Cabinet approves FAME 2 policy at the cost of Rs10,000cr. Read more.

-UBS cut TP to Rs400 on Chennai Petroleum.

-On Feb 26, KNR Constructions promoter Mereddy Rajesh sold 3.18 lakh shares.

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