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Nifty likely to open flat; all eyes on Rail Budget

The Indian equity market is likely to open flat, with the SGX Nifty trading only 1.50 points up in the morning around 7:40 am at around 8767.00. Moreover, all eyes will be on the Union Minister Suresh Prabhu who will present his maiden Railway Budget today. 

Yesterday, the 30-share NSE Nifty failed to hold the 8800-mark, rising 5.15 points to close at 8767.25. However, the BSE Midcap and Smallcap indices ended marginally down.

Meanwhile,  in Asia, Nikkei hit fresh 15-year high though the rest of Asia was subdued in early morning trade. The dollar -yen has moved back towards the 119 mark, which is good for exporters. Kospi was seeing profit booking from a near 3-month high.

Stocks in the US closed narrowly mixed with the Dow Jones closing at a new record amid firming oil prices, moderate housing data.

In Europe, equities ended lower as investors focused on a slew of corporate earnings

From the currency space, the dollar nurses modest losses, having eased for a second straight session after recent remarks from the head of the federal reserve prompted markets to push back the timing of an eventual US Interest rate hike.

In commodities, Nymex Crude holds steady around USD 51 a barrel, Brent crude inches towards USD 62 dollars per barrel.

For the precious metals gold, prices remain largely unchanged at around USD 1205 per ounce.

Back home, some of the stocks that could be in news today are Bharti Infratel becase Bharti Airtel is selling shares worth up to USD 415 m in company , NTPC where the Board has approved investment of Rs 9,870.51 cr for Khargone Power Project and Cabinet approved company’s 15,000 MW of grid connected solar power project.

Some of the PSU  Banks too could be in news with the overdraft facility under PMJDY seen as priority sector loan. Also Castrol that is set to report its third quarter earnings and Tata Motors on back of Ratan Tata confirming JLR’s US production plans.

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