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Morning cues: Nifty may open in green led by global cues

The Indian market is expected to open in green Monday with the SGX Nifty, an indicator of pre-market opening, trading at 8450, up 26 points in early morning trade.

However, last week the benchmark indices tumbled with the Sensex and Nifty plunging nearly 2.7-2.8 percent from previous week’s closing levels. Second line shares fared worse than their large cap counterparts, with the BSE midcap index and BSE small-cap shedding 4 percent and 5.6 percent respectively.

Among global markets, in the US, stocks closed mildly higher as investors digested Fed Chair Janet Yellen’s remarks remained cautious ahead of first quarter earnings in April. Yellen said a rate increase may be warranted later this year, adding that an increase in core inflation is not essential before the fed raises rates.

The third estimate for Q4 US GDP came in unchanged at 2.2 percent. While corporate profits fell, consumer spending was revised higher to 4.4 percent from 4.2 percent, the fastest rate since the first quarter of 2006.

In Europe, equities closed mixed, but lower for the week, as investors mulled the growing conflict in Yemen. Ukraine and Russia both ended down more than 1 percent.

And in Asia, shares open with a positive bias. Softer than expected factory output from Japan hurt sentiment, February industrial production fell 3.4 percent month-on-month, biggest drop since June 2014.

In the currency space, the dollar holds steady after the head of the US central bank assured investors that the path back to ‘normal’ interest rates will only occur at a gradual pace.

Among commodities, oil prices slip as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted.

From precious metals space, gold snaps its rally to slip below USD 1200 an ounce as dollar steadies.

Back home, in the oil and gas space, government may notify new gas prices soon. CNBC-TV18 learns that gas prices will come down from USD 5.6 per mmbtu to USD 5.02 dollars per mmbtu level.
JSPL and Balco get some interim relief from the Delhi High Court as the court observes that there is no evidence of cartelisation in the bids put in by the two companies for coal blocks. HC appoints Coal India the custodian of the blocks till the next hearing, but says the company will have no ownership rights.

The opposition refuses to play ball on the Land Bill and forces the government to prorogue the Rajya Sabha in an effort to repromulgate the land ordinance which lapses on April 5.

Railways is not constrained by funding says Railway Minister Suresh Prabhu in a CNBC-TV18 exclusive . The ministry is in advanced talks with ADB, World Bank and sovereign wealth funds to raise capital even as it looks at monetising railway entities like IRCTC. The minister also promises that 77 sanctioned projects will be completed in next three years.

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