A rally on the cards
12-Mar-18   08:16 Hrs IST

Trading for the week is likely to began on a firm note following upbeat Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 120 points at the opening bell.

Overseas, Asian stocks gained as trade-war concerns took a backseat to economic optimism following a US jobs report Friday, 9 March 2018 that showed the American economy continued to strengthen without the prior month's rapid wage gains that stoked inflation fears.

US stocks rose on Friday, 9 March 2018 after US non-farm payrolls data topped forecasts. Shares also got a boost from news that US President Donald Trump accepted an invitation to meet North Korean leader Kim Jong Un, which followed a narrower-than-expected tariff plan from the White House Thursday that eased speculation of a trade war.

Back home, key benchmark indices closed the session on Friday, 9 March 2018 with small losses due to selling pressure in the last hour of the session, after hovering in positive terrain till mid-afternoon trade. The Sensex fell 44.43 points or 0.13% to settle at 33,307.14.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 550.36 crore on Friday, 9 March 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 65 crore on Friday, 9 March 2018, as per provisional data.

Among corporate news, Reliance Industries' (RIL) step-down subsidiary, Reliance Retail (RRL), has subscribed to 19.04 lakh common shares of KaiOS Technologies Inc (KTI) at $3.675 per share, for cash aggregating to $7 million, translating to 16% of equity stake of KTI on a fully diluted basis. KTI is an emerging mobile operating system technology provider incorporated in the State of Delaware, USA in 2014. The announcement was made after market hours on Friday, 9 March 2018.

Separately, RIL said that its telecom arm Reliance Jio Infomm's (RJio) Live TV app JioTV has introduced India's first interactive sports experience for consumers watching the ongoing tri-nation Nidahas trophy which is being shown exclusively on JioTV in India. With this, JioTV consumers can interact with the game while watching it - a revolution in the Live TV space, RIL said. The announcement was made after market hours on Friday, 9 March 2018.

Power Grid Corporation of India announced that it was declared as the successful bidder under tariff-based competitive bidding to establish transmission system for 'New WR-NR 765 kV Inter-Regional Corridor' on build, own operate and maintain (BOOM) basis. The Letter of Intent (1-01) was received on 1 March 2018. The transmission system traverses in the state of Uttar Pradesh and Madhya Pradesh and includes 765kV transmission line. The announcement was made after market hours on Friday, 9 March 2018.

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