Higher opening on cards
06-Mar-18   08:20 Hrs IST

Market may edge higher in early trade tracking strong global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 47.50 points at the opening bell.

Overseas, Asian stocks rallied, tracking gains in the US and Europe in the last session as concerns over a potential trade war faded.

US stocks rose yesterday, 5 March 2018, erasing earlier losses, as worries about a potential trade war waned. US President Donald Trump announced tariffs on steel and aluminum that sparked fears of a trade war.

Back home, among corporate news, Bank of Baroda has kept its Marginal Cost of Funds based Lending Rate (MCLR) unchanged, applicable from 7 March 2018. MCLR for overnight loans will be 7.80%, for one month will be 7.85% and for three months will be 7.95%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate would be 8.30%, the bank said. The announcement was made after market hours yesterday, 5 March 2018.

The first day of the second half of the Budget session of Parliament was washed out yesterday, 5 March 2018 as opposition parties in both Houses protested over a range of issues, from the Punjab National Bank scam to the demand for a special package for Andhra Pradesh.

Key benchmark indices registered modest losses yesterday, 5 March 2018 as investors' sentiment was hit after a private survey data showed deterioration in India's services sector last month. US President Donald Trump's announcement on tariffs on steel and aluminum also weighed on the sentiment on fears of a trade war. The Sensex had fallen 300.16 points or 0.88% to settle at 33,746.78, its lowest closing level since 20 February 2018.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 366.60 crore on 5 March 2018 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 154.20 crore on 5 March 2018, as per provisional data.

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