News Pre-Session

Stocks poised for upbeat start
15-Mar-21   08:20 Hrs IST

Trading for the week is likely to begin on positive note. The market will react to industrial output and CPI inflation data which was released after market hours on Friday, 12 March 2021.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 61 points at the opening bell.

Economic data:

India's retail inflation, measured by the Consumer Price Index (CPI), rose to 5.03% in February, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed on Friday. The retail inflation was 4.06% in January 2021 and was 6.58% in February 2020.

Separately, India's factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a contraction of 1.6% in January 2021. The industrial output rose by 1% in December 2020 and grew by 2% in January 2020.

Global markets:

Overseas, Asian stocks markets are trading mixed on Monday ahead of this week's Federal Reserve meeting stateside.

The Federal Open Market Committee is due to meet on March 16 and 17 and it is reportedly expected that the U.S. central bank may revise up its GDP forecast, following a $1.9 trillion fiscal stimulus package that will send direct payments of up to $1,400 to most Americans.

US stocks closed mixed on Friday. The blue-chip Dow powered to its fifth consecutive record high on Friday and the S&P 500 closed slightly higher as investors bought shares that should benefit from a strong reopening of the U.S. economy.

Domestic markets:

Back home, key equity barometers snapped three-day rising streak and ended with steep losses on Friday. The Nifty, however, managed to hold above the 15,000 mark. The S&P BSE Sensex, tumbled 487.43 points or 0.95% to 50,792.08. The Nifty 50 index slumped 143.85 points or 0.95% to 15,030.95.

Foreign portfolio investors (FPIs) sold shares worth Rs 942.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 163.87 crore in the Indian equity market on 12 March, provisional data showed.

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