Indian shares are likely to witness a flat to positive opening as the global markets look slightly supportive with SGX Nifty trading 8.50 points higher. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5.50 points at the opening bell.
On the macro front, the Central Statistics Office (CSO) will today, 28 February 2017, unveil the revised advance estimate for GDP growth in 2016-2017 after factoring in the note ban impact in the Q3 December 2016 quarter. The government scrapped high value notes on 8 November 2016.Key benchmark indices dropped yesterday, 27 February 2017, weighed by bank stocks. The barometer index, the S&P BSE Sensex, fell 80.09 points or 0.28% to settle 28,812.88.
The Nifty 50 index fell 42.80 points or 0.48% to settle at 8,896.70. Intraday volatility was high. Nifty settled at one-week low.
Most Asian shares rose today, 28 February 2017, bolstered by gains on Wall Street as investors awaited a speech by US President Donald Trump for signals on tax reform and infrastructure spending.
US stocks pushed further into record territory on Monday, 27 February 2017, as the Dow Jones industrial average closed at a record high. The Standard & Poor's 500 Index also closed at a record high.
Separately, Federal Reserve Chairwoman Janet Yellen and Fed Vice Chairman Stanley Fischer are slated to speak on Friday, 3 March 2017. Investors will scour the comments for any hints as to when the central bank will raise interest rates.
Major Headlines of the day:
ONGC may acquire government’s 51.1% stake in HPCL
Airtel scraps roaming charges on incoming calls, data
ENIL buys 21 new frequencies in FM auctions
Trend in FII flows: The FIIs were net buyers of Rs -145.55 the cash segment on Monday while the DIIs were net sellers of Rs 263.79 as per the provisional figures.