Indian shares are likely to open on a positive note as the global cues look supportive with SGX Nifty trading 123 points higher.

Headlines for the day:

  • RBI cuts repo rate by 25 bps to 7.5%
  • Bharti Airtel & China Mobile enters into a partnership for promoting 4G
  • L&T bags Rs2215-cr worth orders in last two months

Indian Indices:

Indian shares are likely to open on a positive note as the global cues look supportive with SGX Nifty trading 123 points higher.

RBI cuts repo rate by 25 bps to 7.5%; CRR unchanged: positive for Banking Sector (Axis, SBI, ICICI, Yes, BoB, PNB) and NBFCs (LIC Housing, Capital First, Bajaj Finance)

India’s broader NSE index rose to a record high on Tuesday, led by gains in Reliance Industries after CLSA said the conglomerate could report a record profit for the fourth quarter. The S&P BSE Sensex and CNX Nifty ended 0.46%-0.44% higher each.

On the macro-economic front, annual growth in production of the eight key infrastructure industries declined to at least a year’s low of 1.8% in January compared to 3.7% in the same month last year.

Fiscal deficit rose to Rs5.68 lakh crore in April-January period, breaching the budget estimate by 107% which may call for harder measures by the government to meet the target of 4.1% of the GDP for full 2014-15 financial year.

On Tuesday (March 03, 2014), the 30-share Sensex  ended higher by 134.59 points at 29,593.73 and the 50-share Nifty gained 39.50 points at 8,996.25. Nifty hit the record high mark of 9,008.40 for the first time ever during the intra-day trades.

Global Indices:

Activity in China’s services sector grew modestly in February as new orders rose at their quickest pace in three months, a private survey showed just a few days after the central bank cut interest rates to stimulate the world’s second-largest economy.

An index of Asian shares and the dollar both edged down on Wednesday, as investors grew cautious ahead of central bank meetings and U.S. data later in the week.

U.S. stocks finished down on Tuesday, a day after the S&P and Dow hit records, and the Nasdaq retreated with technology stocks.

European stock markets slipped from multi-year highs on Tuesday, pegged back by falls in French environment company Veolia and British bank Barclays.