Market is seen opening higher tracking positive cues from Asian markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 51 points at the opening bell.
Overseas, Asian shares were trading higher following gains on Wall Street overnight. The US market rose on Monday, 26 February 2018, in a broad-based rally led by technology shares. In the latest economic data, US new home sales fell 7.8% in January 2018 from the previous month, to an annualised pace of 593,000, the Commerce Department said.
Investors are focusing on the US Federal Reserve chairman Jerome Powell's congressional testimony on monetary policy and the economy. Powell will testify on the central bank's semi-annual report on monetary policy and the economy on Tuesday, 27 February 2018, before the US House of Representatives' Financial Services Committee.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1119.51 crore yesterday, 26 February 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1409.45 crore yesterday, 26 February 2018, as per provisional data.
Among corporate announcements, Punjab National Bank (PNB) has revealed additional unauthorised transactions related to the scam by billionaire diamantaire Nirav Modi and his uncle and business partner, Mehul Choksi, increasing the estimated size of the fraud by $204.25 million (about Rs 1322 crore). The disclosure was made to stock exchanges late yesterday, 26 February 2018.
ACC and Ambuja Cements announced after market hours yesterday, 26 February 2018, that they are not proceeding with the merger proposed in May last year. There are certain constraints to implementing the merger at present, said the cement majors in separate stock exchange filings. The merger, however, remains the ultimate goal, the companies maintained.
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The boards of both companies have approved an arrangement for sale and purchase of materials and services on mutually agreed terms in a bid to maximise synergies and unlock additional value for shareholders, the statements added. ACC and Ambuja Cements will disclose the details of the arrangement to its shareholders when it seeks their nod via postal ballot.
Domestic stocks jumped yesterday, 26 February 2018, tracking positive global stocks. The barometer index, the S&P BSE Sensex, surged 303.60 points or 0.89% to settle at 34,445.75. The Nifty 50 index gained 91.55 points or 0.87% to settle at 10,582.60. Both the Sensex and the Nifty hit 3-week closing high.
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