The market may open higher tracking firmness in Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 57.50 points at the opening bell.
In overseas markets, Asian stocks rose buoyed by gains on Wall Street on Friday, 11 March 2016, and firmer crude prices. The Bank of Japan (BOJ)'s two-day policy meeting begins today, 14 March 2016. The BOJ is seen holding policy rate steady after adopting negative interest rates at its meeting in late January. In mainland China, the Shanghai Composite rose 2.22% and Hong Kong's Hang Seng gained 1.38%. US stocks jumped on Friday, 11 March 2016, in a rally largely fueled by a rebound in oil prices. The US Federal Reserve's crucial two-day monetary policy meeting begins tomorrow, 15 March 2016. Federal Reserve officials are likely to hold short-term interest rates steady at its policy meeting amid uncertainties about global financial markets and global growth. The Fed in December 2015 raised its benchmark federal-funds rate from near zero to a range between 0.25% and 0.5%.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 378.36 crore on Friday, 11 March 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 432.81 crore on Friday, 11 March 2016, as per provisional data. '
On macro data front, the data announced after market hours on Friday, 11 March 2016 showed that industrial production declined for the third straight month registering a fall of 1.5% in January 2016 over January 2015. The output of the manufacturing sector declined 2.8% in January 2016, contributing to the decline in industrial production. Meanwhile, the mining sector output improved 1.2%, while the electricity generation also galloped 6.6% in January 2016.
The government is scheduled to announce data on inflation based on the consumer price index (CPI) for February 2016 today, 14 March 2016. CPI inflation increased to 17-month high to 5.69% in January 2016 compared with 5.61% reading in December 2015. The data on inflation based on the wholesale price index (WPI) for February 2016 is also due to be released by the government today, 14 March 2016. WPI inflation stood at minus 0.9% in January 2016 compared to minus 0.73% for December 2015.
Key benchmark indices edged higher in what was a roller-coaster trading session on Friday, 11 March 2016. The barometer index, the S&P BSE Sensex, rose 94.65 points or 0.38% to settle at 24,717.99.
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