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Markets are likely to open in the positive territory on the back of firm global cues after Federal Reserve Chair Janet Yellen suggested the Fed would not rush into raising interest rates. However, key events including Railway Budget, Economic Survey and Union Budget due to be presented in the subsequent days will dictate the trend on the bourses.
GLOBAL MARKET
Asian stocks rose on Wednesday thanks to gains on Wall Street after Federal Reserve Chair Janet Yellen suggested the Fed would not rush into raising interest rates, a reassuring signal for investors worried about a deteriorating global outlook.
The euro, meanwhile, was bolstered against the dollar on news that euro zone partners had approved Greece's reform plan, a requirement for the cash-strapped nation to receive a four-month extension to its bailout.
U.S. stocks closed higher on Tuesday, with the Dow Jones industrial average .DJI and the S&P 500 .SPX hitting records as many investors took the Fed's subtle change in emphasis to mean that higher rates were not on the immediate horizon.
STOCKS TO WATCH
Odisha Mining Corporation (OMC) has started the process to scrap bauxite mining joint venture (JV) projects with Hindalco and Sesa Sterlite after the state government said the state-run miner can take a decision to do so.
Tata Motors, the automaker, is developing under ‘project Bravo’ its own quadricycle with a new petrol engine.
India’s second-largest information technology services firm Infosys would soon invest in a start-up that develops cloud-based air quality detectors.
Idria, an affiliate of Creador II LLC, has invested Rs 135 crore for a minority stake in publicly listed PC Jeweller. This is the 15th investment (sixth in India) for Creador, a private equity firm focused on long-term investments in growth-oriented businesses in southeast Asia.
The government has suspended a director in the country’s biggest oil public sector unit, Oil & Natural Gas Corporation Limited (ONGC), over alleged irregularities.
Cable and internet provider Ortel Communications will launch an initial public offering (IPO) to raise up to Rs 240 crore on March 3.
Tech giant IBM has signed an agreement with IT services major Tech Mahindra to build a platform for the development of cloud-based apps for its clients on Bluemix to increase hybrid services adoption.
Clamping down on Vijay Mallya-led UB Group to recover loans, a 17-bank consortium led by state-run SBI today initiated the process of taking over physical possession of the prized Kingfisher House, worth Rs 100-crore.
