Market Ahead, March 15: Rupee, global cues and oil prices top triggers

The domestic benchmark indices are set to be dictated by stock-specific action, the movement of rupee against the US dollar, and crude oil prices on Friday.

On the global front, a two-day rate review ends today for the Bank of Japan which is widely expected to maintain a pledge to guide short-term interest rates at -0.1 per cent and 10-year government bond yields around zero per cent.

In the west, British lawmakers voted overwhelmingly on Thursday to seek a delay in Britain’s exit from the European Union, setting the stage for Prime Minister Theresa May to renew efforts to get her divorce deal approved by parliament next week.

Back home, benchmark indices took a breather on Thursday with the S&P BSE Sensex closing at 37,755, up 3 points or 0.01 per cent while the NSE's Nifty50 index settled the day at 11,343, down nearly 2 points or 0.01 per cent.

TRADE SET-UP

Asian stocks made modest gains on Friday, tracking improved global sentiment after UK lawmakers voted to delay Brexit and as a weaker yen supported Japanese shares, but a fresh flare up in U.S.-China trade concerns is expected to cap gains.

MSCI broadest index of Asia-Pacific shares outside Japan inched up 0.06 per cent. Japan’s Nikkei climbed 0.9 percent and South Korea’s KOSPI rose 0.45 per cent.

The S&P 500 slipped on Thursday, snapping a three-day streak of gains, as uncertainty over when a trade deal between the United States and China would be reached left investors on edge. The Dow Jones Industrial Average rose 7.05 points, or 0.03 per cent, to 25,709.94, the S&P 500 lost 2.44 points, or 0.09 per cent, to 2,808.48, and the Nasdaq Composite dropped 12.50 points, or 0.16 per cent, to 7,630.91.

STOCKS IN FOCUS

IDBI Bank: The Reserve Bank of India has categorized IDBI Bank as a 'Private Sector Bank' for regulatory purposes with effect from January 21, 2019 upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank.

Tech Mahindra: The IT company will acquire Japan-based mobile network solution firm K-Vision for $1.5 million in an all-cash deal.

Kapashi Commercials: The company's board has recommended bonus issue of equity shares in the ratio of three equity share of Rs 10 each for every two equity share of Rs 10 each held by the shareholders.

Coal India: Board decides to offer its second round of interim dividend at Rs 5.85 per share. Payment from March 29 onwards.

IDBI Bank: ICRA has assigned negative outlook and removed rating watch with developing implications.

Jubilant Foodworks: Delhi High Court has stayed an order of National Anti-Profiteering Authority against the company and penalty proceeding, subject to deposit of Rs 20 crores on Central Consumer Fund, according to reports.

Religare Finvest Ltd: Sebi has ordered Religare Finvest and Religare Enterprises to recall loans worth over Rs 2,300 crore that were diverted to promoters Shivinder Mohan Singh, Malvinder Mohan Singh and 21 other entities after finding preliminary evidence of fund diversions.