RBI board meet, oil prices and US-China trade talks top factors to watch

RBI board meeting, GST Council meet, US-China trade talks, crude oil prices, movement of rupee against the US dollar and the last leg of corporate earnings are among the major events that market may take cues from this week.

Finance Minister Arun Jaitley is scheduled to address the customary post-budget meeting of the central board of the Reserve Bank on Monday and highlight the key points of the interim Budget, including the fiscal consolidation roadmap.

Moreover, the GST Council is likely to meet on Wednesday (February 20) to discuss a proposal to slash tax on cement to 18 per cent from 28 per cent and also consider a recommendation of a Group of Ministers (GoM) on housing that advocates 5 per cent GST in under-construction properties and 3 per cent GST for affordable housing.

STOCKS IN FOCUS

YES Bank: The lender, which faces regulatory action from the Reserve Bank of India (RBI) for selective disclosures of the confidential risk-assessment report (RAR), may now face probe by the Securities and Exchange Board of India (Sebi) because the bank’s revelation led to heavy buying in the stock on Thursday.

Jet Airways: The airline is likely to receive fund infusion worth over Rs 3,000 crore post debt-rejig and investments by Etihad Airways as well as National Investment and Infrastructure Fund (NIIF), according to reports. 

ADAG Group stocks: The lenders to the Anil Ambani-led Reliance group have agreed not to sell pledged shares in the group till September.

FII data

Foreign investors have put in over Rs 5,300 crore into the Indian equity market in the first half of this month, primarily on account of positive view on the Interim Budget 2019-20. 

GLOBAL MARKETS

Asian shares were trading higher in the early trade. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.3 per cent while Japan’s Nikkei climbed 1.6 per cent to hit its highest for the year so far. US stocks rallied on Friday with the Dow and the Nasdaq posting eigth straight weekly gains. 

OIL MARKETS

Oil prices rose to their highest levels since November on OPEC cuts, US sanctions on Iran and Venezuela