Nifty seen heading towards 8,800; HDFC, SBI in focus

Markets are likely to open higher amid encouraging industrial output in February while select financials will be in focus after they announced cut in home loan rates over the weekend. Meanwhile, the government will release data for March consumer price inflation later today.

At 8:25AM, the early indicator SGX Nifty was up 10 points at 8,827

India’s industrial output grew 5% for the month of February, its strongest rise in three quarters, on back of strong growth in capital goods and consumer goods sector, data released by the Central Statistics Office on Friday

Global Markets

Asian markets were trading flat as investors booked profits at higher levels after some of the benchmark share indices in the region such as Japan's Nikkei hit multi-year highs last week. Japanese shares were trading flat after the Nikkei topped the 20,000 mark for the first time in 15 years last week. The benchmark was trading below 20,000 at 19,882 down 0.1%. Hong Kong's Hang Seng firmed up further after closing at 7-year high on Friday. However, shares in Hong Kong firmed up with the benchmark Hang Seng was up 0.3%.

Meanhile, China's trade data is expected later in the day. The benchmark Shanghai Composite was up 1.3%.

Major US share indices ended with marginal gains with General Electric leading the gains on Wall Street after the global major announced plans to divest GE Capital business and also buyback of shares upto $50 billion. The Dow Jone gained 0.6% to end above 18,000 at 18,057.65, the tech-laden Nasdaq gained 0.4% at 4,995.98 and the broader S&P 500 ended up 0.5% at 2,102.06.


Stocks in focus

Mortage lender HDFC will be in focus after it announced cut in home loan rates by up to 20 basis points to 9.9%. State-owned banking major SBI will also be in action after it reduced interest rate on home loans by up to 25 basis points for new borrowers.

Jindal Steel, Adani Power would be in focus on reports their allocated coal blocks are likely to be referred to the Competition Commission of India.

Larsen & Toubro may gain after the engineering major said it has signed an agreement with AREVA for Jaitapur Nuclear Power Project.

Info Edge may see some action after the company said it has invested Rs 155 crore in Zomato Media Pvt Ltd thereby increasing its stake to 50.1% in Zomato.

Shriram EPC would be in focus amid conversion of the funded interest term loan to the maximum of Rs. 313 Crores of the CDR Lenders into equity shares of the company.

Sanghvi Movers may gain after several mutual fund houses such as Reliance MF, Sundaram MF and HDFC MF bought shares in the company through block deals on Friday.