Market may rise on positive global cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 36.50 points at the opening bell on positive global cues.

Overseas, most Asian shares were trading higher. US stocks rallied on Friday, 23 February 2018, to end a bumpy week with slight gains, as falling bond yields provided a reprieve for investors concerned about rising inflation.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 486.32 crore on Friday, 23 February 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1514.03 crore on Friday, 23 February 2018, as per provisional data.

Among corporate news, Aster DM Healthcare is set to list on the bourses today, 26 February 2018. The issue price has been fixed at Rs 190 per share. The initial public offer (IPO) of the company was subscribed 1.31 times. Aster DM Healthcare is a Kochi-based (Kerala) healthcare service provider, with operations in Gulf Cooperation Council (GCC) states of the United Arab Emirates, Oman, Saudi Arabia, Qatar, Kuwait and Bahrain, India and Philippines.

Axis Bank will be in spotlight. With regard to media report titled "Axis Bank asks CIO Amit Sethi to Resign", the bank issued a clarification on Friday, 23 February 2018. Axis Bank said that in terms of its code of conduct and ethics, certain related matters are being subjected to internal investigation and in view of the same, it is unable to offer any comments in the matter.

Further, the said internal investigation is being conducted in the ordinary course of the business of the bank and is not material to the operations of the bank, Axis Bank said. The clarification was issued after market hours on Friday, 23 February 2018.

Idea Cellular announced the successful closure of its qualified institutions placement (QIP). The company has allotted 42.42 crore equity shares to qualified institutional buyers (QIBs), at an issue price of Rs 82.50 per share, aggregating to Rs 3500 crore. The announcement was made after market hours on Friday, 23 February 2018.

Domestic stocks clocked decent gains on Friday, 23 February 2018, on steady buying demand for index pivotals. The barometer index, the S&P BSE Sensex, surged 322.65 points, or 0.95%, to settle at 34,142.15. The Nifty 50 index gained 108.35 points, or 1.04 %, to settle at 10,491.05. The Sensex settled well above the psychological 34,000-mark after regaining that level in intraday trade. Domestic stocks were boosted by positive Asian stocks.

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