Market may witness higher opening

Market may edge higher in early trade tracking positive global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.

Overseas, Asian stocks edged higher on news of potential US tariff exemptions. US stocks closed well off session lows yesterday, 7 March 2018 after the White House hinted Canada and Mexico could be exempt from tariffs proposed by President Donald Trump.

In Europe, the European Central Bank's (ECB) monetary policy statement is due later today, 8 March 2018. The central bank is expected to be cautious to prevent any unwanted tightening of financing conditions amid mounting global insecurities, especially in the wake of recent tariffs announcement by the US President.

Among corporate news back home, Hero MotoCorp has introduced the new 'Super Splendor' across markets in the country. Aimed at further bolstering its dominant leadership in the domestic motorcycle market, the new Super Splendor is priced at Rs 57,190 (Ex-Showroom Delhi). Targeted at young professionals, the new Super Splendor offers best-in-class performance and convenience. This is in addition to the trust, reliability and fuel efficiency that are distinct to the Splendor brand, the company said. The announcement was made after market hours yesterday, 7 March 2018.

The Union Cabinet yesterday, 7 March 2018 approved two key measures in telecom sector to facilitate investments, consolidation in the sector and enhancing ease of doing business. These include restructuring the deferred payment liabilities of spectrum auction of telecom service providers and revising the limit of the cap for spectrum holding for telecom service providers. The overall spectrum cap is revised from the current limit of 25% to 35%. The current intra-band cap is removed. Instead, there is a cap of 50% on the combined spectrum holding in the sub-1 GHz bands (700 MHz, 800 MHz and 900 MHz bands). There will be no cap for individual or combined spectrum holding in above 1 GHz band.

On the political front, the Telugu Desam Party (TDP) announced late yesterday, 7 March 2018 that it would withdraw its two ministers from the National Democratic Alliance (NDA) government, in protest against the Centre not yielding to TDP's demand for a Special Category Status to Andhra Pradesh.

Selling pressure continued on the domestic bourses yesterday, 7 March 2018 on weak global cues coupled with lingering concerns over the health of Indian banking sector, in the aftermath of a massive fraud unearthed at Punjab National Bank's (PNB) branch last month. The Sensex had fallen 284.11 points or 0.85% to settle at 33,033.09, its lowest closing level since 7 December 2017.

The trading activity showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 719.78 crore on 7 March 2018 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 409.34 crore on 7 March 2018, as per provisional data.

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