Weak opening on the cards

Market may edge lower in early trade amid weak global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 58 points at the opening bell.

Overseas, Asian stocks drop tracking slide on Wall Street. US stocks closed sharply lower yesterday, 27 March 2018, erasing earlier gains, as a decline in the broader tech sector brought the major indices down. Last week, reports emerged alleging that Cambridge Analytica, an analytics company, had gathered data from 50 million Facebook profiles without users' permission, raising concerns over data privacy.

Back home, State Bank of India (SBI) announced that the committee of directors for capital raising approved allotment of 29.25 crore equity shares on preferential basis to the Government of India, at Rs 300.82 per share, aggregating to Rs 8799.99 crore. The announcement was made after market hours yesterday, 27 March 2018.

The total revenue received under Goods and Services Tax (GST) for the month of February 2018 (received in February/March upto 26 March) has been Rs 85174 crore. 1.05 crore taxpayers have been registered under GST so far till 25 March 2018.

The stock market registered small gains on positive global cues yesterday, 27 March 2018 amid easing trade war fears between the US and China. The Sensex had risen 107.98 points or 0.33% to settle at 33,174.39, its highest closing level since 16 March 2018.

The trading activity showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1063.12 crore on 27 March 2018 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) purchased shares worth a net Rs 2172.91 crore on 27 March 2018, as per provisional data.

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