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Market may extend gains

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Market may edge higher in early trade tracking firm global cues. Trading of 50 index futures on the stock exchange indicates that the could rise 45 points at the opening bell.

Overseas, Asian stocks edged higher, tracking moderate gains seen on Wall Street following the implementation of US tariffs on and aluminum. US stocks closed higher yesterday, 8 March 2018 after implemented and aluminum import tariffs that excluded and Mexico, two key US trade partners.

Trump signed a proclamation yesterday, 8 March 2018 authorizing the tariffs at 25% on imports and 10% on aluminium, the same level he promised when he revealed the plan on 1 March. The aluminium and will take effect in 15 days, as per reports.

In Europe, the (ECB), at its monetary policy meeting yesterday, 8 March 2018, kept its broader policy unchanged. The central said it could still extend its 2.55 trillion euro ($3.16 trillion) bond purchase scheme beyond September if needed.

Among corporate news back home, Bharti Airtel's meeting of committee of directors is scheduled on 13 March 2018, to consider issue of listed, unsecured, rated, redeemable, non-convertible debentures (NCDs Series I and II) aggregating upto Rs 3000 crore on private placement basis. The announcement was made after market hours yesterday, 8 March 2018.

issued a clarification with regard to in relation to the alleged fraud concerning the Income Tax department and the First Information report (FIR) by the (CBI) in relation to these allegations. said it is not named as an accused party in the said FIR. So far it has not been contacted by the in connection with this matter. will co-operate with law enforcement agencies as and when it is approached, it added. The announcement was made after market hours yesterday, 8 March 2018.

In political news, the Telugu Desam Party (TDP), ally of National Democratic Alliance (NDA), has pulled out its two ministers from the Narendra Modi cabinet yesterday, 8 March 2018, in protest against the injustice to However, the party decided to continue supporting the NDA. The action by the TDP, which has sixteen members in the Lok Sabha and six in Rajya Sabha, will have no impact on the stability of the which has sufficient numbers in Parliament but will be seen as a big political setback as TDP is the first pre-poll ally to pull out of the Centre in nearly four years.

Key benchmark indices registered modest gains on bargain hunting yesterday, 8 March 2018 after a sell-off in the last six sessions. The Sensex had surged 318.48 points or 0.96% to settle at 33,351.57, its highest closing level since 5 March 2018.

The trading activity showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 364.80 crore on 8 March 2018 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 675.26 crore on 8 March 2018, as per provisional data.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 07:14 IST