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  • Pre-Session - Detailed News

Market may open on a flat note
25-Feb-19   08:28 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 3 points at the opening bell.

Overseas, stocks in Asia traded higher on Monday amid trade optimism after U.S. President Donald Trump announced a postponement of a closely-watched deadline on March 1. US stocks closed higher Friday, thanks to optimism over U.S.-China trade talks.

U.S. President Donald Trump reportedly announced Sunday evening that America is planning to delay a set of additional tariffs on Chinese goods that were due to kick in on March 1. Trump cited substantial progress in bilateral talks between the world's two largest economies, including intellectual property protection and technology transfer issues. As a result, the president said he would suspend the new levies, however he did not state a new deadline.

Back home, the Sensex and the Nifty ended near flat line on Friday, 22 February 2019 amid mixed cues from other Asian shares. The Sensex fell 26.87 points or 0.07% to settle at 35,871.48. The Nifty 50 index rose 1.80 points or 0.02% to settle at 10,791.65.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 6311.01 crore on Friday, 22 February 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 838.88 crore on Friday, 22 February 2019, as per provisional data.

Among corporate news, Kotak Mahindra Bank will be watched. ING Group on Friday, 22 February 2019, sold its entire 3.06% stake in Kotak Mahindra Bank through two block deals on the National Stock Exchange. With ING Group's exit, Mark Newman, a non-executive non-independent director at Kotak Mahindra Bank, has resigned with immediate effect.

According to exchange data, ING Mauritius Investments sold 2.92 crore shares of Kotak Mahindra Bank at Rs 1,228.51 per share. It sold another 2.92 crore shares at Rs 1,225.14 each. Both the deals took place on NSE on Friday, 22 February 2019.

Realty shares will be watched. The Goods and Services Tax (GST) Council in its 33rd meeting held on 24 February 2019, recommended that GST shall be levied at effective GST rate of 5%, without input tax credit (ITC), on residential properties outside affordable segment. GST shall be levied at effective GST of 1%, without ITC, on affordable housing properties. The new rate shall become applicable from 1 April 2019, Ministry of Finance said in a statement.

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