Pre-Session: Market may open lower

13-Mar-18: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 18 points at the opening bell. Domestic stocks will react to macro data released after market hours yesterday, 12 March 2018, signalling an economic turnaround.

On the macro front, India's industrial production continued to record a strong growth for the third straight month at 7.5% in January 2018 from 7.1% growth in December 2017. The manufacturing sector's production surged 8.7% in January 2018, supporting overall growth in industrial production. The mining output growth slowed down to 0.1% in January 2018, while the electricity generation growth accelerated to five-month high of 7.6% in January 2018, contributing to the improvement in overall industrial production growth in January 2018.

The all-India general CPI inflation dipped to four-month low of 4.44% in February 2018, compared with 5.07% in January 2018. The corresponding provisional inflation rate for rural area was 4.37% and urban area 4.52% in February 2018 as against 5.21% and 4.93% in January 2018. However, the core CPI inflation rose marginally to 5.04% in February 2018 compared with 5% in January 2018.

Overseas, most Asian stocks were trading lower following a dip in US stocks. Focus turned to a US inflation report due today, 13 March 2018 for clues on the pace of Federal Reserve policy tightening.

In US, the Dow Jones Industrial Average and the S&P 500 index finished lower Monday, 12 March 2018 weighed down by the industrials sector, while the Nasdaq Composite Index closed at a record, in part due to optimism over Friday's jobs data, which showed solid economic growth without triggering wage pressure.

Back home, domestic stocks logged sharp gains yesterday, 12 March 2018 with the barometer index, the S&P BSE Sensex, and the Nifty 50 index, hitting their highest closing levels in 1-1/2 weeks, on upbeat global stocks. The Sensex jumped 610.80 points or 1.83% to settle at 33,917.94, its highest closing level since 1 March 2018.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 374.65 crore yesterday, 12 March 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 464.59 crore yesterday, 12 March 2018, as per provisional data.

Among corporate news, Infosys announced its intention to voluntarily delist its American Depository Shares (ADS) from the Euronext Paris and Euronext London exchanges. The primary reason for seeking the proposed delisting is the low average daily trading volume of Infosys ADR on these exchanges, which is not commensurate with the related administrative requirements, the company said in a statement. Infosys ADS will continue to be listed on the NYSE and investors can continue to trade their ADS on the NYSE as before, it added. The announcement was made after market hours yesterday, 12 March 2018.

Zee Entertainment Enterprises (Zee) issued a clarification to the stock exchanges with respect to media news article captioned ZEE complains against DEN to I&B Ministry. Zee said that the media news item pertains to a complaint filed by the company against Den Networks - one of the distributors of Zee Network Channels, with Ministry of Information & Broadcasting (MIB), alleging violation of various provisions. The instances of violations and non-compliance were found during anti-piracy activities carried out by Zee, which it keeps on conducting from time to time in the normal course of its business, Zee added. The announcement was made after market hours yesterday, 12 March 2018.

Power Grid Corporation of India has entered into a term loan facility agreement for Rs 5000 crore with State Bank of India on 12 March 2018 for meeting capital expenditure for expansion/renovation and setting up various undergoing and new transmission and other projects in the company and in identified special purpose vehicles (SPVs)/joint ventures (JVs) of the company. The announcement was made after market hours yesterday, 12 March 2018.

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