Indian Indices:
Indian shares, bonds and rupee are likely to gain when trading resumes on Tuesday as Prime Minister Narendra Modi's landslide victory in Uttar Pradesh is seen as an endorsement of his economic reform agenda.
Modi's win strengthens his claim to a second term in national elections in 2019, and investors are betting it will embolden the ruling Bharatiya Janata Party (BJP) to embark on more reforms, including the launch of a national sales tax. Expectations that Modi's win could also attract more foreign investors are also likely to lift the rupee. The BJP's electoral prospects could also support bonds, which have steadied recently after hitting their lowest in around five months in late February after the Reserve Bank of India unexpectedly changed its monetary stance to 'neutral' from 'accommodative.'
Modi's win also paves the way for the NSE to approach a record high of 9,199.20 points hit on March 4, 2015, although worries about expensive valuations and caution ahead of a likely rate hike by the US Federal Reserve at its March 14-15 meeting could temper gains.
Indian shares are trading at a price-to-earnings ratio of 19.85 over the next 12 months, compared with their five-year historic average of 17.8, according to Thomson Reuters data.
Global Market:
U.S. stock indexes paused on Monday as investors braced for a potential U.S. interest rate hike by the Federal Reserve later in the week, while oil prices hovered near three-month lows.
Japanese stocks barely moved on Tuesday ahead of an expected U.S. interest rate hike, though shares in the mining sectors got a boost after Japan and Saudi Arabia signed economic cooperation agreements.
Europe, markets closed higher as political uncertainty dominated and traders geared up for a likely rate hike by the Fed.
Major Headlines of the day:
• Alkem Labs may react negatively on Tuesday as it received inspection report from US FDA for Baddi facility with 3 observations.
• Gitanjali Gems may gain strength as its subsidiary Nakshatra World filed a draft red herring prospectus with SEBI.
• PSU oil marketing companies will be in focus as they will revise fuel rates next week. Hence, aviation stocks will also be closely watched as aviation turbine fuel rates may be revised.
Trend in FII flows: The FIIs were net buyers of Rs 412.14 the cash segment on Friday while the DIIs were net sellers of Rs -13.91 as per the provisional figures.
Securities in Ban For Trade Date 14-MAR-2017:
1 JPASSOCIAT
2 RCOM
3 JETAIRWAYS
4 JINDALSTEL
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