Indian shares are seen opening lower on Monday, tracking mixed Asian cues following disappointing economic data from the United States.
Trading could remain choppy as traders churn their portfolio ahead of the fiscal year closing and the F&O expiry this week. Investors will closely watch the movement of both crude prices and rupee for clues on further monetary policy easing and fund inflows. Among individual stocks, Maruti could see some action amid reports that it has increased vehicles prices.
Meanwhile, the Union Cabinet has approved the proposal to wind up Specified Undertaking of the Unit Trust of India and transfer shares worth nearly Rs 40,000 crore, including blue chips such as ITC, L&T and Axis Bank, to a new entity to help the government meet its divestment targets.
India's benchmark indexes Sensex and the Nifty fell 0.6 percent and 0.74 percent, respectively last week, extending declines for the fifth week in a row, as the federal budget unveiled by finance minister Pranab Mukherjee disappointed investors and reports of on alleged coal scam between 2004 and 2009 led investors to adopt a cautious approach.
On Wall Street, stocks finished a choppy session slightly higher on Friday despite downbeat new home sales data, which showed a decline in sales for the second straight month in February. The Dow gained 35 points to close at 13,081, while the tech-heavy Nasdaq advanced 5 points and the S&P 500 added 4 points.
by RTT Staff Writer
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