Stock market updates on February 27, 2024: Benchmark indices are likely to consolidate further with focus on individual stocks, as broader market may seek fresh direction from GDP numbers to be announce later this week.
At 07:30 AM, Gift Nifty futures quoted above 22,153 as against the spot Nifty close of 22,122 yesterday.
Global cues
Asian shares were seen trading with a negative bias. Hang Seng and Taiwan were down nearly 1 per cent each. While, Nikkei, Kospi and Straits Times quoted with losses of up to 0.5 per cent.
Overnight the US market ended on a tepid note as focus shifted from Nvidia powered rally to economic data for likely cues on timing of interest rate cut. Investors will closely be tracking the personal consumption expenditure price index and GDP numbers to be announced on Thursday.
The 10-year US Treasury bond yield hovered around 4.27 per cent. Whereas, Brent Crude Oil futures moved back to $82 per barrel.
Stocks to watch
Paytm: Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), and the board of the bank has been reconstituted.
Canara Bank: Board approved stock split in the 1:5 ratio; i.e. each share with a face value of Rs 10 to be sub-divided into five shares of Rs 2 each.
Meanwhile, in the primary market – Exicom Tele Systems and Platinum Industries IPOs to open for subscription today in the price band of Rs 135 – Rs 142 and Rs 162 – Rs 171, respectively.
