The benchmark BSE Sensex may open flat or slightly weak on Monday morning, taking cues from the weak trend in the global market.
The benchmark BSE Sensex may open flat or slightly weak on Monday morning, taking cues from the weak trend in the global market.
On Friday evening, the 30-share index had closed the week at 29,421.40, up 89.24 or 0.30% higher from previous close.
On Monday, Asian shares were trading "on a cautious note as President Donald Trump's stunning failure to get healthcare reform passed raised concerns about the prospects for his plans to use fiscal stimulus to boost economic growth.
"Financial markets were unnerved on Friday by Trump's inability to get enough support for legislation to "repeal and replace" the Obamacare health insurance reforms, a major 2016 election campaign promise," according to a Reuters report.
Reliance Industries would be in focus after the Securities and Exchange Board of India imposed a fine of over Rs 1,000 crore on it in a nine-year-old insider trading case. RIL has been accused of illegally shorting Reliance Petroleum's shares through a front of 12 entities and gaining a profit of Rs 447.47 crore. Sebi has directed the conglomerate to deposit that amount with it within 45 days and has also decided to levy an interest of 12% per annum as penalty on the amount from November 29, 2007 onwards till the date of the payment.
Sebi has also barred RIL and 13 other entities from trading in the derivates market for one year. The stock will be in focus on Monday. It closed at Rs 1,286.20 on Friday evening. Meanwhile, RIl, in a post market press release, informed its shareholders that it would be challenging the order. "We are in the process of consulting our legal advisors. We propose to prefer an appeal and challenge the order in the Securities Appellate Tribunal. We remain confident of fully justifying the veracity of the transactions and vindicating our stand," RIL said.
Apart from this, another major market mover on Monday would be the tabulation of GST Bills in the Parliament which is expected today. The Central GST, Integerated GST, Union Territory GST, and the compensation law is expected to make its way to the Parliament today and the Business Advisory of the Lok Sabha is likely to meet on Monday to decide the duration of the discussion of the Bills. It could be taken up for discussion by March. The current Parliament Session will last till April 12.
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