Stock Market Today: Benchmark indices are trading flat in the pre-opening session. The Sensex was up 200 points at 58,967.68, and the Nifty was up 200 points at 17350.
FII and DII data
On February 28, according to preliminary data from the National Stock Exchange, foreign institutional investors (FII) sold shares worth Rs 4,559.21 crore and domestic institutional investors (DII) purchased shares worth Rs 4,609.87 crore.
Stock Market Today: Oil prices rise
On Wednesday, oil prices increased for a second day as expectations for global fuel demand were raised by reports of rising manufacturing activity in China, the largest consumer of crude.
At 0214 GMT, May Brent crude oil was up 24 cents, or 0.3%, to 83.69 per barrel. The April contract reached its expiration on Tuesday at $83.89, up $1.44 or 1.8%. After increasing 1.8% in the previous session, U.S. West Texas Intermediate (WTI) crude for April increased 31 cents, or 0.3%, to $77.36 per barrel.
Axis Bank completes acquisition of Citibank’s India consumer business
Without assigning values to specific assets and liabilities for either business, Axis Bank has completed the acquisition of Citibank’s India Consumer Business from Citibank N.A. and the NBFC Consumer Business from Citicorp Finance (India) Limited (CFIL) as going concerns on March 1, 2023.
Based on the contracted computation of the closing position of assets, assets under management, and liabilities as of January 31, 2023, the cash consideration for the acquisition is Rs 11,603 crore.
Dollar eases, upbeat China PMI revives risk sentiment
After China’s manufacturing activity increased faster than expected and at its fastest rate since April 2012, the safe-haven dollar fell on Wednesday as a result of some risk-on sentiment.
The positive Chinese economic data, which showed that the official manufacturing purchasing managers’ index (PMI) stood at 52.6 last month versus 50.1 in January, gave the yuan and the Australian dollar a boost.
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