Domestic stocks are likely to open on a cautious note ahead of the outcome of the US Fed s two-day policy meeting, where the US central bank is likely to raise economic forecasts and repeat a pledge to remain accommodative for the foreseeable future.
Here s the breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 40.5 points, or 0.27 per cent, higher at 15,012.50 in signs that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty support seen at 50-DMA
Nifty declined for the third straight session on Tuesday and formed a bearish candle on the daily chart. During the day, the index broke below its 20-day moving average. Analysts said the market is likely to see sideways action now, but any failure to stage a recovery from here on could potentially send the Nifty tumbling towards the 14,720 level, which is near Nifty s 50-day simple moving average.
Private PFs can invest up to 5% of surplus in AIFs that back MSMEs
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Last Updated: Mar 17, 2021, 08:33 AM IST
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Synopsis
The EPFO manages more than Rs 12 lakh crore of retirement savings but the changes in the investment pattern announced by the finance ministry on Tuesday are only for non-government provident funds that manage the retirement savings of their workers inhouse.
Agencies
She said the restriction on investment in overseas funds should have been avoided.
The government has allowed non-government provident funds, superannuation and gratuity funds to invest up to 5% of their investible surplus in alternate investment funds (AIFs) that support infrastructure, micro, small and medium enterprises (MSMEs), venture capital funds and social venture capital funds.
Updated Mar 17, 2021 | 12:31 IST
With this move, small enterprises and startups can tap long term money from provident funds, superannuation and gratuity funds. Representational image
New Delhi: The government on Tuesday allowed non-government provident funds, superannuation and gratuity funds to invest up to 5% of their investible surplus in alternate investment funds or AIFs that support infrastructure, micro, small and medium enterprises (MSMEs), venture capital funds and social venture capital funds.
With this move, small enterprises and startups can tap long term money from these pension funds. If Employees’ Provident Fund Organsiation (EPFO) also adopts the new guidelines then a large sum of money will be available for small enterprises.