Sensex, Nifty50 likely to open in the green: Bharti Airtel, Tata Steel, Hero MotoCorp, Adani Ports among stocks in focus
- India’s benchmark indices
Sensexand Nifty50are likely to open in the green on Tuesday amid mixed cues from global markets. SGX Nifty, an early indicator of how the markets may perform, was up 0.53% or 95 points early in the morning today.
Airtel, Tata Steel, Hero MotoCorp, Adani Portsare amongst the stocks in focus on Tuesday.
AdvertisementIndia’s benchmark indices Sensex and Nifty50 are likely to open in the green on Tuesday amid mixed cues from global markets. SGX
Earlier on Monday, both Sensex and Nifty50 capped off a volatile trading session and closed in the red after a selloff in metal and IT stocks. While the 30-stock Sensex declined 0.50% or 334 points at 60,506, the 50-stock Nifty50 ended 0.5% or 89 points lower at 17,764.
Investors turn their focus on RBI MPC outcome
Investors await the outcome from RBI’s monetary policy meeting this Wednesday that will provide direction to the market. Markets expect a 25 basis points hike in repo rate to 6.5%. The last time RBI hiked repo rates was in December, with the hike standing at 35 basis points.
“RBI’s policy announcement on Wednesday will provide more colour on its future rate actions, which is expected to hike rate by 25bps,” said Vinod Nair, head of research at Geojit Financial Services.
Global cues mixed
Markets in the US tapered off and erased some of the gains made in this year as investors weigh in the strong jobs data against Powell’s recent commentary to understand the direction of the US Fed in terms of rate action.
The benchmark S&P 500 closed 0.61% lower, while the Dow Jones Industrial Average declined 0.1%. The tech-heavy Nasdaq, on the other hand, declined 1%.
In Asia, most markets were in the green except Taiwan Weighted, which was down 0.13%. Gains were led by the Hang Seng index which was up 1.01%, followed by KOSPI which gained 0.72%. Nikkei 225 was up 0.22% while Shanghai Composite gained 0.14%.
Strong US economic data also strengthened the Dollar index and created a downward pressure on rupee, which fell 90 paise to close at 82.73 against the US dollar.
Stocks to watch
Bharti Airtel: India’s second largest telco is scheduled to declare its Q3 earnings today. Revenue growth is likely to slow down while the bottomline growth is expected to be aided by lower spectrum usage charges.
Tata Steel: The steelmaker posted a surprise loss of ₹2,502 crore in Q3 as against a profit of ₹9,598 crore a year ago. Revenue declined 6.1% year-on-year to ₹57,084 crore.
Earnings today: Bharti Airtel, Hero MotoCorp, Adani Ports & SEZ, Ambuja Cements, Adani Green Energy, BSE, Barbeque Nation, Deepak Nitrite, Sobha, among others.
Stocks in F&O ban
Adani Ports & SEZ is under F&O ban today.
Adani Transmission reports 78% rise in Q3 net profit to ₹475 crore on one-time income
Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity
Adani group stocks continue to plummet – lose ₹31,534 crore in market capitalisation on Monday
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