scorecardSensex, Nifty50 likely to open higher amidst negative global cues: Dr. Reddy’s Labs, Paytm, PNB Housing Finance among stocks to watch
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Sensex, Nifty50 likely to open higher amidst negative global cues: Dr. Reddy’s Labs, Paytm, PNB Housing Finance among stocks to watch

Sensex, Nifty50 likely to open higher amidst negative global cues: Dr. Reddy’s Labs, Paytm, PNB Housing Finance among stocks to watch
Stock Market2 min read
  • India’s benchmark indices Sensex and Nifty50 are likely to open higher on Tuesday despite negative cues in the global markets.
  • SGX Nifty, an early indicator of how the markets may perform, was up 0.24% or 41 points early in the morning today.
  • Dr. Reddy’s Labs, Paytm, PNB Housing Finance are amongst stocks to watch today.
India’s benchmark indices Sensex and Nifty50 are likely to open higher on Tuesday despite negative cues in the global markets. SGX Nifty, an early indicator of how the markets may perform, was up 0.24% or 41 points early in the morning today.

Earlier on Monday, despite opening on a strong note, Indian markets witnessed a massive plunge, with both the benchmark indices falling by 1.5% each as the negative sentiments in the US due to the Silicon Valley Bank collapse spilled over to markets around the world.

India’s retail inflation print continued to be over the Reserve Bank of India’s upper tolerance level of 6% – according to government data, retail inflation stood at 6.44% in February, slightly lower than 6.52% in January.

Concerns of a banking crisis dragged down crude oil prices, too. Brent crude oil prices fell 1.36% on Tuesday to $79.67 per barrel.

Bank stocks drag US indices down

Fears of a contagion from the collapse of Silicon Valley Bank led to major declines in banking stocks in the US on Monday, dragging down the benchmark indices. While the Dow Jones Industrial Average closed 0.28% lower, S&P 500 fell 0.15%. The tech-heavy Nasdaq gained during a day of choppy trade, however, closing up by 0.45%.

Most markets in Asia were in the red on Tuesday morning, with Hang Seng falling the most at 2%, followed closely by KOSPI and Nikkei 225, which were both down by 1.95%. Taiwan Weighted was also down by 0.92%, while Shanghai Composite was down 1.35%.

Stocks to watch

Dr. Reddy’s Laboratories: LIC on Monday said it has increased its shareholding in the company to 7.278% from 5.005%.

GAIL: The state-run company has declared an interim dividend of ₹4 per equity share for the current financial year. With this, the government will receive a dividend of ₹1,355 crore while other shareholders will receive ₹1,275 crore.

PNB Housing Finance: The company received market regulator SEBI’s approval to raise up to ₹2,500 crore through rights issue of shares. The money will be used towards augmenting its capital base.

One97 Communications (Paytm): The fintech company’s credit business continues to grow with disbursements of ₹4,158 crore in February 2023 with an on year growth of 254%. The number of loan disbursals rose 86% to 40 lakh.

Shriram Finance: The NBFC is looking to raise as much as $2.4 billion to fund its growth in the next financial year starting April, according to a report by Reuters.

SEE ALSO:

The ‘Godot’ recession could be pushed back further, SVB crisis could force US Fed to pause rate hikes

Adani stocks rally adds ₹2.61 lakh crore to group market cap in March so far

As markets turn topsy turvy, sovereign gold bonds offer hopes of a safe haven

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