Markets likely to take a breather
Today, the start is likely to be cautious on sluggish regional cues. The SGX Nifty indicates that the Nifty may open at 11,133 with a loss of 10 points.
It is going to be a busy day as over 25 companies will be announcing their quarterly results today. Ashoka Buildcon, AU Small Finance Bank, Bharat Electronics, Bharat Financial Inclusion, Blue Dart, Care Ratings, Cholamandalam, eClerx Services, Engineers India, India Oil Corporation, Godrej Consumer Products, Graphite India, IFB Industries, Jain Irrigation Systems, Lakshmi Vilas Bank, Oberoi Realty, Oriental Bank of Commerce, Piramal Enterprises, SBI Life Insurance, Reliance Power, Shankara Building Products, Somany Ceramics and TVS Motors are some of the key companies to announce their results today.
Asian markets are trading mostly lower on Tuesday as major indices in the US closed lower. Japan's Nikkei 225 has shed 152 points to 23,477, Hong Kong’s benchmark Hang Seng has dipped 25 points to 32,942 and China’s Shanghai Composite has lost 9 points to 3,514.
Back home, after a jubilant start, markets extended their gains after the Economic Survey projected that the Indian economy will grow by 7% — 7.5% in 2018-19. The BSE Sensex made record high at 36,443.98 while Nifty registered high of 11,171.55. However, in the final hour of trading, selling pressure emerged which dragged the markets off the day’s high and the BSE Sensex and Nifty settled up by 0.65% and 0.55%, respectively. The broader indices had another disappointing session as they underperformed the benchmark indices as Nifty Mid-cap and Nifty Small-cap shed 0.85% and 1.68%, respectively. Sector-wise, Nifty Auto gained 1.48%.
Monday turned out to be a dismal day of trade on the Wall Street as all the main benchmark indices ended in the negative terrain, with the Dow and the S&P 500 having their worst day this year. Profit-taking and the yield on the benchmark 10-year treasury rising to its highest levels since April 2014 contributed to the weakness on the Wall Street. Now, market participants would be looking forward to the key speech by President Donald Trump on Tuesday, Federal Reserve’s monetary policy announcement on Wednesday and the release of the Labour Department’s closely watched monthly job report on Friday. The Dow Jones Industrial Average slipped 177 points to close at 26,439; the Nasdaq slid 39 points to finish at 7,467 and the S&P 500 lost 19 points to settle at 2,853.
The majority of European markets finished with modest losses on the first day of the new week as traders were in a cautious mood ahead of Bank of England Governor Mark Carney's speech before the UK parliament’s Economic Affairs Committee in London on Tuesday. Germany’s DAX dipped 0.12%, the CAC 40 of France fell 0.14%, while the FTSE 100 of the UK climbed 0.08%.