Market expected to open flat amid mix cues from Asian peers
Indian markets are expected to open flat on Tuesday, tracking mixed trend seen in other Asian markets. The trend on SGX Nifty indicates a flat opening for Nifty with a loss of 2.50 points at 10,802.50. Tata Elxsi will announce its earnings today. The Central Statistical Organisation (CSO) has pegged the full year GDP growth estimate for India at 7.2 per cent for the fiscal. The real growth rate of 7.2 per cent for the FY2018-19 will be higher than the 6.7 per cent reported in FY2017-18.
Asian stock markets are trading mixed on Tuesday. The indices slipped in Hong Kong and China, while the Japanese stock market was seen extending gains on Tuesday from the previous session, following the positive cues from Wall Street.
Back home, benchmark indices opened with a significant gap-up, but failed to capitalise on the jubilant start and traded lacklustre for major part of the trading session. Eventually, in the last leg of trading, profit-booking was seen with NSE Nifty and BSE Sensex concluding the session with modest gains of 0.41 and 0.43 per cent, respectively. The broader indices underperformed the benchmark indices with Nifty Mid-cap and Small-cap registering miniscule gains of 0.12 and 0.09 per cent, respectively. Among sectoral indices, Nifty Realty and Nifty IT were top gainers, while Nifty Pharma and Nifty PSU Bank were top losers.
The US stock markets began the week on a favourable note as trade talks between China and US officials remained in focus. The Dow Jones Industrial Average added 0.42 per cent to close at 23,531, the S&P 500 index surged 0.70 per cent to finish at 2,550 and the tech-heavy Nasdaq Composite jumped 1.26 per cent to end at 6,823.
The European equities got off to a positive start; but pared their gains and ended the Monday’s session with modest declines. Economic news in the region was mixed, as Eurozone investor confidence deteriorated for a fifth straight month in January, while German factory orders were below expectations, but retail sales in the nation rose during November. The DAX of Germany dipped 0.18 per cent; the CAC of France fell 0.38 per cent and the FTSE 100 of the UK decreased 0.39 per cent.