Indian indices opened higher tracking other Asian markets and amid a steady drop in covid cases. Sensex scaled the 50,000 mark and Nifty topped the 15,100 level. Bank Nifty rose 2%. Tata Motors will be watched ahead of its earnings today
Markets up 1.3%
Indian markets were 1.3% higher due to steady drop in covid cases and tracking Asian markets. “The market would continue to track domestic covid cases trend along with earnings season which has been healthy so far, for further cues. Even the news flows around vaccination front would drive the market. With more Pharma companies tying up for vaccine manufacturing, sentiments have got uplifted” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
“Thus, the rate of decline in COVID cases and the pace of vaccination would decide the trajectory of market going forward. However, growing inflationary pressure globally along with rise in covid cases in some Asian countries poses a risk,” Khemka added.
Nifty crosses 15,100 led by banks
Sensex zooms 607 points to 50,188; Bharti Airtel only laggard on index
Sensex tops 50K at open, Nifty above 15,000
Sensex, Nifty in the green at pre-open
Stocks to Watch: Tata Motors, Bharti Airtel, HCL Tech, Reliance, Union Bank
Bharti Airtel, HCL Tech, Reliance, Union Bank are some of the stocks that will be in focus today. Key companies that will announce March quarter results today are Tata Motors, Torrent Pharmaceuticals, GSK Pharma, Canara Bank, IIFL Wealth Management and Route Mobile.
Markets to stay firm
Markets are likely to stay higher on Tuesday while trends in SGX Nifty suggest a strong opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 49,580.73, up 848.18 points or 1.74%. The Nifty closed at 14,923.15, up 245.35 points or 1.67%.
Oil extends gains
Oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopenings of the U.S. and European economies outweighed fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions.
Brent crude oil futures were up 20 cents, or 0.3%, at $69.66 a barrel by 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3%, at $66.46 a barrel.
Gold at 3-month high on virus worry, inflation
Gold rose to the highest in more than three months as concerns over the pace of a global recovery crept back in following a flare-up in coronavirus cases in parts of Asia.
Spot gold rose as much as 0.2% to $1,870.73 an ounce, the highest since 1 February, and was at $1,868.10 in Singapore. Silver, palladium and platinum all gained. The Bloomberg Dollar Spot Index was little changed.
Asian equities firm
Asian stocks rose Tuesday as investors weighed the pace of growth as nations vaccinate and economies reopen.
Japan’s Nikkei index rose 2%. Australia’s S&P/ASX 200 Index rose 0.6%
Kospi index climbed 1.1%, while Hang Seng Index rose 1%. Shanghai Composite Index was largely unchanged.
US stocks end lower on Monday
Wall Street stocks ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy.
The Dow Jones Industrial Average fell 56.12 points, or 0.16%, the S&P 500 lost 10.42 points, or 0.25%, and the Nasdaq Composite dropped 50.93 points, or 0.38%.
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