The Indian market is likely to open higher on Tuesday as the trend on SGX Nifty indicates a positive start for the broader index in India. However, the concerns over the rising COVID cases and likely lockdowns may cap gains. The Nifty futures were trading 38.50 points or 0.27 percent higher at the 14397.50 level on the Singaporean Exchange at 7:35 am.
1. Wall Street: Stocks ended just below the latest record highs they hit last week as technology companies slipped. The S&P 500 edged down less than 0.1 percent Monday and the tech-heavy Nasdaq gave up 0.4 percent. The Dow Jones Industrial Average fell 0.2 percent.
2. Asian stocks: Shares in Asia-Pacific edged higher in Tuesday morning trade following a muted finish overnight on Wall Street. In Japan, the Nikkei 225 rose 0.91 percent while the Topix index gained 0.53 percent. South Korea’s Kospi advanced 0.7 percent. Mainland Chinese stocks nudged higher in early trade as the Shanghai composite rose fractionally. Australia’s S&P/ASX 200 traded 0.27 percent higher. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.23 percent.
3. D-Street: Equity benchmarks nosedived on Monday as the steep rise in COVID-19 cases and the probability of lockdown-like conditions in more states had investors rushing for the exit door. The BSE-Sensex fell 1,708 points or 3.4 percent to close at 47,883. The Nifty dropped 524 points or 3.5 percent to close at 14,310.
4. Crude Oil: Oil prices edged higher on Tuesday on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites and on an expected drawdown in crude oil inventory in the United States. Brent crude oil futures was up 0.1 percent at $63.37 a barrel by 0055 GMT and US crude oil futures gained 0.2 percent to $59.81 a barrel.
5. Rupee: The Indian rupee fell for the sixth straight session to mark its lowest level in nearly nine months at 75.05 against the American currency on Monday as investors fretted over the prospects of lockdown in some parts of the country amid continuous rise in COVID-19 cases. The local unit opened at 74.97 against the greenback and traded in the range of 74.78 to 75.14 during the day.
6. Gold: Gold prices fell Rs 57 to Rs 46,070 per 10 gram in the national capital on Monday following weak global cues, according to HDFC Securities. Silver also declined Rs 270 to Rs 66,043 per kg, from Rs 66,313 per kg in the previous trade. In the international market, gold was quoting lower at USD 1,738 per ounce and silver was flat at USD 25.08 per ounce.
7. COVID-19 vaccine: India became the 60th country to approve emergency use authorisation (EUA) of Sputnik V on Monday. RDIF is looking to produce over 850 million doses per year, making India the main production hub for the vaccine.
8. Adani Ports: S&P Dow Jones Indices has removed India's Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm's business ties with Myanmar's military which is accused of human rights abuses after a coup this year.
9. TCS quarterly results: Tata Consultancy Services (TCS) reported a 6.26 percent rise in consolidated net profit at Rs 9,246 crore in the fourth quarter of fiscal 2021 as compared to Rs 8,701 crore in the previous quarter. The company's consolidated revenue in Q4FY21 increased 4 percent to Rs 43,705 crore from Rs 42,015 crore in the December quarter.
10. Fed Chair: The US economy is poised for an extended period of strong growth and hiring, the chair of the Federal Reserve said in an interview broadcast Sunday, though the coronavirus still poses some risk. He added that he doesn’t expect to raise the Fed’s benchmark interest rate, currently pegged at nearly zero, this year. He also downplayed the risk of higher inflation stemming from sharp increases in government spending and expanding budget deficits.