Mumbai : Markets are likely to remain in range on Tuesday, while trends in SGX Nifty suggest a flat opening for the Indian benchmark indices. On Monday, the BSE Sensex was up 831.53 points or 1.40% at 60,138.46 and the Nifty was up 258 points or 1.46% at 17,929.65.
Asian stocks were mixed on Tuesday and currencies remained limited as nervous investors await several key central bank meetings that could set the tone for risk-taking next year.
MSCI’s gauge of Asia-Pacific shares outside Japan recovered early losses to be 0.8% higher at 0128 GMT, with Japan’s Nikkei down 0.2%.
Chinese shares opened slightly lower, with local blue chips trading down 0.09%, although the Hong Kong benchmark was up 1.8%. South Korea’s KOSPI index opened with a gain of 1.50 percent.
Overnight, Wall Street soared to record highs, helped by gains in energy stocks and Tesla. The Dow Jones Industrial Average rose 0.26% after falling 36,000 points for the first time during intraday trading. The S&P 500 rose 0.18% while the Nasdaq Composite gained 0.63%.
Major stocks include Bharti Airtel, Sun Pharmaceutical Industries, Dabur India, Godrej Properties, P&G Hygiene & Healthcare, Hindustan Petroleum, Jindal Steel & Power, Trent, Union Bank of India and Bank of India to release their September quarter results today.
According to a Mint exclusive, One97 Communications Ltd., which runs Paytm payments service, is set to raise $1.1 billion from anchor investors as part of India’s largest initial public offering. BlackRock Inc., Canada Pension Plan Investment Board and GIC Ptey, along with other sovereign wealth funds, are likely to come as anchor investors.
Yes Bank on Monday said it has appointed Sharad Sharma as non-executive director with effect from November 1, 2021. Sharad Sharma has been co-opted as a non-executive director on the board of the bank with effect from November 1. 2021, to give a broad base to the Board,” Yes Bank said in a release.
The currency’s move in morning trade was modest, with the dollar hovering below recent highs after posting its biggest daily increase in more than four months last Friday. The yen was a fraction weaker at 114.11 per dollar and the greenback was taking care of a small overnight loss on the euro.
The Fed is expected on Wednesday to approve a plan to scale back its $120 billion monthly bond-buying program to support the economy, while investors will also focus on commentary about interest rates and how the recent surge in inflation can be tackled. Will maintain
In commodity markets, a further 4% fall in Chinese coal prices on Tuesday pushed them down 50% from last month’s record high.
Oil prices rose on Monday as strong demand expectations and confidence that a major producer group won’t turn spigots fast enough helped reverse early losses due to the release of fuel reserves by No. 1 world energy consumer China .
US crude was trading 0.2% higher at $84.25 a barrel and Brent up 0.3% at $84.97. Spot gold fell 0.1% to $1,789.99 an ounce.
(Reuters contributed to the story)
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