“Overall we expect the market to remain under pressure led by persistent FII selling & muted domestic earnings. Key Results to watch out for on Tuesday include Bajaj Finance, Zomato, ICICI Prudential, VBL and Persistent,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded higher by 17.5 points, or 0.07 per cent, at 24,797.50, signaling that Dalal Street was headed for muted start on Tuesday.
- Tech View: The underlying trend of Nifty remains weak amidst range movement. Having failed to sustain the recent upside bounce, the market could revisit the lower range of 24,600-24,500 levels in the near term. Immediate resistance is at 25,000 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 5.6% to settle at 13.76 levels.
US stocks mixed
The Dow Jones Industrial Average and S&P 500 closed lower on Monday, retreating from Friday’s record high closes and six straight weekly gains as Treasury yields rose and investors wary of high valuations awaited earnings from major companies.
- Dow fell 0.8%,
- S&P down 0.18%
- Nasdaq up 0.27%
Asian shares decline
Asian equities declined for a second day as Wall Street stocks took a breather after notching their longest weekly rally this year. Bonds tumbled on cooling expectations of Federal Reserve rate cuts.
- S&P 500 futures were little changed as of 9:09 a.m. Tokyo time
- Hang Seng futures fell 0.4%
- Japan’s Topix fell 0.1%
- Australia’s S&P/ASX 200 fell 1.2%
- Euro Stoxx 50 futures fell 0.9%
Oil dips
Oil prices fell on Tuesday, paring the previous day’s nearly 2% rise as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East, and as slow demand in China, the world’s top oil importer, continued to weigh on the market.
Stocks in F&O ban today
1) Chambal Fertilisers
2) SAIL
3) Hindustan Copper
4) Aarti Industries
5) Granules
6) Birla Soft
7) PNB
8) GNFC
9) IDFC First Bank
10) Tata Chemicals
11) IEX
12) Nalco
13) LTF
14) Bandhan Bank
15) Indiamart
16) PEL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors turned net sellers at Rs 2,261 crore on Monday. DIIs bought shares worth Rs 3226 crore.
Rupee
The rupee on Monday settled flat at 84.07 against the US dollar amid strong American currency versus major rivals overseas and relentless foreign fund outflows.
FII data
The net short of FIIs increased from Rs 1.62 lakh crore on Friday to Rs 1.67 lakh crore on Monday.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
