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Markets are likely to trade in a tight range as investors will remain cautious ahead of key events including Economic Survey, Railway Budget and Union Budget along with the expiry of February series due later during the week.
Only days before the 2015-16 Budget, global ratings agency Standard and Poor’s (S&P) said the government must deliver on its reform promises, as low income levels and weak fiscal indicators were constraining the sovereign’s credit worthiness compared to its peers.
At 8:10, the early indicator, SGX Nifty was trading at 8,751 up 5 points.
According to Ravi Nathani, a technical analyst, “Trend is bullish on charts whereas support is expected around 8710.00, best trading strategy would be buy on dips.”
GLOBAL MARKETS
Caution shrouded Asian markets on Tuesday as investors fretted over what Federal Reserve Chair Janet Yellen might say on the likely lift-off date for policy tightening later in the session.
Moves were marginal at best and MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.1%. The Nikkei .N225 dithered either side of flat after scoring a run of 15-year highs.
Oil prices tried to steady after their latest retreat, with US crude up 10 cents at $49.55.
On Wall Street, the Nasdaq had notched up nine straight sessions of gains in its longest since September 2010, aided by a further rise in Apple stock to an all time peak.
The Nasdaq ended Monday up 0.1%, while the Dow fell 0.13% and the S&P 500 lost 0.03%.
STOCKS IN FOCUS
State Bank of India (SBI), the country's largest lender, wants the government to increase the upper limit for interest subvention (subsidy) of home loans from Rs 15 lakh to Rs 25 lakh.
ITC Hotels, India's second largest hotel chain, has emerged as the highest bidder for Goa-based Park Hyatt property, which was put on the block by IFCI. But the original owners allege the property is being sold at a throwaway price.
Scottish oil and gas explorer, Cairn Energy has laid off nearly 40 per cent of its employees as it faces capital constraints on not being able to sell $1 billion worth of stake, following a tax dispute in India.
Boosting the prospects of Uttar Pradesh Chief Minister Akhilesh Yadav’s promise of providing adequate power supply by 2016-17, NTPC Limited has said it will supply an additional 1,657 Megawatt (Mw) to the state in two years.
Car market leader Maruti Suzuki today launched refreshed version of its popular compact sedan Dzire with introductory prices ranging from Rs 5.07 lakh to Rs 7.81 lakh (ex-showroom Delhi).
