- Indian benchmarks opened in the red on Tuesday, a day after closing at new all-time highs, following mixed global cues.
SGX Niftyan early indicator of how markets may perform, was down 0.33% before markets opened on Tuesday.
- The 30-stock index
Sensexopened 143 points lower at 62,362, while the Nifty50 opened 10 points lower at 18,553.
- Adani Enterprises, NDTV, M&M, L&T and others will be among the stocks to watch out for on Tuesday.
Indian benchmarks opened in the red on Tuesday, a day after closing at new all-time highs, following mixed global cues. While US and Asian markets were lower on Monday due to growing protests in China against the country’s zero-Covid policy, there was a pullback in some of the Asian markets on Tuesday morning.
The 30-bar index Sensex opened 143 points lower at 62,362, while the Nifty50 opened 10 points lower at 18,553.
On Monday, the Sensex closed at a new all-time high of 62,505, while the Nifty50 closed at 18,563 points.
“Indian market undertone remains bullish despite global headwinds. Indian markets may continue to do well with some periodic correction till the upcoming Union Budget,” said Dhiraj Reli, MD & CEO, HDFC Securities
The rupee opened 6 paise higher at 81.60 per US dollar on Tuesday against 81.66 on Monday. Brent crude oil prices rose to $84.6 from $81 on Monday.
Asian markets are rising
Most Asian indexes traded higher, with Hong Kong’s Hang Seng jumping 3.20 percent, followed by China’s Shanghai SE Composite Index up 1.66 percent and Taiwan’s TSEC 50 up 0.22 percent. At the same time, Japan’s Nikkei 225 was down 0.58%.
It comes after Beijing’s move to support property developers boosted the property sector, although public unrest remains over the zero-sum policy against COVID-19.
US markets fall amid protests in China
US markets were lower on Monday, with the S&P 500 down 1.54% while the Dow Jones Industrial Average closed 1.45% in the red.
The tech Nasdaq Composite was the worst hit, down 1.58%, with the main driver being Apple’s iPhone production, which was hit by zero-Covid protests in China.
Sensex at 80,000 by December 2023 is a possibility, says Morgan Stanley
Analysts at Morgan Stanley said in a note on Monday that the Sensex could touch 80,000 by December 2023.
However, for this, India will need to be included in global bond indices, which will help attract $20 billion worth of flows into Indian markets. It is worth noting that India’s inclusion in global bond indices has already been delayed due to tax complexities.
Other factors that could boost Indian markets next year include a correction in commodity prices and a rise in India Inc.’s earnings. by 25% by FY25.
Stocks in focus
Adani Enterprises: Adani Group in an exchange filing dismissed reports that the flagship firm is looking to raise $5 billion from investment funds.
NDTV: The promoter firm of news media company RRPR Holding has transferred shares constituting 99.5% of its equity to Adani-owned Vishvapradhan Commercial (VCPL).
HCL Technologies: The IT major has signed a multi-year contract with Switzerland-based SR Technics, a leading provider of maintenance, repair and overhaul (MRO) services to the civil aviation industry, to digitally transform SR Technics’ operations.
M&Ms: The automaker has reportedly recalled the recently launched Mahindra Scorpio-N and XUV700 SUV models due to a quality control issue at the supplier’s end.
L&T: The company announced to stock exchanges that its L&T Energy Hydrocarbon division has bagged significant projects in the range of ₹1,000 crore to ₹2,500 crore.
Shares in F&O banned on Tuesday
Bharat Heavy Electricals (BHEL), Delta Corporation and Indiabulls Housing Finance were on the F&O ban list on Tuesday, according to the National Stock Exchange.
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