India’s benchmarks, BSE Sensex and NSE Nifty, are expected to continue to gain streak on Tuesday, following strong indications from their global peers. Positive trends on SGX Nifty also indicated an open for Indian stocks, with SGX Nifty futures trading 15.25 points, or 0.09%, up to 17,267 on the Singapore Stock Exchange at 8:20 am.
On Monday, Indian benchmarks ended higher on the purchase of some pharmaceutical, financial and IT stocks. The BSE Sensex finished 296 points, or 0.52%, up to 57,420, and the NSE Nifty jumped 82.5 points, or 0.49%, to 17,086. Wider markets have also settled on the rise. The S&P BSE Mid-Cap and S&P BSE Small-Cap indices rose 0.27% and 0.52% respectively. The overall scale of the BSE market was negative, with 2,272 stocks advancing against 1,433 declining stocks, while 174 remained unchanged. Tech Mahindra, an information technology consulting and services company, topped the BSE Sensex winner rankings with a 3.57% increase. Some of the other notable winners were Dr Reddy’s Labs, Power Grid Corporation, Kotak Mahindra Bank, and Sun Pharmaceutical Industries.
Individual businesses that will be the center of attention on Tuesday include Supriya Lifescience, HDFC Bank, Sastasundar Ventures, RBL Bank, Vedanta, Axis Bank and Siemens.
Supriya Life Sciences: The active pharmaceutical ingredient (API) maker will list its shares on national stock exchanges today. The stock is expected to be listed at a premium following a strong response to its 700 crore IPO. The company sold its share in the range of 265 to 274 each.
HDFC Bank: The private sector lender has partnered with India Post Payments Bank (IPPB) to provide its banking services in semi-urban and rural areas.
Sastasundar companies: Investor Ace Ashish Kacholia bought 2.25 lakh of shares in the company at 447 per share. Meanwhile, Microsec Vision Trust One unloaded 2.25 lakh shares at the same price, exchange data showed.
RBL Bank: The Reserve Bank of Indian assured investors and depositors on Monday that the bank is financially stable. The stock ended down 18% on Monday after its CEO Vishwavir Ahuja went on leave and the Reserve Bank of India appointed Yogesh Dayal to the RBL Bank board.
Axis Bank: The private sector lender has received RBI approval for the new appointment of Rajiv Anand as deputy managing director until August 3, 2022.
Vedanta: The company’s board of directors on Monday approved the issuance of non-convertible bonds (NCDs) with a face value of ₹ 10 lakh each totaling up to 1,000 crore.
Siemens: A joint venture between TRIL Urban Transport, a Tata group company, and Siemens Project Ventures GmbH, a subsidiary of Siemens Financial Services, has been awarded a contract to develop the metro corridor from Hinjewadi to Shivajinagar, Pune.
Here are the key things investors should know before the market opens today:
Japanese Nikkei dominates Asian trade
Stocks in the Asia-Pacific region traded mostly higher, with the exception of China and Hong Kong, after a solid finish on Wall Street in overnight trading. The renewed optimism about the global economic recovery has eclipsed fear of the coronavirus and tightening monetary policy.
The Japanese Nikkei 225 index was the best performer in the regional market with an increase of almost 1%. Nikkei was followed by Taiwan Weighted Index, which jumped 0.6%.
In a similar trend, the Straits Times Index in Singapore rose 0.5%, South Korea’s Kospi climbed 0.1% and Indonesia’s Jakarta Composite jumped 0.4%.
Contrary to trend, China’s Shanghai Composite lost 0.1%, while Hong Kong’s Hang Seng lost 0.4%.
US stocks end higher on retail sales
On Wall Street, the three major US indices closed higher on Monday as investors applauded strong retail sales data. Strong macroeconomic data calmed investors worried about Omicron-led flight cancellations that weighed on shares in the travel sector. Retail sales in the United States have grown at an annual rate of 8.5% during this year’s holiday shopping season, from Nov. 1 to Dec. 24, according to a report from Mastercard Inc MA.N.
The S&P 500 jumped 1.4%, extending the rally for the fourth session in a row. The Dow Jones Industrial Average added 1%, and the tech-rich NASDAQ Composite ended up 1.4% in overnight trading.
Oil prices rise as Omicron worries ease
Crude oil prices rebounded on Tuesday in hopes that the Omicron variant will have a limited impact on global fuel demand in 2022. US crude was under pressure on Monday following the cancellation of thousands of flights in the United States during the Christmas holidays following an increase in Omicron infections.
US West Texas Intermediate (WTI) crude oil futures for February rose 0.2% to $ 75.72 a barrel during the early hours of trading in Asia. Brent oil futures traded 0.13% higher at $ 78.70 per barrel.
In overnight trading, global benchmark Brent crude ended up 3.2% to $ 78.60 per barrel, and U.S. WTI crude climbed 2.4% to $ 75.57 per barrel. .
FIIs remain net sellers, DIIs become net buyers
Foreign Institutional Investors (FII) remained net sellers in the Indian stock market on December 24, while Domestic Institutional Investors (DII) became net buyers. According to the data available on the NSE, the FII sold net shares worth 1,038.25 crore, while the DII bought net shares worth 955.75 crore.