Pre-market: What changed overnight and top cues you must know before Opening Bell
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A weakening of buying momentum, prevailing softness in the rupee, uncertainty over earnings of some 1,000-odd companies and indecisiveness as suggested by technical charts would all influence market sentiment on Tuesday.
Let’s check out what else might matter to Dalal Street on the day:
Cues from Singapore positive
At 6.15 am, Nifty50 futures on the Singapore Stock Exchange were trading 24 points higher at 8,845, indicating a positive opening for the domestic market. "The Market remained indecisive and is awaiting the outcome of the ongoing state assembly elections for fresh direction," said Gaurav Dua, Head of Research, Sharekhan.
CPI data eased in January
CPI inflation for the month came in at 3.17 per cent for the month, compared with 3.41 per cent in the previous month. "What is more encouraging is that core CPI continued its moderating trend that started a year ago. This suggests core CPI (adjusted for commodities) is not so sticky after all. Going ahead, we do expect some rebound in CPI led by supportive base as well as revival in vegetable prices. Thus, over next couple of months, we expect headline CPI to inch towards 4.5 per cent," said Edelweiss Securities.
Rupee depreciated on Monday
The domestic currency slipped 14 paise to settle at 67.02 per dollar on persistent dollar demand from banks and importers. Higher dollar in the overseas market too added to the rupee weakness.
967 firms to report Q3 earnings
Sun Pharma, Adani Ports, Jindal Steel & Power, Adani Enterprises, IVRCL, SpiceJet and MOIL would be some of the companies scheduled for quarterly earnings. Voltas, VIP Industries, Unitech, Thomas Cook, Gitanjali Gems, DLF and Cox & Kings will also report their results later in the day.
Nifty50 support seen at 8,820
By now, it is clear that the 8,820 level is a key short-term hurdle the Nifty50 is just being unable to get through. Monday’s was the third straight session when the 50-pack index breached the level in intraday trade, but could not end above it. Monday's was the third straight session when the 50-pack index breached the level in intraday trade, but could not end above it.
While the Nifty50 is still trading in the overbought territory, as suggested by relative strength index (RSI), experts believe one should stay long as long as the NSE barometer breaches below its five-day exponential moving average (EMA) at 8,781.
Idea looks to sell tower biz stake
Idea Cellular is looking to raise funds by selling some or all of its stake in its tower business and has frozen hiring as part of a stringent cost-cutting drive to improve finances and better take on Reliance Jio Infocomm, whose entry led the No. 3 telecom player to post its first net loss since listing.
S&P500 m-cap hits $20 trillion, Asian markets firm
Asian markets across Japan, Korea and Australia were trading with a positive bias in early morning trade. In overnight trade, US equity indices hit record highs on Monday, with the benchmark S&P 500's market value topping $20 trillion as investors bet tax cuts promised by President Donald Trump would boost the economy, Reuters reported The Dow Jones Industrial Average index gained 0.7 per cent to settle at 20,412.16 points. The S&P500 index added 0.52 per cent to 2,328.25. The Nasdaq Composite index rose 0.52 per cent to 5,763.96.
A weakening of buying momentum, prevailing softness in the rupee, uncertainty over earnings of some 1,000-odd companies and indecisiveness as suggested by technical charts would all influence market sentiment on Tuesday.
Let’s check out what else might matter to Dalal Street on the day:
Cues from Singapore positive
At 6.15 am, Nifty50 futures on the Singapore Stock Exchange were trading 24 points higher at 8,845, indicating a positive opening for the domestic market. "The Market remained indecisive and is awaiting the outcome of the ongoing state assembly elections for fresh direction," said Gaurav Dua, Head of Research, Sharekhan.
CPI data eased in January
CPI inflation for the month came in at 3.17 per cent for the month, compared with 3.41 per cent in the previous month. "What is more encouraging is that core CPI continued its moderating trend that started a year ago. This suggests core CPI (adjusted for commodities) is not so sticky after all. Going ahead, we do expect some rebound in CPI led by supportive base as well as revival in vegetable prices. Thus, over next couple of months, we expect headline CPI to inch towards 4.5 per cent," said Edelweiss Securities.
Rupee depreciated on Monday
The domestic currency slipped 14 paise to settle at 67.02 per dollar on persistent dollar demand from banks and importers. Higher dollar in the overseas market too added to the rupee weakness.
967 firms to report Q3 earnings
Sun Pharma, Adani Ports, Jindal Steel & Power, Adani Enterprises, IVRCL, SpiceJet and MOIL would be some of the companies scheduled for quarterly earnings. Voltas, VIP Industries, Unitech, Thomas Cook, Gitanjali Gems, DLF and Cox & Kings will also report their results later in the day.
Nifty50 support seen at 8,820
By now, it is clear that the 8,820 level is a key short-term hurdle the Nifty50 is just being unable to get through. Monday’s was the third straight session when the 50-pack index breached the level in intraday trade, but could not end above it. Monday's was the third straight session when the 50-pack index breached the level in intraday trade, but could not end above it.
While the Nifty50 is still trading in the overbought territory, as suggested by relative strength index (RSI), experts believe one should stay long as long as the NSE barometer breaches below its five-day exponential moving average (EMA) at 8,781.
Idea looks to sell tower biz stake
Idea Cellular is looking to raise funds by selling some or all of its stake in its tower business and has frozen hiring as part of a stringent cost-cutting drive to improve finances and better take on Reliance Jio Infocomm, whose entry led the No. 3 telecom player to post its first net loss since listing.
S&P500 m-cap hits $20 trillion, Asian markets firm
Asian markets across Japan, Korea and Australia were trading with a positive bias in early morning trade. In overnight trade, US equity indices hit record highs on Monday, with the benchmark S&P 500's market value topping $20 trillion as investors bet tax cuts promised by President Donald Trump would boost the economy, Reuters reported The Dow Jones Industrial Average index gained 0.7 per cent to settle at 20,412.16 points. The S&P500 index added 0.52 per cent to 2,328.25. The Nasdaq Composite index rose 0.52 per cent to 5,763.96.
