MARKETS LIVE: Axis Bank, Bank of Baroda and HCL Tech in focus

Fresh tensions between the US and China, Fed monetary policy meeting and movement of crude oil prices are some of the major factors that are likely to guide domestic stocks on Tuesday. This apart, December quarter results of companies such as Axis Bank, Bajaj Finance, Bank of Baroda and HCL Tech will also play a key role. 

On Monday, markets fell for the second day in a row, owing to heavy selling in financials, auto and pharma counters. The S&P BSE Sensex lost 369 points or 1.02 per cent to end at 35,657 while NSE's Nifty50 index slipped below 10,700 level to settle at 10,662. 

Among top news, Finance Minister Piyush Goyal said public sector banks (PSBs) will become more profitable and proactive in the days to come, after holding a review meeting with the lenders on Monday.

In another news, Jet Airways is seeking shareholders' nod to convert its debt into equity, appoint bank nominees on the board and increase the authorised share capital of the company to enable the issue of fresh preference shares. An extraordinary general meeting (EGM) of shareholders has been called on February 21 to seek approval for these proposals. 

IPO WATCH

In addition, Chalet Hotels is slated to open its initial public offering today. READ MORE

RUPEE 

The Indian rupee on Monday managed to end 7 paise higher at 71.10 against the US dollar on increased selling of the greenback by exporters amid easing crude oil prices and uptrend in other emerging market currencies.

GLOBAL MARKETS

Wall Street ended lower on Monday on weak earnings forecasts from Caterpillar Inc and Nvidia Corp. 

Asian shares faltered in the early trade on Tuesday and the dollar hovered near two-week lows as prospects for a Sino-US trade deal was dealt a blow after the United States charged Chinese telecom firm Huawei with bank fraud and for conspiring to steal trade secrets. 

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.5 per cent with Australia’s benchmark index down 0.7 per cent and South Korea’s KOSPI off 0.6 per cent.

OIL PRICES

Oil prices steadied, edging up from a near two-week low in the previous session when prices fell around 3 percent on fears of supply growth and a global economic slowdown.