MARKETS LIVE: Three-day RBI MPC meeting begins today

The Reserve Bank of India's (RBI) bi-monthly monetary policy meeting that kick starts later in the day, is going to be on investors' radar on Tuesday. In addition, global markets, oil prices, next leg of corporate earnings for December quarter and movement of rupee against the US dollar will also guide the market.

RESULTS TODAY

Over 125 companies are slated to unveil their financial results for December quarter of FY19 today. Some of the prominent names include Apollo Tyres, BHEL, GAIL, Dish TV, DLF, Century Ply, Reliance Infra and United Bank of India. 

STOCKS IN FOCUS

ZEE Group stocks: Lenders to the Zee Group have asked the company's chairman Subhash Chandra to provide a personal guarantee for payment obligations on an "irrevocable and unconditional" basis. The Zee group owes Rs 13,500 crore to lenders, whose exposure is secured by equity shares of listed firms that include Zee Entertainment and Dish TV.

ADAG Group stocks: The company on Monday moved the National Company Law Appellate Tribunal (NCLAT) to withdraw its opposition to an insolvency petition filed by Ericsson India in the NCLT, Mumbai. Ericsson and RCom had reached a settlement agreement in the NCLAT. The tribunal had, however, said Ericsson could revive the insolvency petition if RCom failed to pay within the deadline.

Also, despite negative investor sentiment, the Anil Ambani-led Reliance group is planning an initial public offering (IPO) of a group company as early as this financial year. 

Coal India: The state-run coal miner on Monday said its board of directors has approved buyback proposal of over 4.46 crore shares at a price of Rs 235 a piece for an aggregate consideration not exceeding Rs 1,050 crore.

CURRENCY MARKET

The rupee on Monday dropped by 55 paise to close at 71.80 to the US dollar, the lowest level since December 17, ahead of the Reserve Bank of India's policy review meet.

GLOBAL MARKETS

Recent US data and the Federal Reserve’s dovish turn kept lifting Asian stocks early on Tuesday, while the dollar held the upper hand against its rivals. In the overnight trade, US stocks ended higher on Monday, with all three major indexes closing near session highs as sustained optimism on the prospects for US-China trade relations propelled technology shares.

OIL MARKETS

US oil prices inched up on Tuesday. US West Texas Intermediate (WTI) crude futures were at $54.73 per barrel at 5:50 am, up 16 cents from their last settlement while International Brent crude oil futures had yet to trade, after closing down 0.4 per cent in the previous session.

(with Reuters input)