MARKET LIVE: SGX Nifty suggests negative start for benchmark indices

Investors will look at global cues, rupee trajectory, and oil price movement for market direction today. They will also await any measures the government might announce to spur growth.

Stocks of non-banking financial firms may be in focus today after the government said such firms would no longer have to maintain a certain level of redemption reserves against them. READ MORE

On the taxation front, the Direct Tax Code (DTC) task force has recommended a significant increase in the highest income tax slabs, besides slashing the corporate tax rate to an even rate of 25 per cent for both domestic and foreign companies, as per this Business Standard report.

GLOBAL CUES

Asian shares extended their gains on Tuesday as hopes for stimulus in major economies tempered anxiety about a global recession. MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.04 per cent, while Japan’s Nikkei jumped 0.47 per cent. The improved mood was helped by a rally on Wall Street overnight, with the S&P 500 gaining 1.21 per cent and the Dow Jones up 0.96 per cent.

Oil prices gained roughly 2 per cent on Monday, with Brent crude settling at $59.74 a barrel, up 1.88 per cent.

(With inputs from Reuters)