Indian stock markets seen rangebound; Adani Ports, bank stocks in focus
Premium- Key companies which will announce their March quarter earnings are Adani Ports, Adani Total Gas, L&T Infotech, P&G Hygiene and RBL Bank, among others
MUMBAI: Indian equity markets are expected to be rangebound on Tuesday, with SGX Nifty futures suggesting a flat opening. On Monday, the BSE Sensex ended at 48,718.52, down 63.84 or 0.13%. The Nifty closed at 14,634.15, up 3.05 points or 0.02%.
Asia's share markets were mostly higher Tuesday as regional equity investors looked to signs of recovery from the coronavirus pandemic as major economies around the world reopen.
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Premium Market LIVE: SGX Nifty futures lower, point to weak start for Indian benchmarks
1 min read . 07:53 AM ISTMSCI's broadest index of Asia-Pacific shares outside Japan was up by 0.05% on the back of a positive lead from Wall Street overnight.
On Monday, Federal Reserve chair Jerome Powell said the U.S. economy was doing better but was "not out of the woods yet" as the central bank prepared to release a study on the disparate effects of the pandemic on the country's different demographics.
Japan and mainland China's markets remained closed on Tuesday for holidays dampening trading volumes across the region.
The brighter tone in Asian markets came after a stronger session on Wall Street.
Back home, key companies which will announce their March quarter earnings are Adani Ports, Adani Total Gas, L&T Infotech, P&G Hygiene and RBL Bank.
IDBI Bank on Monday reported a full year profit for the first time in five years at Rs1,359 crore for FY21. The private sector lender had reported a net loss of Rs12,887 crore in fiscal 2019-20.
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The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of ₹3 crore on ICICI Bank for contravention of certain directions on prudential norms for classification, valuation and operation of investment portfolios by banks.
Pfizer Inc said on Monday it told the Indian government that there was no concern over the safety of its covid-19 vaccine, as the country insists on small local trials for foreign shots despite a record surge in infections and shortage of doses.
In the Asian session, Brent crude was trading up 0.15% at $67.66 while U.S. light crude was 0.12% higher at $64.56.
US Treasury yields fell on Monday after data showed manufacturing activity growth slowed in April amid supply chain challenges and rising demand fuelled by the covid-19 vaccine rollout and fiscal stimulus.
The benchmark 10-year yield, which hit a session low of 1.578%, was last down 3 basis points at 1.6011%, holding well below a 14-month high of 1.776% reached on March 30.
(Reuters contributed to the story)
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