Benchmark Indices are expected to open on a negative note as trends on SGX Nifty indicates a gap-down opening, said Mohit Nigam, President, PMS, Hem Securities. CRISIL said that 2nd wave of COVID could bring down India GDP growth to 8.2 percent, if cases peak by June-end.
Economic growth may slip to 8.2 percent if the second COVID wave peaks in end of June, CRISIL warned on Monday, maintaining its baseline estimate of 11 percent uptick in activity. The agency made it clear that the risks to its 11 percent growth forecast are "firmly tilted downwards", and presented two likely scenarios. If the second wave peaks in May-end, the GDP expansion will come at 9.8 percent, and can go down to 8.2 percent if the peaking happens in June-end, it warned.
Key companies announcing their quarterly results today includes Granules India Ltd, Godrej Consumer Products, Siemens Ltd, Linde India Ltd, Aarti Industries Ltd etc.
Fuel rates hiked
Petrol and diesel prices on Tuesday hit record highs across the country after rates were increased for the second consecutive day. As compared to Monday, petrol has become costlier by 27 paise while the price of diesel has increased by 30 paise.
After today’s hike, petrol prices in Delhi climbed to Rs 91.80, while diesel price rose to Rs 82.36 per litre. Meanwhile, petrol price is all set to touch Rs 100-mark in the financial capital. In Mumbai, the petrol price was hiked to Rs 98.12 a litre on Monday from Rs 97.86, while diesel rates were increased to Rs 89.48 from Rs 89.17.
Asian markets decline
Asian markets are trading lower following a sell-off in tech stocks that weighed down major US Indexes overnight. Asian shares declined as Wall Street declined on fears over inflation leading to investors to cut back on their exposure to growth-focused stocks.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.7 percent. Australian stocks was down 1.2 percent and Tokyo's Nikkei 2.63 percent.