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Market LIVE: Flat open likely on tepid global cues; Asian shares lag

Stock market live updates: The next key factor that investors will closely watch is the US Fed meeting, that starts today and whose conclusion will be announced on late Thursday.

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MARKET LIVE | Markets | Nifty

SI Reporter  | New Delhi 

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Live market updates: The benchmark indices are expected to see a muted open on Tuesday as per trends indicated by the SGX Nifty futures, which were quoting at 16,860 points at 8 am, down 25 points from previous close. 

The markets have staged a sharp relief rally in the last five sessions as some progress on the Russia-Ukraine diplomatic talks and subsequent cooling of oil prices have lifted sentiment. 

The next key factor that investors will closely watch is the US Fed meeting, that starts today and whose conclusion will be announced on late Thursday. 

Back home, market participants will also reac to the rising inflation as India’s retail inflation rate inched up to an 8-month high of 6.07 per cent in February, while the wholesale price inflation rate remained in double digits at 13.11 per cent for the eleventh consecutive month.

Among stocks, Persistent Systems may be in focus as the company through its wholly owned subsidiaries has agreed to acquire MediaAgility Inc. and its subsidiaries in India, the United Kingdom, Mexico and Singapore for a total of $71.71 million.

This apart, Rites will also be on radar as the company has declared third interim dividend of Rs 7.5 per share (75% of paid up share capital).

Global cues

The US markets ended lower on Monday as investors lightened positions in tech and high growth stocks ahead of the expected US Fed rate hike on Wednesday. Nasdaq slumped 2 per cent, the S&P 500 slipped 0.7 per cent while Dow Jones ended almost unchanged.

Oil prices dipped to 2-week lows on prospects of easing supplies following positive comments from ceasefire talks between Russia and Ukraine over the weekend. Brent futures plunged 5.1 per cent to $106.90 a barrel, and WTI crude tanked 5.8 per cent to $103.01 a barrel.

In Asia, shares in China lagged on Tuesday, though some losses were pared following the release of Chinese economic data that was far above expectations. Hong Kong’s Hang Seng index led losses, down 2.7 per cent. In mainland China, the Shanghai composite slipped 1.8 per cent, while the Shenzhen component shed 0.9 per cent. 

Elsewhere, South Korea’s Kospi shed 0.65 per cent and the Nikkei 225 in Japan climbed 0.3 per cent. 

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