Indian indices closed deep in the red on Tuesday. The Nifty dropped 93.40 points to 5,761.35 and the Sensex saw triple digit cuts falling 316.55 points to close at 19,015 impacted by European concerns.
Chief economic advisor Raghuram Rajan's first ever Economic Survey for the current fiscal will be tabled in Parliament today. And while the ritual has gradually lost relevance in terms of fresh data - the document may have pointers for the Budget.
The US markets ended near their best levels, recovering from their worst one-day drop in 2013, following Fed Chairman Ben Bernanke's speech and buoyed by a batch of upbeat economic reports. The CBOE volatility index tumbled more than 11 percent to close below 17.
Asian markets were mixed in morning trade. At 7:43 am (IST), Asian markets were trading higher. China's Shanghai Composite gained 1.20% or 27.52 points at 2,320.86.
Hong Kong's Hang Seng was up 0.36% or 81.35 points at 22,601.04. Japan's Nikkei fell 0.70% or 79.53 points at 11,319.28.
Singapore's Straits Times was up 0.19% or 6.18 points at 3,260.44. South Korea's Seoul Composite rose 0.22% or 4.31 points at 2,004.32. Taiwan's Taiwan Weighted added 0.28% or 21.94 points at 7,902.84.
US stocks got a boost after Bernanke's testimony to Congress where he hinted he wasn’t going to take back the central bank's QE punchball anytime soon. But he did have stern words for lawmakers urging them to find a solution to the looming sequester.
On the economic data front, home prices rose in December, according to the S&P Case-Shiller's Composite Index of 20 metropolitan areas. New home sales jumped in January to a seasonally adjusted annual rate of 437,000, the highest since July 2008. Consumer confidence ticked higher in February to its best level since November.
In key data to watch out for in the US today, durable goods orders for the month of January are seen to contract by 4% and the pending home sales index is seen rising 3%. Also watch out for weekly mortgage applications data.
European markets closed at three-month lows after Italy’s election resulted in deadlock, with no party gaining sufficient seats to win a majority in the country's upper house.
The euro trades flat at 1.30 versus the dollar after US Fed's assurances that a bond-buying stimulus program will remain in place. The dollar index is firm above 81.80 levels.
Brent crude slipped below USD 113 levels and from the precious metals space-- gold rose 1.3 percent on Tuesday, its biggest one-day gain in three months.
Stocks in News
According to agency reports, government sources have indicated that the SAIL offer for sale is likely on March 20 now.
The NTPC board has approved investment of over 1,300 crore for the Jharkhand mining project. The board has also approved 11,638.5 crore for thermal power project in Madhya Pradesh.
The Bombay Stock Exchange will lower stock circuit limit of 12 companies from today. The circuit has been lowered to 10% for 5 stocks including Aanjaneya Lifecare and Bhagwati Banquets . For stocks like DB Realty the circuit limit is now at 5%.
NMDC sources have indicated that the hike in rail freight rate may hurt the companies margins in the January-March quarter. They will pass rail freight hike on exports in the next fiscal.
Fairfield Atlas board approved delisting of company’s shares from BSE. The company’s promoter TH licensing had made proposal to purchase shares of the company. TH licensing held 16.09% stake in company as of December 31.
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