The Nifty50 is expected to open flat on Tuesday following Asian markets which were trading mixed as a threat of military action over the attacks on Saudi oil facilities kept investors on the edge.
“U.S. President Donald Trump has authorized the release of emergency crude stockpiles if needed, which could ease some upward pressure on crude futures, but risks to the outlook abound,” said a Reuters report.
Spot gold traded a shade higher in Asia at $1,498.60 an ounce while crude oil fell more than 1 percent. Brent crude was down more than 1 percent and was trading around $68 a barrel.
The S&P BSE Sensex fell 261 points to 37,123 while the Nifty50 closed 72 points down at 11,003 on Monday.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 10 points gain or 0.09 percent. Nifty futures were trading around 11,001.50-level on the Singaporean Exchange.
Logging its first fall in eight sessions, the Indian rupee on Monday plunged by 68 paise to 71.60 against the US dollar amid concerns over soaring crude prices following drone attacks on Saudi Arabia's oil facilities.
On the institutional front, FPIs were net sellers in Indian markets for Rs 751 cr while the DIIs were net buyers to the tune of Rs 308 cr, provisional data showed.
Stocks in news:
Drug firm Dr. Reddy's Laboratories on Monday said it has launched over-the-counter Lansoprazole capsules used for the treatment of frequent heartburn in the US market.
The board of Allahabad Bank on Monday approved the merger proposal with Indian Bank, making the amalgamated entity the seventh-largest public sector lender of the country.
Private equity giant KKR India on Monday picked up 10 percent stake in CG Power and Industrial Solutions for over Rs 89 crore through open market transactions.
Technical Recommendations:
We spoke to HDFC Securities Ltd and here’s what they have to recommend:
Britannia Industries Ltd: Buy| LTP: Rs 2,715|Target: Rs 2,869|Stop-Loss Rs 2,630| Upside 6%
GNFC: Buy| LTP: Rs 198| Target: Rs 218| Stop-Loss: Rs 186| Upside 10%
Maithan Alloys: Buy| LTP: Rs 505| Target: Rs 566| Stop-Loss: Rs 468|Upside 12%
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