SENSEX OPENS 100 PTS DOWN, NIFTY BELOW 10,650; HCL TECH UP 1%
Tracking Asian peers, the benchmark indices opened on a weak note on Tuesday.
Fresh tensions between the US and China, Fed monetary policy meeting and movement of crude oil prices are some of the major factors that are likely to guide domestic stocks today. This apart, December quarter results of companies such as Axis Bank, Bajaj Finance, Bank of Baroda and HCL Tech will also play a key role.
On Monday, markets fell for the second day in a row, owing to heavy selling in financials, auto, and pharma counters. The S&P BSE Sensex lost 369 points or 1.02 percent to end at 35,657 while NSE's Nifty50 index slipped below 10,700 level to settle at 10,662.
Among top news, Finance Minister Piyush Goyal said public sector banks (PSBs) will become more profitable and proactive in the days to come, after holding a review meeting with the lenders on Monday.
In another news, Jet Airways is seeking shareholders' nod to convert its debt into equity, appoint bank nominees on the board and increase the authorized share capital of the company to enable the issue of fresh preference shares. An extraordinary general meeting (EGM) of shareholders has been called on February 21 to seek approval for these proposals.
IPO WATCH
In addition, Chalet Hotels is slated to open its initial public offering today. READ MORE
GLOBAL MARKETS
Wall Street ended lower on Monday on weak earnings forecasts from Caterpillar Inc and Nvidia Corp.
Asian shares faltered in the early trade on Tuesday and the dollar hovered near two-week lows as prospects for a Sino-US trade deal was dealt a blow after the United States charged Chinese telecom firm Huawei with bank fraud and for conspiring to steal trade secrets.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.5 percent with Australia’s benchmark index down 0.7 percent and South Korea’s KOSPI off 0.6 percent.
OIL PRICES
Oil prices steadied, edging up from a near two-week low in the previous session when prices fell around 3 percent on fears of supply growth and a global economic slowdown.
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