Positive start likely amid encouraging cues from Asian peers

The outlook for the day is a flat to positive start on the back of cheerful cues from the Asian peers. At the time of writing, the SGX Nifty was up by 14 points at 11,353. The bull camp will keep a close eye on the level of 11,300 as this is a crucial support for the Nifty. Host of earnings are scheduled today and prominent names include HDFC Life, Hindustan Unilever, Kajaria Ceramic, LT, M&M Fin, Praj Industries, SBI Life and ZEEL.

The Asian markets have rallied on Tuesday following a positive close on the Wall Street overnight. The Japanese stock index Nikkei 225 has gained 0.94 per cent, China’s Shanghai Composite index edged up 0.27 per cent and Hong Kong’s Hang Seng has climbed 0.33 per cent.   

Back home, the bears continued their dominance on Dalal Street as key benchmark indices extended their losses for the third straight session. The Nifty slipped 0.64 per cent to settle at 11,346 level and the BSE Sensex lost 0.80 per cent to close at 38,031. The broader market indices ended the session in the red as well with Nifty Midcap and Smallcap losing 0.57 per cent and 1.57 per cent, respectively. Talking about the sectoral performance, Nifty Financial Service, Nifty Bank, Nifty Private Bank and Nifty Realty were top losers; while on the flip side, Nifty Media, Nifty Metal and Nifty Pharma were top gainers.

The US stocks ended Monday’s session in the green. The Dow added 18 points, S&P 500 gained 8 points and the tech-heavy Nasdaq rose 58 points.  

The European markets posted modest gains on Monday as traders were cautious on the back of geopolitical tensions as also ahead of this week’s monetary policy decision from the ECB. Germany’s DAX advanced 0.24 per cent, France’s CAC 40 and UK’s FTSE 100 closed higher by 0.26 per cent and 0.08 per cent, respectively.