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Sensex, Nifty stare at flat start on Tuesday; these factors to set market tone for today

sensex, niftysensex, niftysensex, niftyTrends on SGX Nifty suggested a flat to positive opening for BSE Sensex and Nifty 50

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a tepid opening on Tuesday. In the last hour of the previous session, share markets witnessed a sharp surge taking cues from the European markets, which recovered from their losses. In today’s trade, market participants will continue to track global developments and trends in coronavirus. Markets will also react to the outcome of AGR hearing, while participants will closely eye the US and China tussle. along with the upcoming OPEC meeting. “Going ahead, the market volatility is likely to continue and track global markets in the absence of any fresh trigger domestically. Thus investors are advised to stick with defensive portfolio approach while traders are advised to trade cautiously and keep booking profits at regular intervals,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

SGX Nifty flat: Trends on SGX Nifty suggested a flat to positive opening for BSE Sensex and Nifty 50 on Tuesday. Nifty futures were trading 7.80 points or 0.07 per cent up at 11,288.80 in early trade on Singaporean Exchange.

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Oil edges lower: Oil prices edged lower on Tuesday, mostly holding onto overnight gains after OPEC+ said the producer grouping is almost fully complying with output cuts to support prices amid a drop in demand for fuels due to the coronavirus pandemic, according to a Reuters report. Brent crude was down 6 cents, or 0.1%, at $45.31 a barrel while US crude was down 8 cents, or 0.2%, at $42.81 a barrel.

Global markets: Asian stock markets o Tuesday were trading little unchanged. In Japan, the Nikkei 225 fell 0.57% while the Topix index traded 0.56% lower. Hong Kong’s Hang Seng index was trading unchanged. In overnight trade on Wall Street, barring Dow Jones, US markets settled higher. The Dow Jones Industrial Average fell 0.31 per cent, while the S&P 500 gained 0.27 per cent and the Nasdaq Composite climbed 1 per cent.

FIIs and DII data: On Monday, foreign portfolio investors bought domestic stocks to the tune of Rs 332.90 crore, while domestic institutional investors sold shares worth Rs 717.62 crore on a net basis, according to the provisional data available on the NSE.

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