Markets likely to be ranged; Bharti, Sun Pharma, HPCL in focus

Markets are likely to be ranged on Tuesday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 60,138.46, up 831.53 points or 1.40% and the Nifty was at17,929.65, up 258 points or 1.46%.

Asian shares were mixed on Tuesday and currencies held tight ranges as nervous investors awaited several key central bank meetings that could set the tone for risk appetite heading into next year.

MSCI's gauge of Asia-Pacific shares outside Japan recovered early losses to be 0.8% higher at 0128 GMT, with Japan's Nikkei edging 0.2% lower.

Chinese shares opened slightly lower, with local blue chips trading down 0.09%, though the Hong Kong benchmark was up 1.8%. South Korea's KOSPI index opened 1.50% higher.

Overnight, Wall Street advanced to record highs helped by gains for energy shares and Tesla. The Dow Jones Industrial Average rose 0.26%, after eclipsing 36,000 points for the first time during intraday trading. The S&P 500 gained 0.18% while the Nasdaq Composite added 0.63%.

Among key stocks, Bharti Airtel, Sun Pharmaceutical Industries, Dabur India, Godrej Properties, P&G Hygiene and Healthcare, Hindustan Petroleum, Jindal Steel and Power, Trent, Union Bank of India and Bank of India will release their September quarter results today.

One97 Communications Ltd, the company that runs the Paytm payments service, is set to raise $1.1 billion from anchor investors as part of India’s largest initial public offering, according to a Mint exclusive. BlackRock Inc., Canada Pension Plan Investment Board and GIC Pte, along with other sovereign wealth funds, are likely to come in as anchor investors.

Yes Bank on Monday said it has appointed Sharad Sharma as a non-executive director with effect from November 1, 2021. ''Sharad Sharma has been co-opted as non-executive director of the board of the bank with effect from November 1, 2021, to broad base the board,'' Yes Bank said in a release.

Currency moves were slight in morning trade with the dollar hovering below recent highs after posting its biggest daily rise in more than four months last Friday. The yen was a fraction weaker at 114.11 per dollar and the greenback nursing a small overnight loss on the euro.

The Fed on Wednesday is expected to approve plans to scale back its $120 billion monthly bond-buying program put in place to support the economy, while investors will also focus on commentary about interest rates and how sustained the recent surge in inflation is.

In commodities markets, a further 4% drop in Chinese coal prices on Tuesday pushed them 50% below last month's record high.

Oil prices settled higher on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China.

US crude was 0.2% higher at $84.25 per barrel and Brent was trading at $84.97, up 0.3%. Spot gold was 0.1% lower to $1,789.99 an ounce.

(Reuters contributed to the story)