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Business News/ Markets / Stock Markets/  Markets likely to be steady; BPCL, Godrej Properties in focus
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Markets likely to be steady; BPCL, Godrej Properties in focus

Asian stocks were mixed on Tuesday, helped mostly by global recovery prospects and the passage of a $1.9 US trillion stimulus bill
  • Despite the positive cues, investors remain conflicted over whether the stimulus will help global growth rebound faster from the covid-19 downturn
  • Markets are likely to be steady on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. (PTI)Premium
    Markets are likely to be steady on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. (PTI)

    MUMBAI: Markets are likely to be steady on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 50,441.07, up 35.75 points or 0.07%. The Nifty closed at 14,962.20, up 24.10 points or 0.16%.

    Asian stocks were mixed on Tuesday, helped mostly by global recovery prospects and the passage of a $1.9 US trillion stimulus bill, shaking off a mixed Wall Street session after a big downturn in tech shares.

    US treasury secretary Janet Yellen said on Monday that President Joe Biden’s coronavirus aid package would provide enough resources to fuel a “very strong" US economic recovery, and noted “there are tools" to deal with inflation.

    Despite the positive cues, investors remain conflicted over whether the stimulus will help global growth rebound faster from the covid-19 downturn or cause the world’s biggest economy to overheat and lead to runaway inflation.

    Back home, BPCL Trust for Investment in Shares (BPCL Trust) will sell up to 4% of its shares in state-owned energy company Bharat Petroleum Corporation Ltd (BPCL) on Tuesday through a block deal. The Trust will sell up to 86.77 million shares or 4% of the total share capital of the company at a floor price of 435, a 6.85% discount to Monday’s closing price of 467, aggregating to 3,774 crore.

    Realty firm Godrej Properties on Monday said the company's shareholders have approved the company's proposal to raise up to 3,750 crore through issue of securities. In a regulatory filing, the Mumbai-based developer informed that a special resolution in this regard was approved by shareholders with requisite majority.

    Over 10,000 companies were shut down voluntarily in the country from April 2020 till February this year, also a period when the coronavirus pandemic and subsequent lockdowns had significantly disrupted economic activities. The latest data available with the ministry of corporate affairs (MCA) showed that a total of 10,113 companies were struck off under Section 248(2) of the Companies Act, 2013, in the current financial year till February.

    US treasury yields advanced as investors continued to price in higher inflation and more upbeat prospects for the US economy as it emerges from the coronavirus pandemic.

    The benchmark 10-year yield rose to 1.6029%, from 1.594% late on Monday.

    On foreign exchange markets, the dollar index hit a three-and-a-half month high, rising rose 0.523%, with the euro up 0.06% to $1.185.

    Oil prices settled lower, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the covid-19 pandemic began.

    US crude futures settled down $1.04, or 1.57%, at $65.05 per barrel. Brent crude futures settled at $68.24 per barrel, down $1.12 or 1.61%.

    Spot gold added 0.2% to $1,685.20 an ounce.

    (Reuters contributed to the story)

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    Published: 09 Mar 2021, 08:30 AM IST
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