Home/ Markets / Stock Markets/  Markets likely to be steady; SBI, Bharti Airtel, RIL in focus

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 52,574.46, up 230.01 points or 0.44%. The Nifty was at 15,746.50, up 63.15 points or 0.40%.

Most Asian stocks rose Tuesday, tracking a US equity rebound as the prospect of gradual policy tightening tempers some of the concerns about the Federal Reserve’s hawkish tilt. Treasuries and the dollar clawed back some losses.

Japan outperformed, while Australia also advanced. Hong Kong fluctuated and China opened with subdued gains. The S&P 500 rallied the most in five weeks, outperforming the technology-heavy Nasdaq 100, aided by a revival of the value trade in sectors like energy and financials. US equity contracts were steady.

NMDC, Bharat Electronics, Avanti Feeds, Sobha, Religare Enterprises and Ashapura Minechem are key companies which will announce their March quarter results today.

The country's largest lender State Bank of India (SBI) on Monday said that its board has approved raising capital by way of issuance of Basel III compliant debt up to 14,000 crore.

The world has no option but to do business in a sustainable manner, and Reliance Industries Ltd (RIL) will transform each of its units as its strives to achieve net zero-carbon emissions by 2035, chairman Mukesh Ambani said.

Telecom major Bharti Airtel and Tata Group on Monday announced a strategic partnership for implementing 5G networks solutions for India.

State-owned Indian Bank on Monday launched its qualified institutional placement (QIP) of shares to raise around 4,000 crore, setting the floor price at 142.15 per share.

Yields on longer-dated Treasuries rebounded in the US session Monday, even as short-end rates remained firmly anchored. That undid some of the curve-flattening that swept across markets after Fed officials last week accelerated their expected pace of policy tightening.

Brent oil hit $75 a barrel for the first time since April 2019.

Investors striving to assess the outlook for markets are focused on price pressures and the risk they may pose to the economic recovery from the pandemic. The shift in the Fed’s tone has put the spotlight on the comments coming from policy makers this week.

Chair Jerome Powell, in written remarks, reiterated inflation had picked up but should move back toward the US central bank’s 2% target once supply imbalances resolve. New York Fed President John Williams also said he continues to view the recent spike in inflation as a temporary phenomenon.

(Bloomberg contributed to the story)

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Updated: 22 Jun 2021, 08:21 AM IST
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